US: Republican Obama Care Abolition Plan Includes New Tax Credit
The recent healthcare reforms of the Affordable Care Act, known colloquially as Obama care, have been vehemently opposed by some sections of the US Congress. Three United States senators have now released a legislative outline of how the Republican
See MoreUS: publication on foreign tax credit for individuals
The US Internal Revenue Service (IRS) has released the 2014 revision of Publication 514 (Foreign Tax Credit for Individuals). The publication of 24 January 2014 is intended for use in preparing 2013 tax returns. Publication 514 explains the
See MoreUS: Internal Revenue Service (IRS) opens 2014 Tax Season
The US Internal Revenue Service (IRS) opened the 2014 United States filing season for individuals on January 31, highlighted a growing selection of online services, and encouraged taxpayers to check out a variety of tax benefits, such as the Earned
See MoreUS: Case Made For Progressive Consumed Income Tax
In a recent editorial article the President and CEO of the American Council for Capital Formation called for consideration to be given to a change from the current income tax code to a "progressive consumed income tax" in the United States. He
See MoreUS: Public comments requested on withholding certificates for foreign persons
The US Internal Revenue Service (IRS) and the US Treasury Department have issued a notice requesting comments on various IRS forms that are used as withholding certificates for foreign persons (i.e. certificates to claim reduced or zero withholding
See MoreUS agrees to tax talks with India under mutual agreement procedure
Following an approach by India the US tax authorities for finding a solution to tax cases of about 100 US companies that have opted for the Mutual Agreement Procedure (MAP), the US has now agreed for a meeting next month to discuss MAP, advance
See MoreTIEA between Canada and Liechtenstein entered into force
The Agreement between Canada and Liechtenstein for the Exchange of Information on Tax Matters entered into force on January 26, 2014. The Agreement was signed on January 13, 2013. The Agreement has effect in accordance with the provisions of
See MoreMexico settles issues with Maquiladoras
The President of the National Council of the maquiladora industry has commented that the sector has largely settled its differences with the Mexican government over tax issues, following the changes to the Mexican Government's tax reform bill which
See MoreFinland- TIEA with Panama entered into force
On 9 January 2014, Finland's Ministry of Finance announced that the cabinet of ministers approved regulations ratifying the tax information exchange agreement between Panama and Finland. Certain provisions of the treaty come into effect from 20
See MoreEthiopia intends to negotiate a tax treaty with Canada
Following a meeting held on 27 January 2014, Ethiopia has expressed its intentions to negotiate and sign a Double Tax Treaty (DTA) with Canada. In recent years Ethiopia has been one of the fastest growing economies in Africa. The country is one of
See MoreEstonia – Six new DTA in effect
From 1 January 2014, six new Double Tax Treaties (DTA) were added to Estonia’s income tax treaty network. The treaties are with Bahrain, Thailand, Cyprus, Mexico, Turkmenistan, and
See MoreEstonia Approves Draft Agreement to implement FATCA
On 23 January 2014, the government of Estonia approved a draft agreement to implement the U.S. Foreign Account Tax Compliance Act (FATCA). According to a press release, the agreement is scheduled to be signed by the Estonian Tax and Customs
See MoreBrazil – Social Security Tax on Exports to Trading Companies
The tax department has issued guidance clarifying that revenues from the sale of products to trading companies for the purpose of export are subject to social security taxation. Normative Instruction 1436 (IN 1436) released on 9 January 2014 was
See MoreColombia: Thin capitalization provision
Under the Decree 3027 of 27 December 2013, the thin capitalization provisions interest is fully deductible up to a debt to equity ratio of 3:1. This applies to domestic and foreign loans from related or unrelated
See MorePGA Highlights: January 2014
In United States, The following events have been taken place under the several PGA during the month of January 2014. Agencies Summary Link Federal Register Importation of Fresh Bananas From the Philippines Into Hawaii and U.S. Territories: A
See MoreUnited States: ADD/CVD Roundup for January 2014
Following table shows the Federal Register notices related to ADD/CVD cases for January 2014 in United States. Country Product Investigations Case Number Links Brazil Polyethylene Terephthalate Film, Sheet, and Strip Final Results
See MoreUS: IRS begins online transcript service
United States taxpayers now have the option to download their tax transcripts online from the “Get Transcript” service of the Internal Revenue Service (IRS). Through the Get Transcript service, taxpayers can obtain an official copy of their past
See MoreUS: Congressional call to maintain charitable tax deduction
Two members of the Senate Finance Committee led a bipartisan group of more than 30 senators in a recent letter to its Chairman Max Baucus and Ranking Member Orrin Hatch underscoring the importance of maintaining the charitable tax deduction in any
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