India is expected to post a Revenue Service office in Cyprus
India is expected to post a Revenue Service officer in Cyprus early in the new year, just months after it suspended its double tax avoidance agreement (DTAA) with the island. India has set up overseas Tax Units in various countries in an effort to
See MoreSlovenia: Modified Individual Income Tax Law enacted
It has been confirmed on 26 December 2013 that modified Individual Income Tax Law entered into force on 23 November 2013 in Official Gazette 96/2013. The modifications include a provision that in the case of income that arises under a dependent
See MoreBrazil: IRS issued dispute resolution ruling on shared services
It has been published that, the latest federal administrative case law and contrasting private rulings issued by different sectors across Brazil on 26 December 2013, the General Coordination of Taxation (COSIT) issued an administrative ruling
See MoreCanada- Compliance issues regarding indirect tax during 2013-14
Many businesses will soon have to consider current changes to the GST/HST to fulfill upcoming tax compliance deadlines such as filing returns, making elections, and remitting indirect taxes though those give taxable profits or pension plans to their
See MoreMexico: Tax Reforms bill published
According to a media report Mexico reform tax bill on 23 December 2013, which might affect the direct and indirect taxation of corporate taxpayers, has been published in the country’s Official Gazette, completing the approval procedures. The
See MoreAustria: Chancellor says tax reform is first priority
The Austrian Chancellor has clarified that his number one priority is to reform the country’s tax system, as soon as there is scope to do so. The Chancellor highlighted that he will push for the fiscal reform to be financed by wealth taxes. The
See MoreMexican Tax Reforms Gazetted
According to a media report on 23 December 2013 Mexico's tax reform bill, which includes measures affecting the direct and indirect taxation of corporate taxpayers, has been published in the country's Official Gazette, completing the enactment
See MoreLatvia: changes of VAT code 2014
The following changes have been taken place under the Latvian VAT code which will come into effect in January 2014. The requirement to appoint a VAT fiscal representative by non-resident taxable persons is withdrawn. For advertising costs, the
See MoreChina: VAT pilot program expanded to new industry sectors
China’s Ministry of Finance and the State Administration of Taxation jointly issued guidance to expand the value added tax (VAT) pilot program to apply to the railway sector, the postal delivery services sector, and the telecommunications sector.
See MoreUS ensure further tax benefits for same-sex married couples
The Treasury and Internal Revenue Service (IRS) have issued a further notice in response to the Supreme Court ordered that same-sex couples should be given all of the federal tax benefits that are extended to heterosexual married couples. On June
See MoreUS 2014 tax season to open on January 31
The United States Internal Revenue Service (IRS) has declared that it plans to open the 2014 tax filing season on January 31 instead of the original opening date of January 21. The new opening date for individual to file their tax returns for 2013
See MoreHungary-VAT Act changes of 2014
Most of the changes to the VAT rules of Hungary are designed to bring Hungarian VAT further in line with the EU VAT Directive. According to the changes to the VAT rule the reverse charge mechanism will be extended to include property construction.
See MoreChina: Financial policies for Shanghai pilot free trade zone
The People’s Bank of China on 2 December issued opinions regarding financial support for the development of China (Shanghai) pilot free trade zone. The guidance has five areas of focus: Expansion of cross-border use of RMB; Acceleration of
See MoreEU: Tax Mandate Adopted by Switzerland
It was reported that the Swiss Federal Council has adopted the instruction for negotiations on 20 December 2013 regarding a reconsideration of the tax savings agreement with the European Union. The EU ensures that the changes of this agreement are
See MoreExtension to the temporary exemption for commodities transactions in Peru
The tax authority of Peru published Resolution No. 355-2013/SUNAT in the Official Gazette on 12 December 2013. The Resolution would extend the temporary exemption for commodities transactions from the application of the withholding income tax regime
See MoreNew Zealand’s tax developments in 2013
Tax and policy developments in New Zealand for the year of 2013 were: Distributed the OECD tax “action plan” in response to concerns around profit shifting by multinationals, launch of the legislation containing changes to the tax treatment of
See MoreSwitzerland released report on Corporate Tax Reform
The Swiss Federal Council has released a final report of corporate tax reform III on 19 December 2013. The Swiss federal government proposes to replace the holding, domiciliary, and mixed company regime in the next five to seven years and to enact a
See MoreSpain: New law regarding deferred tax assets
A new law (RDL 14/2013) exchange into Spanish tax law the EU directives and regulations regarding the deferred tax assets. The law will enter into force from 1 January 2014, and this will affect Spanish financial institutions in the light of the
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