Nigeria: Advance ruling in Tax authority not binding
The Nigerian company and the non-resident companies (a Portuguese company and a French company) signed a consortium contract with an international oil company, and that contract needed them to carry out distinct place of work. The non-resident
See MoreLuxemburg: Corporate exit tax rules has been revised and effective from 8 June 2014
Exit tax provisions for corporate entities has been amended by the Luxembourg Parliament on May 13, 2014 and approved by the law bill 6556. The law will not be compliant with European Union (EU) law. The amendment gives rise an option for a taxpayer
See MoreRussia: Draft law on information exchange with foreign tax authorities
The Russian government has allowed a draft law initiating the process of information exchange with foreign tax authorities on May 14, 2014. The law introduces the responsibility of Russian credit organizations, brokers, depositaries, insurance
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 MoreCanada: Searching for Block Expanded Expat Voting Rights
The Government desires to appeal a recent court judgment stating that expats who have been outside the country for more than five years should be approved to vote and it was said by Canada's Minister for Democratic Reform. The shortcomings were
See MoreFrance: Draft guidelines on deduction of interest paid between related companies
The French tax authorities have issued draft guidelines regarding the interest deduction limitation. The draft guidelines rejects the deductibility of the interest paid to the lending company in the case when tax on the interest paid is lower than
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 MorePhilippines- to issue Advance Pricing Agreement (“APA”) procedures
First APA procedures to be released by the Bureau of Internal Revenue (“BIR”) in the Philippines. In order to meet the criteria for tax collection targets, the BIR is making considerable resources available in order to develop transfer pricing
See MoreAzerbaijan: Transition to the Modern Model of the Concept of Tax Partnership Tax Control System with Horizontal Monitoring
The costly traditional tax control system is based on the principles of taxation established 55-60 years ago. The traditional tax control system is costly since closely exerting control in pursuit of reassurance of compliance imposes a great
See MoreNew Russian CFC and anti-avoidance legislation
The amended draft law regarding controlled foreign companies and other anti-offshore measures has done most valuable changes in the field of foreign tax structures and tax avoidance. This law has publicly available on 27 May, 2014. It highlights
See MoreUS: Poor Policy for IRS Tax Enforcement-TIGTA
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on actions taken by the United States Internal Revenue to collect individual Federal income, Social Security, and Medicare taxes unpaid by businesses were not
See MoreCzech Republic: Small business supports income tax plans of government
Small businesses in the Czech Republic have said that they allow Government plans to change the Income Tax Act as part of the country's new Convergence Program during the period 2014-17.The proposals include a CZK1.2m (USD59,500) cap on flat-rate
See MoreUS Taxpayers Not Sensitive To State Income Tax Rates
The US Center on Budget and Policy Priorities has put together a report indicating that people relocating within the US do not generally regard State taxation as an important driver in their decision. This is the case even though there can be
See MoreUS Businesses Urge Two-Year Renewal of Tax Extenders
In the US the Business Roundtable (BR) has written to the Senate in relation to certain tax issues. The BR is a business grouping of CEOs from large US companies who have USD 7.4 trillion in annual revenues and together make up more than a third of
See MoreNorway: Regulations regarding exemptions to the interest
On 24 April 2014, Norway’s Ministry of Finance issued regulations regarding exemptions to the interest deduction limitation rules. Under regulations issued in April 2014 certain securities transactions are exempt from the interest restriction
See MorePortugal’s Socialist Party Would Restore Hospitality Reduced Rate
Portugal's Opposition Socialist Party (PS) leader, has promised to return the value-added tax (VAT) rate on the restaurant and catering industry to the lower rate of 13 percent if it wins the elections due to be held in 2015. The tariff was
See MoreMexico – Details of hydrocarbon tax in energy reform proposals
Mexico has announced proposals that would change the rules in respect of the taxation of amounts relating to hydrocarbon exploration and extraction. The rules would take effect from 1 January 2015. The additional government revenue would be raised
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