US: Tax Filing Season Will Open On Time
Following the passage of the extenders legislation, the Internal Revenue Service announced it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns
See MoreHong Kong Exchanges Notes With Japan Regarding Exchange of Information
The Government of the Hong Kong Special Administrative Region (SAR) exchanged notes on 10 December 10 2014, with the Government of Japan regarding the Exchange of Information (EoI) Article in the double taxation agreement between the Hong Kong SAR
See MoreAustralia: New Taxation Ruling TR 2014/6 introduced by the Australian Taxation Office (ATO)
Taxation Ruling TR 2014/6 gives guidance on identifying situations where the form of commercial or financial relations differs from the substance and confirms the ATO's power to disregard and reconstruct transactions that lack economic substance.
See MoreCountries Sign Up to OECD Standard on Exchange of Information
According to an OECD press release on 29 October 2014 all OECD and G20 member countries and major financial centers participating in the annual meeting of the OECD’s Global Forum have endorsed the OECD/G20 standard on automatic exchange of
See MoreUS: IRS Reminds To US Tax Preparers For PTIN Renewals
The Internal Revenue Service has reminded the nation’s more than 690,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2015, since the current PTINs will expire December 31, 2014. IRS
See MoreAustria: Gets an extra year to fully comply with Automatically Exchange Tax Data
The EU's council in Luxembourg on 16 October 2014 at a meeting the finance ministers decided that Austria being granted an extra year to improve the infrastructure desired to comply with the new law. Under the new law tax authorities in the EU will
See MoreChina: Plans to investigate distribution of dividends made to nonresidents
The State Administration of Taxation (SAT) has planned to investigate the distribution of dividends made to nonresidents in calendar year 2012 and 2013 with a view to find out tax evasion activities and to undertake risk analyses, risk verifications
See MoreSaudi Arabia: Electronic filing update
Monthly withholding tax return (Form Q7), will no longer be accepted at the Department of Zakat and Income Tax (“DZIT”). The return must be filed electronically and effective as early as possible. Organizations filing for monthly withholding tax
See MoreECOFIN: Extension of an automatic exchange of tax information agreement by the EU Council
A reviewed “administrative cooperation directive” agreement have been agreed by the EU Council of Economic and Finance (ECOFIN) Ministers on October 14, 2014. This reviewed agreement on the revised directive is aimed on promoting the automatic
See MoreUruguay: Instructions for using tax administration’s website
The tax administration in Uruguay has declared that tax payment certificates may only be submitted electronically under its new online service. For getting access to the website due to electronic submissions of returns and certificates, taxpayers
See MoreUS: IRS redefines its small business compliance operations
Starting Oct. 20, the United States Internal Revenue Service (IRS) is realigning its tax compliance organizations serving individual and small business taxpayers. The goal of the restructure is to primarily focus Small Business/Self-Employed on
See MoreSouth Africa: SARS Reminds Employers Of ETI Refund Process
The South African Revenue Service (SARS) has reminded employers that the legislation that set up the Employment Tax Incentive from January 1 this year also includes a refund process. The Employment Tax Incentive Act and the draft amendments to this
See MoreFinland: Bank account number required for tax refunds
Finish tax authorities have urged the taxpayers to inform their bank account so that they can receive tax refunds directly to their bank account, especially those who have a new or changed bank account. If the taxpayer already has bank account
See MoreUS: IRS Urges Tax-filing and Payment Extensions Expire Oct. 15
The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free
See MoreIndia: Decision on whether the Taxpayer could be regarded as an “assesse in default”
Recently, The Supreme Court (SC) of India issued its decision in the case of CIT v. NHK Japan Corp. (SLA No. 24913 of 2012) on 11 August 2014, that a Taxpayer cannot be regarded as an "assesse-in-default" on account of non-withholding of taxes when
See MoreSlovenia: Plans to Increase Tax Collection
Slovenia's new government plans to improve tax collection and reduce public spending in a bid to cut its budget deficit. Following the parliamentary vote of confidence for his government, Prime Minister said "Our fiscal policy will be restrictive;
See MoreSpain plans to impose penalty on VAT fraud
In order to reduce rising fraud, Spain is planning to introduce a range of penalty measures on VAT in 2015. These include; EU Rapid Mechanism is to be activated to introduce the reverse charge on the domestic supplies of phones, games, tablets and
See MoreTurkey: Provisions in tax amnesty
The Turkish Parliament has passed a tax amnesty program as Law No. 6552 that was released on September 11, 2014. Generally, this program under the new law permits taxpayers with unpaid tax debts and associated penalties and interest to give these
See More