Brazil: Guidance Issued on the Pricing of Interest Bearing Transactions
The Brazilian Ministry of Finance has issued an ordinance 427/2013, On 2 August 2013, which finally define and clarifies the interest rate spread and that was mentioned but not specified in Law 12.766/2012. Under Ordinance 427/2013 where the
See MoreCroatia: Government proposes amendments to Individual Income Tax Law
The government has proposed amendments to the Individual Income Tax Law on 25 July 2013. Following the constitutional court decision these amendments provide that dividends or participation in profits obtained after 31 December 2000, but paid out
See MoreFrance introduces bill on new tax incentives for entrepreneurs
The government of France introduced a Bill into the National Assembly on 21 August 2013 in relation to tax incentives for entrepreneurs in crafts, trade and small businesses. Accordingly, entrepreneurs are exempt from the additional tax on real
See MoreFrance: New deductions enacted on capital gains
The government of France issued a circular on 9 August 2013 on reductions of capital gains for individual income tax and social contributions purposes. Capital gains derived from the disposal of immovable property other than land benefit from the
See MoreItaly: Decree on Final Exit Tax has been published
The Ministerial Decree of 2 August 2013 is implementing new rules on 12th August 2013 regarding the income tax treatment of the migration of Italian companies which was published in the Italian Official Gazette n. 188/2013. According to the Decree,
See MoreNew Zealand reforms the Inland Revenue Department
The New Zealand Government has announced to reform the Inland Revenue Department which intended to make it easier and less costly to taxpayers’. The first things of changes need to improvements of processes, skills and capabilities, and
See MoreRussia- Draft amendments to Tax Code
The government of Russia has introduced Draft Law No. 330414-6 to parliament on August 10, 2013 that amends the Tax Code regarding the rules applicable to tax audits of banks and is expected to entry into force one month after its publication. Banks
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 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 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 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 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 MoreFrance Begins Tax Break Simplification
The French Government has announced a number of tax simplification measures. The aim is to simplify administrative procedures in respect of taxation for both companies and individuals in France, and to reduce state spending on tax breaks. The
See MoreAustralia: Public disclosure of taxable income & tax payments
According to the provisions of legislation enacted in late June 2013, the Australian tax authorities will have to disclose publicly certain information relating to companies with a “reported total income” of greater than AUS $100 million. The
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