Spain: Congress Approves Disputed ‘Google Tax’
Spain's parliament has approved new intellectual property laws that allow news publishers to charge aggregators each time they display news content in search results. This is a reform to the Intellectual Property Law and will come in effect on 1
See MoreVietnam: Decree 91 Introduces Tax Incentives For Manufacturing and Technology
Vietnam’s Decree 91/2014/ND-CP (Decree 91) on VAT and corporate income tax (CIT) will come into effect on 15 November 2014. This Decree updates and clarifies changes made by Resolution 63 in August 2014. The Decree includes provisions on
See MoreSlovak Republic: Tax amendments for 2015 has approved by the Parliament
The Parliament of Slovak Republic has approved the proposed changes regarding the Income Tax Act on 30th October 2014 and it is to be in effect from 1st January 2015. The amendments are basically held on thin capitalization rules, local transfer
See MoreSouth Africa: SARS Issues Draft Guide On Special Trust Taxation
The South African Revenue Service (SARS) has published a draft guide on the taxation of "special trusts," which has been prepared to helps users in gaining a more in-depth understanding of their taxation, with particular reference to income and
See MoreMalaysia clarified tax treatment of income received by a foreign fund management company
A public ruling has been issued by the Inland Revenue Board of Malaysia explaining the tax treatment of income received by a foreign fund management company that provides fund management services to foreign and local investors. Foreign fund
See MoreHong Kong: SFC gazette on Revised Code on Real Estate Investment Trusts (REITs)
Revised Code on Real Estate Investment Trusts (REITs) has been gazetted by the Securities and Future Commission (SFC). Hong Kong's REIT portfolios have been widened to offer investors a diverse choice, from retail properties to commercial and hotel
See MoreRussia: Interest derived by a foreign company is subject to CIT
The Finance Ministry has released Letter No. 03-00-08/2/29954 that describes the tax treatment applicable to interest paid by a Russian resident individual to a foreign company on the basis of loan agreement. In accordance with article 246 of tax
See MoreChina: General tax audit on service fees and royalties payment
The State Administration of Taxation (SAT) has urged the tax authorities at all levels to carry out general tax audits on large sum payments on service fees and royalties paid to non-residents, by issuing a directive on 29 July 2014 (Shui Zong Ban
See MoreUkraine: Certain corporate income tax incentives to be abolished
The Ukraine parliament adopted the Law No.4309A, on 31 July 2014 which was issued on 21 July 2014, with eliminating certain corporate income tax incentives. The main abolished incentives are summarized below: limiting privileged corporate income
See MoreRussia – The Central Bank issued FATCA guidance
The Central Bank of Russia has issued Bulletin No. 64 (1542) on July 10, 2014 regarding the rules for implementing the FATCA legislation. Central Bank’s guidance is given below: “Punitive withholding” within the Russian territory is not
See MoreRussia: Declares tax treatment applicable to contractual penalties
The Russian Finance Ministry released Letter No. GD-4-3/12689 issued on July 3, 2014, whereby it declared the taxation of contractual penalties paid by a Russian company to a Cypriot company. The Ministry of Finance referred to article 309 of the
See MoreTanzania: regulations on transfer pricing released
The Transfer Pricing Regulations in Tanzania has finally been released through Government Notice No. 27 of 2014 and which is effective from 7 February 2014. The Income Tax Act 2004 already had a requirement in section 33 to transact between
See MoreUkraine: Tax authorities updated on certain transfer pricing issues
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine has issued Order No.368 which approves an updated of "Generalized Tax Consultation on Application of Certain Provisions of the Tax Legislation on Transfer Pricing." The Order
See MoreDeriving income tax by non-residents from contracts with Nigerian companies
The Federal High Court gave its decision in the case of Saipem Contracting Nigeria, Saipem (Portugal) Commercio Maritimo Su LDA and Saipem SA v. Federal Inland Revenue Services, Attorney General of the Federation and Shell Nigeria Exploration and
See MoreRussian Parliament adopts Law to permit FATCA Disclosures
The Russian parliament has allowed a bill to permit financial institutions to observe with the United States’ Foreign Account Tax Compliance Act (FATCA). US Congress has passed FATCA in 2010, which will be effective on July 1, 2014 and it is
See MoreCanada: Offering PRPP legislation in British Columbia
In British Columbia, legislation offering Pooled Registered Pension Plans (PRPP) to persons and considered substantively enacted for purposes of IFRS and ASPE as of May 29, 2014. It allows small- and medium-sized business employees and self-employed
See MoreNew Zealand: Tax Reform Bill Passed
Tax reform bills has been presented to the Parliament, by the Revenue Minister, on June 19, 2014 in order to introduce new legislation which measures to explain the tax rules for businesses and remove distortions in the existing rules and ensure
See MoreLuxemburg: Corporate exit tax rules has been revised and effective from 8 June 2014
Exit tax provisions for corporate entities has been amended by the Luxembourg Parliament on May 13, 2014 and approved by the law bill 6556. The law will not be compliant with European Union (EU) law. The amendment gives rise an option for a taxpayer
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