US – IRS Issue Guidance for Tax-Exempt Entities
The United States Department of the Treasury and the Internal Revenue Service (IRS) have announced they are issuing initial guidance regarding qualification requirements for tax-exemption as a social welfare organization under section 501(c)(4) of
See MoreUS States Cut Taxes in 2013
Eighteen US states have cut taxes in the 2013 legislative year, reflecting an emphasis, following the recession, on pro-growth reforms that encourage economic expansion and competition, according to a new report by the Center for State Fiscal Reform
See MoreUS Signs FATCA Agreements with Cayman Islands and Costa Rica
The Department of the Treasury has announced that the United States has signed intergovernmental agreements (IGAs) with the Cayman Islands and Costa Rica to implement the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted by Congress in
See MoreUS: Internal Revenue Service (IRS) Prompted to Increase Online Payment Agreements
A new report from the Treasury Inspector General for Tax Administration (TIGTA), has found that, while rising numbers of taxpayers are using the internet for their tax arrangements, the United States Internal Revenue Service (IRS) has still missed
See MoreSwitzerland: Rejects some key tax initiatives
The Swiss people rejected some major tax initiatives, which would have had a reflective impact on both the economy and the attractiveness of the Confederation Fair Play would have limited executive pay to several of 12 times the wages of the lowest
See MoreSwitzerland: Proposals on Multiple Tax Agreements has been Adopted
A number of double tax treaties proposal on tax information exchange has been adopted by the Swiss Federal Council. The Double tax agreements are with Australia, Hungary, and China, currently valid agreements, and containing administrative
See MoreRatification of New Zealand-Canada Multilateral Tax Convention
The Multilateral Tax Convention will be entered into force from March 1, 2014 for New Zealand from March 1, 2014 and it qualifies signatories to exchange tax information, and New Zealand's Inland Revenue will be able to find assistance in collecting
See MoreChile- Combine tax treatment of corporations and partnerships
Chile's tax administration has issued several guidelines on December 18, 2013 for measuring income tax related to corporations and partnerships. These measures also include some treatments for employee benefits. Ley 20.630, which considered both
See MoreCanada – Venture Capital Tax Credit has phased out
The Canadian Government is negotiating on a series of draft legislative proposals for the orderly phase-out of the federal Labor-Sponsored Venture Capital Corporations (LSVCC) tax credit. LSVCCs are a type of mutual fund corporation, sponsored by
See MoreCanada has perfectly managed Liechtenstein’s tax information
The Canada Revenue Agency (CRA) managing this data was reviewed as part of the Auditor General's fall 2013 report. The office has examined whether the agency perfectly conducted compliance activities for those listed under the Liechtenstein bank,
See MoreArgentina plans to apply Luxury tax to preserve dollars
The government of Argentina is planning to increase the taxes on high-end cars and other imported luxury goods. A Bill has been sent to Congress with a view to implement this policy. The government is attempting to protect the country’s reserves
See MoreUS hopeful of resolution over issue of Chinese VAT on Shipping
A bilateral consultation was held with China over the impact on international shipping firms of the extension of Chinese value added tax to cover shipping services on August 1, 2013, on the basis of Circular 37/2013. Commissioner William Doyle of
See MoreUS: Moneyed Households Pay over 100 Percent of Income Tax
Based on a report of Distribution of Household Income and Federal Tax for 2010, Congressional Budget Office (CBO) pointed out that the share of taxes paid by higher-income households in the United States significantly exceeded their share of
See MoreUnited States and Malta sign FATCA Bilateral Agreement
The United States and Government of Malta signed an intergovernmental agreement on 16 December 2013 to implement the FATCA provisions that apply to certain financial institutions and funds under U.S. law. The aim of the FATCA agreement is to
See MoreColombia: CREE Fair Tax Decree Issued
“Fair tax” is introduced by the Decree 2701 of 2013. “Fair Tax” is a tax which is payable by resident companies and non-resident companies deriving their income through a permanent establishment in Colombia. The decree was issued by the
See MoreNetherlands – Proposed tax agreement with Curaçao
Representatives of the governments of the Netherlands and Curaçao on 12 December 2013 reached an agreement on a new regulation for the avoidance of double taxation between the two countries (referred to as the BRNC). As announced by the Dutch
See MoreCanada: Legislation sanctioning Manitoba’s 2013 budget
By enacting legislation Manitoba’s 2013 budget evaluates took Royal Assent on December 5, 2013. The budget belonging tax measures provisions that: Corporate capital tax rate on financial institutions has to be increased from 4% to 5%; The
See MoreTrade Policy Review of Peru by WTO
The WTO has given a report on 15 November which showed that that Peru has decreased its trade tariffs from an average of 8 % to 3.2% in 2013. The rate is the lowest rate in Latin America. According to the report Peru has cut the maximum applied
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