Canada -Partnership information return for 2013
The Canadian Revenue Agency (CRA) has issued revised guidance for partnership information returns (Guide T4068), Guide for the Partnership Information Return (T5013 Forms) for the year 2013. The Guide T4068 contains changes to the forms, schedules
See MoreCanada – Making Declaration of proposed tax changes in Ontario
The Finance Ministry in Ontario has declared proposed measures to increase the tax rate on “non-eligible dividends” of up to 3.9% which was effective from January 1, 2014. Other proposed measures would include: Certain research and development
See MoreCanada will balance budget in 2015 without raising taxes
The Finance Minister of Canada released economic and fiscal projections annual update on that reports that the government is on the right track to balance the budget in 2015 without raising taxes. The government desires to balance the budget without
See MoreBrazil established new tax accounting rules
A provisional measure was published in Brazil on 15 November 2013, to establish new tax accounting rules which rescinds the transitional tax regime method and establishes the new tax rules to align Brazil’s tax accounting rules with the current
See MoreBelgium: Royal Decree on tobacco tax rise
A draft Royal Decree, regarding tax rise on tobacco is approved by the Belgian Council of Ministers. As a result, the excise duty on cigarettes will be fixed at EUR 6.8914 (USD 9.2) per 1,000 pieces from 1 January 2014, and the special excise duty
See MoreBelgium: Enhancement of employers’ social security tax break
A draft Royal Decree is approved by the Council of Ministers of Belgium with a purpose to strengthen the structural reduction of employers’ social security contributions. An increased rate of structural reduction of employers’ social security
See MoreBelgium confirms withholding tax rate changes
Belgium has decided to reduce the rate of withholding tax levied on small- and medium-sized enterprise (SME) dividends from 25 percent to 15 percent; and it is a confirmation from The Belgian Prime Minister. In order to encourage entrepreneurs to
See MoreAustralia: Transfer Pricing being referred as “Profit Shifting”
In Australia, the recent introduction of subdivision 815 has given the Commissioner more extensive powers to transfer pricing adjustments. Subdivision 815 has made a new approach to Australia's transfer pricing analysis which goes beyond the
See MoreAustralia: Carbon tax repeal Bill tabled
The Prime Minister of Australia on 13 November 2013 tabled a bill canceling controversial carbon tax throughout the first session of parliament. The government is hoping to repeal the carbon tax in
See MoreRussia- Court rules for establishing thin capitalization to a sister company loan
Russia’s Federal Arbitration Court of the North-West region has issued Ruling No. А52-4072/2012 on September 18, 2013 concerning the establishment by a sister company of thin capitalization rules to a loan issued. Russian court practice already
See MoreAustralia: The Authority extends review of income tax rules
It was proclaimed by the Assistant Treasurer of Australia that the Australian on 8 November 2013, Board of Taxation will extend its review of income tax rules to permit the board to consider the more extensive tax framework in which private business
See MoreNigeria – Authorities highlights tax revenue collection
It has reported that Nigeria’s state internal revenue authorities are to be more invasive in current trading with taxpayers. For example, the tax authorities have issued “Letters of Intention to Obtain Warrant of Distrain” before the closing
See MoreJapan – Early repeal of special reconstruction corporation tax
The Japanese government has announced an economic stimulus package that includes a statement that “special reconstruction corporation tax (i.e., a 10% additional tax imposed on corporation tax liability) would be repealed a year earlier than
See MoreUS: District of Columbia Introduces Prepaid Card Option For Tax Refunds
The District of Columbia Office of Tax and Revenue (OTR) has announced a new option taxpayers can choose to receive their local income tax refunds. Beginning next year, a prepaid card will be available as an alternative to paper checks and direct
See MoreUS Bill Introduced To Simplify Mobile Workers’ Taxation
United States businesses have welcomed the introduction into the Senate of a bill, the Mobile Workforce State Income Tax Simplification Act, which would simplify tax reporting requirements for those workers who are employed in multiple state
See MoreUnited Kingdom: UK High Court decision on portfolio dividend tax
UK High Court decision concerns the portfolio dividend tax (holdings of less than 10%) under the previous tax law which provided double tax relief for foreign withholding taxes paid on the dividends and no relief for any underlying tax. UK has moved
See MoreTax Devolution process for Wales has been confirmed by the UK Government
The UK Prime Minister has confirmed in a press release on 7 November 2013 that the Government intends to devolve the power to set Landfill Tax and Stamp Duty rates in Wales, and to hold a referendum on devolving the income tax rate. It was announced
See MoreProperty tax cut of South Korea
The government of South Korea has decided that the tax cut on home purchases will become effective from 28 August 2013. The tax cut was previously scheduled to come into effect from 1 January 2014. The government has proposed to permanently reduce
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