South Africa-selective tax hikes predicted In South African budget
South African Finance Minister present his 2014/15 Budget to Parliament on February 26, the South African Institute of Tax Professionals (SAIT) has predicted that the Minister will have to introduce selective tax increases to make up for a shortfall
See MoreOECD – New Global Standard for Information Exchange supported by Jersey
The Chief Executive of Jersey Finance has expressed support for the Organization for Economic Co-operation and Development's (OECD) new single global standard for the automatic exchange of information between tax authorities worldwide. Jersey has
See MoreItaly withdraws WHT on inbound payments
An instruction from the Italian Revenue Agency for all Italian banks to withhold a 20 percent tax on all payments from abroad received by Italian individual taxpayers, has been withdrawn with effect from 1 February 2014 as it is being examined by
See MoreFrance – Creation of new program for APAs and MAPs
The French tax authorities have announced the creation of a new program—Mission d’expertise juridique et économique internationale (MEJEI) - which will be responsible for both advance pricing arrangements (APAs) and mutual agreement procedures
See MoreBelgian Finance Minister Preserves Savings Tax Perk
The Belgian Finance Minister has clarified that the 15 percent favorable rate of withholding tax, levied on income derived from regulated savings deposits, is to remain in place despite a recent ruling from the country's Constitutional Court,
See MorePhilippines Business Requests Elimination of Aviation Fuel Tax
The Joint Foreign Chambers of the Philippines (JFC) have requested that the Government cuts the excise tax on aviation fuel for international carriers, after a Supreme Court (SC) decision to cancel refunds had effectively imposed higher taxation. In
See MoreJapan: Confirms Consumption Tax Rate Changes by 2015
From April 1, 2014 to September 30, 2015, the rate of Japanese consumption tax will be increased from the current 5% rate to a higher 8% rate. The government is also considering a further increase from 8% to 10% from October 1, 2015. Also under
See MoreIndia: Finance Minister presents the Interim Budget
India’s Finance Minister presented the Interim Budget for 2014-15 in Parliament on 17 February 2014. In keeping with the convention in presenting an interim budget, amendments have not been proposed to the income tax laws. There have however been
See MoreCanada: Tax provisions in British Columbia’s 2014 budget
On 18 February 2014, British Columbia’s Finance Minister delivered the province’s 2014 budget. The British Columbia 2014 budget: Does not propose any general corporate or individual (personal) income tax rate changes; Would extend the
See MoreSwitzerland – fiscal policy framework
The Swiss Federal Council has set out the fiscal policy framework that will be followed in the next budget process. The financial plan for 2015-2017 has been updated based on the 2013 fiscal results and new macroeconomic figures. Although the
See MorePhilippines: Stock Exchange Presses For Tax Reform on REITs
The Philippines Stock Exchanges (PSE) will attempt to persuade the Government to loosen up regulations, most importantly the tax rules that apply to real-estate investment trusts. The tax rules in relation to real-estate investment trusts (REITs)
See MoreNigeria: Potential risks in transfer pricing regulations “safe harbor”
Regulation 15 of the Nigerian transfer pricing regulations provides for a transfer pricing safe harbor. A safe harbor is a statutory provision that relieves a given category of taxpayers or transactions from specific obligations otherwise imposed by
See MoreBelgium changes Film Tax Shelter
Following consultation with business and parliamentary discussions the Belgian Council of Ministers has approved plans to modify the tax regime benefiting the film industry. Production companies in Belgium are required under the current regime to
See MoreUS: IRS Publishes Updated Tax Guide for Aliens
The US Internal Revenue Service has released a revised United States Tax Guide for Aliens, providing guidance for resident and nonresident aliens for use in preparing their 2013 tax returns, and, in particular, how to determine their residence
See MoreUS: IRS Apologizes To Taxpayers for Poor Service
With its funding restricted within the 2014 Appropriations Bill, the United States Internal Revenue Service (IRS) Commissioner has indicated that taxpayers will have to exercise patience when trying to contact the agency. Among other problems the
See MoreUS Lawmakers Plead for Sales Tax Deduction Renewal
A bipartisan group of 57 Members has, in a letter to the House of Representatives Ways and Means Committee, sought a renewal of the United States state and local sales tax deduction, which expired on January 1, 2014. The state and local sales tax
See MoreUruguay: Extension of tax refund for exports
Uruguay has extended the 4% tax refund for exports of specific products to 30 June 2014 through Executive Decree 393/013. The aim of the measure is to protect different industries that were negatively affected by the decrease in international demand
See MoreECJ: Deduction of input VAT on pension fund management costs
In a Revenue and Customs Brief HMRC has set out its position on VAT on pension fund management costs. This follows decision of the European Court of Justice (ECJ) in the case of Fiscale Eenheid PPG Holdings BV regarding an employer's entitlement to
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