Canada: Ready to execute 2014 Budget measures
The Ministry of Finance in Canada has introduced the receipt of Royal Assent for legislation to apply center elements and a series of tax credit reforms in the 2014 Budget. The legislation extends the 15% Mineral Exploration Tax Credit for share
See MorePakistan: Budget for 2014-2015 has been presented to the parliament
The Pakistan Government has presented to parliament the nation's 2014-2015 Budget, which includes proposals aimed increasing tax compliance rates, increasing progressive direct taxes, and lowering the burden of indirect taxes. The 2014 budget set
See MoreFrance: Adopted Amending Finance Bill for 2014
The Council of Ministers of France adopted the Amending Finance Bill for 2014 on 11 June 2014. According to the adopted bill the temporary surtax on the corporate income tax for large companies will be eliminated on 30 December 2016. The thresholds
See MoreKenya: Presented Budget for 2014-2015
Kenya announced its budget for the year of 2014-15 on 12 June 2014. The budget has emphasized on several tax proposals: Propose tax rates for resident companies at 30% (previously it was 10%) and for non-resident companies at 37.5% (previously it
See MoreSingapore: Extended fund management tax incentives
Singapore’s 2014 budget proposed for the extension and enhancement of a tax incentive program for qualifying funds. Following changes are occurred on tax incentive program: -Lengthen the expiration date of the tax incentive program to 31 March
See MoreUganda: Released budget for 2014
Budget for 2014 was released on 12 June 2014, which reflects the GPD growth by 5.7% for 2013/14 finance year and declined by 0.1% compared to the previous year. The budget has emphasised on the measures to raise revenues, improve transparency in
See MoreCanada: Mining tax changes in Quebec budget
According to the 2014-15 Quebec budget, Quebec has declared several measures that will impact on the mining industry and it proposes to deduct tax credits and confirms that the mining tax regime would be effective from January 1, 2014. The budget
See MorePakistan: Budget 2014/15 introduces GST and excise changes
With the Budget 2014/15 Pakistan is introducing a number of minor changes to the Goods & Services Tax (GST) and Excise Duty regimes from July 2014. Following changes will take place: Simplified GST regime introduced for the retail
See MoreCanada – Tax deduction for SMEs from Quebec 2014-15 budget
The Minister of Finance and the Economy of Quebec has delivered the province’s 2014 budget on June 4, 2014. The budget contains a declaration for a deduction of income tax rate for manufacturing small and medium-size enterprises (SMEs) in Quebec,
See MoreCanada – Newfoundland Budget substantively enacted in 2014
Newfoundland Bill 13 containing tax changes has declared as Newfoundland Budget in the 2014. As Newfoundland has a majority government, the bill is allowed substantively enacted for motives of IFRS and ASPE as of May 26, 2014. Bill 13 contains
See MoreEAC Budget details for 2014/15
The Deputy Minister for EAC of Tanzania announced the budget for East African Community (EAC) for 2014/15. The Budget was presented by the Minister on behalf of the Chair of the EAC Council of Ministers, to the East African Legislative Assembly on 4
See MoreIrish Personal Income Tax Cuts may be Needed
The American Chamber of Commerce Ireland has suggested that the high marginal individual income tax rates in Ireland combined with the low threshold for the highest rate create an obstacle to attracting key personnel. This also causes a cost burden
See MoreCanada – Tax proposals in Ontario’s 2014 budget
Ontario’s 2014 budget proposals were announced on 1 May 2014. The measures proposed in the budget include a personal tax increase for individuals earning above CAD150,000; the phasing out of the small business deduction given to some larger
See MoreAustria Lowers Business Taxes in Federal Budget
The Austrian budget for 2014 aims to decrease the labor costs incurred by business and has also proposed the abolition of the capital transfer tax. Wage costs will be lowered by means of a decrease of 0.1 percent in the accident insurance
See MoreLuxembourg: Adopts 2014 Budget
Luxembourg’s 2014 Budget has been adopted by the Chamber of Deputies. The debate in parliament was concerned with the Luxembourg Government’s intention to raise taxes with effect from 2015. The government also intends to increase three of the
See MoreUS: Budget proposals for 2015 have implications on inbound investors
In March 2014, the Obama Administration (the Administration) released its fiscal year 2015 Budget proposals (the Budget). In addition to the transfer pricing rules the earnings stripping rules also apply to transactions with foreign related parties
See MoreUS: Budget Committee Chairman Delivers Republican House Budget For 2015
The House of Representatives Budget Committee Chairman has introduced the 2015 budget calling on Congress to reform the tax code to simplify the provisions; lower the individual and corporate tax rates to a 25% top rate; reform many tax reliefs;
See MoreCanada: Tax rates unchanged in Nova Scotia’s 2014 budget
Nova Scotia’s Finance Minister has delivered the 2014-15 budget which does not include any changes to the tax rates. The budget is maintaining the harmonized sales tax (HST) rate at 15%. The budget also proposes to scrap the graduate retention
See More