South 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
See MoreIndonesia’s Finance Minister Aims to Increase Tax Revenue
The new Indonesian Finance Minister has stated that he is planning to increase the effectiveness of tax collection by increasing the number of people involved in tax collection. Indonesia needs to raise more tax revenues, at a time when the
See MoreFinland: Companies must submit reports on construction by November 5
Businesses and self-employed operators who are buyers or customers, including housing companies and real must submit their reports for September to the Tax Administration by October 6. Companies must give details on their contracts if the value goes
See MoreUruguay: New tax credit certificate regulations issues
Uruguay has issued Resolutions No. 3,905 and 3,906 on 30th October 2014 for announcing new regulations regarding tax credit certificates. Resolution No. 3,905 establishes that the credit certificates which are authorized (given to the supplier of
See MoreSpain: Congress Approves Disputed ‘Google Tax’
Spain's parliament has approved new intellectual property laws that allow news publishers to charge aggregators each time they display news content in search results. This is a reform to the Intellectual Property Law and will come in effect on 1
See MoreIndia: Simplifies immigration procedures for Japanese nationals
The Government of India has simplified the rules on the validity of residential permits and visa/residential permit extension procedures for Japanese nationals travelling to
See MoreVietnam: Decree 91 Introduces Tax Incentives For Manufacturing and Technology
Vietnam’s Decree 91/2014/ND-CP (Decree 91) on VAT and corporate income tax (CIT) will come into effect on 15 November 2014. This Decree updates and clarifies changes made by Resolution 63 in August 2014. The Decree includes provisions on
See MoreSlovak Republic: Tax amendments for 2015 has approved by the Parliament
The Parliament of Slovak Republic has approved the proposed changes regarding the Income Tax Act on 30th October 2014 and it is to be in effect from 1st January 2015. The amendments are basically held on thin capitalization rules, local transfer
See MoreKorea: Announces Tax Revision Proposal for 2015
The 2015 Tax Revision Proposal which was announced in August 2014 by the Ministry of Strategy and Finance, again updated and published on 18 September 2014 with some minor changes. According to the proposal the main points are summarized
See MoreDenmark: Ministry of Taxation publishes its law programme for 2014-2015
The Ministry of Taxation published its law programme for 2014 and 2015 on 7 October 2014 and the main measures of the law programme are summarized below: Corporate taxation: Amending the tonnage tax regime by including more ship types within its
See MoreVietnam: Modifications to personal income tax, VAT declaration and calculation
The Ministry of Finance in order to simplify the tax administrative procedures recently issued Circular No. 119/2014/TT-BTC (Circular No. 119) on 25 August 2014 to change some current circulars on tax administration, value added tax (VAT),
See MoreColombia: Issues tax heaven countries list
The Ministry of Treasury and Public Credit of Colombia issued Decree 1966 of 2014 on 6 October 2014 with a list of tax heaven countries, jurisdictions, domains, associated states and territories. Forty four (44) jurisdictions were listed as tax
See MoreColombia: Tax reform as effective from 2015
The changes of Colombian tax provisions were passed by the government in September 2014. The reform includes the provision for new tax on wealth which will be effective for tax year 2015 to 2018. The increase of the rate of surtax imposed on
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