US urged Immediate Congressional Action on Tax Extenders
The American Institute of Certified Public Accountants (AICPA) has urged the US Congress "to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the end of 2014." Congress
See MoreNetherlands: 2015 Budget Memorandum
The Netherlands is slowly recovering from the crisis. Exports, corporate investments and consumption are all increasing. Economic growth in 2015 is projected at 1.25%. But the recovery is fragile and at risk from international developments.
See MoreChile: Tax reform has approved by Chilean Congress
The bill of Law amending the tax regulations has been approved by the Chilean Chamber of Representatives on September 10, 2014. Currently, the Congressional steps have been settled; the Chilean Government must publish the Bill of Law to enact it.
See MoreTurkey: Omnibus Law enters into force
The Law No. 6552 (the "Omnibus Law") has published in the Official Gazette on September 11, 2014. The law permits granting a 50% decrease on penalties derived from infractions of process and will apply to unpaid fiscal debts and penalties that were
See MoreMalaysia clarified tax treatment of income received by a foreign fund management company
A public ruling has been issued by the Inland Revenue Board of Malaysia explaining the tax treatment of income received by a foreign fund management company that provides fund management services to foreign and local investors. Foreign fund
See MoreGreece: Tax cuts initiative will take place by Greek PM in the months ahead
Details of a "road map" for reducing taxes will be unveiled by Greece's Prime Minister, Antonis Samaras and which will be implemented initial tax cuts in the months ahead. Heating oil tax will be reduced by 30 percent and the solidarity tax on
See MoreSlovak Republic: Proposals on transfer pricing and thin capitalization
A draft amendment to income tax law in Slovakia contains provisions regarding changes to the rules for transfer pricing and thin capitalization. The amendment was accepted on August 2014, and if enacted, the changes usually would have an effective
See MoreBrazil: 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
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