Brazil: Provisional Measure 644/2014 was terminated by National Congress
Brazil was issued Provisional Measure 644/2014 in order to introduce individual income tax legislation for 2015 (tax year) and this Provisional Measure is not converted into law by the National Congress. But recently it was terminated when the
See MoreCanada: Legislative proposals regarding thin-capitalization, loans, other items
The Finance Department has published a draft legislative proposal to implement certain exceptional measures actually declared in the 2014 federal budget. The proposals contained 105 pages of draft legislation and 128 pages of explanatory notes,
See MoreUS: Executive Action on Immigration Will Boost Tax Revenue
The Center for American Progress (CAP) has released a paper that a deferred action program that allows undocumented immigrants who have lived in the United States for at least five years to apply for a temporary work permit would increase payroll
See MoreUS: Conservatives urge the Senate to pass internet tax moratorium
A coalition of more than 40 conservative and libertarian organizations and entities have written a letter to members of the United States Senate urging them to pass the Internet Tax Freedom Forever Act that would permanent extend the tax moratorium
See MoreFinland: Government Agrees To Tax Hikes For 2015 Budget
After weeks of one-on-one and full-cabinet negotiations, on August 28, 2014, the Finish Government has agreed on the 2015 budget proposal. The proposal is mainly based on decisions made in the General Government Fiscal Plan last spring and in the
See MoreCanada: Draft international tax measures has been released
The Finance department in Canada has published a draft international tax measures for consultation revised legislative proposals for implementing measures declared in Economic Action Plan 2014, as well as certain other measures on August 29, 2014.
See MoreIsrael: Central Bank calls for fiscal restraint
The Central Bank in Israel has issued an economic policy due to warn to the Government, cautioning that the introduction of VAT splits without compensatory tax hikes will push the discrepancy to as high as 4% of GDP against a target of 2.5%. On the
See MoreHong Kong: SFC gazette on Revised Code on Real Estate Investment Trusts (REITs)
Revised Code on Real Estate Investment Trusts (REITs) has been gazetted by the Securities and Future Commission (SFC). Hong Kong's REIT portfolios have been widened to offer investors a diverse choice, from retail properties to commercial and hotel
See MoreRomania: The Ministry of Finance published new tax provision
The Ministry of Finance published drafts proposal of the Tax Code and the Fiscal Procedures Code, on 30 June 2014. Under draft proposals currently under discussion the penalty for an under declaration of profits would be 10% of the additional amount
See MoreGovernment of Finland approves 2015 budget
After weeks of one-on-one and full-cabinet negotiations, the Government has agreed on the 2015 budget proposal. The proposal is mainly based on decisions made in the General Government Fiscal Plan last spring and in the Government Programme in June.
See MoreRussia: Interest derived by a foreign company is subject to CIT
The Finance Ministry has released Letter No. 03-00-08/2/29954 that describes the tax treatment applicable to interest paid by a Russian resident individual to a foreign company on the basis of loan agreement. In accordance with article 246 of tax
See MoreIRS announces the release of the 2014–2015 Priority Guidance Plan
The Treasury Department and IRS today released the IRS priority guidance plan for 2014-2015, which is intended to focus resources on guidance items that are most important to taxpayers and tax administration. The 2014–2015 Priority Guidance Plan
See MoreDenmark:Announced Budget Proposal for 2015
The Ministry of Finance published its Budget Bill for 2015 on 26 August 2014. The Budget is focused on certifying better benefit, producing more jobs and keeping the economy sound under mechanism. The Budget will generally apply from 1 January
See MoreSingapore: e-Tax Guide on Tax Deduction for Borrowing Costs other than Interest
The Inland Revenue Authority of Singapore (IRAS) delivered the second edition of the e-Tax Guide on Tax Deduction for Borrowing Costs other than Interest Expenses on 18 August 2014. The previous edition was published on 21 June 2007. The e-Tax Guide
See MoreVietnam: Published a new Circular on foreign contractor tax
The Ministry of Finance issued Circular 103/2014/TT-BTC (Circular 103) on foreign contractor tax (FCT) on 6 August 2014. FCT is the method by which enterprise income tax (EIT) and value added tax are imposed on foreign companies and individuals that
See MoreSpain: Releases modified tax laws by the Spanish Government
On 23 June 2014, draft bills modifying the most important Spanish tax laws were released. The Spanish Government released the second draft bill on 1 August 2014, which will now be discussed and voted on by the Spanish Parliament. It is intended that
See MoreGovernment of Sweden cuts growth forecast and promised to raise more taxes if re-elected
The economy of Sweden contracted slightly in the first quarter and barely grew in the April-June period as its key export sector was hurt by sluggish overseas demand, particularly in Europe. Borg cut his forecast for growth this year to 1.9 percent
See MoreCanada: Online Tax Administration
Under Canada's Business Accounts program, business owner will be capable of paying online taxes for the first time through the platform from October. From October 2014, it will also be feasible for taxpayers to find a way in detailed payment history
See More