Ecuador: 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
See MoreIRS announces the release of the 2014–2015 Priority Guidance Plan
The Treasury Department and IRS today released the IRS priority guidance plan for 2014-2015, which is intended to focus resources on guidance items that are most important to taxpayers and tax administration. The 2014–2015 Priority Guidance Plan
See MoreSingapore: e-Tax Guide on Tax Deduction for Borrowing Costs other than Interest
The Inland Revenue Authority of Singapore (IRAS) delivered the second edition of the e-Tax Guide on Tax Deduction for Borrowing Costs other than Interest Expenses on 18 August 2014. The previous edition was published on 21 June 2007. The e-Tax Guide
See MoreCanada: Online Tax Administration
Under Canada's Business Accounts program, business owner will be capable of paying online taxes for the first time through the platform from October. From October 2014, it will also be feasible for taxpayers to find a way in detailed payment history
See MoreItaly: Requests to pay tax in installments has been increased
A record 156,000 requests from taxpayers has been received in July 2014 by Equitalia, Italy's tax collection agency to pay their tax debts by installments. There are now said to be 2.4m such agreements in operation with a total value of EUR26.6bn
See MoreBrazil: Extending tax breaks law for IT industry
Brazil recently approved a law for expanding tax breaks for its IT industry on 11 August 2014. This law extends for till 31 December 2050 in the northern Brazil and extends for the Manaus Free Trade Zone until 2073. The current tax reduction rate of
See MoreRussia: MoF declares tax treatment of royalties when paid to a partnership
According to the Germany-Russia Income and Capital Tax Treaty, the Finance Ministry has declared a Letter 03-08-RZ/38351 describing the tax treatment applicable to royalties paid by a Russian resident to a German limited liability partnership and
See MoreCanada-US FATCA constitutional challenge
A constitutional challenge has brought against the Canadian government over its Foreign Account Tax Compliance Act (FATCA) agreement with the US on August 11, 2014. It alleges that the Canadian government has crossed its power of constitution. The
See MoreBulgaria: Amendments in CIT, VAT and social security
The Budgetary and Finance Commission of the parliament is currently discussing some amendments in corporate income tax, VAT and social security sectors those will be planned for voting by the parliament. Bulgaria will take advantage from the
See MoreAustria: planning for Restructuring Tax Administration
Austrian Finance Minister planning for greater fiscal sovereignty for the federal states and municipalities, to decrease administrative costs and finance tax cuts for low earners. He also said that, “tax sovereignty should pass from Government to
See MoreNigeria: Advance ruling in Tax authority not binding
The Nigerian company and the non-resident companies (a Portuguese company and a French company) signed a consortium contract with an international oil company, and that contract needed them to carry out distinct place of work. The non-resident
See MoreUS: IRS Gives Bonuses to Tax-Delinquent Employees
In the US the Treasury Inspector General for Tax Administration (TIGTA) provides independent oversight of the activities of the Internal Revenue Service (IRS). TIGTA aims to ensure economy and efficiency of administration within the IRS and is
See MoreItaly: New Risk-based System of Tax Enforcement
The Italian Revenue Agency is attaching great importance to its examination of taxpayers in certain areas under a newly devised risk-based system. The risk-based approach is designed to take into account the area of the country where the taxpayer
See MoreIreland – Online Portal to Administer Home Tax Break
Ireland’s revenue agency is using an online portal to manage a new property improvement tax relief called the Home Renovation Incentive (HRI). This provision is intended to give value-added tax (VAT) relief, but the HRI is to be managed through an
See MoreSouth Africa Launches Tax Ombud
The Ministry of Finance in South Africa has officially launched a service known as the Tax Ombud, whose main aim is to deal with taxpayer complaints in respect of the procedural and administrative issues arising in their dealings with the South
See MoreUruguay – Relief from compliance in respect of marketing and advertising expenses
Taxpayers are no longer required to submit certain information to the tax administration (Dirección General de Impuestos—DGI) with respect to income tax deductions or value added tax (VAT) calculations related to expenses incurred for marketing
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