Kazakhstan: Investor tax breaks enacts
The President has signed into law tax concessions to raise foreign investment, including an 8-year relief from property tax, a 10-year relief from corporation tax, and a 10-year freeze on remaining taxes. If a production facility is in operation,
See MoreHong Kong: Advance Ruling for source of profits relating to branch’s transactions
An “advance ruling” is issued by the Inland Revenue Department addressing the locality of profits for Hong Kong tax purposes. Generally, there is no interpretive guideline regarding the source principle in the Hong Kong’s law. Therefore, the
See MorePeru: New rules for communicating the issuance, transfer and cancelation of Peruvian shares
According to Resolution 169-2014-SUNAT/4B0000 of Peru the issuance, the direct and/or indirect disposal, also the cancelation of Peruvian shares will have to be communicated to the Peruvian Tax Authority by virtual Form 1065. The Resolution will be
See MoreCanada: Offering PRPP legislation in British Columbia
In British Columbia, legislation offering Pooled Registered Pension Plans (PRPP) to persons and considered substantively enacted for purposes of IFRS and ASPE as of May 29, 2014. It allows small- and medium-sized business employees and self-employed
See MoreNew Zealand: Tax Reform Bill Passed
Tax reform bills has been presented to the Parliament, by the Revenue Minister, on June 19, 2014 in order to introduce new legislation which measures to explain the tax rules for businesses and remove distortions in the existing rules and ensure
See MoreLuxemburg: Corporate exit tax rules has been revised and effective from 8 June 2014
Exit tax provisions for corporate entities has been amended by the Luxembourg Parliament on May 13, 2014 and approved by the law bill 6556. The law will not be compliant with European Union (EU) law. The amendment gives rise an option for a taxpayer
See MoreNorway: Regulations regarding exemptions to the interest
On 24 April 2014, Norway’s Ministry of Finance issued regulations regarding exemptions to the interest deduction limitation rules. Under regulations issued in April 2014 certain securities transactions are exempt from the interest restriction
See MoreMexico – Details of hydrocarbon tax in energy reform proposals
Mexico has announced proposals that would change the rules in respect of the taxation of amounts relating to hydrocarbon exploration and extraction. The rules would take effect from 1 January 2015. The additional government revenue would be raised
See MoreLuxembourg: Rules Out Top Tax Rate Rise
The Luxembourg government is planning to raise more revenue in the next few years by putting together a package that will include some tax rises. The Finance Minister has recently clarified however that the highest rate of income tax is not to be
See MoreChina: Issues circular to clarify corporate income tax incentive
On 25 March 2014, China’s Ministry of Finance and State Administration of Taxation (SAT) jointly issued a circular, Caishui No. 26 (Circular 26) to clarify the criteria for the 15% preferential corporate income tax (CIT). A lower 15% incentive
See MoreGerman States Agree Tougher Tax Regularization Rules
German federal state finance ministers have discussed improvements to the tax system and have decided on action to strengthen the “declaration of non-compliance” that permits residents to regularize their tax affairs without the possibility of
See MoreEU: Issues opinion regarding cross-border intra-company transactions within a VAT group
On 8 May 2014, the Advocate General (AG) of the Court of Justice of the European Union (CJEU) issued an opinion in the case of Skandia America Corporation USA, Sweden branch (C-7/13). The questions referred to the CJEU by the Swedish court related
See MoreColombia: Rulings regarding the application of CREE tax to companies in liquidation
Colombia’s National Tax Authority (Dirección de Impuestos y Aduanas Nacionales – DIAN) has explained through Ruling No. 23001 that when a company is in liquidation it is still subject to the fairness tax (Impuesto sobre la renta para la equidad
See MoreUS: IRS eases enforcement for FATCA compliance for some taxpayers
In Notice 2014-33, the IRS has announced that it will treat calendar years 2014 and 2015 as a transition period for purposes of enforcing and administering implementation of the Foreign Account Tax Compliance Act (FATCA) by all withholding agents
See MoreSouth Africa: Issues new VAT rules
The South African Revenue Service (SARS) has on 2 May 2014 issued a new regulation setting out the circumstances under which indirect exports may qualify for zero rating and explaining when a Value-Added Tax (VAT) refund may be due on the export of
See MoreRomania Pursues Tax Debtors
Romania’s tax authority has commenced a pilot project aiming to ensure that medium sized businesses pay their tax arrears. Businesses are being contacted and given the options available for settling their liabilities. The intention is to
See MoreMexico: President submits secondary legislation to Congress
The Mexican Congress is considering a number of measures that will form the secondary legislation in respect of the energy reform. The new measure will put through the details of implementing the energy reform and permit investment by private
See MoreKazakhstan Announces Tax Breaks For Investors
The Kazakhstan government is introducing some new incentives for investors. These are reported to include a ten year corporate tax holiday for certain investments. The measures would also include a visa concession under which some investors could
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