France – Issued guidelines on limiting the interest deduction on related –party loans
The French tax authorities issued final guidelines on 5 August 2014 regarding the newly enacted rules on limiting the interest deduction on related -party loans. According to the final guidelines disallowed interest will not be regarded as a deemed
See MoreEmployee Benefit Trust Amnesty has been withdrawn by HMRC
HMRC will withdraw a tax dispute settlement facility for businesses that used an Employee Benefit Trust (EBT) and from April 1, 2015 this facility will no longer be available. Employers those have notified their intention to HMRC to settle before
See MoreUS: IRS Issues Final Rules On Truncated TINs
As part of efforts to reduce the risk of identity theft and tax refund fraud, the IRS released final regulations that allow the use of truncated taxpayer identification numbers (TTINs) on payee statements and certain other documents where not
See MoreUS: IRS limits Electronic Refund
The Inland Revenue Service is going to introduce new procedures to combat and sort out theft in US, with effect from January 2015. The process will limit to three the number of refunds that can be electronically deposited into a single financial
See MoreIRS Warns To Expire Individual Taxpayer Numbers
IRS has announced that Individual Taxpayer Identification Numbers (ITINs) will be expired, effective from 2016, if the numbers have not been used on a federal income tax return for five consecutive years. This is revised policy, under the old policy
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 MoreBrazil: Modify the tax amnesty programs
Brazil recently published MP 638/14 provisional measure in order to expand the availability of the tax amnesty program under REFIS also referred as special tax recovery program, legislated by Law 11,941/09 and Law 12,249/10.The federal tax amnesty
See MoreRussia: MoF clarifies extra requirements that must be satisfied by tax resident certificate
The Ministry of Finance (MoF) has issued Letter No. ОА-4-13/5288 on March 21, 2014. It describes the rules that US certificates of tax residence should complete with a view to claiming remuneration under the Russia - United States Income and
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 MoreGermany: Setting up a special unit within the tax investigation department to protect fiscal crime
A special unit has been set up by the German federal state of Baden-Württemberg within its tax investigation department to protect fiscal crime at federal level. The unit will involve carrying out investigation to trace tax evasion strategies and
See MoreCanada: Filing trust elections for employee benefit, foreign is due 26 June
Employee benefit plan gives benefit to employees who render services to Canadian resident employers, or a stock plan administered through a non-resident trust, require to review if the trust is deemed to be a Canadian resident and under Canada's new
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 MoreRussia: Draft law on information exchange with foreign tax authorities
The Russian government has allowed a draft law initiating the process of information exchange with foreign tax authorities on May 14, 2014. The law introduces the responsibility of Russian credit organizations, brokers, depositaries, insurance
See MoreUK: RTI meets tax credits
The Real Time Information (RTI) reporting is showing employed claimants’ earnings of the renewals notices sent to tax credits claimants. The instruction for claimants is given to check whether the details are correct and communicate the matters
See MoreIMF Suggests Revenue Enhancing Tax Reforms for Uganda
The International Monetary Fund (IMF) has suggested that tax changes should be put through in Uganda to deal with the problems with government finances. The tax base has to be broadened to counteract the effect of the large shortfall in tax revenue
See MoreLithuania: IMF Looks At New Revenue Sources
Lithuania’s tax revenue as a percentage of GDP is currently one of the lowest in Europe. The IMF considers that Lithuania could increase government revenues by making improvements to tax on wealth and capital and by broadening the scope of value
See MoreGerman Transition to Electronic Payroll Tax Platform Successful
The introduction of an electronic income tax tracking system, ELStAM, has been carried out without any problems, as is shown by the figures to 7 April 2014. This new system has been introduced to deal with tax on wages and more than two million
See MoreGerman Bill Revises Energy Tax Concessions for Industry
The Cabinet has given the go-ahead to a Bill to amend the provisions of the renewable energy law. This ensures that the tax concessions given to energy intensive companies are not contrary to EU law, while preserving the competitive nature of energy
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