Bulgaria’s Finance Ministry to draft Tax Fraud Prevention Strategy
Bulgaria is to produce a tax fraud prevention strategy. The Finance Ministry is combining its efforts with those of other government control authorities to look at the most effective strategies for combating illegal behavior. The new rules will be
See MoreSouth Africa – The 2013/14 Revenue Exceeds Expectations
The South African Revenue Service (SARS) published information on 1 April 2014 in respect of the outcome of tax collection for the fiscal year 2013/14. This indicates that ZAR 899.7 billion was collected, an increase on the year before. Although the
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 MoreUS – IRS Has Unclaimed 2010 Refunds For Almost 1m Taxpayers
The IRS has indicated that almost a million taxpayers are due tax refunds that have not yet been claimed, because they have not yet filed a federal tax return for 2010. As there is a three year deadline for such claims the returns must be filed by
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
See MoreUS: Internal Revenue Service (IRS) loses appeal on the reforms of legislation for tax preparers
The United States Internal Revenue Service (IRS) has lost its appeal on the reforms of rules for tax preparers against the ruling by the court that ordered to stop enforcing regulatory requirements on tax return preparers. The ruling is important
See MoreRussia: Clarification regarding tax treatment
On 18 December 2013 the Russian Ministry of Finance (MoF) published Letter No. 03-08-05/55702, clarifying the tax treatment of contractual penalties paid by a Russian company to a Ukrainian company for violation of the contractual terms. According
See MoreRussia: Clarification regarding residence rules of partnership income
The Russian Ministry of Finance (MoF) allotted Letter No. 03-08-05/1229,on 17 January 2014, clarifying whether income received by a US partnership may be subject to tax according to the Russia–United States Income and Capital Tax Treaty (1992).
See MoreGerman Association of Taxpayers urges Government to lower electricity tax
The German Association of Taxpayers (BdSt) has urged the Government to lower electricity tax in Germany. The government’s plans to reform the country's renewable energy law (EEG) do not go far enough in the view of the association to curb
See MoreOECD – New Global Standard for Information Exchange supported by Jersey
The Chief Executive of Jersey Finance has expressed support for the Organization for Economic Co-operation and Development's (OECD) new single global standard for the automatic exchange of information between tax authorities worldwide. Jersey has
See MoreUruguay: Extension of tax refund for exports
Uruguay has extended the 4% tax refund for exports of specific products to 30 June 2014 through Executive Decree 393/013. The aim of the measure is to protect different industries that were negatively affected by the decrease in international demand
See MoreBrazil – Tax authority revises position on cross-border reimbursement arrangements
Brazil’s tax authority has issued a ruling to a taxpayer reflecting a change of position concerning cross-border cost reimbursement arrangements. Traditionally, the tax authority (Receita Federal do Brazil—RFB) has imposed a high tax burden of
See MoreBrazil – Ruling permits taxpayers to align their transfer pricing policies
According to a recent ruling by the Brazilian tax authority taxpayers should be able to better align their transfer pricing policies to eliminate potential contingent liabilities, reduce taxable adjustments, and/or eliminate the double taxation
See MoreUS: IRS begins online transcript service
United States taxpayers now have the option to download their tax transcripts online from the “Get Transcript” service of the Internal Revenue Service (IRS). Through the Get Transcript service, taxpayers can obtain an official copy of their past
See MoreChina: Tax Revenues grew in 2013
Total tax revenue in China increased by 9.8% in 2013; VAT revenue rose by 9% to nearly RMB2.9 trillion, while corporate income tax revenue grew by 14% to RMB2.2 trillion. Total tax revenue was just over USD1.8 trillion; however rate pf increase
See MoreBelgium: Simplified Tax Return
Belgium will extend the number of taxpayers eligible to receive a pre-completed, simplified income tax declaration; such tax returns will reduce and simplify reporting requirements for taxpayers. From the 2014 tax year the target group will include
See MoreItaly: Changes in international ruling procedure
Italy has modified its international tax ruling procedure, through Art. 7 of Law Decree No. 145/2013. Under this, non-resident entities operating in Italy may obtain an advance ruling on whether their activities in Italy give rise to a PE under
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