China: Resident certificate procedure for tax arrangement with Hong Kong
There was an announcement by the State Administration of Taxation (SAT) of China. And it was announced that the tax authority of Mainland China can determine tax resident status of a business or entities operating in Hong Kong. In certain
See MoreCanada – New way of voluntary disclosure in Quebec
New Voluntary Disclosure (LM-15-V) application has been introduced by the Revenue Quebec for taxpayers who want to justify their tax status on or after September 19, 2013. Additional information on the application of the voluntary disclosure
See MoreBrazil: Tax Earnings Up on Income Tax Collection
Brazil’s tax administration, the country’s federal tax revenue rose 2.68% year-on-year to BRL 83.2bn in August 2013, has released on 26 September 2013. The statistics show that from January to August the government collected BRL722.2bn in tax
See MoreNigeria: Treatment of recharges paid to local subsidiaries
The Tribunal of Nigeria’s Tax Appeal has issued decisions on August 26, 2013 regarding two non-resident taxpayers. The issue was if in Nigeria their taxable turnover could be determined by cutting amounts that they give payment to Nigerian
See MoreNigeria: Installment payments against lump-sum tax payment
Nigeria’s tax authority has published in a local newspaper a request to taxpayers to submit their tax return for 2013 on August 12, 2013 and it focused on the rules for companies to file returns and fix obligations of their income tax, and the
See MoreColombia: Agreement with World Bank on Tax Matters
The World Bank signed an agreement with Colombia on August 19, 2013. This is to improve its tax collection. The agreement will be in force between August 2013 and August 2015. In order to strengthening the tax system, the World Bank will supply
See MorePhilippine: Collect taxes from online sellers
The Bureau of Internal Revenue (BIR) of Philippines’ has released a memorandum, which is ensure that it will start accumulate taxes from individuals and businesses for selling products online. This measure is already permitted under the tax law
See MoreSouth Africa: Private ruling on capital gains tax in South Africa
A ruling has been issued that may help taxpayers to determine the tax position in a situation where a loan has been cancelled. On 13 August 2013, the South African Revenue Service (SARS) issued a binding private ruling dealing with the question as
See MoreSARS Updates ATR Application Process
The process of application for a tax ruling is sometimes seen by taxpayers as daunting and they may prefer not to embark on the procedure even though it can provide them with some certainty as to the outcome of planned transactions. There is
See MoreVietnam: Issues Decree 92/2013 on implementation of CIT and VAT
Vietnam’s corporate income tax (CIT) and value added tax (VAT) guidance given in the Decree includes the following points: – Decrease of CIT to 20% for enterprises with a total annual revenue not exceeding VND 20 billion, effective since 1
See MoreOECD: New reports by Global Forum on Tax Transparency
The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has recently issued reports resulting from peer reviews of the tax systems of a number of jurisdictions. Thirteen jurisdictions were reviewed and assessed in
See MoreIndia: 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 More