Russia- Draft amendments to Tax Code
The government of Russia has introduced Draft Law No. 330414-6 to parliament on August 10, 2013 that amends the Tax Code regarding the rules applicable to tax audits of banks and is expected to entry into force one month after its publication. Banks
See MoreRussia- Guidance on filling out notification on controlled transactions
The Federal Tax Service of Russia has issued Letter No. OA-4-13/11860 clarifies the requirements for filling out the notification that taxpayers have to submit when they engage in certain types of controlled transactions under the transfer pricing
See MoreSaudi Arabia – Procedures to claim reduced withholding tax rates under tax treaties
The tax authority of Saudi Arabia has issued guidance- Circular No. 5068/16/1434 about the procedure of claiming reduced withholding tax rates under double tax treaty conventions of Saudi Arabia. According to the guidance an entity of Saudi Arabia
See MoreSouth Africa: Private ruling on capital gains tax in South Africa
A ruling has been issued that may help taxpayers to determine the tax position in a situation where a loan has been cancelled. On 13 August 2013, the South African Revenue Service (SARS) issued a binding private ruling dealing with the question as
See MoreSARS Updates ATR Application Process
The process of application for a tax ruling is sometimes seen by taxpayers as daunting and they may prefer not to embark on the procedure even though it can provide them with some certainty as to the outcome of planned transactions. There is
See MoreSwitzerland: Changes in the Tax Administrative Assistance Act
The Federal Council of Switzerland introduces consultation proceedings on the partial modification of the Tax Administrative Assistance Act on 14 August 2013. As a result of the consultation procedure some changes provides for: Postponed
See MoreTanzania – Requirements for business licenses
Recently Tanzania’s Ministry of Industry and Trade issued details of the procedures necessary for businesses to register for or renew their business licenses on or before 31st December 2013. In July 2013 the Permanent Secretary in the Ministry of
See MoreUK: Published draft guidance on DOTAS regime confidentiality hallmark
HM Revenue & Customs (HMRC) the UK tax authority published draft guidance on 21 August 2013 to accompany the present consultation on the confidentiality hallmark about the disclosure of tax avoidance schemes (DOTAS) regime. The guidance will
See MoreUK: Statistics for Research and Development Tax Relief
The HMRC published the statistics on 15 August 2013 for the uptake of the research and development tax relief in the UK. This tax relief allows an enhanced tax deduction for expenditure on research and development. In the case of large companies
See MoreUkraine: New transfer pricing rules
A law “On the Amendments to the Tax Code of Ukraine Regarding Transfer Pricing” passed its second and final reading on 4 July 2013 and was adopted by the Ukrainian Parliament. This legislation will become effective from 1 September
See MoreUruguay enacts limits on tax incentives
Uruguay has issued Decree No. 226/013 which introduces a new ceiling on the tax credit for donations to art and cultural projects. The new ceiling applies from 14 August 2013. Under the new provisions, the maximum amount of tax credit on donations
See MoreVenezuela: New income tax relief
The Official Gazette of Venezuela has published a decree named “Supreme Decree 285”. This decree has brought new income tax discharges which will be effective from January 1, 2013 to December 31, 2015. The forestry and agricultural sectors are
See MoreVietnam: Issues Decree 92/2013 on implementation of CIT and VAT
Vietnam’s corporate income tax (CIT) and value added tax (VAT) guidance given in the Decree includes the following points: – Decrease of CIT to 20% for enterprises with a total annual revenue not exceeding VND 20 billion, effective since 1
See MoreAgenda for the WTO Public Forum in Geneva
The WTO Public Form is to be held in Geneva on 1 to 3 October 2013. The theme of the Public Forum is to be expanding trade through innovation and the digital economy. It is well recognized that innovation is a major driver of economic growth and
See MoreUK has removed the VAT exemption for business supplies of research
With effect from 1 August 2013 the UK has removed the exemption from value added tax (VAT) for business supplies of research between eligible bodies. Business research for this purpose is defined as research that is provided in return for
See MoreUK: HM Revenue and Customs (HMRC) revises SDLT group relief regulations
The UK tax authority HMRC has introduced a clarification confirming that intra-group transactions are eligible for group relief related to Stamp Duty Land Tax (SDLT). The declaration follows a meeting by HMRC with representative bodies concerning
See MoreUK: Consultation on measures to combat artificial tax avoidance
The UK has published a consultation document entitled “Raising the Stakes on Tax Avoidance”. Comments are invited from interested parties on further measures to discourage the propagation of artificial tax avoidance schemes. The closing date
See MoreUK: consultation on tax free childcare
In the 2013 Budget measures the UK announced the introduction of tax free childcare for working families. The objective of the scheme would be to give the equivalent of basic rate tax relief for the costs of childcare. A consultation document has
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