US: 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
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 More