Venezuela: New income tax relief
The Official Gazette of Venezuela has published a decree named “Supreme Decree 285”. This decree has brought new income tax discharges which will be effective from January 1, 2013 to December 31, 2015. The forestry and agricultural sectors are
See MoreIndia: CBDT recommends furnishing of additional information to claim tax treaty benefits
India’s Central Board of Direct Taxes (CBDT) allotted Notification No. 57 of 2013 on 1st August 2013 and this notification will come into force as of 1st April 2013. The Notification proposes information that is required if a taxpayer is to
See MoreOman: VAT could be introduced by 2016
For implementing a value added tax (VAT), the Oman government is considering a framework. This would be generally in line with guidance from the Gulf Cooperation Council, an organization of which Oman is a member. VAT system could be implemented in
See MoreHong Kong: Tax laws introduced for Islamic Finance
The Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance 2013 was gazetted and came into operation on July 19, 2013 in Hong Kong. It amends the Inland Revenue Ordinance and Stamp Duty Ordinance to provide a
See MoreHong Kong: Explanation of IPR, Royalties Taxation
The Inland Revenue Department (IRD) of Hong Kong has issued amended interpretation and practice notes for taxpayers regarding the profits tax deduction for capital expenditure on intellectual property rights (IPR), and the taxation of royalties
See MoreBelgium: Approval of “Fairness tax” on corporations
The tax measures under the budget control proposals previously announced by the Belgian government were adopted on 18 July 2013 by Parliament.The new “fairness tax” is included in the measures. Imposition rate of the fairness tax will be 5.15%
See MoreAustria: From July 2013 Amendments’ to Limited Liability Company Act
Austria has passed an amendment to the Limited Liability Companies Act from 1st July 2013 with the aim of reducing the costs connected with setting up an Austrian limited liability company. A new provision has also been introduced into the
See MoreUK: exploration of FTT recommended by MPs
It has been recommended by a UK Parliamentary Committee to consider the “feasibility, benefits and risks” of a Financial Transaction Tax (FTT) on High Frequency Trading (HFT), despite the Government’s strong opposition to such a tax within the
See MoreUK: Temporary Non-Residence Regulations 2013
A new statutory instrument SI 2013/1810 has been issued by the UK Government in relation to the temporary Non-Residents (Miscellaneous Amendments). The Government announced its intention to introduce a Statutory Residence Test from 6 April 2013 in
See MoreUK: Regulations for Annual tax on enveloped dwellings
A new statutory instrument named SI 2013/1844 has been issued by HMRC regarding the Annual Tax on Enveloped Dwellings (Returns) 2013. This regulation will come into force on 12 August 2013. Finance Act 2013 introduced an annual tax on enveloped
See MoreUK: HMRC guidance on creative industry tax relief
HMRC has issued guidance on access to the creative industry tax relief. In addition to Film Tax Relief introduced in 2007 the UK has now introduced tax relief for animation and high end television with effect from 1 April 2013. Tax relief for video
See MoreSwitzerland: Pay first tranche of tax on unrevealed assets
Switzerland has paid the UK tax authorities £258m in unpaid taxes on hidden assets representing the first tranche specified under the UK and Switzerland tax agreement. Converted into Swiss francs, almost CHF900m (USD969m) was transferred in tax and
See MoreSwiss Federal Tax Administration publishes instructions on tax agreements with Austria and UK
The Swiss Federal Tax Administration published on 16 July 2013, the latest version of the instructions on the agreements on cooperation in the area of taxation with other states and the federal international withholding tax act. The Agreements with
See MoreIndia: Decision on benchmarking international transactions
Recently the Income Tax Appellate Tribunal (“ITAT”) provides their decision regarding “standard analysis that every international transaction will have to be benchmarked and analyses separately by comparing it with independent uncontrolled
See MoreFrance Begins Tax Break Simplification
The French Government has announced a number of tax simplification measures. The aim is to simplify administrative procedures in respect of taxation for both companies and individuals in France, and to reduce state spending on tax breaks. The
See MoreEU: ECJ Rules on Denmark’s exit tax rules
The European Court of Justice (ECJ) on 18 July 2013 issued a decision in a case concerning Denmark’s exit tax. The case was brought by the European Commission. At the point where a person leaves Denmark an exit tax is calculated on the person’s
See MoreAustralia: Public disclosure of taxable income & tax payments
According to the provisions of legislation enacted in late June 2013, the Australian tax authorities will have to disclose publicly certain information relating to companies with a “reported total income” of greater than AUS $100 million. The
See MoreArgentina: New investment regime for the oil and gas industry
The Executive power of Argentina issued Decree N° 929/2013 to encourage investments in the oil and gas regime through new system. The Decree was published in the Official Gazette on July 15, 2013. According to the Decree eligible entities of the
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