Uganda: Tax reforms recommended by International Monetary Fund
Uganda requires applying the tax reforms to lift its revenue collection and it was recommended by The International Monetary Fund (IMF). According to the IMF Uganda’s tax revenue collection is lower than other countries in the region and Ugandan
See MoreTurkey – CIT relief from certain services
A circular provides for the possibility of exempting 50% of the profit provided to non-residents for corporate income tax purposes and earned by Turkish taxpayers from certain types of services. Now, companies who may benefit from the 50% relief
See MoreTax credits for creating job in South Korea
The government of South Korea is planning to give more tax incentives to corporate and personal financing in culture and leisure activities like libraries, museums, art galleries and performance in theaters. An additional tax credit of 3 % will be
See MoreSpanish Bioindustry Welcomes R&D Tax Breaks
During a recent event organized by the Spanish Bioindustry Association Asebio, Spain's State Secretary for Finance presented details of the tax incentives introduced within the framework of the Entrepreneur Support Act, which is designed to promote
See MoreSpain Plans to Cut Taxes in 2015
Spain is planning to cut income taxes in 2015 considering significant changes to its corporate taxes as the economy gradually recovers. A gradually improving economy and an expected fall in unemployment allow the government to bring income tax rates
See MoreSouth Africa: Technical Tax Proposals for 2014 Budget
South Africa’s National Treasury has invited taxpayers to submit any technical proposals to improve the tax legislation, including the closing of tax loopholes and unintended anomalies in the law. The proposals will be considered for possible
See MoreMexico – Tax reform legislation published in official Gazette
Mexico published new tax reform provision in official gazette on 11 December 2013, which is proceeding through the legislative process. The new legislation includes measures that may affect multinational entities with current or planned operations
See MoreIreland: Revenue published details of tax settlements
Ireland's Revenue organization has published data on 88 cases of the settlements arrived at with defaulting taxpayers throughout the last year. The first lists each person upon whom a fine or punishment was forced by a court. The second part covers
See MoreGermany: Proposed coalition agreement
The German Conservatives (CDU/CSU) and their ex-opposition party the Social Democrats (SPD) signed a 185 page agreement on the formation of a “grand coalition” on 27 November 2013 which was resulted from five weeks of strong negotiations. The
See MoreRussia-Calculate corporate property tax by using cadastral value
Russia has enacted Law No.307-FZ naming “Concerning the Use of the Cadastral Value of Real Estate for the Calculation of the Corporate Property Tax Base” that was published on November 6, 2013 and it will apply from January 1, 2014. A
See MoreChina: Extends VAT to postal services and railways
An edict recently is issued by the China’s State Council adding postal services and railway transportation to the reform of the existing Chinese Business Tax and VAT systems. This will start on 1 January 2014. The principles of the OECD VAT
See MorePhilippines: Tax Exemptions for Haiyan Relief Goods
The Commissioner of the Bureau of Internal Revenue of Philippines has ensured that foreign donations and relief goods arriving for the victims of the Haiyan super typhoon in the Philippines will not be taxed, if their arrival is correlated with
See MoreNew Zealand – New Tax Policy Work Plan
The Inland Revenue of New Zealand released the government’s tax policy work program on 8 November 2013 that sets out the government’s focus for tax reform and development for the next 18 months. Creating further improvements to the tax and
See MoreNetherlands – Electronic filing required for VAT returns
It has been reported that entrepreneurs subject to value added tax (VAT) but not “established”―for VAT purposes―in the Netherlands must file their VAT returns / EC sales lists electronically (and not on paper forms) from 1 January
See MoreNetherlands Hails Tax Amnesty A Success
On 13 November 2013 it was reported that the Dutch Financial State Secretary has hailed the Government's temporary relaxed voluntary disclosure scheme as a success. The State Secretary emphasized the fact that since its introduction, almost 500
See MoreMexico: Congress passed budget for 2014
The Mexican lower house of Congress has passed the federal budget for 2014, which proposes running a deficit in 2014 to lift the country’s economy on 14 November of 2013. The budget will increase the tax revenue by around 2.5% of GDP by 2018. The
See MoreLuxembourg: New circular declares VAT exemption for risk management services
“Administration de l’Enregistrement et des Domaines”, the Luxembourg VAT Authorities issued a Circular (Circular n° 723 ter) on 7th November 2013, confirming that risk management services for funds could be VAT exempt. The guidance from the
See MoreLuxembourg wants acceleration of negotiation on Savings Tax
Luxembourg has called on the European Commission (EC) to accelerate negotiations with third party countries, to make sure that progress is made on plans to modify the Savings Tax Directive. The Savings Tax Directive is designed to ensure that income
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