South Africa: National Treasury Invites Technical Tax Proposals
South Africa's National Treasury has invited taxpayers, tax practitioners and members of the public to submit any technical proposals in connection with any unintended anomalies, loopholes and technical matters requiring correction in existing tax
See MoreUK: HMRC issues a list of 10 things to know about tax avoidance
On 5 November 2014 HM Revenue and Customs (HMRC) issued a list of 10 points that it suggests taxpayers ought to know about tax avoidance schemes. The list sets out the risks that people face when they sign up to a tax avoidance scheme. These include
See MoreFuture of the ASEAN Economic Community Discussed in Thailand
The “AEC+3 Summit and Expo” convened in Bangkok on 3 November 2014. The event aimed to encourage Thailand’s businesses to invest more in the other countries of the Association of South East Asian Nations (ASEAN) and to promote Thailand as an
See MoreIndonesia’s Finance Minister Aims to Increase Tax Revenue
The new Indonesian Finance Minister has stated that he is planning to increase the effectiveness of tax collection by increasing the number of people involved in tax collection. Indonesia needs to raise more tax revenues, at a time when the
See MoreRussian Parliament to Consider Revised Draft of CFC Law
On 22 October 2014 the Russian parliament received a new version of the draft law on controlled foreign companies (CFCs). Parliamentary hearings on the latest draft law are to take place on 11 November 2014. Generally the draft law aims to
See MoreFinland: Companies must submit reports on construction by November 5
Businesses and self-employed operators who are buyers or customers, including housing companies and real must submit their reports for September to the Tax Administration by October 6. Companies must give details on their contracts if the value goes
See MoreUruguay: New tax credit certificate regulations issues
Uruguay has issued Resolutions No. 3,905 and 3,906 on 30th October 2014 for announcing new regulations regarding tax credit certificates. Resolution No. 3,905 establishes that the credit certificates which are authorized (given to the supplier of
See MoreSpain: Congress Approves Disputed ‘Google Tax’
Spain's parliament has approved new intellectual property laws that allow news publishers to charge aggregators each time they display news content in search results. This is a reform to the Intellectual Property Law and will come in effect on 1
See MoreIndia: Simplifies immigration procedures for Japanese nationals
The Government of India has simplified the rules on the validity of residential permits and visa/residential permit extension procedures for Japanese nationals travelling to
See MoreVietnam: Decree 91 Introduces Tax Incentives For Manufacturing and Technology
Vietnam’s Decree 91/2014/ND-CP (Decree 91) on VAT and corporate income tax (CIT) will come into effect on 15 November 2014. This Decree updates and clarifies changes made by Resolution 63 in August 2014. The Decree includes provisions on
See MoreSlovak Republic: Tax amendments for 2015 has approved by the Parliament
The Parliament of Slovak Republic has approved the proposed changes regarding the Income Tax Act on 30th October 2014 and it is to be in effect from 1st January 2015. The amendments are basically held on thin capitalization rules, local transfer
See MoreSri Lanka: Government Intends to Reduce Tax In “2015 Budget”
Sri Lanka's President, Mahinda Rajapaksa, in his additional role as the Minister of Finance and Planning, presented Sri Lanka's 2015 Budget on October 24, 2014. The Government plans to to stimulate the country's further economic development through
See MoreIsrael: Details of Budget for 2015
The government has approved the 2015 Budget proposal on 7 October 2014, which will now be transferred to the parliament for its enactment. A 10% tax rate would be charged on payments to illegal immigrants. Payments regarding conclusion of service
See MoreMalaysia: Approves budget for 2015
Malaysia’s Finance Minister delivered the 2015 Budget on 10 October 2014. The current statute of limitation for tax adjustment in Malaysia is five years. According to the budget assessments or additional assessments may be made within five years
See MoreSweden: Tax hikes in proposed budget for 2015
Finance Minister of Sweden, Magdalena Andersson presented the 2015 budget on October 23, 2014 with the increase of taxes on the personal income tax, alcohol and tobacco. The Government of Sweden has also declared to increase personal income tax on
See MoreSouth Africa: Finance Minister is Looking At Tax Rises Next Year
When presenting the Medium-Term Budget Policy Statement on 22 October 2014 South Africa's Finance Minister gave a warning that, with decreasing tax collections this year, further revenue raising measures will be required in the budget for 2015. The
See MoreUK: Tax avoidance demands top £250m
HM Revenue and Customs has sent notices to tax avoidance scheme users to pay over £250 million of disputed tax under the Accelerated Payments regime introduced in this year’s Finance Act. Accelerated Payments are changing the economics of
See MoreEcuador: Imposition of electronic invoices on tax registered business
Tax registered business in Ecuador are obliged to maintain electronic invoices. This measure is imposed to reduce VAT fraud in Ecuador and came into force from the month of October 2014. Tax authorities have access to online portal of all customers
See More