OECD issues a revised discussion draft on intangibles
For some time the OECD has been conducting a project on transfer pricing aspects of intangible assets including consideration of the definition and valuation of such assets. A discussion draft was issued on 6 June 2012 and followed up by a
See MoreHungary- Amendments to Tax Law
Hungary’s Act CXXIII of 2013 on the modification of Certain Laws on Public Burdens was announced on 30 June 2013. According to the amendments mining fee will increase from 1 August and 16% of the charge of the mineral oil and natural gas exploited
See MoreMalta: Planning to merge Revenue departments
The government of Malta is planning to merge the Inland Revenue Department, Customs Department and the VAT Department into one central revenue authority. This follows the trend in a number of countries worldwide who have merged their direct and
See MoreItaly: Requirement of additional anti-fraud reporting on taxable supplies
All resident companies in Italian are now obliged by the Italian tax office to produce an annual report detailing all individual supplies (both sales and supplies received) of goods or services above Euro 3,600 to other businesses or consumers. In
See MoreIreland announces submission of Financial Statements in iXBRL
Since November 2012, financial statements in iXBRL format have been accepted in ROS. Corporation tax and income tax filers have had the option of filing financial statements in an iXBRL format since then. iXBRL allows financial information to be
See MoreHong Kong: Tax laws introduced for Islamic Finance
The Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance 2013 was gazetted and came into operation on July 19, 2013 in Hong Kong. It amends the Inland Revenue Ordinance and Stamp Duty Ordinance to provide a
See MoreHong Kong: Explanation of IPR, Royalties Taxation
The Inland Revenue Department (IRD) of Hong Kong has issued amended interpretation and practice notes for taxpayers regarding the profits tax deduction for capital expenditure on intellectual property rights (IPR), and the taxation of royalties
See MoreGermany: Effective dates of value-added tax changes
Following the enactment of a new tax law (29 June 2013) in Germany, changes to value added tax are effective on various dates. New invoicing requirements have become effective from 30 June 2013. Changes on VAT exemption with input tax deduction
See MoreEU: Countering “carousel” VAT fraud
The Council of the European Commission affirmed on 22 July 2013 that the appropriation of measures to empower EU Member States to address VAT fraud, with directive provisions that take into account fast response and in addition a particular measure
See MoreCzech Republic: Flood-related tax relief and proposed payroll tax changes
New tax measures in the Czech Republic provide tax relief to flood damage and introduce a new payroll tax regime. The Ministry of Finance of the Czech Republic is providing tax relief to companies and individuals affected by floods this year. The
See MoreChile: Taxpayers must submit new affidavit following transfer pricing rules
Taxpayers who are engaging in transactions with entities domiciled abroad will have to agree with the new transfer pricing compliance requirements. Taxpayers will have to submit the Transfer Pricing (TP) annual information return form to the Chilean
See MoreCanada – Way of taxation in foreign affiliates
The draft legislation has released by Canada’s Department of Finance on July 12, 2013, including provisions concerning the taxation of foreign affiliates and non-resident corporations without share capital, the foreign currency election,
See MoreBelgium: No credit for withholding tax on dividends
Belgium has affirmed that 25% withholding tax imposed on dividends if those dividends are received by Belgian investment companies would no longer be creditable and refundable. This would implement a decision of the European Court of Justice and
See MoreBelgium: Approval of “Fairness tax” on corporations
The tax measures under the budget control proposals previously announced by the Belgian government were adopted on 18 July 2013 by Parliament.The new “fairness tax” is included in the measures. Imposition rate of the fairness tax will be 5.15%
See MoreAustria: From July 2013 Amendments’ to Limited Liability Company Act
Austria has passed an amendment to the Limited Liability Companies Act from 1st July 2013 with the aim of reducing the costs connected with setting up an Austrian limited liability company. A new provision has also been introduced into the
See MoreWCO issues advisory opinion in respect of imports of goods incorporating a trademark
The Technical Committee on Customs Valuation of the World Customs Organization (WCO) has approved a revised “advisory opinion” on the Valuation Agreement in relation to trademark royalties. An advisory opinion of the WCO is not binding on its
See MoreUruguay: New rules regarding foreign tax credit
The tax authorities of Uruguay issued Resolution No. 1,815/2013 regarding new rules on foreign tax credit on 26 June 2013. The resolution sets out the requirements for benefiting from foreign tax credits under the domestic law or tax treaties.
See MoreUruguay: National Assembly presents Budget Bill 2012
The government of Uruguay presented a Bill to the National Assembly on 30 June 2013 that reviews the 2012 Budget. Capital gains on bearer shares have become subject to individual income tax (IRPF) and non-resident income tax (IRNR) unless particular
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