Ireland announces submission of Financial Statements in iXBRL
Since November 2012, financial statements in iXBRL format have been accepted in ROS. Corporation tax and income tax filers have had the option of filing financial statements in an iXBRL format since then. iXBRL allows financial information to be
See MoreHong Kong: Tax laws introduced for Islamic Finance
The Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance 2013 was gazetted and came into operation on July 19, 2013 in Hong Kong. It amends the Inland Revenue Ordinance and Stamp Duty Ordinance to provide a
See MoreHong Kong: Explanation of IPR, Royalties Taxation
The Inland Revenue Department (IRD) of Hong Kong has issued amended interpretation and practice notes for taxpayers regarding the profits tax deduction for capital expenditure on intellectual property rights (IPR), and the taxation of royalties
See MoreGermany: Effective dates of value-added tax changes
Following the enactment of a new tax law (29 June 2013) in Germany, changes to value added tax are effective on various dates. New invoicing requirements have become effective from 30 June 2013. Changes on VAT exemption with input tax deduction
See MoreEU: Countering “carousel” VAT fraud
The Council of the European Commission affirmed on 22 July 2013 that the appropriation of measures to empower EU Member States to address VAT fraud, with directive provisions that take into account fast response and in addition a particular measure
See MoreCzech Republic: Flood-related tax relief and proposed payroll tax changes
New tax measures in the Czech Republic provide tax relief to flood damage and introduce a new payroll tax regime. The Ministry of Finance of the Czech Republic is providing tax relief to companies and individuals affected by floods this year. The
See MoreChile: Taxpayers must submit new affidavit following transfer pricing rules
Taxpayers who are engaging in transactions with entities domiciled abroad will have to agree with the new transfer pricing compliance requirements. Taxpayers will have to submit the Transfer Pricing (TP) annual information return form to the Chilean
See MoreCanada – Way of taxation in foreign affiliates
The draft legislation has released by Canada’s Department of Finance on July 12, 2013, including provisions concerning the taxation of foreign affiliates and non-resident corporations without share capital, the foreign currency election,
See MoreBelgium: No credit for withholding tax on dividends
Belgium has affirmed that 25% withholding tax imposed on dividends if those dividends are received by Belgian investment companies would no longer be creditable and refundable. This would implement a decision of the European Court of Justice and
See MoreBelgium: Approval of “Fairness tax” on corporations
The tax measures under the budget control proposals previously announced by the Belgian government were adopted on 18 July 2013 by Parliament.The new “fairness tax” is included in the measures. Imposition rate of the fairness tax will be 5.15%
See MoreAustria: From July 2013 Amendments’ to Limited Liability Company Act
Austria has passed an amendment to the Limited Liability Companies Act from 1st July 2013 with the aim of reducing the costs connected with setting up an Austrian limited liability company. A new provision has also been introduced into the
See MoreWCO issues advisory opinion in respect of imports of goods incorporating a trademark
The Technical Committee on Customs Valuation of the World Customs Organization (WCO) has approved a revised “advisory opinion” on the Valuation Agreement in relation to trademark royalties. An advisory opinion of the WCO is not binding on its
See MoreUruguay: New rules regarding foreign tax credit
The tax authorities of Uruguay issued Resolution No. 1,815/2013 regarding new rules on foreign tax credit on 26 June 2013. The resolution sets out the requirements for benefiting from foreign tax credits under the domestic law or tax treaties.
See MoreUruguay: National Assembly presents Budget Bill 2012
The government of Uruguay presented a Bill to the National Assembly on 30 June 2013 that reviews the 2012 Budget. Capital gains on bearer shares have become subject to individual income tax (IRPF) and non-resident income tax (IRNR) unless particular
See MoreUK: exploration of FTT recommended by MPs
It has been recommended by a UK Parliamentary Committee to consider the “feasibility, benefits and risks” of a Financial Transaction Tax (FTT) on High Frequency Trading (HFT), despite the Government’s strong opposition to such a tax within the
See MoreUK: Temporary Non-Residence Regulations 2013
A new statutory instrument SI 2013/1810 has been issued by the UK Government in relation to the temporary Non-Residents (Miscellaneous Amendments). The Government announced its intention to introduce a Statutory Residence Test from 6 April 2013 in
See MoreUK: Regulations for Annual tax on enveloped dwellings
A new statutory instrument named SI 2013/1844 has been issued by HMRC regarding the Annual Tax on Enveloped Dwellings (Returns) 2013. This regulation will come into force on 12 August 2013. Finance Act 2013 introduced an annual tax on enveloped
See MoreUK: HMRC guidance on creative industry tax relief
HMRC has issued guidance on access to the creative industry tax relief. In addition to Film Tax Relief introduced in 2007 the UK has now introduced tax relief for animation and high end television with effect from 1 April 2013. Tax relief for video
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