UK: HMRC announces widespread compliance with real time information
Most UK employers are now required to report their information on wages and deductions under the Pay as you Earn (PAYE) scheme in real time. The UK tax authority HMRC announced last week that more than 680,000 employers have begun reporting PAYE in
See MoreUK: report on the role of large accountancy firms in tax avoidance
The UK’s Parliamentary Accounts Committee (PAC) has issued a report entitled “Tax avoidance: the role of large accountancy firms” criticizing the close relationship between accountancy firms and the tax authorities. The practice of seconding
See MoreSweden: tax proposals in 2013 spring budget
The government of Sweden submitted to Parliament a budget bill on 15 April 2013 that proposes domestic tax changes. The measures include improving incentives to work, strengthening the income tax credit further and increasing the lower threshold for
See MoreBelgium: New tax measures for 2013
Belgium’s Council of Ministers recently reached agreement on new tax measures for 2013. The Belgian government has already confirmed plans to increase the minimum wage and to reduce employer contributions from April 1. These measures are intended
See MoreNorway: Interest deduction limitation proposed
On 11 April 2013 the Norwegian Ministry of Finance published a legislative proposal and invited public submissions on the introduction of an interest deduction limitation for loans between related persons. The proposed limitation applies where there
See MoreUS: Public comments requested on branch profits tax for foreign corporations
The US Treasury Department and the Internal Revenue Service (IRS) are requesting comments concerning regulations TD 8223 (Branch Tax), TD 8432 (Branch Profits Tax) and TD 8657 (Regulations on Effectively Connected Income and the Branch Profits
See MoreSouth Africa: Tax measures included in 2013 budget
Certain tax proposals presented on 27 February 2013 in South Africa’s annual budget are summarized below: There were no tax increases but there was a substantial increase in fuel levies of 23 cents from April 2013. There was no specific mention of
See MoreJapan: 2013 tax reform bill has been passed
Japan’s 2013 tax reform bill passed on 29 March 2013 and the key changes are related to corporate taxation. They include the introduction of a tax credit for increased salaries paid to employees; the introduction of a tax credit / special
See MoreIreland: Finance Act 2013
The Irish Finance Bill 2013, which was published on 13 February 2013, was enacted on 27 March 2013 as the Finance Act 2013. Modifications have been made to the tax regime for start-up companies. These companies currently are not required to pay
See MoreFinland: Government’s 3-Year Tax Plan
The Finnish government has formed a new 3-year spending plan to respond to the current decline in the Finnish economy. The plan covers the years from 2014-2017. The main key points of the plan are as follows: • Corporate income tax will be
See MoreUK Finance Bill 2013 published
Following the Budget announcements on 20 March, the UK published the Finance Bill 2013 on 28 March 2013. The Bill includes a reduction in the main rate of corporation tax to 21% in 2014 and to 20% in 2015. Explanatory Notes to the Finance Bill have
See MoreCanada – 2013 budget announcements
The Canadian budget proposals for 2013 were announced on March 21, 2013. The proposals include measures to combat tax evasion and to provide some help for companies in the manufacturing and mining sectors. There is no change to the corporate tax
See MoreUK-Budget announcements for 2013
The Chancellor of the Exchequer presented the 2013 Budget to Parliament on 20 March, 2013. The draft Finance Bill is to be published on 28 March. As previously announced, the main rate of corporation tax will be reduced from 23% in April 2013 to 21%
See MoreSingapore: Budget for 2013
The Budget for 2013 was presented to Parliament by the Finance Minister on 25 February 2012. The Budget aims at increasing productivity and growth. Major changes include income tax rebates and restructuring of the Progressive Property Tax Regime
See MoreChile: Issuance of Resolution No. 14 of 2013
Resolution No. 14 of 2013 has been issued by the Chilean Internal Revenue Service (Chilean IRS) that contains the new Transfer Pricing Annual Informative Return for calendar year 2012 and the proper completing instructions. The deadline for filing
See MoreNamibia: Budget for 2013-14
The Minister of Finance of Namibia presented its Budget for 2013-14 to the National Assembly on 26 February 2013. Details of the Budget, which unless otherwise indicated will apply from 1 March 2013. In the Budget 2013-14 it has been proposed for
See MoreIndia: Budget for 2013
According to the Indian Budget 2013, the Government is considering for following major tax initiatives: the introduction of a Direct Tax Code (DTC), a goods and services tax (GST) and General Anti-Avoidance Rules (GAAR). The main changes are
See MoreJapan: For 2013 tax reform proposals
The Tax Commission of Japan has submitted 2013 tax reform proposal on January 29, 2013 upon approval by the Cabinet. The suggested reform will be submitted to the Diet during February 2013 for consideration. The proposed main changes are summarized
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