India: Approves investor tax relief scheme
India's Finance Minister Shri. P. Chidambaram has approved a new tax relief scheme targeted at first time retail investors in the securities market. The Rajiv Gandhi Equity Saving Scheme (RGESS) will provide tax benefits to those investing up to
See MoreFinland: Outlines Tax Changes
On 20 September 2012 it was reported that the Finnish finance ministry has recently published the country’s 2013 budget review, detailing the government’s tax plans for next year. The government plans to implement tough tax measures to
See MoreSouth Africa Closes Loopholes in New Dividend Tax
On 6 September 2012 it has been published that South Africa’s Minister of Finance has announced the closing of tax avoidance schemes which have arisen with regard to the operation of the new dividends tax. The dividends tax came into effect on
See MoreAustralian Parliament Passes Fund Manager Tax Reforms
The Australian government has loosened the tax requirements on the financial services industry in an effort to remove any barriers to the use of Australian fund managers by international investors. The Tax Laws Amendment (Investment Manager Regime)
See MoreThailand to Keep VAT at 7%
It has been published on 10 August 2012 that Thailand’s government has decided to postpone the planned increase in the value added tax (VAT) rate by two years to help stimulate the consumer spending and private sector investment, which are
See MoreItaly achieves increased tax revenues in first half 2012
Following the tax increases which formed the major part of recent packages intended to reduce Italy’s fiscal deficit, it was perhaps unsurprising when the Italian Economy and Finance Ministry was able to announce that tax revenues in the first
See MorePhilippines pushes for increased 2013 revenue with no new taxes
As President Benigno Aquino’s government abides by his original promise not to introduce any new taxes in the first three years of his administration, the Philippines’ Bureau of Internal Revenue (BIR) will have to rely on improved tax compliance
See MoreSouth Korea Plans to Raise Minimum Corporate Tax Rate
On 2 August 2012 it was reported that, following a policy meeting between the South Korean government and the ruling Saenuri Party, it is planned to increase the minimum corporate tax rate payable by the largest companies. At present, companies in
See MoreRussia: Polymetal Loses Transfer Pricing Dispute
On 1 August 2012 it was published that the Supreme Arbitration Court of Russia has recently ordered Polymetal International, a Russian gold and silver producer, to pay RUB883m in additional taxes, penalties and interest as part of a transfer pricing
See MoreFrench Senators Axe Tax Break for Overtime Hours
It has been published on 30 July 2012 that, within the framework of its examination of the country’s second 2012 supplementary finance bill, the French Senate has abolished the tax exemption applicable to overtime hours in France, a measure
See MoreSingapore: Strengthen DTA Network
In a speech on 25 July 2012, at the international tax forum organized by the Tax Academy and CPA Australia, Singapore's Minister of State for Finance and Transport disclosed that Singapore was looking to strengthen its network of double taxation
See MoreChina and Hong Kong Special Administrative Region (SAR) update
According to an announcement made in October 2011, a Value-Added Tax (VAT) pilot program will be introduced in Shanghai in January 2012, replacing the business tax in selected industrial sectors. Following the early success of that pilot, it looks
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 MoreCanada: welcomes IRS tax return help
Canadian Finance Minister has welcomed the US government's decision to help dual citizens residing in Canada deal with their US tax filing obligations. The Internal Revenue Service (IRS) will also offer assistance to those with Canadian retirement
See MoreJapan’s Government and Opposition Agree Tax Deal
It was reported on 19 June 2012 that the Japanese Prime Minister has been successful in reaching a deal with opposition parties, and, in particular, the Liberal Democratic Party (LDP), on his plan for future hikes to the country’s consumption tax
See MoreItaly introduces tax measures for growth
The Italian government has issued its long-awaited decree aimed at boosting growth in the economy, particularly through tax incentives for construction companies, infrastructure projects and energy efficiency. Corrado Passera, the Economic
See MoreHong Kong: No Tax Cut for SMEs
It was reported on 31 May 2012, that the government will not introduce a lower profits tax rate for micro-enterprises. There were about 300,000 small and medium-sized enterprises (SMEs) in Hong Kong by the end of 2011, accounting for more than 98%
See MoreUK: Tax Calculator App Launched
On 30 May 2012 it was reported that a new mobile phone application launched by HM Revenue and Customs (HMRC) will allow UK taxpayers to calculate how much tax they pay and how the government spends it. The app hints at the type of information which
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