Brazil: Provisional Measure 644/2014 was terminated by National Congress
Brazil was issued Provisional Measure 644/2014 in order to introduce individual income tax legislation for 2015 (tax year) and this Provisional Measure is not converted into law by the National Congress. But recently it was terminated when the
See MoreFinland: Government Agrees To Tax Hikes For 2015 Budget
After weeks of one-on-one and full-cabinet negotiations, on August 28, 2014, the Finish Government has agreed on the 2015 budget proposal. The proposal is mainly based on decisions made in the General Government Fiscal Plan last spring and in the
See MorePoland: Strengthen the thin capitalization rules
The Lower House of Parliament adopted the amended final version of thin capitalization rules after approval by the Higher House of Parliament on 29 August 2014 and it is very likely new legislation will enter into force from 1 January 2015. This
See MoreCanada: Budget to feature income tax cut
The Ministry of Finance could include federal income tax rates cuts. According to the Finance Minister, there will be a budgetary extra next year. For this reason, the Government will focus on reducing taxes to individuals and it will involve tax
See MoreLatvia proposed a twelve month tax break for Latvian Sanction-Hit Companies
In response to the Russian embargo on most food products imported from the European Union, Latvia's Economy Minister, Vjaceslavs Dombrovskis, has proposed a 12-month tax break for businesses impacted by Russian sanctions. The tax breaks could be
See MoreSlovak Republic: Amendments to the VAT Act
The president of Slovak Republic has signed the law on July 25, 2014 regarding changes to the Value Added Tax Act and this law will enter into force with effect from January 1,
See MoreNigeria: Changes Income tax law for companies
According to section 55 of the income tax law for companies, the Federal Inland Revenue of Nigeria has declared a policy change and stated that non-resident companies will be required to file their returns. Non-resident companies have filed their
See MoreRussia: MoF clarifies tax agents’ obligations of the securities depositories
The Ministry of Finance (MoF) has issued Letter No. 03-08-13/22654 on May 14, 2014 for clarifying the tax agents' responsibilities of the securities depositories making transfers to Russian and foreign companies further to dividend distributions.
See MoreSaudi Arabia- Draft regulations concerning the computation and collection of Zakat
The Saudi Shura Council has approved on 9 June 2014 draft regulations concerning the computation and collection of Zakat on commercial and professional activities. The regulations accept Zakat payers to pay up to 20% of their Zakat to registered
See MoreCanada: CRA offers taxpayer relief provision
The Canada Revenue Agency (CRA) has offered taxpayer relief provisions those are available to taxpayers if they are unable to meet their tax obligations due to extreme weather conditions in Alberta and Ontario. Companies who were fail to file their
See MoreSouth Africa: Special focus on certain areas this tax season
Retirement fund contributions, medical aid claims, income protection policy contributions and taxpayers who submit revised returns for previous years will be given special attention by the SARS for tax season 2014. The South African Revenue Service
See MoreNew Zealand: Approved New Tax Bill
The Inland Revenue has recently enacted a tax bill on 30 June 2014, which is reflected on annual rates, employee allowances and remedial matters. The new bill deals with the taxation of, accommodation payments, other allowances and payments provided
See MoreVietnam: Regulation on VAT and Other measures
Recently, Vietnamese authorities have issued following new regulation: -Value added tax (VAT) on imported animal feed and with respect to unprocessed or semi-processed food products. -Foreign contractor tax and application of rules under the income
See MoreRussia: Application on Participation exemption in case the subsidiary is reorganized
The Ministry of Finance has issued Letter No. 03-03-РЗ-15941 on April 8, 2014 clarifying the application of the participation exemptions in the case where the subsidiary is subject matter to reorganization. Pursuant to general rule, for qualifying
See MoreBangladesh: The 2014-15 Budget will provide for legalization of undisclosed income as in previous budgets
The move comes as no surprise not only because such opportunities were provided in previous budgets but also because powerful lobbies have been active to push for such provisions. AMA Muhith on Saturday told in the Parliament that undisclosed income
See MoreKazakhstan: Investor tax breaks enacts
The President has signed into law tax concessions to raise foreign investment, including an 8-year relief from property tax, a 10-year relief from corporation tax, and a 10-year freeze on remaining taxes. If a production facility is in operation,
See MoreHong Kong: Advance Ruling for source of profits relating to branch’s transactions
An “advance ruling” is issued by the Inland Revenue Department addressing the locality of profits for Hong Kong tax purposes. Generally, there is no interpretive guideline regarding the source principle in the Hong Kong’s law. Therefore, the
See MorePeru: New rules for communicating the issuance, transfer and cancelation of Peruvian shares
According to Resolution 169-2014-SUNAT/4B0000 of Peru the issuance, the direct and/or indirect disposal, also the cancelation of Peruvian shares will have to be communicated to the Peruvian Tax Authority by virtual Form 1065. The Resolution will be
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