China: Announces accelerated depreciation method for deferring corporate income taxes
The accelerated depreciation methods will be allowed in China to promote technology innovation and economic development. The Executive Meeting of the State Council of China announced on 24 September 2014 that the R&D made on or after 1 January
See MoreMalta: No requirement of Mini One Stop Shop (MOSS) Invoices
Malta will not be required to provide VAT invoices in accordance with the normal VAT invoice disclosure requirements of the EU VAT Directive which is applicable to the providers of digital services to consumers. The digital services will
See MoreIndia: Implementation of the new Bill on Goods & Services Tax from 2016
The Indian Goods & Services Tax (GST) implementation plans took a big step forward last week as a new Bill was published included resolutions to many of the issues that have long-held up the reforms to the existing indirect tax regime. The new
See MoreSwitzerland- EU: Signed an agreement on tax reform
Switzerland and EU have signed an agreement on 14 October 2014 in order to eliminate disputed corporation tax regimes. According to the agreements the Swiss Federal Council will eliminate five corporate tax regimes and these areas- the cantonal
See MoreBrazil: Amendments on Controlled Foreign Corporations (CFC) Rules
A deemed tax credit of 9% under CFC rules for Brazilian companies with foreign investment in some predefined industrial sector has been extended by a recent guidance. The deemed tax credit results in the lower taxation of profits earned abroad by
See MoreMalaysian Prime Minister Defends the Introduction of a Goods And Services Tax
The Malaysian Prime Minister has defended the introduction of a goods and services tax (GST) in Malaysia with effect from April 2015. The Government has stated that it will bring 300,000 taxpayers out of the income tax base with revenues which will
See MoreRussia: VAT treatment of electronic services
The Finance Ministry (MoF) has issued a Letter No. 03-07-08/35579 on 21 July 2014 clarifying the VAT treatment of services for giving entrance to an electronic database supplied by a foreign company to a Russian company. As a result, the MoF
See MoreNigeria: Notice for taxation of investment income gained by pioneer companies
The Federal Inland Revenue Services (FIRS) in Nigeria has issued a clarification notice regarding the taxation of investment income in the nature of dividends, interest, royalties, and rent earned by pioneer companies is subject to 10% withholding
See MoreNigeria: Preparing for transfer pricing audit
A transfer pricing declaration and disclosure form will be the first returns filed in compliance with Nigeria’s transfer pricing regulations if returns of taxpayers having a December 2014 accounting year-end. By filing these returns, Nigeria’s
See MoreBelgium: Confirmation to increase VAT registration threshold from 2015
The tax authorities of Belgium confirm its plan to increase VAT registration threshold from 2015. The companies having taxable supplies above €25,000 will need to be registered for VAT from 2015. Previous limit on the 6% VAT rate for renovation
See MoreSaudi Arabia: Electronic filing update
Monthly withholding tax return (Form Q7), will no longer be accepted at the Department of Zakat and Income Tax (“DZIT”). The return must be filed electronically and effective as early as possible. Organizations filing for monthly withholding tax
See MoreIreland: Changes of tax rules in Budget 2015
The Ireland’s Ministry of Finance announced tax rules changes on 14 October 2014 with the plan to attract foreign investment through creating a competitive environment. The summary of the changes are as follows: Elimination of maximum
See MoreIreland: 2015 budget amendments and revocation of “double Irish” structure
Ireland presents 2015 budget on October 14, 2014 with some proposals concerning amendments of provisions for business and corporate taxpayers. The summary of the amendments are as follows: No change of 12.5% corporate tax rate; The residency
See MoreECOFIN: Extension of an automatic exchange of tax information agreement by the EU Council
A reviewed “administrative cooperation directive” agreement have been agreed by the EU Council of Economic and Finance (ECOFIN) Ministers on October 14, 2014. This reviewed agreement on the revised directive is aimed on promoting the automatic
See MoreKorea: Announces Tax Revision Proposal for 2015
The 2015 Tax Revision Proposal which was announced in August 2014 by the Ministry of Strategy and Finance, again updated and published on 18 September 2014 with some minor changes. According to the proposal the main points are summarized
See MoreCanada: Relief for US persons with Canadian retirement plans
The Internal Revenue Service (IRS) has issued direction announcing that it is removing the official requirements that U.S. taxpayers had to abide by every year by the time of filing their U.S. tax returns. This return uses to claim a deferral of
See MoreUruguay: Instructions for using tax administration’s website
The tax administration in Uruguay has declared that tax payment certificates may only be submitted electronically under its new online service. For getting access to the website due to electronic submissions of returns and certificates, taxpayers
See MoreUK: Amended corporation tax regulations enters into force
According to the corporation tax regulations SI 2014/2409, from 1 April 2015 all companies will be subject to the 15% rate. The small profits rate and the marginal relief will no longer be applicable, except for companies with ring-fenced profits
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