Philippines Legislates To Cut Back Income Tax Relief
In the Philippines there is some concern in the Department of Finance (DOF) that tax relief is being granted to applicants without sufficient consideration of their entitlement. The Department is therefore keen for legislation to be passed to
See MoreSingapore: Income tax treatment of limited partnerships
The Inland Revenue Authority of Singapore (IRAS) has published an e-tax guide outlining the tax treatment of limited partnerships (LPs). An LP is a partnership that does not have a separate legal personality. It must have at least one general
See MoreNigeria – verification exercise for VAT and WHT
The Nigerian tax authority the Federal Inland Revenue Service (FIRS) is to perform a verification exercise in respect of withholding tax and value added tax. The exercise which will continue from 12 March 2014 until 11 April 2014 is to look at these
See MoreAzerbaijan- Recounts tax reform progress in IMF meeting
On March 11, 2014, there was a meeting between an International Monetary Fund (IMF) delegation and Azerbaijan's deputy minister of taxes. In recent years Azerbaijan’s tax revenues have been increased due to the establishment of a durable,
See MoreUS: IRS publishes annual statistics on foreign tax credits
The US Internal Revenue Service (IRS) has published a statistical report with data of corporations that claim the US foreign tax credit (FTC). The report was published by the IRS Statistics of Income (SOI) Division based on sampling of corporate
See MoreSouth Africa: SARS Enhances TCC Application Process
The South African Revenue Service (SARS) has introduced an enhanced Tax Clearance Certificate (TCC) application process available through eFiling and at SARS offices, as part of a series of initiatives to modernize tax compliance due to be rolled
See MoreKenya Issues TCC Application Guidelines
The Kenya Revenue Authority (KRA) has issued guidelines for those businesses applying for a Tax Compliance Certificate (TCC). This certificate is mandatory for businesses wishing to conduct transactions with government agencies and public bodies. A
See MoreHong Kong – Tax Authority Responds To Fair Value Accounting Case
Following the judgment of Hong Kong's Court of Final Appeal in Nice Cheer Investment Limited v Commissioner of Inland Revenue (CIR), FACV 23/2012, the Inland Revenue Department has been requested, and has agreed, to accept financial statements
See MoreFrance- Transfer Tax hiked
According to the French Tax Administration 66 out of the 101 departments in France have elected to increase their house transfer tax rate from March 1 2014. The house transfer tax is imposed on transactions involving older property. Other expenses
See MoreSwitzerland: Revised guidance on taxation of principal companies
The Swiss Federal Tax Administration (SFTA) has provided the cantonal tax authorities with revised guidance on how to apply rules that affect the taxation of principal companies, which will impact both existing and new principal company rulings. The
See MoreSingapore simplifies stamp duty rate regime
The Inland Revenue Authority of Singapore (IRAS) has issued an e-Tax Guide explaining the stamp duty changes introduced in the Government's 2014 Budget on February 21, 2014. In Singapore stamp duty is payable on instruments relating to the
See MoreHong Kong – Stamp duty change for residential property transactions
Hong Kong’s Legislative Council has passed a bill to amend the stamp duty imposed on residential property transactions. The measures are effective retroactively from 27 October 2012. The new measure includes: Enhanced special stamp duty rates;
See MoreGerman federal state of NRW will issue new tax assessments to taxpayers to clarify their actual tax burden
From March 2014, the German federal state of North Rhine-Westphalia (NRW) will issue new tax assessments to taxpayers to clarify their actual tax burden for 2013, expressed as a percentage of gross income. The tax assessments will provide details of
See MoreEU: Parliament Backs Standard VAT Return
The EU Commissioner for Taxation has welcomed the European Parliament's strong support, expressed on February 26, 2014, for a Standard VAT Return. The Standard VAT Return is one of the Commission's key proposals to reduce the burden of compliance
See MoreSpain: Tax Reform Package Designed
The tax reform committee in Spain will soon present proposals for a comprehensive tax system reform. It is expected that the committee will recommend simplification of the system and corporate taxation and individual income tax rate reductions,
See MoreDenmark: Modifications to cash payment incentive for research and development
The Danish parliament adopted Bill (L 103) on 29 January 2014, under which companies may apply for a maximum cash incentive amounting to 24.5% of DKK 25 million for qualifying R&D costs from 2014. The cash incentive is to be computed on a
See MoreVietnam: Individual Income Tax Guidance for 2013
General Department of Taxation in Vietnam has confirmed the guidance in January 2014 on personal income tax for 2013 providing methodologies on how to calculate taxable income and tax liabilities for net and gross employment contracts. Tax
See MoreUS: Internal Revenue Service (IRS) loses appeal on the reforms of legislation for tax preparers
The United States Internal Revenue Service (IRS) has lost its appeal on the reforms of rules for tax preparers against the ruling by the court that ordered to stop enforcing regulatory requirements on tax return preparers. The ruling is important
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