Russia: Withholding tax for pensions has reimbursed under certain situations
The Federal Law that adopts the amending tax code has entered into force with effect from June 24, 2014. On the basis of Federal Law No. 166-FZ, pensions paid to individuals under non-state pension insurance agreements signed by their employers with
See MoreUK :The Retailer’s tax claims has been rejected by the Tribunal
It was welcomed by the HM Revenue and Customs (HMRC) the dismissal of a multi-million pound tax allowance claimed by one of the UK's largest clothing retailers by the higher Tribunal's. The claim of Next Distribution Limited, part of Next Group Plc
See MoreCanada: CRA offers taxpayer relief provision
The Canada Revenue Agency (CRA) has offered taxpayer relief provisions those are available to taxpayers if they are unable to meet their tax obligations due to extreme weather conditions in Alberta and Ontario. Companies who were fail to file their
See MoreJapan: Government approved the plan to cut corporate tax rate
Japans government approved the plan to cut corporate tax rate on June 24 which was among the highest in the world at above 35% to less than 30% over several years. Although decisions on how to offset revenue losses and other details were deferred,
See MoreItaly: Withholding tax rate hikes on financial income.
Italian withholding tax rate hike on financial income from 20 percent to 26% has been effective from July 1, 2014. Italian savers has been imposed increased tax rate on interest, dividends and capital gains in the passes of governments which was
See MoreUkraine: Plans to crack down on the gray economy
The Government is fighting against tax evasion, highlighting a new policy of focusing efforts on the tax affairs of major companies and new policy to counter the gray economy, said Ukraine’s Deputy Minister of Revenue and Duties, Volodymyr
See MoreSouth Africa: Special focus on certain areas this tax season
Retirement fund contributions, medical aid claims, income protection policy contributions and taxpayers who submit revised returns for previous years will be given special attention by the SARS for tax season 2014. The South African Revenue Service
See MoreSouth Africa: SARS announces Tax Season 2014
Tax Season 2014 for South Africa has been announced by the South African Revenue Service (SARS) which is started from 1 July, 2014. This is an important co-relation between government and taxpayers who make a vital contribution to the country’s
See MoreKazakhstan-Amendment of excise tax
The president of Kazakhstan has signed Law No. 210-V due to amend the excise tax rules on June 18, 2014 and this law will be effective from January 1, 2015. Excise taxes are levied at rates applicable during import if excisable goods are both
See MoreNew Zealand: Approved New Tax Bill
The Inland Revenue has recently enacted a tax bill on 30 June 2014, which is reflected on annual rates, employee allowances and remedial matters. The new bill deals with the taxation of, accommodation payments, other allowances and payments provided
See MoreIMF outlines its role in international tax issues
The IMF has prepared a paper outlining the most important international tax issues currently under discussion and setting out a work plan for using its international expertise in these areas, working with other international organizations such as
See MoreBrazil: The financial transactions tax on cross-border loans
The governments released a Decree no. 8,26314 on June 2014, for the purpose to assigns new maturity term for cross-border transaction. Financial transactions tax on cross-border loans to be allocated at 0% rate which was previously 6% IOF rate.
See MorePeru: New Bill to Promote Investment
The Peruvian Executive proposed to the Congress on 18 July 2014 ‘Bill 3627-2013-PE’ which would introduce a number of tax changes to promote private investment. The bill would create new procedures for consolidation of land used in investment
See MoreBrazil: Modify the tax amnesty programs
Brazil recently published MP 638/14 provisional measure in order to expand the availability of the tax amnesty program under REFIS also referred as special tax recovery program, legislated by Law 11,941/09 and Law 12,249/10.The federal tax amnesty
See MoreRussia – Legislation needed for FATCA implementation
Legislation that is needed to implement the FATCA regime in Russia was signed into law on June 30, 2014. The legislation authorizes Russian financial organizations to give information on foreign tax authorities that is needed to collect taxes and
See MoreIndia: New government will present its first federal budget on 10 July 2014
Indian Finance Ministe r will present the budget for the 2014/15 financial year on July 10,
See MoreBrazil: Tax Break for Automobile and Furniture Industries
On June 30, 2014 the Finance Minister has announced to extend a tax break for the car and furniture industries until the 31 December 2014, in order to help boost sales depressed by a slowing economy. The taxes for new cars are in between 3% to 10%
See MoreRussia: MoF clarifies extra requirements that must be satisfied by tax resident certificate
The Ministry of Finance (MoF) has issued Letter No. ОА-4-13/5288 on March 21, 2014. It describes the rules that US certificates of tax residence should complete with a view to claiming remuneration under the Russia - United States Income and
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