UK: Amendments to the tax treaty passport scheme
The tax treaty passport scheme was introduced from September 2010 to allow a simplified clearance scheme for taxpayers applying for reduced rates of withholding tax on interest under a double tax treaty. An overseas corporate lender in a country
See MoreUK: offshore employment intermediaries
A consultation document has been issued by the UK government proposing measures to deal with issues arising from the use of offshore employers of workers based in the UK to avoid tax and national insurance contributions on wages. The consultation
See MoreUK: Consultation on loan relationships and derivative instruments
The original loan relationships rules issued by the UK government in the 1990s modernized the treatment of debt instruments by aligning the tax treatment more closely with the accounting treatment. However in the meantime the financial world has
See MoreSpain: New forms and procedures to submit CIT tax returns approved
The Ministry of Economy and Finance has approved by Order HAP/864/2013 of 14 May 2013, the new forms, procedures and the stipulated periods for submission of returns for the corporate income tax (CIT) and non-resident income tax returns for PEs and
See MoreSlovenia: VAT rates increased
Amendments and supplements to the Act on the implementation of the Budget for the years 2013 and 2014 (the Act) were published in the Official Gazette (Uradni List, No. 46/2013) of Slovenia On 29 May 2013 on June 5, 2013. The government of Slovenia
See MoreSlovenia: Modified Corporate Income Tax Law proposed
The Ministry of Finance on 20 May 2013 published a draft law on modifications to the taxation of companies. The proposal does not implement the previous plan of a further reduction in tax rates to 15 percent and instead proposes that the 17 percent
See MoreOECD: Revised Section E on Safe Harbours
The Organisation for Economic Co-operation and Development (OECD) Council approved the Revised Section E on safe Harbours in Chapter IV of the Transfer Pricing Guidelines, on 16th May 2013. The Revised Section E (Section E) contains only nine pages,
See MoreCanada: Extra GST/HST return for large businesses
Certain large businesses, in addition to filing their regular GST/HST returns will have to face an extra GST/HST (goods and services tax / harmonized sales tax) filing requirement on June 30, 2013. Employers offering registered pension plans to
See MoreAustralia: Practice statement on Transfer Pricing
The Australian Customs and Border Protection Service (Customs) has published Practice Statement B_IND08 “Valuation-Transfer Pricing Policy” and this new practice statement will replace Practice Statement PS 2009/21 on the subject. The
See MoreArgentina: New process for determining “tax haven” jurisdictions
Argentina’s tax authority (AFIP) has issued a decree introducing new criteria for when to consider countries as “tax haven” jurisdictions for transfer pricing purposes. This Decree was published on May 30, 2013. The Decree states that the AFIP
See MoreVietnam: Corporate tax reduced to 22% from 2014
The Ministry of Finance planning to cut corporate income tax rate 22% from the current 25% with effect from 1 January 2014 next year and the government wants to bring the rate down further to 20 percent in the 2016-2020 period. However, the new
See MoreUK: Terms of Reference issued for GAAR advisory panel
The legislation in respect of the General Anti Abuse Rule (GAAR) in the Finance Bill 2013 provides for the appointment of a GAAR advisory panel. The panel is to consider and approve HMRC’s guidance on the GAAR. It is also required to consider
See MoreUK: Strengthening the code of practice on taxation for banks
The HMRC released a consultation document on 31 May 2013 in respect of amendments to the code of practice on taxation for banks. Comments on the proposed changes are invited by 16 August 2013. The provisions of the code cover the required practices
See MoreUK: HMRC guidance the Seed Enterprise Investment Scheme
The HMRC published a series of answers on 28 May 2013 to frequently asked questions about the Seed Enterprise Investment Scheme (Seed EIS). The scheme has been applicable in respect of shares issued after 6 April 2012. The Seed EIS was set up to
See MoreUK: Consultation on the VAT treatment of refunds by manufacturers
The UK issued a consultation paper on 31 May 2013 in respect of the value added tax (VAT) treatment of refunds paid directly by manufacturers to consumers. The current UK VAT law permits a business that is in a direct relationship with a customer to
See MoreSouth Africa: tax penalty regime reformed
The National Treasury published the 2013 draft Taxation Laws Amendment Bill (TLAB) and the Tax Administration Laws Amendment Bill on 4 July 2013 for public comment. The draft legislation would give effect to most of the tax proposals announced in
See MoreIndonesia: A new value added tax (VAT) invoice process has been introduced
In order to help the tax authorities to enhance control over the legitimacy of VAT invoices a new value added tax (VAT) process has been introduced in Indonesia. The new provision which is effective from 1st April 2013, ensures that any VAT
See MoreHungary: Draft bill on the proposed changes to transfer pricing reporting obligations
The Ministry of National Economy of Hungary had announced a draft bill in March 2013. The draft bill proposed significant changes to the reporting requirements regarding the determination of arm’s length prices. According to the proposed changes
See More