US – Final regulations on determining amount of tax paid for purposes of the foreign tax credit
Final regulations (T.D. 9634) providing guidance on determining the amount of taxes paid for purposes of the foreign tax credit (FTC) has been issued by the IRS. These final regulations adopt without substantive changes, the proposed regulations
See MoreThailand Scraps Luxury-Goods Tax
The government of Thailand had announced to eliminate import duties on luxury watches, clothes and cosmetics. Accordingly by the end of the year the duty on some luxury goods will be cut from 30% to
See MoreRelaxation of VAT penalties in Peru
The Peruvian tax authority published Resolution No. 277-2013/SUNAT which became in force from 8 September 2013. The resolution has relaxed the application of penalties in the VAT Collection
See MoreItaly: Update on new VAT declaration
Italy has provided detailed requirements for the new Italian VAT declaration (Spesometro) providing detailed analysis of VAT transactions above €3,600. The Spesometro VAT return which was first proposed in 2010 is the latest effort by the Italian
See MoreNetherlands: Voluntary disclosure relief system relaxed
The Dutch Finance Ministry has announced plans that for those taxpayers who have undeclared assets disclosure system between September 2, 2013, and July 1, 2014 is going to be relaxed. If two-year period is expired, generally a voluntary disclosure
See MoreIndia: CBDT amends rules relating to furnishing information on payments to nonresidents
India’s Central Board of Direct Taxes (CBDT) allotted Notification No. 67/20131 on 2 September 2013, revising the existing Rule 37BB of the Income Tax Rules 1962 which recommends the system for furnishing information electronically by a person
See MoreCanada: Insurance premium rate for employment
Canada’s Finance Minister has announced the employment insurance premium rate for employees that will be fixed for 3 years. According to the announcement, the employment insurance premium rate for employees will remain at its current level of
See MoreArgentina:Approval of the tax reform bill by the House of Representatives
A tax reform bill proposing significant changes to the income tax law regarding the taxation of dividends and capital gains was submitted to the Argentine Congress on 27 August 2013. The Argentine House of Representatives approved the tax reform
See MoreNigeria: Tax implications guidance of adopting IFRS
The Nigerian tax authority has published guidance on September 6, 2013 regarding the tax implications of adopting the International Financial Reporting Standards (IFRS) that would change the current accounting regime. In 2010, The Nigerian
See MoreNetherlands: Simplification of individual tax assessment process proposed
A new tax assessment process is proposed by the Netherlands Ministry of Finance on 6 September. This will simplify and speed up the process to determine tax liabilities. A number of new rules for assessment, a rule for revising final assessments,
See MoreNetherlands to change statute of limitations period
A Bill to change the statute of limitations period and to simplify the electronic exchange of data was presented on 2 September 2013 to the parliament. The Bill is the result of earlier announcements by the government on 12 March 2013. Under the
See MoreItaly: First payment of municipal real estate tax abolished
Law Decree No. 102/2013, providing for urgent measures with regard to the municipal real estate tax (IMU), was published in the Official Gazette No. 204, Ordinary Supplement No. 66 on 31 August 2013. The first payment of the IMU for 2013,
See MoreIndia: New Company Law enacted from 2014
The government of India enacted a new company law on 29 August 2013 which aims to make stronger the rights of shareholders and to increase corporate social responsibility. Companies will also be essential to improve the quality of their financial
See MoreFrance: List of non-cooperative states or territories updated for 2013
The French government published a Ministerial Decree on 28 August 2013 updating the list of non-cooperative states or territories (NCSTs). The list will become effective from 1 January 2013. A major consequence for a country that is on the list of
See MoreFrance adopts new tax measures to simplify administration
The Council of Ministers of France adopted a bill to implement a new set of measures to simplify administrative procedures for companies on 4 September 2013. The bill will now be subject to parliamentary discussion. The plans of the French
See MoreFinland: Tax Administration published information package on tax havens
On 3 September 2013, the tax administration of Finland published on their website an information package on tax havens. This focuses on the experiences of the Finnish tax administration with tax structures using tax havens, i.e. jurisdictions
See MoreArgentina: Changes to Income Tax and Family Allowances
The Argentine government announced changes to the income taxes. According to the new amendments exemptions from taxes will be offered and the level of non-taxable income for higher earners will be raised. According to Decree 1242/2013, workers with
See MoreAustralia: Changes to unfair dismissal related thresholds
Changes to numerous employment related financial thresholds which are listed every year have been proclaimed by the Australian Government. These are applicable from first July 2013. Both the employer and employee will be required to enter into an
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