India: Businesses Meeting held For Tax Certainty
India's Finance Minister, held a discussion meeting with representatives from trade and industry bodies before the budget, which pressed the Government to familiarize expectable tax policies to adoptive greater confidence in India as a place to
See MoreCanada: Tax Rules that put pensioners at risk
The pension rules in Canada have failed to cope up with long life expectancies, and impose Registered Retirement Income Fund (RRIF) holders to operate tax-deferred assets down rapidly. Federal tax rules need those with tax-deferred savings to either
See MoreNew Zealand: Tax Reform Bill Passed
Tax reform bills has been presented to the Parliament, by the Revenue Minister, on June 19, 2014 in order to introduce new legislation which measures to explain the tax rules for businesses and remove distortions in the existing rules and ensure
See MoreNigeria: Advance ruling in Tax authority not binding
The Nigerian company and the non-resident companies (a Portuguese company and a French company) signed a consortium contract with an international oil company, and that contract needed them to carry out distinct place of work. The non-resident
See MoreLuxemburg: Corporate exit tax rules has been revised and effective from 8 June 2014
Exit tax provisions for corporate entities has been amended by the Luxembourg Parliament on May 13, 2014 and approved by the law bill 6556. The law will not be compliant with European Union (EU) law. The amendment gives rise an option for a taxpayer
See MoreRussia: Draft law on information exchange with foreign tax authorities
The Russian government has allowed a draft law initiating the process of information exchange with foreign tax authorities on May 14, 2014. The law introduces the responsibility of Russian credit organizations, brokers, depositaries, insurance
See MoreCanada – Tax deduction for SMEs from Quebec 2014-15 budget
The Minister of Finance and the Economy of Quebec has delivered the province’s 2014 budget on June 4, 2014. The budget contains a declaration for a deduction of income tax rate for manufacturing small and medium-size enterprises (SMEs) in Quebec,
See MoreCanada – Newfoundland Budget substantively enacted in 2014
Newfoundland Bill 13 containing tax changes has declared as Newfoundland Budget in the 2014. As Newfoundland has a majority government, the bill is allowed substantively enacted for motives of IFRS and ASPE as of May 26, 2014. Bill 13 contains
See MoreCanada: Searching for Block Expanded Expat Voting Rights
The Government desires to appeal a recent court judgment stating that expats who have been outside the country for more than five years should be approved to vote and it was said by Canada's Minister for Democratic Reform. The shortcomings were
See MoreFrance: Draft guidelines on deduction of interest paid between related companies
The French tax authorities have issued draft guidelines regarding the interest deduction limitation. The draft guidelines rejects the deductibility of the interest paid to the lending company in the case when tax on the interest paid is lower than
See MoreEAC Budget details for 2014/15
The Deputy Minister for EAC of Tanzania announced the budget for East African Community (EAC) for 2014/15. The Budget was presented by the Minister on behalf of the Chair of the EAC Council of Ministers, to the East African Legislative Assembly on 4
See MorePhilippines- to issue Advance Pricing Agreement (“APA”) procedures
First APA procedures to be released by the Bureau of Internal Revenue (“BIR”) in the Philippines. In order to meet the criteria for tax collection targets, the BIR is making considerable resources available in order to develop transfer pricing
See MoreAzerbaijan: Transition to the Modern Model of the Concept of Tax Partnership Tax Control System with Horizontal Monitoring
The costly traditional tax control system is based on the principles of taxation established 55-60 years ago. The traditional tax control system is costly since closely exerting control in pursuit of reassurance of compliance imposes a great
See MoreNew Russian CFC and anti-avoidance legislation
The amended draft law regarding controlled foreign companies and other anti-offshore measures has done most valuable changes in the field of foreign tax structures and tax avoidance. This law has publicly available on 27 May, 2014. It highlights
See MoreUS: Poor Policy for IRS Tax Enforcement-TIGTA
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on actions taken by the United States Internal Revenue to collect individual Federal income, Social Security, and Medicare taxes unpaid by businesses were not
See MoreCzech Republic: Small business supports income tax plans of government
Small businesses in the Czech Republic have said that they allow Government plans to change the Income Tax Act as part of the country's new Convergence Program during the period 2014-17.The proposals include a CZK1.2m (USD59,500) cap on flat-rate
See MoreUS Taxpayers Not Sensitive To State Income Tax Rates
The US Center on Budget and Policy Priorities has put together a report indicating that people relocating within the US do not generally regard State taxation as an important driver in their decision. This is the case even though there can be
See MoreUS Businesses Urge Two-Year Renewal of Tax Extenders
In the US the Business Roundtable (BR) has written to the Senate in relation to certain tax issues. The BR is a business grouping of CEOs from large US companies who have USD 7.4 trillion in annual revenues and together make up more than a third of
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