Canada: Exemption of tax for immigrant trusts ends
The immigrated individuals in Canada within the previous 5 years and has built a non-Canadian resident trust prior to their immigration need to be alert that the income tax exemption from immigrant trusts expires after 31st December 2014. According
See MoreKazakhstan: President has signed a Law for amending Tax Code
The President of Kazakhstan has signed a Law No. 257-V on 28th November 2014 for introducing amendments to the Tax Code. The following changes will enter into force from 1st January 2015: Due to calculate corporate income tax, withholding tax at
See MoreUAE: Memorandum of Understanding Signed with Free Zone
The Ministry of Finance (MoF) of the United Arab Emirates (UAE) signed a Memorandum of Understanding (MoU) with the Ras al-Khaimah Free Trade Zone, (RAK FTZ) on 17th November, 2014 (WAM). This agreement ensures that the free zone complies with the
See MoreGermany approves tax break for electric vehicles purchases as company cars
The Germany Cabinet on December 3, 2014 has approved measures on allowing a tax break for purchasing electric vehicle as company cars. The government of Germany has aimed to have one million electric cars on its roads by 2020 to cut its greenhouse
See MoreInformation regarding Transfer pricing reporting requirements in Czech Republic
The General Tax Directorate has released information regarding the new transfer pricing reporting requirements on its website and confirms that tax audits, the tax authorities will pay special attention to transactions with related parties and the
See MoreCanada Revenue Agency’s findings on research tax credit
The tax credit program of Scientific Research and Experimental Development (SR&ED) proposes generous incentives for business undertaking eligible research or experimental development work and it has administrated by the Canada Revenue Agency
See MoreTurkey: Turkish Petroleum Law regarding Taxation, Import, Export and Transfers
The Turkish Petroleum Law came into force on 11 June 2013. This Law introduced a revolution in the Turkish oil and gas industry as it levelled the playing field for foreign investors and removed the privileged rights of the State oil company. As
See MorePortugal suspends VAT rise proposal from 2015
Portugal has suspended a proposal to raise its value added tax (VAT) rate from 23 percent to 23.25 percent on 1 January 2015. In May 2014, the government of Portugal was announced to increase VAT rate from 23 percent to 23.25 percent from January
See MoreChina: VAT on financial services will be applicable from 2016
China's Ministry of Finance (MoF) has announced that it will launch its VAT reforms for the Financial Service Industry in the early next Year. The plan will be to levy VAT on insurance and banking services. This will swap the current flat rate 5
See MoreThe Finance Ministry clarifies income allocation and expenses to Russian PE
The Finance Ministry (MoF) has published a Letter No. 52359 for describing the allocation of income and expenses to a Permanent Establishment (PE) in Russia of a non-resident company and it has issued on 17th October 2014. In accordance with article
See MoreTurkey: free trade zones are not required to calculate VAT
The tax court of Turkey settles that entities functioning in free trade zones are not required to calculate value added tax (VAT) using a reverse-charge basis with respect to services provided by resident and non-resident companies who are subject
See MorePortugal: Approves State Budget for 2015
Portuguese parliament approved the country's state budget for 2015 on November 25, 2014 which signals continuing austerity measures. Within key measures in the 2015 budget is the continuation of a 3.5 % income tax surcharge, twinned with a fiscal
See MoreSouth Africa: SARS Issues Tax Ruling On Unbundling Transactions
The South African Revenue Service (SARS) has issued a draft Binding General Ruling (BGR), the interpretation of Section 46 of the Income Tax Act, which deals with unbundling transactions. A company under an unbundling transaction (the unbundling
See MoreSpain Approves Comprehensive Tax Reform Plans
Spanish parliament has approved the comprehensive tax reforms plans on 24 November 2014, which will be published shortly in the Official Gazette. The legislation will enter into force from January 1, 2015 and followings changes have been taken
See MoreJapan Seeks Corporate Tax Cut In 2015
Japan's Minister of Economy, Trade and Industry has stated that his objective is to reduce the country's corporate income tax rate by at least 2.5% next year. Earlier this year it was agreed that a preliminary corporate tax rate cut will be included
See MoreSouth Africa: National Treasury Spell out Foreign Pension Tax Exemption
The South African Service (SARS) has clarified the foreign pension tax exemption system relating to foreign pension payments that are received by or accrue to a South African resident under Binding General Rulings (BGR). A Binding General Ruling
See MoreSouth Africa: National Treasury Invites Technical Tax Proposals
South Africa's National Treasury has invited taxpayers, tax practitioners and members of the public to submit any technical proposals in connection with any unintended anomalies, loopholes and technical matters requiring correction in existing tax
See MoreUK: HMRC issues a list of 10 things to know about tax avoidance
On 5 November 2014 HM Revenue and Customs (HMRC) issued a list of 10 points that it suggests taxpayers ought to know about tax avoidance schemes. The list sets out the risks that people face when they sign up to a tax avoidance scheme. These include
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