Germany: To focus on tax reforms in G7
As per German media report of 29 June 2014, Germany wants to focus on tax reform after taking over the presidency of the Group of Seven (G7) next week. Germany emphasized the need for sound public finances to achieve effective growth in the G7
See MorePoland: Proposal for single VAT rate
The Finance Ministry of Poland revised its standard and reduced rate of VAT for creating a single rate to simplify the VAT procedure. Poland’s current VAT rate is 23%; this rate will decrease in between 8% to5%. From 2016 this rate will further
See MoreVietnam: Regulation on VAT and Other measures
Recently, Vietnamese authorities have issued following new regulation: -Value added tax (VAT) on imported animal feed and with respect to unprocessed or semi-processed food products. -Foreign contractor tax and application of rules under the income
See MoreCzech Republic: Amendment of VAT Law has submitted to parliament
The government has submitted a VAT Law amendment to the parliament initiating changes to supply rules in telecommunications field, broadcasting and electronic services. The changes would generally apply with effect from January 1, 2015. The main
See MoreRussia: Application on Participation exemption in case the subsidiary is reorganized
The Ministry of Finance has issued Letter No. 03-03-РЗ-15941 on April 8, 2014 clarifying the application of the participation exemptions in the case where the subsidiary is subject matter to reorganization. Pursuant to general rule, for qualifying
See MoreBangladesh: The 2014-15 Budget will provide for legalization of undisclosed income as in previous budgets
The move comes as no surprise not only because such opportunities were provided in previous budgets but also because powerful lobbies have been active to push for such provisions. AMA Muhith on Saturday told in the Parliament that undisclosed income
See MoreJapan: Planning to introduce B2B e-commerce tax
The Japanese International Taxation Discussion Group has suggested following methods for pick up “Consumption Tax” which are: Submission of VAT reverses charge so that the local Japanese Company reports the acquisition and supply in its
See MoreAustria: planning for Restructuring Tax Administration
Austrian Finance Minister planning for greater fiscal sovereignty for the federal states and municipalities, to decrease administrative costs and finance tax cuts for low earners. He also said that, “tax sovereignty should pass from Government to
See MoreThailand Government agrees to keep 7% VAT rate for one more year
The government of Thailand has announced to keep the country’s VAT rate on 7% for one more year. The Previous Thai governments had planned to raise the VAT to 10% but now this has been postponed for one more
See MoreMexico: Tobacco tax rate increase rejected
The health secretary has rejected the tax proposal to increase tax on tobacco and it has been decided that tax will remain same as previous years. In the Special Tax on Production and Services (IEPS) a pack of 20 cigarettes is taxed at 160% of
See MoreJapan: Corporate tax rate will be lowered below 30%
Japan’s Prime Minister announced on 24 th June 2014, that the government will lower Japan's corporate tax rate from 35% to below 30 %. The Government targets to return to a principal fiscal balance in 2020. However the final corporate tax rate
See MoreSaudi Arabia: Simplifying Expat Worker Fees
The Council of Ministers of Saudi Arabia revealed a decision to ease the levy on employer of expat workers. According to the new measures companies with nine or fewer employees will be able to employ up to four expat workers without paying the
See MoreBrazil: Reduces Different Import Tax Rates
The Foreign Trade Chamber (CAMEX) of Brazil has declared that the 10% import duty will be cut from wheat, capital and electronic goods till 15 August 2014, and this decision came into effect from 24 June 2014. CAMEX also introduced, 2 Resolutions-
See MoreCanada: Report of MAP program during 2013-2014
The Canada Revenue Agency (CRA) has issued an annual report regarding Mutual Agreement Procedure (MAP) Program that gives an outline of the MAP Program during April 1, 2013 to March 31, 2014. The CRA inspires taxpayers to focus on double taxation or
See MoreSpain: Cabinet approves reduction to income tax rates
The Spanish Cabinet on June 20, 2014, approved the downsizing the corporate and individual income tax rates to encourage investment and employment. Under the revised plans, the corporate tax rate will fall from 30% to 28% in 2015 and to 25 percent
See MoreIMF alerts Slovak Republic on VAT rate cut
Slovakia has increased its VAT rate from 19% to 20% in 2011. IMF has warned that reducing the rate back to 19% would expense 0.3% GDP in tax takes for the country. As the economic picture has enhanced slightly, many countries have started to think
See MoreCanada: Ready to execute 2014 Budget measures
The Ministry of Finance in Canada has introduced the receipt of Royal Assent for legislation to apply center elements and a series of tax credit reforms in the 2014 Budget. The legislation extends the 15% Mineral Exploration Tax Credit for share
See MoreRussian Parliament adopts Law to permit FATCA Disclosures
The Russian parliament has allowed a bill to permit financial institutions to observe with the United States’ Foreign Account Tax Compliance Act (FATCA). US Congress has passed FATCA in 2010, which will be effective on July 1, 2014 and it is
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