Kazakhstan: Investor tax breaks enacts
The President has signed into law tax concessions to raise foreign investment, including an 8-year relief from property tax, a 10-year relief from corporation tax, and a 10-year freeze on remaining taxes. If a production facility is in operation,
See MoreHong Kong: Advance Ruling for source of profits relating to branch’s transactions
An “advance ruling” is issued by the Inland Revenue Department addressing the locality of profits for Hong Kong tax purposes. Generally, there is no interpretive guideline regarding the source principle in the Hong Kong’s law. Therefore, the
See MoreOECD agrees with US tax reform
The Organization for Economic Cooperation and Development's (OECD) chimes in on US tax reform. OECD’s Secretary-General Angel Gurría presented the latest economic survey of the United States which identifies some tax-based reforms required to
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 MoreCzech Republic: Income tax law changes are proposed
The Ministry of Finance has published a draft amendment to the income tax law of the Czech Republic for requiring comments. Among the proposals in the draft bill are measures that would: Continue the tax rates and tax base for individual income
See MoreRomania plans to cut social security contributions
The Romanian Government is planning to cut social security tax paid by the employers by five percentage points though the plan has not been approved by the International Monetary Fund (IMF). Romania's Prime Minister, Victor Ponta, has confirmed this
See MoreTaiwan: Recommends Tax Cuts for SMEs to raise wages
Taiwan's Cabinet agreed an amendment to the draft law that would give corporate tax deductions to small and medium businesses that raise pay for their lower-level employees. The amendment suggests a 130% tax deduction for small- and medium-sized
See MoreAustria: Government adopts draft bill modifying the Fiscal Criminal Act
The Government approved a draft bill modifying the Fiscal Criminal Act 2014 on 11 June 2014, and submitted it for legislative consultations. The draft bill relating to changes the voluntary disclosure rules, and purposes to completion the practice
See MorePeru: New rules for communicating the issuance, transfer and cancelation of Peruvian shares
According to Resolution 169-2014-SUNAT/4B0000 of Peru the issuance, the direct and/or indirect disposal, also the cancelation of Peruvian shares will have to be communicated to the Peruvian Tax Authority by virtual Form 1065. The Resolution will be
See MoreCanada: Offering PRPP legislation in British Columbia
In British Columbia, legislation offering Pooled Registered Pension Plans (PRPP) to persons and considered substantively enacted for purposes of IFRS and ASPE as of May 29, 2014. It allows small- and medium-sized business employees and self-employed
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 MoreIndia: Businesses Meeting held For Tax Certainty
India's Finance Minister, held a discussion meeting with representatives from trade and industry bodies before the budget, which pressed the Government to familiarize expectable tax policies to adoptive greater confidence in India as a place to
See MoreCanada: Tax Rules that put pensioners at risk
The pension rules in Canada have failed to cope up with long life expectancies, and impose Registered Retirement Income Fund (RRIF) holders to operate tax-deferred assets down rapidly. Federal tax rules need those with tax-deferred savings to either
See MoreNew Zealand: Tax Reform Bill Passed
Tax reform bills has been presented to the Parliament, by the Revenue Minister, on June 19, 2014 in order to introduce new legislation which measures to explain the tax rules for businesses and remove distortions in the existing rules and ensure
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