South Africa – tax guide for 2014 / 2015
South Africa has prepared a “tax guide” that includes, among other discussions, an analysis of tax changes for individual and corporate taxpayers, as presented in the 2014 budget speech (February 2014). The tax guide also focuses on the effects
See MoreRussia Plans Crimean Special Economic Zone
Russia has confirmed that the process of making the Crimea a part of Russia is likely to require amendments to the tax system and this may involve the provision of temporary tax incentives for companies located in the Crimea. Other changes would
See MoreSouth Korea – Seeks Tax from Gold Trading
South Korea is launching the first spot market for gold, in an effort to eliminate underground transactions in gold and boost revenue from tax. The spot market is open to any qualified gold dealer such as an importer or a wholesale or retail
See MoreUS Committee Considers Middle Class Tax Burden
In the US the Senate Finance Committee has been considering policy initiatives that could help to support and expand the middle class. These measures could include improvements to the education system, initiatives to increase the level of savings
See MoreSwiss Parliament Passes Media Tax
Switzerland has introduced a new media tax which replaces the license fee previously charged in respect of radio and television. This is charged on large companies and households whose annual income or turnover exceeds EUR 500,000. The introduction
See MoreRomania: Finance Minister proposes the introduction of a tax exemption
Romania’s Finance Minister plans to introduce an exemption from tax on reinvested profit. This exemption would be intended to encourage foreign direct investment and could increase the GDP growth by as much as 0.5%. Another plan is to reduce
See MorePoland Announces Six-Year Tax exemption for Shale Industry
The government of Poland has put forward a proposal for an exemption from special taxes for the shale gas industry until the year 2020, and this is now being considered by parliament. This follows a complaint from the Supreme Audit Office that the
See MoreNew Zealand: Plans for an active income exemption for branches are to be deferred
On 14 March 2014, New Zealand’s Minister of Revenue stated that consideration of an active income exemption for branches is to be deferred for the time being. The reason for the deferral is to allow the government's main tax policy focus to be
See MoreNew Zealand: Changes to Financial Reporting Requirements
The Financial Reporting Act, which changes financial reporting obligations for most companies, comes into effect on 1 April 2014. Small and medium-sized companies in New Zealand will need to make sure they understand how the changes made by the
See MoreItaly – Details of Italian Tax Cuts Agreed
Italy's new Prime Minister, has provided extra detail on cuts to reduce the tax burden in Italy which that are intended to provide an immediate boost to the country's economy. Resources totaling EUR10bn (USD13.9bn) have been allocated by the
See MoreIndonesia to amend rules concerning tax holidays and allowances for investors
The Indonesian Deputy Minister of Finance has announced that the Government is planning to amend the rules concerning tax holidays and allowances for investors, possibly as early as April 2014. The changes to tax holidays are expected to include
See MoreChina’s Finance Minister considering more tax reforms
At a press conference held at the National People's Congress, China's Minister of Finance suggested that there would be more tax reforms in the following year after the recent expansion of the value added tax pilot scheme. The Finance Minister
See MoreAustralian Tax Break for Supporting Mining Activities
The Australian Government has introduced a consultation on plans to provide investors with a refundable tax offset for Greenfield mineral exploration costs incurred from July 1, 2014. Under the proposed program, a tax credit will be provided to
See MoreTaiwan- Proposal to increase business tax rates
Taiwan’s Ministry of Finance (“MOF") has recently spoken about efforts to improve Taiwan’s financial prospects. The proposals include plans to raise business tax rates on the banking and insurance industries, reduce the imputation credit ratio
See MoreSwitzerland urged to approve IHT agreement with France
The French Finance Minister has informed Switzerland that France will not renegotiate the revised inheritance tax (IHT) agreement the two countries have drafted if it is rejected by Swiss lawmakers. The revised Franco-Swiss IHT accord was signed in
See MoreSouth Korea: mergers and acquisitions activity and rental market
South Korea’s Deputy Prime Minister and Minister of Strategy and Finance presided over a Ministerial Meeting on the Economy on March 5 that discussed tax measures to stimulate mergers and acquisitions (M&A) in South Korea and to fine-tune
See MoreMexico – Government and taxpayers reach agreement on tax certainty
The 2014 tax reform provisions have brought significant changes to the tax system in Mexico. New changes will affect both business and individual taxpayers. In response, taxpayers have filed for injunctive relief against certain measures under the
See MoreMalta seeks to attract Small Businesses
Malta’s Finance Minister has stated that the country wants to ensure that the country's taxation system is as business friendly and streamlined as possible to facilitate and attract investment. The statement was made at the MIM Malta International
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