Canada: Report of MAP program during 2013-2014
The Canada Revenue Agency (CRA) has issued an annual report regarding Mutual Agreement Procedure (MAP) Program that gives an outline of the MAP Program during April 1, 2013 to March 31, 2014. The CRA inspires taxpayers to focus on double taxation or
See MoreCanada: Ready to execute 2014 Budget measures
The Ministry of Finance in Canada has introduced the receipt of Royal Assent for legislation to apply center elements and a series of tax credit reforms in the 2014 Budget. The legislation extends the 15% Mineral Exploration Tax Credit for share
See MoreRussian Parliament adopts Law to permit FATCA Disclosures
The Russian parliament has allowed a bill to permit financial institutions to observe with the United States’ Foreign Account Tax Compliance Act (FATCA). US Congress has passed FATCA in 2010, which will be effective on July 1, 2014 and it is
See MoreItaly: Simplification of Individual Tax Filing by incorporating the provision of pre-compiled tax returns
Italian cabinet approved a draft tax simplification law decree on June 20, 2014. It was confirmed by the Minister of Constitutional Reforms and Relations Maria, Elena Boschi that from 2015 tax returns will be pre-compiled for 30 million Italian
See MoreQatar: Tax Exemption rejected for overseas Investors
Advisory Council of Qatar has rejected a proposal to exempt foreign investors from income tax and capital gains on local equity market investments. On February 19, 2014, the State Cabinet had approved a draft law by the Financial and Economic
See MorePakistan: Budget for 2014-2015 has been presented to the parliament
The Pakistan Government has presented to parliament the nation's 2014-2015 Budget, which includes proposals aimed increasing tax compliance rates, increasing progressive direct taxes, and lowering the burden of indirect taxes. The 2014 budget set
See MoreSingapore agrees with WTO’s Trade Simplification Inventiveness
Under a statement from the Ministry of Trade and Industry Singapore has informed the World Trade Organization (WTO) that it will implement all the operational provisions of the WTO's Agreement on Trade Facilitation (ATF) immediately when the ATF
See MoreKazakhstan: Investor tax breaks enacts
The President has signed into law tax concessions to raise foreign investment, including an 8-year relief from property tax, a 10-year relief from corporation tax, and a 10-year freeze on remaining taxes. If a production facility is in operation,
See MoreHong Kong: Advance Ruling for source of profits relating to branch’s transactions
An “advance ruling” is issued by the Inland Revenue Department addressing the locality of profits for Hong Kong tax purposes. Generally, there is no interpretive guideline regarding the source principle in the Hong Kong’s law. Therefore, the
See MoreOECD agrees with US tax reform
The Organization for Economic Cooperation and Development's (OECD) chimes in on US tax reform. OECD’s Secretary-General Angel Gurría presented the latest economic survey of the United States which identifies some tax-based reforms required to
See MoreFrance: Adopted Amending Finance Bill for 2014
The Council of Ministers of France adopted the Amending Finance Bill for 2014 on 11 June 2014. According to the adopted bill the temporary surtax on the corporate income tax for large companies will be eliminated on 30 December 2016. The thresholds
See MoreKenya: Presented Budget for 2014-2015
Kenya announced its budget for the year of 2014-15 on 12 June 2014. The budget has emphasized on several tax proposals: Propose tax rates for resident companies at 30% (previously it was 10%) and for non-resident companies at 37.5% (previously it
See MoreSingapore: Extended fund management tax incentives
Singapore’s 2014 budget proposed for the extension and enhancement of a tax incentive program for qualifying funds. Following changes are occurred on tax incentive program: -Lengthen the expiration date of the tax incentive program to 31 March
See MoreUganda: Released budget for 2014
Budget for 2014 was released on 12 June 2014, which reflects the GPD growth by 5.7% for 2013/14 finance year and declined by 0.1% compared to the previous year. The budget has emphasised on the measures to raise revenues, improve transparency in
See MoreCzech Republic: Income tax law changes are proposed
The Ministry of Finance has published a draft amendment to the income tax law of the Czech Republic for requiring comments. Among the proposals in the draft bill are measures that would: Continue the tax rates and tax base for individual income
See MoreRomania plans to cut social security contributions
The Romanian Government is planning to cut social security tax paid by the employers by five percentage points though the plan has not been approved by the International Monetary Fund (IMF). Romania's Prime Minister, Victor Ponta, has confirmed this
See MoreTaiwan: Recommends Tax Cuts for SMEs to raise wages
Taiwan's Cabinet agreed an amendment to the draft law that would give corporate tax deductions to small and medium businesses that raise pay for their lower-level employees. The amendment suggests a 130% tax deduction for small- and medium-sized
See MoreAustria: Government adopts draft bill modifying the Fiscal Criminal Act
The Government approved a draft bill modifying the Fiscal Criminal Act 2014 on 11 June 2014, and submitted it for legislative consultations. The draft bill relating to changes the voluntary disclosure rules, and purposes to completion the practice
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