OECD – 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
See MoreNigeria: High Court affirms taxpayer appeal and orders disbandment of Tax Tribunal
Nigeria’s Federal High Court (FHC) delivered a key judgment on 30 October 2013 in a suit between TSKJ Contruces Internationals Sociadade Unipessoal LDA (TSKJ) and the Federal Inland Revenue Service (FIRS). The FHC upheld TSKJ’s appeal against
See MoreHong Kong: Court of Final Appeal decision on unrealized revaluation gains
Hong Kong’s Court of Final Appeal (CFA) ruled that year-end unrealized revaluation gains on listed securities held for sale were not taxable in Hong Kong. In a case called Nice Cheer Investment Limited (NCIL), the CFA rejected the CIR’s
See MoreGermany: Enormous number of Voluntary Tax Declarations
The number of voluntary tax declarations received by the German tax authorities submitted by German residents so far this year is already more than doubles the 2012 total. It has been reported by the business newspaper Handelsblatt based on
See MoreUS: Moneyed Households Pay over 100 Percent of Income Tax
Based on a report of Distribution of Household Income and Federal Tax for 2010, Congressional Budget Office (CBO) pointed out that the share of taxes paid by higher-income households in the United States significantly exceeded their share of
See MoreBrazil established new tax accounting rules
A provisional measure was published in Brazil on 15 November 2013, to establish new tax accounting rules which rescinds the transitional tax regime method and establishes the new tax rules to align Brazil’s tax accounting rules with the current
See MoreIreland: Small businesses’ reporting burden
The Irish tax authority on 10 November 2013 announced that- the scope of the simplified reporting regime for small businesses in respect of value added tax (VAT) will be expanded, Pay As You Earn (PAYE)/ Pay Related Social Insurance (PRSI) and
See MoreFrance Observes “Influx” Of Voluntary Tax Declarations
According to a report on 6 November 2013 around 4,000 taxpayers have submitted a voluntary declaration to the country's Tax Administration over the course of the past four months, to regularize their tax situation. The "influx" of requests followed
See MoreItaly: Duration of advance payment of income tax extends
The Government of Italy increased the advance income tax payment due for fiscal year 2013 and delayed the deadline for the payment of the second installment via Law Decree 133/2013 dated 30 November 2013. The increase of overall advance payment due
See MoreItaly: No effect on inflation due to rise in VAT
The Continued fall of the last month Retail prices in spite of rise in Italy’s VAT to 22% on 1 October 2013. It was published in the Italian statistical institute on 27 November 2013 regarding pricing information for Oct-Nov 2013 which shows
See MoreBrazil published some special amnesty programs
Law 12,865 was published in Brazil’s official bulletin on 10 October 2013 and has now come into force in Brazil. The Law provides for specific rules regarding the expected amnesty programs targeting companies that carry open debts resulting from
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