UK: May move towards a Single Income Tax by merging social security with Income Tax
It was reported by the Tax Payer’s Alliance (TPA) that Chancellor George Osborne aimed to merge the social security with income tax to move towards a single income tax and he is intended to include it in the Conservative Party's next election
See MoreUkraine: Tax authorities updated on certain transfer pricing issues
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine has issued Order No.368 which approves an updated of "Generalized Tax Consultation on Application of Certain Provisions of the Tax Legislation on Transfer Pricing." The Order
See MoreSingapore: Planning to changes Goods & Services Tax
The G0vernment of Singapore has proposed changes to the GST regime after an evaluation. The appraisal will last until 1 July 2014. Following changes are including: -Addition of services supplied on ships in the GST net -Right to offset input VAT
See MorePoland: Proposals for CFC regime
Poland proposed bills to changes to its controlled foreign corporation (CFC) rules and thin capitalization regime. According to the rules tax would be levied on specific income which obtained from some foreign subsidiaries owned by the taxpayers of
See MoreCzech Republic: New 10% reduced VAT rate approves
The Czech government has accepted a new reduced 10% VAT rate from January 1, 2015 andthis rate will be used on medicines, pharmaceuticals, e-books and baby foodstuffs. Under the EU VAT Directive, member states are permitted two reduced VAT rates.
See MoreRussia: Applicability of thin capitalization rules under certain conditions
The Ministry of Finance has issued Letter No. 03-08-05/9669 on May 6, 2014 that clarifies the application of thin capitalization rules to the interest paid by a Russian company (borrower) to another Russian company (lender) under a controlled loan
See MoreTransfer Pricing Brief: June 2014
Canada Penalty for documentation failurePenalties may apply if the taxpayer does not make reasonable efforts to arrive at the arm's length price.Transfer pricing documentation requirement The documentation must outline the organization of the
See MorePeru-New Resolution on VAT Withholding rate
The Tax Administration of Peru approved Resolution No. 203-2014/SUNAT on 27 June 2013. According to the Resolution, the VAT withholding rate will be reduced from 12% to 10% for certain services. The reduced rate will apply to services as in sections
See MoreIRS Warns To Expire Individual Taxpayer Numbers
IRS has announced that Individual Taxpayer Identification Numbers (ITINs) will be expired, effective from 2016, if the numbers have not been used on a federal income tax return for five consecutive years. This is revised policy, under the old policy
See MoreRussia: MoF clarifies tax agents’ obligations of the securities depositories
The Ministry of Finance (MoF) has issued Letter No. 03-08-13/22654 on May 14, 2014 for clarifying the tax agents' responsibilities of the securities depositories making transfers to Russian and foreign companies further to dividend distributions.
See MorePeru-Guidance on reporting of stocks and shares
The tax administration of Peru issued in June 2014 guidance-Resolución Superintendencia No. 169/2014/SUNAT giving approval for an electronic form for Peruvian taxpayers to provide information about the issuance, transfer, and cancelation of stocks
See MoreNorway : Indirect tax has been Amended
Norway indirect tax has been amended in the revised budget which will be effective from 1st July 2014. Amendments regarding VAT: The process of deciding for taxation of the letting of immovable property has been simplified and the decision time
See MoreDeriving income tax by non-residents from contracts with Nigerian companies
The Federal High Court gave its decision in the case of Saipem Contracting Nigeria, Saipem (Portugal) Commercio Maritimo Su LDA and Saipem SA v. Federal Inland Revenue Services, Attorney General of the Federation and Shell Nigeria Exploration and
See MoreNew Zealand: Amendments to the tax pooling rules
Government intends to introduce rules to amend the current tax pooling rules and it will be applicable from 3 July 2014.The proposed changes will allow taxpayers to use tax pooling funds to pay interest on their tax obligations, arising out of an
See MoreSaudi Arabia- Draft regulations concerning the computation and collection of Zakat
The Saudi Shura Council has approved on 9 June 2014 draft regulations concerning the computation and collection of Zakat on commercial and professional activities. The regulations accept Zakat payers to pay up to 20% of their Zakat to registered
See MoreMalaysia: Inclusion of the new check-the-box requirements and its consequences
A new check-the-box named “Box R4” has been inserted on the 2014 tax return form (Form C) of Malaysia to declare by the corporate taxpayer for the confirmation that the preparation of contemporaneous transfer pricing documentation is complied in
See MoreNigeria: New system regarding pension plan has enacted
The Legislation has signed into law that provides new measures for a contributory pension plan system in Nigeria. The new law naming “Pension Reform Act, 2014” repeals a 2004 law, and provides for a high threshold number of employees for
See MoreUK: Tax credits renewal warning has been issued by HMRC
HM Revenue and Customs (HMRC) have warned the UK residents those Up to 1.5 million tax payer who receive tax credit to renew their claims as the time available to renew is less than one month.If they don’t go for renewal within time, their payment
See More