Russia: MoF declares tax treatment of royalties when paid to a partnership
According to the Germany-Russia Income and Capital Tax Treaty, the Finance Ministry has declared a Letter 03-08-RZ/38351 describing the tax treatment applicable to royalties paid by a Russian resident to a German limited liability partnership and
See MoreCanada-US FATCA constitutional challenge
A constitutional challenge has brought against the Canadian government over its Foreign Account Tax Compliance Act (FATCA) agreement with the US on August 11, 2014. It alleges that the Canadian government has crossed its power of constitution. The
See MoreSri Lanka: Central Bank sets out FATCA compliance
The Central Bank of Sri Lanka set out measures to relax the foreign exchange control rules. The government of Sri Lanka has not entered into an intergovernmental agreement with the United States. Sri Lankan banks have been directed to comply with
See MoreLatvia proposed a twelve month tax break for Latvian Sanction-Hit Companies
In response to the Russian embargo on most food products imported from the European Union, Latvia's Economy Minister, Vjaceslavs Dombrovskis, has proposed a 12-month tax break for businesses impacted by Russian sanctions. The tax breaks could be
See MoreColombia: National Tax Authority publishes rules on requirements to benefit from Law 1429/2010
The National Tax Authority has recently published (Ruling 34166/2014), referred to the requirements that small enterprises must comply with in order to benefit from Law 1429/2010 (Law on Formalization and Generation of Employment). According to the
See MoreChina: General tax audit on service fees and royalties payment
The State Administration of Taxation (SAT) has urged the tax authorities at all levels to carry out general tax audits on large sum payments on service fees and royalties paid to non-residents, by issuing a directive on 29 July 2014 (Shui Zong Ban
See MoreEstonia- Amendments to the Value Added Tax Act
The President of the Republic of Estonia announced on 3 July 2014 amendments to the Value Added Tax Act of the country. The amendments of the Act will be implemented from 1 December 2014. The amended Act establishes limits on deductible VAT on
See MoreUkraine: Certain corporate income tax incentives to be abolished
The Ukraine parliament adopted the Law No.4309A, on 31 July 2014 which was issued on 21 July 2014, with eliminating certain corporate income tax incentives. The main abolished incentives are summarized below: limiting privileged corporate income
See MoreIndia: Amended the transfer pricing rules in budget 2014
On 10 July 2014, the Finance Minister proposes amendments to India’s transfer pricing rules in India’s budget of 2014. The Budget 2014 proposes to amend the rules to provide that an APA entered into with regard to a future transaction may also
See MoreFrance-Amended Finance Bill for 2014
The national assembly of France adopted the Amended Finance Law and the Amended Finance Law on Social Security for 2014 on 23 July 2014.The Constitutional Court will now review the law and after signing by the president the law will enter into
See MoreCanada -Tax measures in budget bill
Bill 26 has received first reading on July 24, 2014 and includes tax measures as follows: Increment of individual income tax on taxable incomes above $150,000 Reduction of the taxable income threshold due to 13.16% tax rate to $220,000 instead
See MoreSlovak Republic: Amendments to the VAT Act
The president of Slovak Republic has signed the law on July 25, 2014 regarding changes to the Value Added Tax Act and this law will enter into force with effect from January 1,
See MoreBulgaria: Amendments in CIT, VAT and social security
The Budgetary and Finance Commission of the parliament is currently discussing some amendments in corporate income tax, VAT and social security sectors those will be planned for voting by the parliament. Bulgaria will take advantage from the
See MoreNigeria: Changes Income tax law for companies
According to section 55 of the income tax law for companies, the Federal Inland Revenue of Nigeria has declared a policy change and stated that non-resident companies will be required to file their returns. Non-resident companies have filed their
See MoreSouth Korea- No Budget for 2014
South Korea's Minister of Strategy and Finance revealed that the government will not introduce a supplementary budget in fiscal year 2014. The government is not planning any additional budget and measures will be included in the budget for
See MoreChile: The Senate endorses tax reform bill
According to a statement from the Ministry of Finance, the Chilean Senate has approved tax reform bill from the President on July 15, 2014. An agreement between the government and the Senate's Finance Committee has taken place earlier this month for
See MoreUK: HMRC publishes A list of tax avoidance schemes
A list of tax avoidance schemes with“accelerated payments"power has been published by HM Revenue and Customs (HMRC) and users may receive a notice to make upfront tax payment. Taxpayers must disclose if they are using an avoidance scheme as per
See MoreSlovak Republic – Amendments in VAT procedure under consideration
Draft amendments to the Slovak value added tax (VAT) law would give the following procedural changes: When claims are filed during the course of a tax examination, with the revised rules to allow a partial repayment based on already audited
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