Mexican Tax Reforms Gazetted
According to a media report on 23 December 2013 Mexico's tax reform bill, which includes measures affecting the direct and indirect taxation of corporate taxpayers, has been published in the country's Official Gazette, completing the enactment
See MoreLatvia: changes of VAT code 2014
The following changes have been taken place under the Latvian VAT code which will come into effect in January 2014. The requirement to appoint a VAT fiscal representative by non-resident taxable persons is withdrawn. For advertising costs, the
See MoreChina: VAT pilot program expanded to new industry sectors
China’s Ministry of Finance and the State Administration of Taxation jointly issued guidance to expand the value added tax (VAT) pilot program to apply to the railway sector, the postal delivery services sector, and the telecommunications sector.
See MoreUS ensure further tax benefits for same-sex married couples
The Treasury and Internal Revenue Service (IRS) have issued a further notice in response to the Supreme Court ordered that same-sex couples should be given all of the federal tax benefits that are extended to heterosexual married couples. On June
See MoreUS 2014 tax season to open on January 31
The United States Internal Revenue Service (IRS) has declared that it plans to open the 2014 tax filing season on January 31 instead of the original opening date of January 21. The new opening date for individual to file their tax returns for 2013
See MoreHungary-VAT Act changes of 2014
Most of the changes to the VAT rules of Hungary are designed to bring Hungarian VAT further in line with the EU VAT Directive. According to the changes to the VAT rule the reverse charge mechanism will be extended to include property construction.
See MoreEU: Tax Mandate Adopted by Switzerland
It was reported that the Swiss Federal Council has adopted the instruction for negotiations on 20 December 2013 regarding a reconsideration of the tax savings agreement with the European Union. The EU ensures that the changes of this agreement are
See MoreExtension to the temporary exemption for commodities transactions in Peru
The tax authority of Peru published Resolution No. 355-2013/SUNAT in the Official Gazette on 12 December 2013. The Resolution would extend the temporary exemption for commodities transactions from the application of the withholding income tax regime
See MoreSwitzerland released report on Corporate Tax Reform
The Swiss Federal Council has released a final report of corporate tax reform III on 19 December 2013. The Swiss federal government proposes to replace the holding, domiciliary, and mixed company regime in the next five to seven years and to enact a
See MoreSpain: New law regarding deferred tax assets
A new law (RDL 14/2013) exchange into Spanish tax law the EU directives and regulations regarding the deferred tax assets. The law will enter into force from 1 January 2014, and this will affect Spanish financial institutions in the light of the
See MoreUS – IRS Issue Guidance for Tax-Exempt Entities
The United States Department of the Treasury and the Internal Revenue Service (IRS) have announced they are issuing initial guidance regarding qualification requirements for tax-exemption as a social welfare organization under section 501(c)(4) of
See MoreSwitzerland: Ruled against the replacement of VAT with Energy Levy
Value-added tax (VAT) in Switzerland to be replaced with a tax on energy has been rejected by The Swiss Federal Council. The council argued that in order to replacement of VAT because the rate of the energy tax will be very high and abolishing VAT
See MoreSouth Africa – VAT changes for short-term insurance
South Africa’s tax authorities have issued a ruling addressing the value added tax (VAT) treatment of supplies made and received by short-term insurers. The following issues are focused in the Ruling. Clarification on the time of supply in the
See MoreOman: Tax remittances
Oman government shall impose tax on the remittances sent by foreign workers to their home countries. This is advised by the economic and financial committee of Oman. In order to ease growing pressure on the state budget, two percent tax is to be
See MoreNetherlands Welcomes Court Ruling on Business Succession Tax Break
The Netherlands Supreme Court has ruled in recent proceedings that the country's business succession rules, provided for in the inheritance and gift tax law, are not contrary to the principle of equality. Under Dutch business succession regulations,
See MoreLuxembourg: Rejection of a tax on FTT
A recent report confirmed that Luxembourg’s clear rejection of a tax on financial transactions (FTT). Luxembourg will carry on ruling out the idea of such a tax, as currently envisaged by eleven EU member states, within the structure of enhanced
See MoreSwitzerland: Revise withholding tax regime
It was reported that the Swiss Federal Council has introduce a consultation plans to review the imposing of withholding tax at source on income acquire from “lucrative” activity on 18 December 2013. Plans to modify the federal laws governing the
See MoreChile- Combine tax treatment of corporations and partnerships
Chile's tax administration has issued several guidelines on December 18, 2013 for measuring income tax related to corporations and partnerships. These measures also include some treatments for employee benefits. Ley 20.630, which considered both
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