China: VAT on financial services will be applicable from 2016
China's Ministry of Finance (MoF) has announced that it will launch its VAT reforms for the Financial Service Industry in the early next Year. The plan will be to levy VAT on insurance and banking services. This will swap the current flat rate 5
See MoreThe Finance Ministry clarifies income allocation and expenses to Russian PE
The Finance Ministry (MoF) has published a Letter No. 52359 for describing the allocation of income and expenses to a Permanent Establishment (PE) in Russia of a non-resident company and it has issued on 17th October 2014. In accordance with article
See MoreTurkey: free trade zones are not required to calculate VAT
The tax court of Turkey settles that entities functioning in free trade zones are not required to calculate value added tax (VAT) using a reverse-charge basis with respect to services provided by resident and non-resident companies who are subject
See MoreMalta: Budget for 2015
On November 17, 2014, the Minister for Finance, Edward Scicluna presents the Budget for 2015. It constitutes the first annual budget within the context of the independently endorsed National Medium-Term Fiscal Plan presented last April, and the
See MorePortugal: Approves State Budget for 2015
Portuguese parliament approved the country's state budget for 2015 on November 25, 2014 which signals continuing austerity measures. Within key measures in the 2015 budget is the continuation of a 3.5 % income tax surcharge, twinned with a fiscal
See MoreSingapore: Plans for 2015 Budget
Singapore's Ministry of Finance (MOF) is looking for ideas and recommendations from individuals and businesses on tax and expenditure policies ahead of the 2015 Budget. The consultation commenced on November 26, 2014, with ideas being accepted
See MoreSouth Africa: SARS Issues Tax Ruling On Unbundling Transactions
The South African Revenue Service (SARS) has issued a draft Binding General Ruling (BGR), the interpretation of Section 46 of the Income Tax Act, which deals with unbundling transactions. A company under an unbundling transaction (the unbundling
See MoreSpain Approves Comprehensive Tax Reform Plans
Spanish parliament has approved the comprehensive tax reforms plans on 24 November 2014, which will be published shortly in the Official Gazette. The legislation will enter into force from January 1, 2015 and followings changes have been taken
See MoreAustria: Approves draft version of 2nd Tax Law Amendment Act 2014
The government of Austria approves a draft version of the 2nd Tax Law Amendment Act 2014 (2. Abgabenänderungsgesetz 2014) on 18 November 2014, it also submitted for parliamentary
See MoreRussia: President signs new tax monitoring law
The Russian President has signed the Federal Law No. 348-FZ on 4th November 2014 that enacts a new tax administration regime for large taxpayers in respect of the exchange of information between tax authorities and taxpayers. This tax monitoring
See MoreHungary: Presents tax laws for 2015
The tax laws for 2015 were presented to the parliament by the government on 28 October 2014. According to the tax laws, some changes for 2015, would include in the definition of related parties an additional provision relating to entities where
See MoreJapan Seeks Corporate Tax Cut In 2015
Japan's Minister of Economy, Trade and Industry has stated that his objective is to reduce the country's corporate income tax rate by at least 2.5% next year. Earlier this year it was agreed that a preliminary corporate tax rate cut will be included
See MoreSouth Africa: National Treasury Publishes Regulations For Tax-Free Savings
National Treasury has published the draft Notice and Regulations required to allow the introduction of tax free savings accounts from March 1, 2015. The draft Notice lists the service providers that may offer tax-free savings and investments to the
See MoreSouth Africa: National Treasury Spell out Foreign Pension Tax Exemption
The South African Service (SARS) has clarified the foreign pension tax exemption system relating to foreign pension payments that are received by or accrue to a South African resident under Binding General Rulings (BGR). A Binding General Ruling
See MoreBulgaria: New Government break on flat tax
A high level member of Bulgaria's new coalition Government has said that his alternative Party will oppose the Government's plans to retain the country's flat tax regime. The Deputy Prime Minister for Labor and Social Policy and his left-wing
See MoreIndia: Publishes Circular on authorization of long-term bonds and rate of interest
With effect from 1 October 2014, the Finance (No. 2) Act 2014 has amended section 194LC (i.e. interest on a foreign currency loan paid by an Indian company) of the Income-tax Act 1961. Consequent to the amendment, the concessional rate of
See MoreGhana: Ghana Revenue Authority Launches e-Tax Portal
The Ghana Revenue Authority (GRA) has launched an online portal to easily facilitate compliance, processing and collection of taxes by the authority, on 4th November 2014 at the Ministry of Finance and Economic Planning. The portal would re-engineer
See MoreUS: IRS Warns Congress To Decide On Tax Extenders
Severe delays and inconvenience for millions of taxpayers could result in 2015 if the “lame duck” U.S. Congress fails to deal soon with a list of temporary tax laws that expired at the end of 2013, the Internal Revenue Service and a key senator
See More