India: CBDT recommends furnishing of additional information to claim tax treaty benefits
India’s Central Board of Direct Taxes (CBDT) allotted Notification No. 57 of 2013 on 1st August 2013 and this notification will come into force as of 1st April 2013. The Notification proposes information that is required if a taxpayer is to
See MoreSingapore: planning changes on Exchange of Information regime
Ministry of Finance (MOF) of Singapore’s launched a public discussion regarding suggested modifications in the draft Income Tax (Amendment) Bill 2013 relating to the recent changes made to the Exchange of Information (EOI) regime. The Monetary
See MoreSouth Africa: E-Filing for Excise Duties
South Africa published Government Notice R.487 on 11 July 2013 providing for all excise accounts to be submitted on e-Filing with immediate effect. Manual submissions will only be accepted for a period of three months from 11 July 2013. After the
See MoreItaly: Approval of new nonresident forms for mitigation of withholding taxes
The Italian tax authorities released revised and updated versions of forms on 11 July 2013 which is to be used by non-residents in filing claims for an exemption, refund or reduction of Italian taxes on dividends, interest, royalties and other
See MoreHong Kong: SAR allows to enter into independent tax information exchange agreements
The Legislative Council of Hong Kong SAR passed the Inland Revenue (Amendment) Bill 2013 on 10 July 2013. The Bill allows Hong Kong to enter into tax information exchange agreements (TIEAs). There is an increasing emphasis by the OECD and other
See MoreFrance: National Tax Evasion Action Plan of Government
The government of France published national action plan for improving country’s tax transparency. The Action Plan states that France is committed to ensure transparency of the beneficial ownership of companies, other vehicles and trusts, which
See MoreOECD report on automatic information exchange
Following an emphasis on information exchange on request and the commencement of peer reviews by the OECD Global Forum on Tax Transparency and Information Exchange, the exchange of tax information is being taken to a further level with the
See MoreCanada: Extra GST/HST return for large businesses
Certain large businesses, in addition to filing their regular GST/HST returns will have to face an extra GST/HST (goods and services tax / harmonized sales tax) filing requirement on June 30, 2013. Employers offering registered pension plans to
See MoreUK overseas territories agree to exchange tax information
A number of UK overseas territories and crown dependencies have agreed to exchange information on tax matters with the UK and other major European countries. Anguilla, Bermuda, the British Virgin Islands (BVI), Montserrat and the Turks and Caicos
See MoreSingapore: tax filing rate for 2013 has hit a record of 95%
The Inland Revenue Authority of Singapore (IRAS) has reported that by April 18, the individual tax filing rate in Singapore had reached a record high of 95% in this year compared to 94% last year. IRAS also added that more taxpayers will benefit
See MoreItaly: Report on international standard rulings
The tax authorities in Italy have issued a second International Standard Ruling Report. This provides statistics on the tax ruling system. Any enterprise that has international activities may apply for the process known as an international tax
See MoreChina: Non-resident enterprises – tax collection in 2012
A report on statistics compiled by China’s State Administration of Taxation (SAT) indicates that the tax paid in 2012 by non-resident enterprises in China showed a slight increase, following a sharper rise in the previous year, and amounted to
See MoreUS: IRS Announces Interest Rates on tax overpayments and underpayments for 2013 second quarter.
The US Internal Revenue Service has issued Revenue Ruling 2013-6 with the announcement of the interest rates on tax overpayments and tax underpayments for the calendar quarter beginning 1 April 2013. The rate will remain the same as in the previous
See MoreGermany announces further tax revenue growth
Although Germany’s federal government and states will undoubtedly welcome news of additional tax revenues recorded in October, last month’s increase is significantly less than in previous months, due notably to a weakening economy. In its
See MorePhilippines: Increase in individual income tax revenue from 2012
In order to increase the collection of individual income tax by some 15%, the Philippines’ Bureau of Internal Revenue (BIR) has disclosed that it will raise its budget in 2012. Individual income tax represents over 20% of BIR’s annual revenue
See MoreRuling on Taxes within DTAs Provided in South Africa
The Legal and Policy Division of the South African Revenue Service (SARS) has issued a Binding General Ruling (BGR) on income taxes, or substantially similar taxes, following the double tax agreements (DTAs) of South Africa. According to this BGR
See More