South 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
See MoreNorway: Regulations regarding exemptions to the interest
On 24 April 2014, Norway’s Ministry of Finance issued regulations regarding exemptions to the interest deduction limitation rules. Under regulations issued in April 2014 certain securities transactions are exempt from the interest restriction
See MoreMexico – Details of hydrocarbon tax in energy reform proposals
Mexico has announced proposals that would change the rules in respect of the taxation of amounts relating to hydrocarbon exploration and extraction. The rules would take effect from 1 January 2015. The additional government revenue would be raised
See MoreLuxembourg: Rules Out Top Tax Rate Rise
The Luxembourg government is planning to raise more revenue in the next few years by putting together a package that will include some tax rises. The Finance Minister has recently clarified however that the highest rate of income tax is not to be
See MoreChina: Issues circular to clarify corporate income tax incentive
On 25 March 2014, China’s Ministry of Finance and State Administration of Taxation (SAT) jointly issued a circular, Caishui No. 26 (Circular 26) to clarify the criteria for the 15% preferential corporate income tax (CIT). A lower 15% incentive
See MoreGerman States Agree Tougher Tax Regularization Rules
German federal state finance ministers have discussed improvements to the tax system and have decided on action to strengthen the “declaration of non-compliance” that permits residents to regularize their tax affairs without the possibility of
See MoreUS: IRS eases enforcement for FATCA compliance for some taxpayers
In Notice 2014-33, the IRS has announced that it will treat calendar years 2014 and 2015 as a transition period for purposes of enforcing and administering implementation of the Foreign Account Tax Compliance Act (FATCA) by all withholding agents
See MoreMexico: President submits secondary legislation to Congress
The Mexican Congress is considering a number of measures that will form the secondary legislation in respect of the energy reform. The new measure will put through the details of implementing the energy reform and permit investment by private
See MoreKazakhstan Announces Tax Breaks For Investors
The Kazakhstan government is introducing some new incentives for investors. These are reported to include a ten year corporate tax holiday for certain investments. The measures would also include a visa concession under which some investors could
See MoreJapan Planning Corporate Tax Cut Next Year
There are plans to lower the corporate tax rate following the work of the Tax Commission appointed by the Japanese government. The Commission suggested an eventual reduction of the corporate tax rate to around 25 percent, and the Deputy Economy
See MoreIreland Eases Rules for LPT Concessions
Certain relief from Ireland’s Local Property Tax (LPT) is available for some disabled individuals. The Finance Minister has now announced that the scope of these reliefs is to be extended. The exemptions relate to property that are built or
See More