Nigeria: Tax implications guidance of adopting IFRS
The Nigerian tax authority has published guidance on September 6, 2013 regarding the tax implications of adopting the International Financial Reporting Standards (IFRS) that would change the current accounting regime. In 2010, The Nigerian
See MoreItaly: First payment of municipal real estate tax abolished
Law Decree No. 102/2013, providing for urgent measures with regard to the municipal real estate tax (IMU), was published in the Official Gazette No. 204, Ordinary Supplement No. 66 on 31 August 2013. The first payment of the IMU for 2013,
See MoreFinland: Tax Administration published information package on tax havens
On 3 September 2013, the tax administration of Finland published on their website an information package on tax havens. This focuses on the experiences of the Finnish tax administration with tax structures using tax havens, i.e. jurisdictions
See MoreSouth Africa: Tax consequences of debt reduction transactions
South Africa’s Taxation Laws Amendment Act, 2012, includes provisions that revise the tax treatment of debt reduction transactions entered into on or after 1 January 2013. Since the objective of the new tax reduction rules is to make it easier
See MoreChina: Eligibility of software enterprises for corporate income tax incentives
To clarify the rules concerning software enterprises that are eligible for certain corporate income tax incentives, China’s State Administration of Taxation has issued guidance on the issues arising in qualifying for these incentives. According
See MoreCyprus: Tax treatment of loan write-off by a financial institution
Recently guidance with respect to the tax treatment of a loan write-off by a financial institution, for the benefit of the borrower, has been issued by the tax authority of Cyprus. According to Circular 2013/14 of 30th May 2013, a partial or
See MoreIndia – CBDT Releases Drafts on Transfer Pricing Safe Harbor Rules
India’s Central Board of Direct Taxes (CBDT) released draft transfer pricing “safe harbor” rules as part of an initiative by the government to reduce the number of transfer pricing audits and protracted disputes on 14th August 2013,. Under the
See MoreLuxembourg publishes Circular on Minimum Corporate Income Tax (MCIT)
The Luxembourg tax authority published a circular L.I.R. no. 174/1 on 1 August 2013. This relates to the Minimum Corporate Income Tax (MCIT). The most significant parts of the circular are given below: Luxembourg permanent establishments are not
See MorePhilippine: Collect taxes from online sellers
The Bureau of Internal Revenue (BIR) of Philippines’ has released a memorandum, which is ensure that it will start accumulate taxes from individuals and businesses for selling products online. This measure is already permitted under the tax law
See MoreRussia- Guidance on filling out notification on controlled transactions
The Federal Tax Service of Russia has issued Letter No. OA-4-13/11860 clarifies the requirements for filling out the notification that taxpayers have to submit when they engage in certain types of controlled transactions under the transfer pricing
See MoreSaudi Arabia – Procedures to claim reduced withholding tax rates under tax treaties
The tax authority of Saudi Arabia has issued guidance- Circular No. 5068/16/1434 about the procedure of claiming reduced withholding tax rates under double tax treaty conventions of Saudi Arabia. According to the guidance an entity of Saudi Arabia
See MoreSwitzerland: Changes in the Tax Administrative Assistance Act
The Federal Council of Switzerland introduces consultation proceedings on the partial modification of the Tax Administrative Assistance Act on 14 August 2013. As a result of the consultation procedure some changes provides for: Postponed
See MoreUK: Published draft guidance on DOTAS regime confidentiality hallmark
HM Revenue & Customs (HMRC) the UK tax authority published draft guidance on 21 August 2013 to accompany the present consultation on the confidentiality hallmark about the disclosure of tax avoidance schemes (DOTAS) regime. The guidance will
See MoreUK: 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
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