Ukraine: Rates and Accounting rules for Tax 2014
On 19 December 2013, the Verkhovna Rada of Ukraine passed Law No. 3757 that introduce tax rates and tax accounting rules for 2014. The corporate income tax rate is reduced to 18% (from 19%) with further decreases to 17% (beginning 1 January 2015)
See MoreRomania: Modify compulsory VAT cash accounting scheme to voluntary
The Romanian tax office is planning to change its controversial obligatory VAT cash accounting rule to a purely voluntary scheme. The present obligatory scheme was initiated at the early of 2013. This system, progressively common in other EU
See MoreClarification of Russian MoF on tax withheld not in accordance with the tax treaty
Russian Ministry of Finance has published a letter no. 03-03-06/4/44331 which was issued on 23 October, 2013. This explains if corporate withheld tax by a Bulgarian branch belongs to a Russian company may be benefited against the corporate tax
See MorePolish Parliament approves bill amending CIT law
The lower house of the Polish Parliament approved a bill on 8 November 2013, which enacts significant changes to the Corporate Income Tax (CIT) law as effective from 1 January 2014.The Polish Government was proposed in the bill to include
See MoreNorway Budget for 2014 – amendments
On 8 November 2013 the new Government presented its amendments to the Budget Bill for 2014. In general, the new Government is reducing taxes, whereas the former Government increased them. The amended Budget for 2014 contained the following
See MoreNetherlands – Withholding tax on dividends distributed to foreign shareholders
It was reported on 31 December 2013 that the Dutch Supreme Court filed with the Court of Justice of the European Union requests for preliminary rulings in three cases concerning the imposition of Dutch withholding tax on dividends distributed to
See MoreHong Kong: Lower Tax for Captive Insurers
The amended Inland Revenue bill (No.3) 2013 has been gazetted by the Hong Kong Government, aiming to reduce by half the profits tax on captive insurers, and to increase the deduction ceiling for retirement scheme contributions by employees or
See MoreFrance – Finance Bill 2014 enacted Transfer Pricing Provisions
The Finance Bill for 2014 of France was published on December 30, 2013. The bill contains transfer pricing provisions but the Constitutional Court has rejected certain controversial provisions. As approved by the Constitutional Court the Finance
See MoreColombia: Proposal to Postpone the Scheduled Reduction of Financial Transactions Levy
It was published on 31 December 2013 that, during a jointly held session on 30 October 2013, the third and fourth permanent economic Constitutional commissions from both the Chamber of Representatives and the Senate approved, on first debate, bill
See MoreTaiwan: Worried At Non-Declaration of Property Income
Recently, Taiwan’s National Taxation Bureau (NTBT) published that the requirement to announce, on an income tax return, profits for an off-plan property transaction cannot be escaped non-residents is involved. They also specified that, even any
See MoreBrazil Repeals Transitional Tax Regime and established important changes to tax system
Brazil’s Federal Government has published Provisional Measure No. 627 (PM 627) on 12 November 2013, containing a long expected set of rules that not only repeal the Transitional Tax Regime(TTR) but also added new rules aimed at permanently
See MoreSpain: plans to cut taxes for lower incomes
The Government of the Spain intends to reduce individual income taxation (IRPF) for those on lower incomes over the next three years, while higher-income taxpayers will continue to pay more, disclosed by the Spanish finance Minister. This is the
See MoreNew taxes has been introduced by the Italian 2014 Budget
The Italian parliament approved a “maxi-amendment” on December 23 2013 completely replacing the proposals initially made by the Government on October 2013 in its draft 2014 Budget. Government has introduced tax measures that may produce
See MoreDenmark: Changes VAT return filings for small companies
The Danish Budget 2014 changes the VAT compliance regime for small companies therefore if the businesses with sales less than DKK 5 million, the time limit for filing VAT returns will be extended to 60 days from the current 40
See MoreIndividual tax relief measures in China
The Ministry of Finance, the Ministry of Human Resources and Social Security, and the State Administration of Taxation have jointly issued a circular regarding guidance on the collection and administration of individual income tax on enterprise
See MorePeru –Amendments to the Income Tax Regulations
The department of Economy and Finance of Peru has made some modifications to the country’s existing Income Tax Regulations which are effective from 7 November 2013. According to the amendments a joint responsibility will be imposed on a Peruvian
See MoreNigeria establish TP Division and disclose TP forms
Transfer Pricing Division will be accountable for the implementation and administration of the Income Tax Transfer Pricing Regulations No.1 2012 (TP Regulations) and it has build by the Nigeria’s Federal Inland Revenue Service (FIRS). The TP
See MoreNetherlands Eyes Key Changes To Financial Market Rules In 2014
The Dutch Finance Ministry has announced that a number of key changes to financial market laws and regulations are due to enter into force in the Netherlands from January 1, 2014. The most important legislative changes include plans to impose a
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