Colombia: CREE Fair Tax Decree Issued
“Fair tax” is introduced by the Decree 2701 of 2013. “Fair Tax” is a tax which is payable by resident companies and non-resident companies deriving their income through a permanent establishment in Colombia. The decree was issued by the
See MoreLuxembourg: PM presented details of future Tax Reform
Xavier Bettel, the new Prime Minister of Luxembourg has presented a Government Declaration outlining details of plans to reform taxation in the Grand Duchy to the country’s Chamber of Deputies. The Government wants to set up a consultative tax
See MoreJapan – Tax reform proposals for 2014
Recently, Governments of Japan agreed on “outline” of tax reform proposals for 2014. On 12 December 2013 among the tax measures in the tax reform plan affecting corporations are provisions that would: • Decrease the current corporate tax rate
See MoreBulgaria- Amendments in VAT Act 2014
Amended Bulgarian VAT act have been published by Bulgarian tax office which are in effect since January 1, 2014. The changes are- the reporting point is to be treated as the end of the month for recurring monthly intra-community supplies, free
See MoreVietnam – published an official letters on Investment projects and severance allowances
The Vietnam tax authority’s published an official letters on 15 November 2013 on condition that: Business establishments are not allowed to corporate income tax incentives for an investment project if implementation of the investment project is
See MoreSpain Plans to Cut Taxes in 2015
Spain is planning to cut income taxes in 2015 considering significant changes to its corporate taxes as the economy gradually recovers. A gradually improving economy and an expected fall in unemployment allow the government to bring income tax rates
See MoreSouth Africa: Technical Tax Proposals for 2014 Budget
South Africa’s National Treasury has invited taxpayers to submit any technical proposals to improve the tax legislation, including the closing of tax loopholes and unintended anomalies in the law. The proposals will be considered for possible
See MoreMexico – Tax reform legislation published in official Gazette
Mexico published new tax reform provision in official gazette on 11 December 2013, which is proceeding through the legislative process. The new legislation includes measures that may affect multinational entities with current or planned operations
See MoreIreland: Revenue published details of tax settlements
Ireland's Revenue organization has published data on 88 cases of the settlements arrived at with defaulting taxpayers throughout the last year. The first lists each person upon whom a fine or punishment was forced by a court. The second part covers
See MoreChina: Extends VAT to postal services and railways
An edict recently is issued by the China’s State Council adding postal services and railway transportation to the reform of the existing Chinese Business Tax and VAT systems. This will start on 1 January 2014. The principles of the OECD VAT
See MoreNew Zealand – New Tax Policy Work Plan
The Inland Revenue of New Zealand released the government’s tax policy work program on 8 November 2013 that sets out the government’s focus for tax reform and development for the next 18 months. Creating further improvements to the tax and
See MoreHungary- Amendments to Corporate Law
Hungary is going to modify its civil code by making significant changes to the corporate law which is likely to become effective from March 2014. According to the amendments, new companies may be permitted to establish their own company guidelines
See MoreChina: Financial sector faces issues on transition to VAT
In the transition to a value added tax (VAT) system, the financial services sector in China will need to consider certain issues.China’s Ministry of Finance suggests that- to a VAT system in China, modern principles of VAT would be applied. The
See MoreChile- New Bill is proposed to limit taxation of Senior Citizens
The Finance Minister of Chile proposed a new bill on November 8, 2013 for limiting the amount of tax payable for senior citizens with low incomes. The measure is taken to help the poorer people of this nation. The bill states that if an individual
See MoreAustralia: The Authority extends review of income tax rules
It was proclaimed by the Assistant Treasurer of Australia that the Australian on 8 November 2013, Board of Taxation will extend its review of income tax rules to permit the board to consider the more extensive tax framework in which private business
See MoreTax Devolution process for Wales has been confirmed by the UK Government
The UK Prime Minister has confirmed in a press release on 7 November 2013 that the Government intends to devolve the power to set Landfill Tax and Stamp Duty rates in Wales, and to hold a referendum on devolving the income tax rate. It was announced
See MoreRussian President commands more tax intermission for LNG
Russian President has called for tax intermissions to be prolonged to more gas deposits that produce the Novatek-controlled liquefied natural gas program in the Yamal peninsula and it should also cover the neighboring Gydan peninsula. The tax
See MorePortugal: Gazettes Tax Regularization Decree
Decree-Law number 151-A/2013 is published in the country’s official Gazette. To tighten sanctions, it establishes an exceptional and temporary regime for the regularization of tax debt. From 2014 individuals who committed tax fraud will face
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