France – Employers demand Corporate Tax Cuts
Anxious to kick-start talks on a reform of corporation tax, the President of the French employers' federation Medef, has called on the Government to lower the corporate social solidarity contribution (C3S) together with the headline rate of
See MoreCzech Republic – Tax legislation anticipated
The Czech Republic is to shortly make available for consultation a new legislative plan. This plan will include proposals for regulating some of the concepts contained in the Civil Code. These changes will affect the concept of trusts and will also
See MoreCzech Republic – Ministry of Finance announces proposed future tax measures
The Czech Republic has issued information on proposals for future amendments of the tax law. These amendments would come into effect from 1 January 2015 or 1 January 2016 and would be mainly targeted at the fight against tax evasion and artificial
See MoreChinese SAT announces new plans for the future
In a video conference held by the State Administration of Taxation (SAT) on 18 March 2014 the current work on international taxation and future plans were outlined. China has improved the legal framework within which its international tax work takes
See MoreChina relaxes company registration procedure
With effect from 1 March 2014 China’s company law has been updated with the aim of streamlining the registration procedures and making the minimum capital requirements less stringent. China’s Company Law gives considerable discretion to
See MoreChile introduces instructions on modifications included in Law 20.630
Chile issued a Circular on 11 March 2014 giving guidance on modifications to Law 20,630 dealing with international tax issues. A number of tax provisions were amended by the law including a rise in the First Category Tax and a tax on indirect
See MoreCanada: Newfoundland and Labrador budget for 2014
In Canada the Finance Minister of the province of Newfoundland and Labrador has issued the budget proposals for 2014. Under these proposals the corporate income tax for small businesses in the province would be reduced from 4 percent to 3 percent.
See MoreUS – IRS Issues Virtual Currency Tax Guidance
The IRS has published guidance in respect of the use of Bitcoin and similar digital currencies. These are to be regarded for federal tax purposes as property rather than currency. This should remove uncertainty about the tax treatment of these
See MoreUK Court of Appeal rules on payment of corporation tax on VAT repayments
In a case concerning an online retail group in the UK the Court of Appeal has determined that the taxpayer must pay corporation tax in respect of VAT repayments received. The consequence of this victory for the tax authority is that many taxpayers
See MoreSpain – New tax measures for corporate debt refinancing and restructuring
Royal Decree Law 4/2014 which is effective from 9 March 2014 contains provisions in respect of corporate debt restructuring. Among the issues covered in the law are the treatment for tax purposes of capital increases through the capitalization of
See MorePhilippines Legislates To Cut Back Income Tax Relief
In the Philippines there is some concern in the Department of Finance (DOF) that tax relief is being granted to applicants without sufficient consideration of their entitlement. The Department is therefore keen for legislation to be passed to
See MoreSouth Korea to Rein In Tax Relief to Fund Welfare Reform
Under the Framework Plan for Tax Expenditures for the year 2014 South Korea is committed to amending the system of tax relief. This could result in the abolition of some tax incentives and taxpayers need to keep a close eye on developments as they
See MoreUnited Kingdom – Conservatives keen to ease IHT
The UK Prime Minister has confirmed that his party still holds the view that the inheritance tax threshold should be raised to GBP 1 million, and that this is likely to be addressed in the party’s manifesto for the next election which is to take
See MoreSouth Africa – tax guide for 2014 / 2015
South Africa has prepared a “tax guide” that includes, among other discussions, an analysis of tax changes for individual and corporate taxpayers, as presented in the 2014 budget speech (February 2014). The tax guide also focuses on the effects
See MoreSingapore – 2014 budget analysis published
Following the Singapore’s 2014 budget statement (presented 21 February 2014), Singapore has prepared an analysis of changes and initiatives in the 2014 budget. This will help taxpayers to digest the changes announced in the budget and allow them
See MoreCanada: No tax rate changes in 2014 budget
In Canada the 2014 budget for Saskatchewan was published on 19 March 2014. There is no increase in the general rate of corporate or individual tax but the dividend tax credit rate in the province is to increase. There would also be a reduction in
See MoreRussia Plans Crimean Special Economic Zone
Russia has confirmed that the process of making the Crimea a part of Russia is likely to require amendments to the tax system and this may involve the provision of temporary tax incentives for companies located in the Crimea. Other changes would
See MoreSouth Korea – Seeks Tax from Gold Trading
South Korea is launching the first spot market for gold, in an effort to eliminate underground transactions in gold and boost revenue from tax. The spot market is open to any qualified gold dealer such as an importer or a wholesale or retail
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