China: Exemptions from VAT for exported services
Recently China’s State Administration of Taxation issued guidance on the rules for value added tax (VAT) exemptions for exported services. The guidance provided by Announcement 52 of 13 September 2013, implements the VAT exemptions for exported
See MoreCanada: Tax cuts for Manufacturers
The Ministry of Finance of Canada has declared the tax deductions provided to the manufacturing and processing sector on September 18, 2013 to write off investments in new equipment and machinery will be prolonged by two years. An extension to the
See MoreCanada – New way of voluntary disclosure in Quebec
New Voluntary Disclosure (LM-15-V) application has been introduced by the Revenue Quebec for taxpayers who want to justify their tax status on or after September 19, 2013. Additional information on the application of the voluntary disclosure
See MoreCanada – Evaluation of GST/HST information
The Canadian Revenue Agency has began to judge the “hefty penalties” regarding the GST/HST annual information return that many large businesses and financial institutions in Canada are needed to report. The penalties (which can be as high as
See MoreBrazil: Tax Earnings Up on Income Tax Collection
Brazil’s tax administration, the country’s federal tax revenue rose 2.68% year-on-year to BRL 83.2bn in August 2013, has released on 26 September 2013. The statistics show that from January to August the government collected BRL722.2bn in tax
See MoreAustralia: Profit shifting through the artificial loading of debt
Two key issues have emerged for taxpayers, with the arrival of an Australian Treasury Paper, addressing profit shifting through the artificial loading of debt in Australia. Effective from 1 July 2014, the safe harbour for debt has been diminished
See MoreUS – Final regulations on determining amount of tax paid for purposes of the foreign tax credit
Final regulations (T.D. 9634) providing guidance on determining the amount of taxes paid for purposes of the foreign tax credit (FTC) has been issued by the IRS. These final regulations adopt without substantive changes, the proposed regulations
See MoreUK: Judicial decisions on capital allowances
The Upper Tribunal rejected an appeal from HMRC against a capital allowance claim in a recent decision involving Lloyds TSB Equipment Leasing. The claim related to finance leases in relation to two liquid natural gas (LNG) vessels that were leased
See MoreThailand Scraps Luxury-Goods Tax
The government of Thailand had announced to eliminate import duties on luxury watches, clothes and cosmetics. Accordingly by the end of the year the duty on some luxury goods will be cut from 30% to
See MoreChanges in e-Filing Tax Payments in South Africa
E-filing on debt pull transactions will be eliminated from September 4. The SARS disclosed that the procedure will take place over one month after an alert message will appear on e-filing, where a debt pulls transactions is no longer available.
See MorePortugal: Corporate income tax proposals for 2014
Currently, Portugal thinking to take initiatives that would reform the corporate income tax law. The Corporate Income Tax (“CIT”) 2014 Reform Proposal, which is currently under public consultation. The main measures contained in the proposals
See MoreRelaxation of VAT penalties in Peru
The Peruvian tax authority published Resolution No. 277-2013/SUNAT which became in force from 8 September 2013. The resolution has relaxed the application of penalties in the VAT Collection
See MoreItaly: Update on new VAT declaration
Italy has provided detailed requirements for the new Italian VAT declaration (Spesometro) providing detailed analysis of VAT transactions above €3,600. The Spesometro VAT return which was first proposed in 2010 is the latest effort by the Italian
See MoreNetherlands: Voluntary disclosure relief system relaxed
The Dutch Finance Ministry has announced plans that for those taxpayers who have undeclared assets disclosure system between September 2, 2013, and July 1, 2014 is going to be relaxed. If two-year period is expired, generally a voluntary disclosure
See MoreNetherlands: Tax Plan 2014
The Tax Plan 2014 will be presented to the Lower House of parliament (Tweede Kamer) by the Minister of Finance on 17 September
See MoreJapan: Planning to relax the Corporate Tax Relief Measures
Japan’s Prime Minister has requested that his Government should take account of tax incentives for the corporate part along with relax the economic impact if he adopts to proceed with the consumption tax hike due in April next year. It is also
See MoreItaly: VAT registration threshold has been raised for SME
Governing body of the member states’ VAT system, the EU VAT Directive has offered the scope for countries to increase the threshold of VAT registration for resident companies to up to Euro 100,000. This offers the opportunity for countries to
See MoreIsrael – Government Approves Budget 2013-2014
The Budget for the fiscal year 2013-2014 has been accepted by the Israeli government initiating important changes to both individual and corporate tax regulations. The laws regarding tax rates will take effect as of January 1, 2014, and the
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