India: Simplifies immigration procedures for Japanese nationals
The Government of India has simplified the rules on the validity of residential permits and visa/residential permit extension procedures for Japanese nationals travelling to
See MoreDenmark: Ministry of Taxation publishes its law programme for 2014-2015
The Ministry of Taxation published its law programme for 2014 and 2015 on 7 October 2014 and the main measures of the law programme are summarized below: Corporate taxation: Amending the tonnage tax regime by including more ship types within its
See MoreVietnam: Modifications to personal income tax, VAT declaration and calculation
The Ministry of Finance in order to simplify the tax administrative procedures recently issued Circular No. 119/2014/TT-BTC (Circular No. 119) on 25 August 2014 to change some current circulars on tax administration, value added tax (VAT),
See MoreColombia: Issues tax heaven countries list
The Ministry of Treasury and Public Credit of Colombia issued Decree 1966 of 2014 on 6 October 2014 with a list of tax heaven countries, jurisdictions, domains, associated states and territories. Forty four (44) jurisdictions were listed as tax
See MoreColombia: Tax reform as effective from 2015
The changes of Colombian tax provisions were passed by the government in September 2014. The reform includes the provision for new tax on wealth which will be effective for tax year 2015 to 2018. The increase of the rate of surtax imposed on
See MoreCanada: Income tax cuts prioritization
The Prime Minister of Canada has declared that tax cuts may be feasible for families while the Government has balanced the budget. The Government's recent declaration on tax relief in payroll as an example of the Government's commitment to reducing
See MoreChile: Tax reform has approved by Chilean Congress
The bill of Law amending the tax regulations has been approved by the Chilean Chamber of Representatives on September 10, 2014. Currently, the Congressional steps have been settled; the Chilean Government must publish the Bill of Law to enact it.
See MoreGreece: Tax cuts initiative will take place by Greek PM in the months ahead
Details of a "road map" for reducing taxes will be unveiled by Greece's Prime Minister, Antonis Samaras and which will be implemented initial tax cuts in the months ahead. Heating oil tax will be reduced by 30 percent and the solidarity tax on
See MoreBrazil: 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
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