Nigeria – Companies requested to submit group transfer pricing documentation
In Nigeria the tax authority FIRS is asking taxpayers to send in transfer pricing documentation for the group to which they belong. Although there is no specific deadline they should do so as soon as possible and the documentation should be with the
See MoreNew Zealand: Plans for an active income exemption for branches are to be deferred
On 14 March 2014, New Zealand’s Minister of Revenue stated that consideration of an active income exemption for branches is to be deferred for the time being. The reason for the deferral is to allow the government's main tax policy focus to be
See MoreNew Zealand: Changes to Financial Reporting Requirements
The Financial Reporting Act, which changes financial reporting obligations for most companies, comes into effect on 1 April 2014. Small and medium-sized companies in New Zealand will need to make sure they understand how the changes made by the
See MoreMalta improves late VAT payment regime
Malta’s VAT authority is to lessen fines on late VAT payers, and improve communications with taxable persons looking to bring their non-compliant affairs up-to-date. The daily penalty for late returns and payments of €15 will be scrapped. The
See MoreMalaysia: increasing scrutiny of transfer pricing
The transfer pricing landscape in Malaysia continues to develop with the Malaysian tax authority becoming increasingly proactive and vigilant in examining the controlled transactions of multinational enterprises (MNEs). The intensity of tax audits
See MoreJapan: Increased focus on transfer pricing in tax audit
Transfer pricing audits in Japan are conducted separately from the general corporate tax audits, by a specialized transfer pricing audit team within the tax authority .The 2011 revision of the tax system in Japan included changes and clarifications
See MoreItaly – Details of Italian Tax Cuts Agreed
Italy's new Prime Minister, has provided extra detail on cuts to reduce the tax burden in Italy which that are intended to provide an immediate boost to the country's economy. Resources totaling EUR10bn (USD13.9bn) have been allocated by the
See MoreItalian Tax Cuts Should Favor Employees
In Italy the association of sole traders and small businesses has recommended that measures should aim at reducing Italy's individual income tax (IRPEF) burden. The total tax collections from labor have reached EUR296.4bn, of which almost EUR161.5bn
See MoreItalian Supreme Court rules on tax residence concept
The Italian Supreme Court gave its decision on 17 January 2014 in case No. 1811 concerning the issue of whether the Maltese company should be considered resident in Italy for tax purposes. The case particularly concerned the provision that a company
See MoreIreland – Think Tank considers that income tax cut should benefit all
A think tank has looked at the possible benefits of lowering Ireland’s income tax rates. There is currently a debate in Ireland on reducing either the 41 percent higher rate of the 20 percent basic range of income tax. Reducing the higher 41
See MoreIreland: opportunities for US firms
The Irish Prime Minister has described the 12.5 percent corporate tax rate as a "cornerstone of the offering of attractiveness that Ireland has," telling the US Chamber of Commerce that his country is open for business. Although a few years ago
See MoreIndonesia to amend rules concerning tax holidays and allowances for investors
The Indonesian Deputy Minister of Finance has announced that the Government is planning to amend the rules concerning tax holidays and allowances for investors, possibly as early as April 2014. The changes to tax holidays are expected to include
See MoreGermany: Proposals to adjust personal income tax brackets
The leader of Germany’s Social Democrat party (SPD) has backed proposals to adjust the personal income tax brackets in an effort to undo stealth taxation that has resulted from the effects of inflation. This is considered to have unfairly hit
See MoreFrance Urged To Review Social Housing Tax Break
Under the French tax law there is tax relief available in respect of social housing in certain overseas areas, in an effort to increase the supply of low cost residential accommodation. The French Court of Auditors has however called on the
See MoreFrance – VAT on hotel accommodation may be damaging the tourism sector
In the opinion of some commentators the 1 January 2014 increase in VAT on hotel accommodation may be damaging the French tourism sector. The French hotel VAT rate rose from 7% to 10% in 2014 as part of reorganization of all French VAT rates –
See MoreFrance employers and unions considering draft accord
The French trade unions are considering a draft accord that sets out the terms and conditions for a EUR30bn (USD41.6bn) reduction in labor costs. The main employers' associations Medef, the CGPME, and the UPA have drafted the agreement, which urges
See MoreFrance – Introduces new share saving plans
The French Government has published decree number 2014-283 of March 4, 2014, increasing the ceiling for investment in the tax-exempt share savings plan (PEA), and introducing a new share savings plan (PEA-PME) exclusively for investment in small-
See MoreEU: JTPF presents comments received on the discussion paper on the Arbitration Convention
The Joint Transfer Pricing Forum (JTPF) held a meeting in Brussels on 6 March 2014at which the following items were discussed: – Information by the European Commission on ongoing issues; and – Arbitration
See More