IMF outlines its role in international tax issues
The IMF has prepared a paper outlining the most important international tax issues currently under discussion and setting out a work plan for using its international expertise in these areas, working with other international organizations such as
See MoreJapan: Planning to introduce B2B e-commerce tax
The Japanese International Taxation Discussion Group has suggested following methods for pick up “Consumption Tax” which are: Submission of VAT reverses charge so that the local Japanese Company reports the acquisition and supply in its
See MoreSweden: Tax reform recommendations relating to financing activities of corporate taxpayers
The committee for the recommendations on corporate tax reform to the Swedish government has issued its third and last report regarding financing activities of corporate taxpayers. The committee proposes a new system for corporate taxation, in two
See MoreUS: IRS announces Taxpayer Bill Of Rights
On June 10, IRS declared the "Taxpayer Bill of Rights" intending to provide United States’ taxpayers with a better understanding of their rights. There are multiple existing rights under the Taxpayer Bill of Rights which are scattered throughout
See MoreBrazil: Tax exemption from Foreign Loans
The Finance Minister of Brazil declared that the government has announced to cut some tax on foreign loans and from the Tax on Financial Transactions (IOF) on 4 June of 2014 and introduced a new Decree No. 8263The 6% IOF will no  longer applicable
See MorePoland: Recommended to revise the tax breaks
The EC (European Commission) suggested Poland to revise its value added tax because of Poland’s "extensive system" of decreasing rates, which provided huge gap of VAT in the European Union. The EC also advise to modify its tax incentives for
See MoreThe Retailer’s tax claims has been rejected by the UK Tribunal
It was welcomed by the HM Revenue and Customs (HMRC) the dismissal of a multi-million pound tax allowance claimed by one of the UK's largest clothing retailers by the higher Tribunal's. The claim of Next Distribution Limited, part of Next Group Plc
See MoreGreece’s Prime Minister has promised to slash taxes
It has been promised by the Greece's Prime Minister, Antonis Samaras to cut taxes "everywhere” to substantiate the Government's goal as to reduce the corporation tax to 15 percent, the highest rate of income tax to 33 percent and slash the rate of
See MoreDenmark: Government announces several tax measures
The government published its Growth Plan for 2014 which aims at firming the competitive position of Denmark. Following tax measures are includes: To create and run an easier business in Denmark by reducing the administrative burden; Modifying
See MoreJapan and US Hold Talks On TPP
Talks were held between Japan and the US on 9 and 10 April 2014 to consider the remaining issues relating to the terms of the planned Trans-Pacific Partnership (TPP) trade agreement. The main problems between the US and Japan concern Japan’s
See MoreHong Kong – Urged To Retain Prudent Fiscal Policies
The IMF has expressed support for the work of Hong Kong’s Working Group on Long-Term Fiscal Planning, which is looking at the fiscal strategy in the long term. The Group is investigating the question of balancing government revenues and spending
See MoreUS – IRS Reviewing Tax Exemption For Political Donation
The Commissioner of IRS has suggested that advice on the tax relief for social welfare organisations will not be available before next year. Organizations have to be sure that they are operating within the scope of the relief in areas such as
See MoreUS – Corporate Tax Rate has been World’s Highest For Two Years
The RATE Coalition (Reforming America’s Taxes Equitably) has drawn attention to the fact that as from April 1, 2014 the US has for two years had the highest corporate tax rate among OECD countries. The group which demands tax reform to increase
See MoreUS – Businesses Seek Retention of LIFO Accounting
The House Ways and Means Committee Chairman has been requested by the LIFO coalition to reject a proposal for the repeal of last-in, first-out (LIFO) accounting from the tax reforms. The LIFO coalition has 126 members and is an advocacy group on
See MoreUS Prepares To Enforce 45 FATCA Pacts
The US has announced that the agreements signed by foreign countries with the US in respect of the implementation of the FATCA legislation will be regarded as in effect until the end of 2014. The agreements are intended to ease compliance by
See MoreSwitzerland – Bankers demand Investment Law Revision
The new Financial Market Infrastructure Act (FMIA) is being supported by the Association of Swiss Private Banks but the latter organization is also concerned that the legislation should not damage the competitive nature of the financial sector in
See MoreNew Zealand’s opposition party welcomes the launch of FTA talks with the EU
In New Zealand an opposition party has welcomed the launch of free trade talks with the EU but has called on the Government to address tax barriers to domestic economic activity. Reacting to NZ-EU FTA negotiations, the leader of the opposition ACT
See MoreMalta Enhances Financial Sector Oversight
Malta’s Financial Services Authority (MFSA) has announced further cooperation with the Maltese Financial Intelligence Analysis Unit (FIAU). The announcement on March 26, 2014, follows the signing last month of a Memorandum of Understanding (MoU)
See More