UK: HMRC allocates more resources to customer service functions
The UK tax administration HMRC has announced the allocation of GBP 45 million to improve aspects of its customer service functions. Three thousand additional staff are enlarging the customer service teams, as well as two thousand staff that are
See MoreChile: Special income tax regime for small taxpayers
Provided by article 14 of the Income Tax Law (LIR) as amended by Law 20,780, the tax administration of Chile has released “Circular letter 69” on 6th January 2015 that gives the administrative interpretation of the new special income tax regime
See MoreEcuador: introduces anti-abuse provision on loans to shareholders
Under new legislation loans made by Ecuadorian companies to non-resident shareholders are treated as dividends and therefore subject to Ecuadorian withholding tax. The applicable domestic withholding tax rate on dividends is limited to the
See MoreChile: Tax reform implications for foreign investors
Foreign investors in Chile require to consider the effect of tax reform changes. According to the prior tax regime, Chile had a combined tax system whereby the corporate income tax paid by the Chilean entity was added to the foreign shareholder tax
See MoreUK: Legislation to Implement Country-By-Country Reporting
The Government of UK has published draft legislation to implement country-by-country reporting (CbCR) based on a template developed by the Organization for Economic Co-operation and Development (OECD). The legislation will be included in the Finance
See MoreUkraine: Tax Compromise Law Comes into Effect
The State Fiscal Service of Ukraine has released a report stating that the law on tax compromise took effect on January 17, 2015. This law concerns the voluntary revision of unpaid tax liabilities by payers of profit tax and value added tax (VAT).
See MoreBulgaria: National Revenue Agency begins new electronic service
A new electronic service of the tax administration became available on 15th January 2015. The service permits companies and individuals to file tax returns and tax compliance documents through the National Revenue Agency (NRA)’s website by using a
See MoreMalaysia: Decentralization of Income tax Files Subsequent to the Setting Up of Large Taxpayer Branch (LTB) and Large Taxpayer Unit (LTU)
To improve the quality of services to clients, Inland Revenue Board of Malaysia (IRBM) released a press notice to inform that with effect from 1 January 2015, the Corporate Tax Department has been renamed to Large Taxpayer Branch (LTB) and will
See MoreMexico: Plan to remove fiscal deficit by 2017
Mexican Government has decided not to come up with new taxes or even increase existing taxes in this current 2015 Budget year due to their strategic resolution of harmonizing the federal tax budget by the year 2017, Undersecretary of Finance and
See MoreAzerbaijan: Tax Code Amendments Comes into Force From 1 January 2015
President of Azerbaijan has approved and published the amendments to the Tax Code, which have already come into force. Individuals whose monthly income is less than AZN 250 are exempt from personal income tax. So the individuals whose annual income
See MoreEcuador: Enacts tax reform Bill
Ecuador enacted a proposed tax reform bill on 29 December 2014. The legislation was effective from 1 January 2015. There are several changes in the tax reform bill to the current tax law. The changes are as follows: The general corporate
See MoreFinland: Publishes Its Decision Regarding Obligation To Disclose Tax Information
The Finish tax administration published its decision regarding the formal obligation to disclose information to the tax administration, on December 31, 2014. There are multiple items of income and wealth for which information has to be disclosed to
See MoreUkraine: Parliament Approves Tax Reform Plans
The Ukraine Parliament approved a package of laws on December 28, 2014, which significantly amend the system of taxation in Ukraine. Key changes are summarized below; General Provisions Number of taxes was decreased from 22 to 11 (including 2
See MoreSouth Africa: SARS Issues Revised Capital Gains Tax Guide
The South African Revenue Service (SARS) has issued a revised version of its Comprehensive Guide to Capital Gains Tax (CGT). This update includes various changes since the guide was last published in 2011. As before the guide looks at what should be
See MoreGhana: Ghana Revenue Authority Launches e-Tax Portal
The Ghana Revenue Authority (GRA) has launched an online portal to easily facilitate compliance, processing and collection of taxes by the authority, on 4th November 2014 at the Ministry of Finance and Economic Planning. The portal would re-engineer
See MoreEcuador: Imposition of electronic invoices on tax registered business
Tax registered business in Ecuador are obliged to maintain electronic invoices. This measure is imposed to reduce VAT fraud in Ecuador and came into force from the month of October 2014. Tax authorities have access to online portal of all customers
See MoreUK: Amended corporation tax regulations enters into force
According to the corporation tax regulations SI 2014/2409, from 1 April 2015 all companies will be subject to the 15% rate. The small profits rate and the marginal relief will no longer be applicable, except for companies with ring-fenced profits
See MoreIRS Warns Financial Institutions of Scams Designed to Identify Theft Attempts
The Internal Revenue Service has said that it does not require financial institutions to provide specific account holder identity information or financial account information over the phone or by fax or email. In addition, the IRS clarified that it
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