Switzerland: Changes in the Tax Administrative Assistance Act
The Federal Council of Switzerland introduces consultation proceedings on the partial modification of the Tax Administrative Assistance Act on 14 August 2013. As a result of the consultation procedure some changes provides for: Postponed
See MoreTanzania – Requirements for business licenses
Recently Tanzania’s Ministry of Industry and Trade issued details of the procedures necessary for businesses to register for or renew their business licenses on or before 31st December 2013. In July 2013 the Permanent Secretary in the Ministry of
See MoreUK: Published draft guidance on DOTAS regime confidentiality hallmark
HM Revenue & Customs (HMRC) the UK tax authority published draft guidance on 21 August 2013 to accompany the present consultation on the confidentiality hallmark about the disclosure of tax avoidance schemes (DOTAS) regime. The guidance will
See MoreUK: Statistics for Research and Development Tax Relief
The HMRC published the statistics on 15 August 2013 for the uptake of the research and development tax relief in the UK. This tax relief allows an enhanced tax deduction for expenditure on research and development. In the case of large companies
See MoreVenezuela: 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
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