Russia: Submits a bill related to tax deductible R&D expenses
The government on 23 November 2016 submitted a bill to the lower house of the parliament on amending the list of deductible costs relating to research and development (R&D) for corporate income tax purposes. The main requirements are discussed
See MoreWorld Bank issues 2017 report on ease of doing business
On 25 October 2016 the World Bank issued the 2017 issue of the annual report on ease of doing business entitled Doing Business 2017: Equal Opportunity for All. According to the report 137 jurisdictions carried out important reforms in the past year
See MoreUK: VAT changes following Le Credit Lyonnais case in the ECJ
A change to the VAT regulations in the UK will affect partly exempt businesses that have establishments both inside and outside the UK. The changes have been made in response to the ruling of the European Court of Justice (ECJ) in the Le Credit
See MoreMexico: Presented Further Maquila VAT Refunds
The finance minister of Mexico has introduced a 16% VAT on imports through maquila and it will start from 1 July 2014 and government expected it will providing quick VAT refund on import in the Mexico through a 100% tax credit. The government
See MoreUkraine – VAT bonds introduced by the parliament
Ukraine has passed a new measure to clarify the procedure for obtaining VAT refunds through VAT bonds (Law No 4575). The new law clarifies that VAT bonds will cover refunds claimed before 1 January 2014 but these bonds are only available in respect
See MoreSpain – Refund opportunity for retail sales tax on hydrocarbons
The Court of Justice for the European Union (CJEU) in late February 2014 issued a judgment, finding that Spain’s tax on retail sales of certain hydrocarbons is contrary to EU law. The CJEU rejected a request of the Spanish tax authorities that
See MorePoland: Amendments to input VAT deductions for automobiles
A draft modification to the rules for input value added tax (VAT) deduction for vehicles has been published, and is expected to be effective from March 2014. The proposed amendments will introduce limitations of the right to claim input VAT,
See MoreUK: VAT deductible in respect of certain payments relating to loyalty cards
The UK Supreme Court reached a decision on 20 June 2013 in respect of CRC (Appellant) v Aimia Coalition Loyalty UK Ltd, formerly known as Loyalty Management UK Ltd (hereafter “Loyalty Management”). The company operated the Nectar loyalty card
See MoreUK: Consultation on the VAT treatment of refunds by manufacturers
The UK issued a consultation paper on 31 May 2013 in respect of the value added tax (VAT) treatment of refunds paid directly by manufacturers to consumers. The current UK VAT law permits a business that is in a direct relationship with a customer to
See MoreCanada – Tax-related interest rates for 2014
It was announced by the Canada Revenue Agency (CRA) that tax-related interest rates for taxable credits and for tax overpayment and underpayments for the third quarter of 2013 (July 1- September 30) will remain unchanged for this year and the rates
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