UK: Summary of responses to penalties discussion document
On 17 September 2015 HMRC issued a summary of responses to a discussion document on penalties. The original discussion document published on 2 February 2015 put forward five principles that should be the basis for any tax penalty regime. These are
See MoreVietnam: Publishes Guidance on Tax Administration
Circular 110/2015/TT-BTC was issued on 28 July 2015 and provides guidance on tax administration and compliance by electronic means. The Circular replaces earlier Circulars 35/2013/TT-BTC and 180/2010/TT-BTC, and includes guidance on tax
See MoreHong Kong: Individual taxpayers urged to file return by 4 June 2015
Individual income taxpayers in Hong Kong have been urged to file their 2014/15 tax return by 4 June 2015. An extension is allowed for the sole owners of unincorporated businesses and the filing deadline for them is 4 August 2015. The IRD
See MoreUK: New version of company tax return form introduced
HM Revenue and Customs (HMRC) has introduced a new version of the tax return form for companies. Form CT600 version 3 should be used by companies for accounting periods beginning on or after 1 April 2015. A new computation taxonomy has been
See MoreCanada: Indirect tax responsibilities for financial organizations
Under their GST/HST and QST annual information returns, many financial institutions will have to file their final returns regarding Goods and Service Tax (GST), Harmonized Sales Tax (HST) and Quebec Sales Tax (QST) for the year 2014 by 30th June
See MorePhilippines Updates Withholding Tax Guidance
The Department of Finance has released updated guidance on withholding tax - Revenue Regulations (RR) No. 2-2015. The regulation amends previous rules regarding the process of submitting withholding tax forms to the Bureau of Internal Revenue
See MoreRussia: Federal Arbitration Court has made decision regarding tax audits of adjusted tax returns
A Russian company naming “OJSC RN Holding (OJSC)” has submitted adjusted tax returns for June, August and December 2009 to the tax authority and claimed a reduction of the excise tax liability paid upon excise good’s importation to Russia.
See MoreUS: Tax Filing Season Will Open On Time
Following the passage of the extenders legislation, the Internal Revenue Service announced it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns
See MoreUS: IRS Reminds To US Tax Preparers For PTIN Renewals
The Internal Revenue Service has reminded the nation’s more than 690,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2015, since the current PTINs will expire December 31, 2014. IRS
See MoreSaudi Arabia: Electronic filing update
Monthly withholding tax return (Form Q7), will no longer be accepted at the Department of Zakat and Income Tax (“DZIT”). The return must be filed electronically and effective as early as possible. Organizations filing for monthly withholding tax
See MoreUS: IRS Urges Tax-filing and Payment Extensions Expire Oct. 15
The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free
See MoreMexico: Published guidance for filing electronic accounting records
Mexico’s 2014 tax reform launched a requirement for taxpayers to submit certain accounting records to the tax authorities. The rules for this new reporting requirement were published in the official gazette on 4 July 2014. This new amending
See MoreMalaysia: Inclusion of the new check-the-box requirements and its consequences
A new check-the-box named “Box R4” has been inserted on the 2014 tax return form (Form C) of Malaysia to declare by the corporate taxpayer for the confirmation that the preparation of contemporaneous transfer pricing documentation is complied in
See MoreItaly: Simplification of Individual Tax Filing by incorporating the provision of pre-compiled tax returns
Italian cabinet approved a draft tax simplification law decree on June 20, 2014. It was confirmed by the Minister of Constitutional Reforms and Relations Maria, Elena Boschi that from 2015 tax returns will be pre-compiled for 30 million Italian
See MorePeru: New rules for communicating the issuance, transfer and cancelation of Peruvian shares
According to Resolution 169-2014-SUNAT/4B0000 of Peru the issuance, the direct and/or indirect disposal, also the cancelation of Peruvian shares will have to be communicated to the Peruvian Tax Authority by virtual Form 1065. The Resolution will be
See MoreHong Kong – 2013-14 Tax Returns Issued
On April 1 2014 the Hong Kong Inland Revenue Department issued the 2013/14 tax returns in respect of profits tax, property tax and tax reporting by employers. In the Budget for this year Hong Kong has announced a one-off reduction of 75% on profits
See MoreMexico: Electronic Invoicing mandatory
From 1 April 2014, individual taxpayers involved in business, providing professional services etc. must issue electronic invoices. The Mexican tax administration service has made available a free mobile application to record income and expenses,
See MoreSouth Africa: Revenue Service increases Transfer Duty Refund System
The South African Revenue Service’s (SARS’s) will not process manual requests for Transfer Duty refunds after February 17, 2014. This is follows introduction of electronic submission for Transfer Duty declarations and an e-Account for Transfer
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