Russia: Amendments to Tax Code regarding corporate property tax
Russian Federal Law No. 202-FZ, issued on November 29, 2012, amended the Tax Code by introducing additional exemptions from corporate property tax. From January 1, 2013, the categories of assets not subject to corporate property tax include movable
See MoreKorean government releases revised tax reforms enforcement ordinance
The Ministry of Strategy and Finance (MOSF) on 17 January 2013 announced that the revised tax reforms enforcement decree would be released in mid-February. This decree will provide for the enforcement of amendments made to a number of tax laws,
See MorePhilippines: Transfer Pricing Regulations
On 23 January 2013, the Philippines Secretary of Finance issued transfer pricing regulations (Revenue Regulation (RR) No. 02-2013). The regulations provide guidance for applying the arm’s length principle for pricing in related-party transactions
See MorePakistan: the FBR issues a Circular clarifying withholding tax provisions
The Pakistan Income Tax Ordinance 2001 (ITO) was amended by Finance Act 2012 to consolidate all withholding tax provisions regarding non-residents. The Pakistan Federal Board of Revenue (FBR) issued Circular No. 1(31)/WHT/2012 dated 16 November 2012
See MoreNew Swiss tax assistance law in effect
The Swiss Federal Council has announced that the new Tax Administrative Assistance Act (TAAA) will come into force on 1 February 2013. When the TAAA comes into effect the existing ordinance covering double taxation agreements will be repealed. The
See MoreMalaysia has passed the budget for 2013
The Government of Malaysia has passed the Budget for 2013, on 10 January as the Finance Act
See MoreColombian Tax Reform
The Colombian tax system is reformed by the Law No. 1607 of 2012 and it took effect from 2013. The major changes are as below: The reform introduces a new minimum tax (IMAN) that is a progressive flat tax based on the amount of income derived. The
See MoreSpain’s Budget for 2013
The Spanish Government approved the Budget for 2013 as law 17/2012 on 28 December 2012. The Law generally applies from 1 January 2013. Key points of the budget are summarized below: Corporate taxation For capital gains the indexation percentage
See MoreVietnam: to cut CIT rate in 2014
The Ministry of Finance of Vietnam allotted a draft revision to the Law on Corporate Income Taxation on 12 December 2012. The proposed draft revision emphasized on the corporate income tax rates which will decrease from 25% to 23 % in 2014 also the
See MoreMexico: Budget for 2013 has been approved
Congress has approved the Budget for 2013 and published in the Official Gazette on 13 December 2012. In new budget some changes has approved: The corporate income tax rate it will reduce to 29% as from 2014 but 4.9% income tax withholding rate will
See MoreAmendments to Azerbaijani Tax Code
The Azerbaijani parliament adopted a draft law on amendments to the Tax Code on 21 December 2012, these came into effect from 1 January 2013. These changes are aimed at improving the tax system, reducing the tax burden and improving the tax culture.
See MoreUkraine: Proposed amendments to the Tax Code
The following proposed tax rates will be increased: excise tax, vehicle registration charges, payment for subsoil use (if with a purpose other than extraction of minerals), ecological tax and charges for the use of radio frequency resources. The
See MoreSweden: parliament approves the Budget for 2013
The Swedish parliament approved the Budget for 2013 on 5 December 2012 together with further tax measures, presented separately by the government. The amendments apply from 1 January 2013. Key points of the budget are summarized below: Corporate
See MoreUganda: Budget for Financial Year 2012-13
The Ugandan budget for 2012-13 was presented by the Minister of Finance, Planning and Economic Development on 14 June 2012. This Budget is effective from 1 July 2012. The proposed changes are summarized below: The withholding tax on income derived
See MoreTanzania: Budget for 2012-13
The Budget for 2012-2013 is generally effective from 1 July 2012. The key points of the Budget are summarized below: Corporate taxation Introduction of a 10% withholding tax on interest income earned by non-residents from banks, as is the case
See MoreNew plan for tax exemption for Argentina
Argentina's President Cristina Fernandez de Kirchner has taken some initiatives to increase the tax-exempt personal income tax threshold. According to the new plan, taxpayers with a gross monthly salary of up to ARS25,000 (USD5,215) will be
See MoreSwedish Budget 2013 proposes to cut corporate tax rate
The Budget for 2013 was presented to parliament on 20 September 2012. In the Budget Bill the government proposes the following tax amendments, which will be applicable from 1 January 2013: Corporate taxation The Budget Bill proposes a reduction of
See MorePortugal: Budget 2013
The Portuguese National Assembly has recently adopted the Budget 2013. Under the new measures there will be a reduction in the number of income tax brackets from eight to five. The top marginal income tax rate will be increased from 46.5% to 48% and
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