Japan: For 2013 tax reform proposals
The Tax Commission of Japan has submitted 2013 tax reform proposal on January 29, 2013 upon approval by the Cabinet. The suggested reform will be submitted to the Diet during February 2013 for consideration. The proposed main changes are summarized
See MoreRussia: Amendments to Tax Code regarding corporate property tax
Russian Federal Law No. 202-FZ, issued on November 29, 2012, amended the Tax Code by introducing additional exemptions from corporate property tax. From January 1, 2013, the categories of assets not subject to corporate property tax include movable
See MorePhilippines: Transfer Pricing Regulations
On 23 January 2013, the Philippines Secretary of Finance issued transfer pricing regulations (Revenue Regulation (RR) No. 02-2013). The regulations provide guidance for applying the arm’s length principle for pricing in related-party transactions
See MoreNew Swiss tax assistance law in effect
The Swiss Federal Council has announced that the new Tax Administrative Assistance Act (TAAA) will come into force on 1 February 2013. When the TAAA comes into effect the existing ordinance covering double taxation agreements will be repealed. The
See MoreVietnam: to cut CIT rate in 2014
The Ministry of Finance of Vietnam allotted a draft revision to the Law on Corporate Income Taxation on 12 December 2012. The proposed draft revision emphasized on the corporate income tax rates which will decrease from 25% to 23 % in 2014 also the
See MoreAmendments to Azerbaijani Tax Code
The Azerbaijani parliament adopted a draft law on amendments to the Tax Code on 21 December 2012, these came into effect from 1 January 2013. These changes are aimed at improving the tax system, reducing the tax burden and improving the tax culture.
See MoreHungary-Tax Law changes for 2013
On 12 October 2012 a bill introducing the 2013 "tax package" was introduced into the Hungarian Parliament. Further amendments to the package were proposed on 18 November and on 29 November 2012 the changes for 2013 were published in the Official
See MoreFrench Committee Adopts Supplementary Finance Bill
On 4 December 2012 it has been published that the French National Assembly Finance Committee has recently adopted the country’s 2012 supplementary finance bill, which constitutes a key stage in the government’s overall plan to strengthen the
See MoreMalta to Amend SICAV Reporting Rules
On 30 October 2012 it has been published that the Malta Financial Services Authority (MFSA) has announced a number of legislative proposals to update the reporting requirements for Collective Investment Schemes. Presently there is a disparity in the
See MoreSouth Africa’s New Tax Administration Act Is In Force
The South African Revenue Service (SARS) has announced that the Tax Administration Act (TAA), which is intended to simplify and provide greater coherence in South African tax administration law, and was promulgated on July 4, 2012, largely came into
See MoreSouth Africa: Introduces Tax Amendment Bills
It was published on 11 July 2012 that the South African National Treasury has released, for public comment prior to their formal introduction in parliament, the draft 2012 Taxation Laws Amendment Bills which give effect to most of the 2012
See MoreLuxembourg: Crisis contribution repealed
Draft law n°6350 on the State budget for 2012 has been voted by Parliament on 8 December 2011. Although a couple of steps still need to be completed for the law to be published in the Luxembourg official gazette, it is unlikely that its content
See MoreFrance’s Draft Finance Act with 2011 Amendments
The French government has recently published the 2011 Amended Draft Finance Act. The significant changes to the legislation that may be applicable to expatriate employees and their employers include: Increase in the wealth tax rates, A new tax
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