UK: National audit office reports unrecovered tax debt of GBP15.1bn
National audit office of UK has reported that that HM Revenue and Customs (HMRC) is owed at least GBP15.1bn in unpaid debt. The report also adds that the Government should revise this responsibility and thus the recovery of tax credit over payments
See MoreUK: publishes draft legislation to eliminate stamp duty and stamp duty reserve tax on Exchange Traded Funds (ETFs)
HMRC has published for consultation a draft Statutory Instrument and a Tax Information and Impact Note on 17 February 2014. It was intended to abolish of stamp duty and stamp duty reserve tax on transfers of interests in Exchange Traded Funds
See MoreSpain: National court decides intra-group debt transaction as fraud of law
The Spanish National Court decides the case of Sabic Innovative against the tax administration (Appeal 367/2010) as fraud of law. The Court ruled that the intra-group debt transaction is usually tax-driven and did not have an economic or business
See MoreSlovak Republic: plans to raise its tax revenue by 0.3% of GDP in 2014
Slovak Republic has planned to raise its tax revenue in 2014 than previous year forecast. The government forecast to collect 189 million Euros ($259 million) or about 0.3 percent of GDP which is more than it forecast in the budget as the government
See MoreSingapore – Budget 2014 to be presented on 21 February 2014
Singapore's annual budget is prepared for each financial year, which begins on 1 April of every calendar year and ends on 31 March of the next calendar year. The budget includes the revised government revenue and expenditure projections for the
See MoreRussia: Clarification regarding tax treatment
On 18 December 2013 the Russian Ministry of Finance (MoF) published Letter No. 03-08-05/55702, clarifying the tax treatment of contractual penalties paid by a Russian company to a Ukrainian company for violation of the contractual terms. According
See MoreRussia: Clarification regarding residence rules of partnership income
The Russian Ministry of Finance (MoF) allotted Letter No. 03-08-05/1229,on 17 January 2014, clarifying whether income received by a US partnership may be subject to tax according to the Russia–United States Income and Capital Tax Treaty (1992).
See MorePhilippines: Importers Require Tax Authority Accreditation
The Philippines' Department of Finance has issued a department order requiring all importers to be accredited by the Bureau of Internal Revenue (BIR) before they can obtain an import permit from the Bureau of Customs (BOC). This measures aims to
See MorePeru – Reduced rate of general sales tax
Peru’s tax administration issued a resolution concerning the reduced rate of general sales tax on 1 February 2014. The general sales tax is charged on the purchase price of certain goods and services. The resolution will be effective from 1 March
See MoreMalta intends to amend taxation rules
Malta is intending to amend the rules relating to the taxation (and withholding tax) on amounts distributed by corporations from profits. One of the amendments will change the definition of a recipient in respect of withholding tax on distributions
See MoreMalaysia: Flat corporate tax rate introduced for SMEs which merge
On 14 February 2014, the International Trade and Industry Minister announced a flat rate of 20% for 5 years for Small-Medium Enterprises (SMEs) which have merged to form larger entities. Currently, SMEs only enjoy the reduced corporate tax rate of
See MoreKenya: Tax Appeals Tribunal Bill 2013 signed into law
The Tax Appeals Tribunal Bill 2013 was signed into law on 2 December 2013. The Act is not yet in effect and awaits the Cabinet Secretary for the National Treasury to publish its commencement date. When the Bill is passed the Tax Appeals Tribunal
See MoreKazakhstan: Finance Ministry permits to sign DTA with Slovenia
On 3 February 2014, the government of Kazakhstan gave clearance for the Ministry of Finance to sign the income and capital tax treaty with Slovenia. The agreement of the text of the draft double taxation agreement was originally announced on 13 June
See MoreCzech Republic – Coalition government’s tax policy
The agreement establishing the new government in the Czech Republic indicates that there are currently no plans to raise income taxes. With respect to corporate income tax, however, the coalition agreement mentions that a “sector tax” with
See MoreColombia – New criteria for determining large taxpayer issued
Colombia’s tax administration has issued guidance establishing new criteria for determining who qualifies as a “large taxpayer”. Being identified as a “large taxpayer” may affect specific arrangements for paying taxes, and may affect both
See MoreCanada: GST compliance changes
The Canadian budget for 2014 includes a range of changes to the Canadian Goods and Services Tax (GST) and Harmonized Sales Tax (HST) regime. The tax changes include the following: Extension of the GST exemption on certain health and disability
See MoreCanada: 2014 Budget introduces no new taxes
The Canadian 2014 Budget introduces “no new taxes” on families or businesses, but does crack down on aggressive tax avoidance and overhauls a number of tax credits. The Finance Minister’s Economic Action Plan 2014 contains a series of reforms
See MoreBulgarian government will maintain low rates of direct taxes
On February 11, 2014, a forum entitled: Government-Business: Economic Restart National Forum: was organized at the initiative of the Bulgarian Prime Minister. The forum was organized in four different panels that discussed the following
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