Canada: Notice to implement tax provisions in Economic Action Plan 2015 and other tax measures
The Ministry of Finance has scheduled a complete notice of ways and means motion to implement certain tax provisions in Economic Action Plan 2015 and other tax measures on 5th May 2015. This notice contains the following measures and specific
See MoreUS: Propsed Amendment to Regulations Applicable to Refund and Credit Claims
The US Department of the Treasury and the Internal Revenue Service (IRS) have released Notice 2015-10 on 28 April 2015 announcing their intention to amend regulations applicable to refund and credit claims for amounts withheld on payments to foreign
See MoreSweden: Tax Hikes in Spring Budget
On 15 April 2015 the Swedish Government presented to Parliament its proposed Spring 2015 Budget to balance increased spending on education and welfare with tax rises of around SKR8bn (USD930m) this year. The Government is proposing tax hikes that
See MoreBulgaria: National Revenue Agency issues 2015 manual on personal and corporate income tax
The National Revenue Agency (NRA) has issued the 2015 manual on corporate and personal income tax on 28th April 2015. The manual, inter alia, deals with the following matters: Taxation scope Tax returns Tax payments and Penalty
See MorePeru: Amendments to income tax regulations related to financial derivatives and tax basis on indirect transfers of Peruvian shares
In Peru changes have been made to the income tax regulations regarding financial derivatives and the tax basis on indirect transfers of Peruvian shares through Supreme Decree No. 088-2015-EF on 18 April 2015. The changes became effective as from 19
See MoreFinland: Government approves law adopting amendments to non-residents taxation
The President of Finland signed a law on 24 April, 2015 regarding the proposal (HE 365/2014) amending the taxation of non-residents. The proposal was adopted 12 February 2015. The proposal entails that the taxation of non-resident individuals by
See MoreChina: Publishes new annual corporate income tax return package
State Administration of Tax issued Annual Corporate Income Tax Return Package of People's Republic of China (Type A, 2014). The new return package will come into force on Jan 1st, 2015 and first to be adopted by resident CIT taxpayers in the 2014
See MoreCanada: Small firms publish pre-Budget proposal
The Canadian Federation of Independent Business (CFIB) has requested the Government to cut the tax rate for small business and reestablish fairness in employer payroll taxes. A recent survey has made by CFIB said that cut down the payroll taxes
See MoreFrance: Intergroup services marked out in tax-avoidance transactions list
The French tax administration has recently published an updated list of abusive practices and fixtures that are considered to be contrary to the law. Among these are certain inter-group arrangements. Relocation of profits after restructuring:
See MoreFrance: New steps to improve relationship between tax administration and companies
The Ministry of Finances and Public Accounts and the Ministry of Economy and Industry announced a set of measures to fight tax fraud on 1 April 2015. The measures also fight against tax evasion at national, European and international level, and
See MoreSouth Africa: SARS Issues Tax Guide For Non-Residents
The South African Revenue Service (SARS) has issued a tax guide for the tax treatment of South Africa-sourced income of non-residents. The guide mainly focuses on employment income. Non-resident individuals are required to register with SARS and
See MoreSwitzerland: Completes corporate tax reform III
The Swiss Federal Council issued its parameters for the dispatch on the Corporate Tax Reform III on 2 April 2015 and The Federal Department of Finance will arrange a dispatch on the new rules by June 2015. After it has been accepted by the Council,
See MoreRussia: Law concerning notification process of CFCs adopted
The parliament has approved Law No. 667946-6 on 27th March 2015 for extending the deadline of tax resident’s notification about the involvements held in controlled foreign companies (CFCs). The deadline for notification has been extended from 1st
See MoreUK: HMRC Publishes Departmental Improvement Plan
On 23 March 2015 HMRC published its Departmental Improvement Plan for 2014. HMRC has been given the objective of maximizing revenues, improving taxpayer services and making sustainable cost savings. In 2013/14 HMRC collected total tax revenues of
See MoreUS: Low Income Taxpayer Clinic Grant Recipients Announced
The Internal Revenue Service awarded approximately $10.25 million in matching grants to Low Income Taxpayer Clinics (LITCs) for the 2015 grant year (Jan. 1, 2015, through Dec. 31, 2015). LITCs are organizations that represent low income taxpayers in
See MoreUK: HMRC to publish new pensions guidance manual
The UK tax authority HM Revenue and Customs (HMRC) announced on 20 March 2015 that it will be publishing a draft Pensions Tax Manual in the early spring of 2015. This will replace the existing Registered Pension Schemes Manual. The new draft Manual
See MoreEgypt Proposes Reduction in Standard Income Tax Rates
The Minister of Finance announced in a press release on 10 March 2015, that the standard corporate tax rate and the top marginal tax rate for individual income tax purposes will be reduced to 22.5% from 25%. Also an additional 5% surcharge is
See MoreSpain: Council of Ministers approves second chance mechanisms
The Council of Ministers has approved on 28 February, 2015 the “Royal Decree Law on second chance mechanisms and the reduction in the financial burden, and other measures of a social order”. The Royal Decree includes several measures on
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