Portugal: Lower tax burden in 2015
The Finance Minister of Portugal has indicated that the Government is aiming to reduce the tax burden on workers in Portugal within the framework of the 2015 State Budget (OE 2015). The State Budget 2014 of Portugal is designed to redress the public
See MorePortugal: Budget VAT announcements
The draft VAT Bill 2014 of Portugal contains a range of amendments to the Portuguese VAT rules. According to the draft amendments, VAT on irrecoverable debts may only be refunded within two years from the beginning of the fiscal year after the bad
See MoreOman: Clarification of tax rules
The Oman government has clarified that the tax rules in Oman require the following: Within three months from the date of incorporation or commencement of activities, taxpayers must be registered with the Omani tax authorities and if there is any
See MoreJapan: tax reform outline announced
The Japanese government has officially decided to increase the rate of consumption tax from the current 5% to 8% with effect from 1 April 2014. It has also delivered a five-trillion yen (US$50B) economic stimulus policy that aims to alleviate
See MoreColombia: Decree Listing Tax Havens
Colombia’s Ministry of Finance and Public Credit on 7 October 2013 issued Decree 2193. That Decree includes a list of the countries, jurisdictions, domains, associated states or territories which are tax havens for tax purpose. Jurisdictions like
See MoreChina: Enterprise income tax treatment from technology transfers
The State Administration of Taxation (SAT) of China issued a bulletin which states that revenues from technical advice, technical services and technical training, in relation to technology transfers will be included under the enterprise income tax
See MoreChina: Circular providing tax breaks for eligible enterprises for Government-led shanty town renovations
The Finance Ministry of China on 28 October 2013 released a circular that announced tax breaks for eligible enterprises that are involved in government-led shanty town renovations. This is part of an effort to encourage participation in the
See MoreCanada – QST changes in Quebec
A business with total taxable supplies and those of the business' associates exceed $10 million for the preceding fiscal year is considered as large business. The Quebec Revenue recently published extra information regarding the upcoming repeal of
See MoreBrazil’s Tax Treatment on shared costs
Brazil’s tax authorities published guidance concerning the treatment of social contributions and it related to expenses and cost shared by the taxpayer groups, on 29 October 2013. It is intended to clarify the treatment and apportionment of PIS
See MoreSignificant Changes to Brazilian Tax Legislation
The Brazilian Ministry of Finance has announced significant changes to the way it will tax profits sourced from abroad, on 18 October 2013. The stated aim is to increase the competitiveness of Brazil as a business location and bring it into line
See MoreBelgium: Audits on corporate withholding tax
The Finance Ministry of Belgium has unveiled plans to tighten the rules next year for companies which fail to settle their professional wage-withholding tax obligations for compensation paid out to company directors. The requirements are not being
See MoreAzerbaijan has declared the tax Policy Priorities
Azerbaijan has declared its tax policy priorities for the next 3 years which are presently being considered by the Azerbaijani parliament. The country intends to improve the tax system by introducing 7 new types of taxes, along with a real estate
See MoreAustralia: GST fraud in gold industry is in target
The Australian Tax Office (ATO) on 30 October 2013 announced that it is investigating companies within the gold bullion sector for a total of AU$65 million ($61.5 million) of alleged goods and services tax (GST) fraud. The investigation is a part
See MoreSwitzerland: Terminates Tax Rebate Committee
It has been announced that, the Swiss Federal Council has issued plans to eliminate the Federal Committee (CFR) responsible for federal direct tax rebates. The Federal Council is establishing new provisions for federal direct tax rebates. The CFR is
See MorePortugal: Temporary tax regularization regime unveiled
For the regularization of tax debt, Portugal’s Council of Ministers has approved an “exceptional and temporary regime”. For those taxpayers who choose to regularize their tax debts by 20 December 2013, the regime accords exemption from the
See MorePeru – Due dates for submitting transfer pricing affidavits and technical studies for 2012
The Peru’s tax authorities (SUNAT) issued Resolución de Superintendencia N° 301-2013/SUNAT which became effective from 6 October 2013. The resolution has scheduled dates in November 2013 for taxpayers to submit their transfer pricing affidavits
See MoreLithuania – Regulation for VAT on credit, debit documents
An observation has been issued concerning provisions under Lithuania’s value added tax (VAT) law regarding credit notes and debit documents. The guidance describes as when: a condition to issue a credit VAT letter or a debit certificate
See MoreUkraine withdraws VAT cut plans
Ukraine had previously planned to decrease its VAT rate along with lowering its corporation tax rate. However since Ukraine is struggling with a weak economy, the government is now considering shelving plans to cut corporate tax and VAT next year to
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