Canada: Insurance premium rate for employment
Canada’s Finance Minister has announced the employment insurance premium rate for employees that will be fixed for 3 years. According to the announcement, the employment insurance premium rate for employees will remain at its current level of
See MoreBrazil: Determination of capital gains for non-residents
The Resolution Ruling COSIT 16/2013 was issued by the Federal Revenue Office on 9 September 2013 and published in the Official Gazette. The ruling confirmed that capital gains obtained by non-residents must be determined according to the regulations
See MoreBelgium: Notional interest deduction rate
June 2013 Legislation modifies the method which is used to calculate and determine the rate of the notional interest deduction. On the basis of the average return of the 10-year government bond (OLO) in the months July, August and September it is
See MoreBelgium – Clamping down on tax evasion and tax fraud
There has recently been concern internationally about tax evasion and fraud, and many countries have increased their efforts to trace income of their residents that has been illegally concealed in tax havens in an attempt to evade taxes. As a result
See MoreArgentina:Approval of the tax reform bill by the House of Representatives
A tax reform bill proposing significant changes to the income tax law regarding the taxation of dividends and capital gains was submitted to the Argentine Congress on 27 August 2013. The Argentine House of Representatives approved the tax reform
See MoreUK: Alternative Dispute Resolution for Large Taxpayers
An evaluation of the pilot project on alternative dispute resolution (ADR) for large taxpayers has been published by the HMRC. The pilot, run by HMRC’s Dispute Resolution Unit, looked at the effectiveness of using ADR techniques in large and
See MoreSwitzerland: Tax resolution for Second-Tier Banks
Switzerland has approved the terms of a proposed settlement with the United States announced on 28 August 2013 regarding the exposure of tax information of US citizens with funds in Switzerland. This agreement would allow Swiss banks not currently
See MorePoland: Transfer pricing for business restructurings
Poland’s Finance Ministry issued decrees that bring the transfer pricing provisions of Poland’s tax law into line with international transfer pricing standards on September 3, 2013 and the decree effective from 18 July 2013. The decrees
See MoreNigeria: Treatment of recharges paid to local subsidiaries
The Tribunal of Nigeria’s Tax Appeal has issued decisions on August 26, 2013 regarding two non-resident taxpayers. The issue was if in Nigeria their taxable turnover could be determined by cutting amounts that they give payment to Nigerian
See MoreNigeria: Tax implications guidance of adopting IFRS
The Nigerian tax authority has published guidance on September 6, 2013 regarding the tax implications of adopting the International Financial Reporting Standards (IFRS) that would change the current accounting regime. In 2010, The Nigerian
See MoreNew Zealand: Taking Tough Stance on Tax Avoidance
A former businessman has been punished recently over a total of 87 tax-related charges, and the Inland Revenue Department of New Zealand has warned that it will continue with its “zero tolerance” approach to tax evasion. This approach to
See MoreNetherlands: Simplification of individual tax assessment process proposed
A new tax assessment process is proposed by the Netherlands Ministry of Finance on 6 September. This will simplify and speed up the process to determine tax liabilities. A number of new rules for assessment, a rule for revising final assessments,
See MoreNetherlands to change statute of limitations period
A Bill to change the statute of limitations period and to simplify the electronic exchange of data was presented on 2 September 2013 to the parliament. The Bill is the result of earlier announcements by the government on 12 March 2013. Under the
See MoreKenya: VAT Act 2013 now effective
The VAT Act 2013 became effective on 2 September 2013. The value added tax (VAT) is to be charged at a standard rate of 16%. A number of exemptions have been included in the VAT legislation including exemptions for medicine and vaccines, wheat,
See MoreItaly: VAT rise may be delayed to 2014
The VAT rise to 22% originally planned in Italy for 2013 may be delayed to 2014. Italy may however fail to meet the 3% budget deficit requirement for 2013 imposed by the European Commission if the VAT rate is not raised. The delay of 3 months is
See MoreItaly: First payment of municipal real estate tax abolished
Law Decree No. 102/2013, providing for urgent measures with regard to the municipal real estate tax (IMU), was published in the Official Gazette No. 204, Ordinary Supplement No. 66 on 31 August 2013. The first payment of the IMU for 2013,
See MoreIndia: New Company Law enacted from 2014
The government of India enacted a new company law on 29 August 2013 which aims to make stronger the rights of shareholders and to increase corporate social responsibility. Companies will also be essential to improve the quality of their financial
See MoreGermany: New VAT invoice requirements
Germany has approved a new Act to implement changes to bring German VAT compliance rules into line with the EU VAT Directive and with a number of recent court cases. Under the new Act changes to German VAT invoices include: The obligation to
See More