Czech Republic: Tax rates for investment funds proposed
In Czech Republic, pending legislation has approved by the Senate would give the following tax rates for investment funds: On investment funds -5% corporate income tax rates On payment of profit shares -15% withholding tax rates Investors which
See MoreCzech Republic: Income Tax Law amendment has approved
The Senate of Czech Republic has approved a special law measure on October 10, 2013 which includes a long discussed Income Tax Law amendment. To be enacted it must be accepted by a new Chamber of Deputies on its first session. Under the new
See MoreCroatia: Constitutional Court decision
The Constitutional Court gave its final decision and repealed article 16(3) of the Law on the amendments to the individual income tax law on 18 September 2013. This article retroactively enforced taxation on income from dividends and participation
See MoreColombia: Low-Tax Jurisdictions
Decree 2193 issued on 7 October 2013 and applicable for income tax purposes as from 1 January 2014, establishes the list of countries and territories that are considered low-tax jurisdictions. For a 1-year term, certain jurisdictions are not
See MoreChina: Draft regulations relating labour dispatch
Recently, the government of China issued draft regulations relating to provisions of Labour Dispatch. Labour dispatch arrangements are supplementary arrangements for provision of labour and can only apply in respect of temporary positions of six
See MoreCanada: Draft proposals on character conversion transactions
Canada’s Finance Department has published draft legislative proposals for a number of the measures on September 13, 2013 that were first introduced on 21 March 21, 2013 as part of the 2013 federal budget. By the draft proposals derivative
See MoreCanada – Eligibility of certain retirement payments for pension income splitting
The Revenue Agency (CRA) of Canada has issued a technical interpretation addressing amounts received from “retirement compensation arrangements” eligible for pension income splitting, effective for tax years 2013 and later. Pension income
See MoreBelgium: Transition regime related to VAT
A transition regime in relation to VAT is being extended by the Belgian authorities during 2014. The regime permits taxpayer an opportunity to apply new rules for deciding the point in time when VAT is chargeable on invoices issued in advance of
See MoreAustralia may limit employment-related tax benefits
Australia has made a decisive step towards imposing restrictions on certain employment-related tax benefits which may include reforms in fringe benefits tax (FBT) and superannuation provisions. The new measures would adjust the caps outlining
See MoreAustralia: Documentation of R&D activities
As like other nations, Australia gives tax relief to companies taking part in research and development activities. However companies need to hold satisfactory documentation to show that their activities fall inside the meaning of these activities
See MoreAustralia: Draft Bill to repeal carbon tax
The Australian Prime Minister and Environment Minister on 15 October 2013 announce that the government has released draft legislation to repeal the carbon tax for public consultation. As per the government, the first enactment they will table in
See MoreArgentina -Tax Incentives Plan for software Industry
The Argentine government issued a decree on 16 September 2013 to promote the software industry. The decree will allow tax incentives to individuals and legal entities whose core activities are in the software sector and is anticipated to promote the
See MoreTransfer Pricing Brief: September 2013
Brazil Under Ordinance 427/2013 where the taxpayer is the lending party a spread of 2.5% is to be added to the minimum interest rate. Ordinance 427/2013 sets a maximum spread of 3.5% for purposes of calculating the tax deduction for
See MoreWTO Public Forum discusses trade facilitation
The WTO Public Forum was held on 1 to 3 October 2013. The third day of the meeting was devoted to discussion of issues that were relevant to the OPEC summit in Bali. These issues included trade facilitation as well as economic development issues and
See MorePortugal: Extraordinary tax on electricity producers
The Ministry of Environment and Energy of Portugal has affirmed arrangements to impose an “extraordinary contribution” in 2014, to empower the nation to reach its ambitious deficit reduction target next year. It is expected that the draft budget
See MorePeru- Decree on VAT Collection System published
The Supreme Decree 243-2013-EF of Peru has been published which will enter into force on 30 October 2013. The Decree has established computational rules for the application of the VAT Collection System in relation to the importation of goods with
See MoreJapan: Published Fiscal Incentive Package
Japanese Prime Minister has confirmed on 4 October 2013 that, the Government is to provide a fiscal stimulus package to counteract the declining effects of a 3 percent consumption tax rate rise due next year. He also disclosed on 1st October
See MoreIndonesia-temporary tax payment relief
A new regulation providing a temporary cash flow relief for some taxpayers has been issued by The Ministry of Finance of Indonesia. The regulation is intended to sustain the positive cash flow of certain taxpayers for creating stable macro economy,
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