Canada –Tax measures situation from Budget 2013
The Department of Finance Canada has issued a draft legislation naming “Notice of Ways and Means Motion” on October 18, 2013 to complete remaining tax measures from the 2013 federal budget and some previously declared tax measures. These
See MoreBelgium: Rules to calculate the notional interest deduction
The Belgian tax law is going to be amended to revise to the method of calculation of the notional interest deduction. Responding a judgment of the Court of Justice of the European Union (CJEU), the Belgian tax rules are being amended. This judgment
See MoreSlovak Republic: Changes to Tax Procedure Code
On the basis of the recent amendments to the Tax Procedure Code, new rules related to the communication and submission of documents to the tax authorities will be applicable in the Slovak Republic and this will be effective from January 1, 2014. By
See MoreIceland Releases Tax Changes in 2014 Budget Proposal
Iceland’s ministry of finance released the 2014 budget proposals, which include tax cuts for individuals and companies on 1 October 2013. The proposed measures are expected to increase real disposable income by 0.3% in 2014. To narrow the gap
See MoreChina: Draft regulations relating labour dispatch
Recently, the government of China issued draft regulations relating to provisions of Labour Dispatch. Labour dispatch arrangements are supplementary arrangements for provision of labour and can only apply in respect of temporary positions of six
See MoreCanada: Draft proposals on character conversion transactions
Canada’s Finance Department has published draft legislative proposals for a number of the measures on September 13, 2013 that were first introduced on 21 March 21, 2013 as part of the 2013 federal budget. By the draft proposals derivative
See MoreFrench: Corporate Tax Plans
On 27 September 2013 the French Government announced plans to introduce a "contribution on the gross operating surplus" of a company, within the framework of its 2014 finance bill. Marking an important change to corporate taxation, the Government
See MoreGermany: Draft regulation for the profit attribution to PEs issued for public discussion
The draft version of a new Regulation on the attribution of profits to permanent establishments (PE Regulation) has been issued on 5 August 2013 by the German Ministry of Finance for public discussion. The main goal of the PE Regulation is to
See MoreSouth Africa: Revamped Shipping Tax Regime
The South African Revenue Service (SARS) released the draft Taxation Laws Amendment Bill, 2013 on July 14, 2013. The proposed effective date of the legislation is from January 1, 2014. The legislation introduces a revised tax regime for shipping
See MorePakistan: Tax law changes enacted in Finance Act 2013
Pakistan’s Finance Act 2013 implements the tax changes proposed in the budget for 2013. The changes came into force from 1 July 2013. The Finance Act 2013 includes following tax provisions: Change the rules on the taxation of property income,
See MoreCzech Republic: Flood-related tax relief and proposed payroll tax changes
New tax measures in the Czech Republic provide tax relief to flood damage and introduce a new payroll tax regime. The Ministry of Finance of the Czech Republic is providing tax relief to companies and individuals affected by floods this year. The
See MoreCanada – Way of taxation in foreign affiliates
The draft legislation has released by Canada’s Department of Finance on July 12, 2013, including provisions concerning the taxation of foreign affiliates and non-resident corporations without share capital, the foreign currency election,
See MoreLuxembourg’s AIFM Directive-Bill adopted
The European Union’s Alternative Investment Fund Managers Directive has been amended by the draft legislation into Luxembourg law which was approved by the grand duchy’s Chamber of Deputies on Wednesday July 10, 2013. Luxembourg has become one
See MoreSouth Africa: proposal to limit interest deductions involving cross-border related party debt
The South African National Treasury released proposed legislation, on 4 July 2013, that seeks to limit interest deductions relating to debt owed by South African subsidiaries to foreign parent companies. The purpose of the proposed legislation is to
See MoreSouth Africa Consults On Budget Tax Reform Bill
On 4 July 2013 the National Treasury published the 2013 draft Taxation Laws Amendment Bill (TLAB) and the Tax Administration Laws Amendment Bill for public comment. The draft legislation would give effect to most of the tax proposals announced in
See MoreChina: Draft revisions to the tax collection and administration law
China’s Tax Collection and Administration (Law) which is the basic procedural law governs China’s tax administrative matters. It became effective from 1 January 1993. The Legislative Affairs Office of the State Council announced the
See MoreUN: Economic and Social Council to consider Manual on Transfer Pricing
A substantive session of the Economic and Social Council of the United Nations is taking place in Geneva from 1 to 26 July 2013. A draft resolution tabled for the meeting the Economic and Social Council notes the work of the Committee of Experts on
See MoreHong Kong: Tax reduction bill
The Inland Revenue (Amendment) (No. 2) Bill 2013 was passed on 26 June 2013 by the Hong Kong Legislative Assembly to implement the tax reduction measures proposed in the 2013-14 Budget. The concessionary revenue measures highlight the following
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