Finland: Publishes Its Decision Regarding Obligation To Disclose Tax Information
The Finish tax administration published its decision regarding the formal obligation to disclose information to the tax administration, on December 31, 2014. There are multiple items of income and wealth for which information has to be disclosed to
See MoreColombia: Congress passed tax reform
On December 15, 2014, The Colombian lower house of Congress approved a tax reform that is take effect from first January 2015. The changes include a new wealth tax, surtax on the CREE, anti-evasion rules and levy to financial transactions. New
See MoreUkraine: Parliament Approves Tax Reform Plans
The Ukraine Parliament approved a package of laws on December 28, 2014, which significantly amend the system of taxation in Ukraine. Key changes are summarized below; General Provisions Number of taxes was decreased from 22 to 11 (including 2
See MoreIndia: High Court decision that “royalty” income received under a contract prior to 1 April 1976 is exempt from tax
The High Court (HC) of Mumbai issued its decision on 8 August 2014, in the case of CIT v. Montedison S.p.A. of Italy (ITR 202 of 1993) that "royalty" income arising from contracts for supply of technical know-how prior to 1 April 1976 was exempt
See MoreBulgaria: Key changes to the tax and social security legislation for 2015
The amendments to the VAT law was released in the State Gazette on 19th December 2014. The National Revenue Agency (NRA) introduced a new electronic services. This is a new opportunity declaring for both corporate and personal taxpayers. It allows
See MoreIndonesia temporarily bans overseas travel by key tax debtors
The Ministry of Finance of Indonesia has banned overseas travel of key tax debtors with total debt amount of IDR3.32 trillion (USD268m) for a temporary period of six months. This step was taken to ensure effective tax administration and compliance.
See MoreUS & Mexico finalize agreement on sugar import investigations
The U.S. Department of Commerce announced on December 19, 2014 that it had finalized agreements with the Government of Mexico and Mexican sugar exporters to suspend antidumping (AD) and countervailing duty (CVD) investigations on imports of sugar.
See MoreJapan: Consumption Tax on nonresident providers of electronic services from 1 October 2015
Japan is moving forward with proposals to subject sales by non-resident providers of electronic services to consumers to the 8% Consumption Tax from 1 October 2015. The change comes as a result of pressure by local providers who are penalized by
See MoreGreece: Released templates and guidelines for APA Negotiations
The Greek Ministry of Finance has recently released template application forms for preliminary consultations and formal negotiations, as well as additional guidelines on the overall APA procedure and changes on corporate income tax. On 6 September
See MoreLithuania Accepts the Amendments to the Law on State Social Insurance
The Lithuanian parliament adopted the amendments to the Law on State Social Insurance on 11 December 2014. If the President approves the amendments, they will enter into force on 1 January 2015. According to the amendments, the taxable base for
See MoreUS: Senate Passes Tax Extenders Bill
The US Senate approved the “Tax Extenders Bill” on 16 December, 2014. The bill, which extends the life of a number of tax breaks through 2014, passed the Senate 76 to 16. Only 60 votes were needed for approval. Dozens of temporary tax breaks,
See MoreUkrainian Cabinet Dissolves DTA With Cyprus
The Cabinet of Ministers of Ukraine approved the draft law on the denunciation of the Cyprus - Ukraine Income Tax Treaty (2012), on December 17, 2014. Prime Minister of Ukraine, Arseniy Yatseniuk said that when the convention was signed in 2012, it
See MoreFrance: Assembly Passes Second Draft Finance Bill For 2014
The draft amending budget for 2014 was passed at first reading by the French assembly on 9 December 2014. The legislation also has been passed by the Senate, and enactment is now expected before the end of 2014. This second draft Finance Amendment
See MoreChina: SAT Regulates the Administration of the GAAR
Recently, the State Administration of Taxation (SAT) issued the Administrative Measures on the General Anti-Avoidance Rule (GAAR) to further regulate and clarify various matters, such as applicable scope, judging criteria, adjustment methods,
See MoreNigeria: Tax withheld on dividends from gas operations
A decision of a case entitled “Nigeria Agrip Co. Ltd v. Federal Inland Revenue Service (10th December 2014)” has been issued by the Tax Appeal Tribunal and it states that dividends paid by a gas exploration and production company and paid out of
See MoreNigeria: Non-resident companies has made deduction of recharges
The Court of Appeal has set a decision about a case entitled Federal Board of Inland Revenue v. Halliburton (WA) Limited (CA/L/320/2009) on 2nd December 2014 for determining whether by requiring Halliburton WA to pay tax on the amounts received
See MoreEcuador: Tax Reform Proposed
A Tax Reform bill was sent by the President of Ecuador to the National Assembly for discussion, on 28 November 2014. There are several changes in the proposed Tax Reform Bill to the current tax law. The changes are following: The general
See MoreUK: Government publishes draft tax legislation to implement Budget and Autumn Statement 2014 policies
The government of UK has published draft tax legislation on December 10, 2014 which will implement policies published at Budget 2014 and Autumn Statement 2014. The government has also published responses to related policy consultations which took
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