Brazil tax reform brings challenges to service sectors
The new Brazilian transfer pricing rules align with the OECD standard and are a radical change to the analysis of intra-group transactions, and offer several implementational challenges. Besides, the tax reform (PEC 45/2019) is being discussed in
See MoreIndonesia: Procedures for Valuation for Tax Purposes
To provide greater justice and legal certainty in respect of the implementation of valuation in the fields of Income Tax, Value Added Tax, Land and Building Tax, and Tax Collection using Distress Warrants, on August 24, 2023, the Indonesian Minister
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Indonesia: Income Tax of Benefits and In-kind
The new era of income tax treatment of benefits and in-kind in Indonesia is marked by the issuance Law of The Republic of Indonesia Number 7/2021 concerning Harmonization of Tax Regulations (HPP Law). Amendments to the Income Tax Law contained in
See MoreHow are asset reconstruction companies and their investors taxed?
Sunil Gidwani, Partner – Nangia Andersen LLPSunil.gidwani@nangia-andersen.com09821131945 Background Looking at the increased stress on lending institutions in recent past resulting in increased defaults by the borrowers, one cannot
See MoreUS: TIGTA urged the IRS to ensure the protection of data the IRS transfers to external partners
The Treasury Inspector General for Tax Administration (TIGTA) in a final report issued November 3 concluded that transfer pricing issues are not being properly evaluated by the Internal Revenue Service because of various procedural barriers at the
See MoreUS: IRS Warns Congress To Decide On Tax Extenders
Severe delays and inconvenience for millions of taxpayers could result in 2015 if the “lame duck” U.S. Congress fails to deal soon with a list of temporary tax laws that expired at the end of 2013, the Internal Revenue Service and a key senator
See MoreUS: Selection of Problematic Tax Prepares Could Be Improved By IRS
According to a report released by the Treasury Inspector General for Tax Administration (TIGTA), IRS could improve its selection of problematic paid preparers for further enforcement actions. TIGTA reported that, as the majority of individual
See MoreUS House Passes The Jobs For America Act
The House of Representatives passed the Jobs for America Act by a vote of 253Â to 163, which includes the permanent extension of a selected list of the "tax extenders" that expired at the end of 2013, as well as a repeal of the Affordable Care
See MoreUS 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 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 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 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 MoreUS Taxpayers Not Sensitive To State Income Tax Rates
The US Center on Budget and Policy Priorities has put together a report indicating that people relocating within the US do not generally regard State taxation as an important driver in their decision. This is the case even though there can be
See MoreFrance’s FTT Experience Should Warn Europe of Risks
France’s financial market regulator AMF has calculated that the introduction of a financial transactions tax (FTT) in 2012 led to a ten percent decrease in the volume of shares traded on the stock market. This study was based on an analysis of the
See MoreAustrian Unions drive for lower income tax rates
The President of the Austrian Federation of Trade Unions (Ă–GB) has suggested that the income tax on low income employees should be significantly reduced. He suggested that the government should decrease the starting rate of income tax from the
See MoreUS – Tax Extenders Survive Senate Committee Vote
The United States Senate Finance Committee has been examining the various tax reliefs given to different sectors within the economy. The Committee has now passed the bipartisan Expiring Provisions Improvement Reform and Efficiency Act which
See MoreUS: IRS Told To Tackle Pension Plan Contribution Tax Abuse
A report issued by the Treasury Inspector General for Tax Administration (TIGTA) suggests that the IRS is permitting large deductions to be incorrectly claimed each year in relation to retirement plans for the self-employed. These retirement plans
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