UK: Statistics for Research and Development Tax Relief
The HMRC published the statistics on 15 August 2013 for the uptake of the research and development tax relief in the UK. This tax relief allows an enhanced tax deduction for expenditure on research and development. In the case of large companies
See MoreIndia: CBDT recommends furnishing of additional information to claim tax treaty benefits
India’s Central Board of Direct Taxes (CBDT) allotted Notification No. 57 of 2013 on 1st August 2013 and this notification will come into force as of 1st April 2013. The Notification proposes information that is required if a taxpayer is to
See MoreAustria: From July 2013 Amendments’ to Limited Liability Company Act
Austria has passed an amendment to the Limited Liability Companies Act from 1st July 2013 with the aim of reducing the costs connected with setting up an Austrian limited liability company. A new provision has also been introduced into the
See MoreUK: exploration of FTT recommended by MPs
It has been recommended by a UK Parliamentary Committee to consider the “feasibility, benefits and risks” of a Financial Transaction Tax (FTT) on High Frequency Trading (HFT), despite the Government’s strong opposition to such a tax within the
See MoreIndia: Decision on benchmarking international transactions
Recently the Income Tax Appellate Tribunal (“ITAT”) provides their decision regarding “standard analysis that every international transaction will have to be benchmarked and analyses separately by comparing it with independent uncontrolled
See MoreEU: ECJ Rules on Denmark’s exit tax rules
The European Court of Justice (ECJ) on 18 July 2013 issued a decision in a case concerning Denmark’s exit tax. The case was brought by the European Commission. At the point where a person leaves Denmark an exit tax is calculated on the person’s
See MoreNetherlands: Additional Bill on taxation of rental income passed
The additional Bill on the taxation of rental income for 2013 was published in the Official Gazette on 12 July 2013. Rental income from housing in the regulated sector will become liable to a special levy based on the value of the house. In 2013,
See MoreHong Kong: SAR allows to enter into independent tax information exchange agreements
The Legislative Council of Hong Kong SAR passed the Inland Revenue (Amendment) Bill 2013 on 10 July 2013. The Bill allows Hong Kong to enter into tax information exchange agreements (TIEAs). There is an increasing emphasis by the OECD and other
See MorePakistan: Supreme Court rules against increase in sales tax
The Supreme Court (SC) ruled on 21 June 2013, that the government was not ratified to impose or increase sales tax from 16% to 17% on the value of taxable supplies by way of declaration under section 3 of the Provisional Collection of Taxes Act 1931
See MoreGermany: Enactment of Cross-border profit allocation rules
Enactment of legislation regarding cross-border profit allocation was published in the Germany federal law gazette on 29 June 2013. Changes with regard to transfer pricing with the transposition into German tax law of article 7 of the OECD Model
See MoreBelgium: Enactment of corporate income tax, individual tax and VAT measures
The Law containing tax and financial measures and measures regarding sustainable development was published on 28 June 2013 in the Belgian Official Gazette. Resident companies and permanent establishments are currently able to deduct 80% of R&D
See MoreCzech Republic: New Decree on Low Value Adding Services
The General Financial Directorate (D-10) has issued the new Decree related to Low Value Adding Services took into effect on January 1, 2013 and it will relief qualifying taxpayers from preparation of full-phase transfer pricing documentation and
See MoreEgypt: New Tax Law
A new tax law was signed by the Egyptian president on 21 May 2013. The new tax law cuts the amount of tax paid by those on lower incomes and this is intended to improve their living conditions. According to the new law anyone who earns EGP 5,000 or
See MoreKorea: Foreign exchange profit taxable as dividend income
Korea’s high court has issued a judgment in a case where a taxpayer received an amount less than the principal investment on the sale of participations in Japanese funds, which was offset to some extent by foreign exchange gains from the strength
See MoreGermany: Taxation of portfolio dividends; gain, loss on mergers
A new law concerning the taxation of portfolio dividends has been introduced in Germany. Also, some amendments to the tax procedure rules have been proposed. According to the new law, portfolio dividends for shareholdings of less than 10%, measured
See MoreCanada: Reforming Temporary Foreign Worker program
Currently, Canadians have raised concerns about the Temporary Foreign Worker Program. A review of the Temporary Foreign Worker Program has been incorporated in the Economic Action Plan 2013 and legislation has been enacted to change the rules. It
See MoreGermany: Amendments to the taxation of portfolio dividends
A new law in respect of dividend taxation was published in the Federal Gazette on 21 March 2013. This law has been introduced following a decision of the European Court of Justice in 20 October 2011 which required a review of the taxation of
See MoreUK: HMRC announces widespread compliance with real time information
Most UK employers are now required to report their information on wages and deductions under the Pay as you Earn (PAYE) scheme in real time. The UK tax authority HMRC announced last week that more than 680,000 employers have begun reporting PAYE in
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