South Korea- Planning of Acquisition Tax Cuts
The South Korean Government announced on 30 August 2013 that the tax rates on home purchases would be decreased in order to encourage a rise in transaction numbers. An exemption from property acquisition tax was granted in April 2013, but the
See MoreUK has removed the VAT exemption for business supplies of research
With effect from 1 August 2013 the UK has removed the exemption from value added tax (VAT) for business supplies of research between eligible bodies. Business research for this purpose is defined as research that is provided in return for
See MoreGermany: Effective dates of value-added tax changes
Following the enactment of a new tax law (29 June 2013) in Germany, changes to value added tax are effective on various dates. New invoicing requirements have become effective from 30 June 2013. Changes on VAT exemption with input tax deduction
See MorePhilippines: Thresholds for VAT exemptions increased
The threshold amounts for value added tax (VAT) on sales and leases of residential lots and houses has been increased to offset the rise in the consumer price index by the Philippines’ Bureau of Internal Revenue (BIR). According to the regulations
See MoreTax exemptions for oil and gas projects granted in China
Both onshore and offshore oil and gas drilling projects have been granted import duty and value-added tax exemptions by the China’s Ministry of Finance. The exemptions have been granted to the importation, within established quotas, of equipment,
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