UK: 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
See MoreTurkey: New e-invoice obligations
The Turkish VAT authorities have introduced a mandatory e-invoice system for all companies and individuals from September 1, 2013. An e-invoicing system was first introduced in 2010 and this is now being made compulsory for certain taxpayers groups.
See MoreSwitzerland: Pay first tranche of tax on unrevealed assets
Switzerland has paid the UK tax authorities £258m in unpaid taxes on hidden assets representing the first tranche specified under the UK and Switzerland tax agreement. Converted into Swiss francs, almost CHF900m (USD969m) was transferred in tax and
See MoreSwiss Federal Tax Administration publishes instructions on tax agreements with Austria and UK
The Swiss Federal Tax Administration published on 16 July 2013, the latest version of the instructions on the agreements on cooperation in the area of taxation with other states and the federal international withholding tax act. The Agreements with
See MoreTransfer Pricing Brief: July 2013
Australia TPA Rule- New subdivisions 815-B to 815-E ITAA 1997 was enacted on 2 July 2013. Brazil Applicable Methods- Updates on applicable methods for import transactions. Germany TPA Rule-Legislation passed on 29 June 2013 and effective
See MoreWTO: 2013 World Trade Report
The World Trade Report for 2013 issued by the World Trade Organization (WTO) emphasizes that the development of world trade will be determined by a number of economic policies and social trends including shifts in patterns of production and
See MoreUK: Finance Act 2013 receives the Royal Assent
The 2013 Finance Act became law on 17 July 2013. The main provisions include a reduction of the corporate tax rate from 22% to 21% in 2014/15 and to 20% in 2015/16. The Act also includes the legislation introducing the General Anti Abuse Rule
See MoreSingapore: planning changes on Exchange of Information regime
Ministry of Finance (MOF) of Singapore’s launched a public discussion regarding suggested modifications in the draft Income Tax (Amendment) Bill 2013 relating to the recent changes made to the Exchange of Information (EOI) regime. The Monetary
See MoreRussia: Variation in mineral tax rates
The upper chamber of Russian parliament approved draft Law No. 297807-6 on July 10, 2013 which changes the Federal Law on Customs Tariff and introduces a differentiation in mineral tax rates. The law changes the previous flat rate of tax on natural
See MorePoland: Amendments on transfer pricing guidelines come into force
The amendment of the Transfer Pricing Ordinance was published in the Official Journal No. 768/2013 on 3 July 2013, in a decree of Poland’s Ministry of Finance.The decree implements the provisions of the 2010 OECD Transfer Pricing Guidelines for
See MorePhilippines: New regulation on tax deduction in the event of failure to withhold tax
The Philippines issued Revenue Regulation 12-2013 (Rev. Reg. 12-2013) on 13 July 2013. Rev. Reg. 12-2013 is applicable to payments made to both domestic and foreign beneficiary and it will effective from 28 July 2013 for payments that are related
See MoreNetherlands: Guidance on application of bonus deprecation rules (2013)
The Dutch tax authorities have given a clarification and cases showing examples of the new rules on “free depreciation” (or bonus depreciation) for businesses making new investments between 1 July and 31 December
See MoreLuxembourg’s AIFM Directive-Bill adopted
The European Union’s Alternative Investment Fund Managers Directive has been amended by the draft legislation into Luxembourg law which was approved by the grand duchy’s Chamber of Deputies on Wednesday July 10, 2013. Luxembourg has become one
See MoreIndia: Decision on benchmarking international transactions
Recently the Income Tax Appellate Tribunal (“ITAT”) provides their decision regarding “standard analysis that every international transaction will have to be benchmarked and analyses separately by comparing it with independent uncontrolled
See MoreHong Kong: Continue to increase company registrations
The Hong Kong Special Administrative Region (SAR) operates as a separate tax jurisdiction from mainland China and retains popularity as a place from which to do business with the mainland. In Hong Kong SAR a total of 84,996 local companies were
See MoreFrance: Greater transfer pricing documentation burden on taxpayers
The government of France has introduced a new bill with an effort to prevent tax evasion. The bill is expected to bring a greater compliance burden to taxpayers. According to the draft law companies are required to submit and file their
See MoreFrance: Carbon tax to be included in budget 2014
The committee for ecological taxation (CFE) of France emphasized that a carbon tax is an effective instrument to modify production and consumption behavior. The CFE suggested that the rate of the tax should be progressively increased until
See More