China: Online Tax Services initiated in the Free Trade Zone of Shanghai
State Administration of Taxation of The People’s Republic of China has introduced a number of innovative tax services in the Free Trade Zone of Shanghai. In the notice published by the State Administration of Taxation, the reforms are illustrated
See MoreRussia – The Central Bank issued FATCA guidance
The Central Bank of Russia has issued Bulletin No. 64 (1542) on July 10, 2014 regarding the rules for implementing the FATCA legislation. Central Bank’s guidance is given below: “Punitive withholding” within the Russian territory is not
See MoreAustria: Government accepts bill amending the Fiscal Criminal Act
The Austrian parliament accepted the bill amending the Fiscal Criminal Act 2014 on July 2014. The draft bill aims at finish the exercise of partial disclosures as the current rules allow taxpayers to benefit from a repeated voluntary disclosure
See MoreIndia – Budget for 2014-15
India’s new government announced their first Union Budget 2014-15 on 10 July 2014. Among the tax provisions in the budget are measures concerning India’s most awaited tax reform a uniform goods and services tax (GST).According to the budget, the
See MoreRussia: Declares tax treatment applicable to contractual penalties
The Russian Finance Ministry released Letter No. GD-4-3/12689 issued on July 3, 2014, whereby it declared the taxation of contractual penalties paid by a Russian company to a Cypriot company. The Ministry of Finance referred to article 309 of the
See MoreSingapore: Invites the Public to Consults on Stamp Duty Changes Bill 2014
The Ministry of Finance will be conducting a public consultation on the draft Stamp Duties (Amendment) Bill 2014 from 7 July 2014 to 25 July 2014. The draft Stamp Duties (Amendment) Bill 2014 provides for three changes to the Stamp Duties Act. The
See MoreTanzania: regulations on transfer pricing released
The Transfer Pricing Regulations in Tanzania has finally been released through Government Notice No. 27 of 2014 and which is effective from 7 February 2014. The Income Tax Act 2004 already had a requirement in section 33 to transact between
See MoreUK: May move towards a Single Income Tax by merging social security with Income Tax
It was reported by the Tax Payer’s Alliance (TPA) that Chancellor George Osborne aimed to merge the social security with income tax to move towards a single income tax and he is intended to include it in the Conservative Party's next election
See MoreUkraine: Tax authorities updated on certain transfer pricing issues
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine has issued Order No.368 which approves an updated of "Generalized Tax Consultation on Application of Certain Provisions of the Tax Legislation on Transfer Pricing." The Order
See MorePoland: Proposals for CFC regime
Poland proposed bills to changes to its controlled foreign corporation (CFC) rules and thin capitalization regime. According to the rules tax would be levied on specific income which obtained from some foreign subsidiaries owned by the taxpayers of
See MoreRussia: MoF clarifies tax agents’ obligations of the securities depositories
The Ministry of Finance (MoF) has issued Letter No. 03-08-13/22654 on May 14, 2014 for clarifying the tax agents' responsibilities of the securities depositories making transfers to Russian and foreign companies further to dividend distributions.
See MoreDeriving income tax by non-residents from contracts with Nigerian companies
The Federal High Court gave its decision in the case of Saipem Contracting Nigeria, Saipem (Portugal) Commercio Maritimo Su LDA and Saipem SA v. Federal Inland Revenue Services, Attorney General of the Federation and Shell Nigeria Exploration and
See MoreSaudi Arabia- Draft regulations concerning the computation and collection of Zakat
The Saudi Shura Council has approved on 9 June 2014 draft regulations concerning the computation and collection of Zakat on commercial and professional activities. The regulations accept Zakat payers to pay up to 20% of their Zakat to registered
See MoreCanada: CRA offers taxpayer relief provision
The Canada Revenue Agency (CRA) has offered taxpayer relief provisions those are available to taxpayers if they are unable to meet their tax obligations due to extreme weather conditions in Alberta and Ontario. Companies who were fail to file their
See MoreSouth Africa: Special focus on certain areas this tax season
Retirement fund contributions, medical aid claims, income protection policy contributions and taxpayers who submit revised returns for previous years will be given special attention by the SARS for tax season 2014. The South African Revenue Service
See MoreNew Zealand: Approved New Tax Bill
The Inland Revenue has recently enacted a tax bill on 30 June 2014, which is reflected on annual rates, employee allowances and remedial matters. The new bill deals with the taxation of, accommodation payments, other allowances and payments provided
See MorePeru: New Bill to Promote Investment
The Peruvian Executive proposed to the Congress on 18 July 2014 ‘Bill 3627-2013-PE’ which would introduce a number of tax changes to promote private investment. The bill would create new procedures for consolidation of land used in investment
See MoreRussia – Legislation needed for FATCA implementation
Legislation that is needed to implement the FATCA regime in Russia was signed into law on June 30, 2014. The legislation authorizes Russian financial organizations to give information on foreign tax authorities that is needed to collect taxes and
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