IRS 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 MorePoland: Strengthen the thin capitalization rules
The Lower House of Parliament adopted the amended final version of thin capitalization rules after approval by the Higher House of Parliament on 29 August 2014 and it is very likely new legislation will enter into force from 1 January 2015. This
See MoreItaly: Requests to pay tax in installments has been increased
A record 156,000 requests from taxpayers has been received in July 2014 by Equitalia, Italy's tax collection agency to pay their tax debts by installments. There are now said to be 2.4m such agreements in operation with a total value of EUR26.6bn
See MoreRussia: New model for TIEA adopted
The Russian government adopted Ordinance No. 805 on August 14, 2014 that permitted the model for the tax information exchange agreement (TIEA) to be finished by Russia with foreign states. The TIEA is based on the model agreement on exchange of
See MoreBrazil: Extending tax breaks law for IT industry
Brazil recently approved a law for expanding tax breaks for its IT industry on 11 August 2014. This law extends for till 31 December 2050 in the northern Brazil and extends for the Manaus Free Trade Zone until 2073. The current tax reduction rate of
See MoreCanada: Budget to feature income tax cut
The Ministry of Finance could include federal income tax rates cuts. According to the Finance Minister, there will be a budgetary extra next year. For this reason, the Government will focus on reducing taxes to individuals and it will involve tax
See MoreRussia: MoF declares tax treatment of royalties when paid to a partnership
According to the Germany-Russia Income and Capital Tax Treaty, the Finance Ministry has declared a Letter 03-08-RZ/38351 describing the tax treatment applicable to royalties paid by a Russian resident to a German limited liability partnership and
See MoreCanada-US FATCA constitutional challenge
A constitutional challenge has brought against the Canadian government over its Foreign Account Tax Compliance Act (FATCA) agreement with the US on August 11, 2014. It alleges that the Canadian government has crossed its power of constitution. The
See MoreSri Lanka: Central Bank sets out FATCA compliance
The Central Bank of Sri Lanka set out measures to relax the foreign exchange control rules. The government of Sri Lanka has not entered into an intergovernmental agreement with the United States. Sri Lankan banks have been directed to comply with
See MoreLatvia proposed a twelve month tax break for Latvian Sanction-Hit Companies
In response to the Russian embargo on most food products imported from the European Union, Latvia's Economy Minister, Vjaceslavs Dombrovskis, has proposed a 12-month tax break for businesses impacted by Russian sanctions. The tax breaks could be
See MoreColombia: National Tax Authority publishes rules on requirements to benefit from Law 1429/2010
The National Tax Authority has recently published (Ruling 34166/2014), referred to the requirements that small enterprises must comply with in order to benefit from Law 1429/2010 (Law on Formalization and Generation of Employment). According to the
See MoreChina: General tax audit on service fees and royalties payment
The State Administration of Taxation (SAT) has urged the tax authorities at all levels to carry out general tax audits on large sum payments on service fees and royalties paid to non-residents, by issuing a directive on 29 July 2014 (Shui Zong Ban
See More