Venezuela: Increment of Monthly Minimum Salary (MMS)
The Decree 1.431 has released in Official Gazette No. 40.542 on 17th November 2014 to increase the Monthly Minimum Salary (MMS) from VEF 4,251.40 to VEF 4,889.11 and it will be applicable from 1st December 2014. As the taxable base, the increment of
See MoreSweden: Ratification of TIEAs with Grenada and Macau
Sweden has ratified its TIEAs with Grenada and Macau on November 5,
See MoreCanada-Spain Signs protocol to Income and Capital Tax Treaty
The amending protocol to Income and Capital Tax Treaty (1976) between Canada and Spain has signed on 18th November 2014 in Madrid. The protocol was authorized by the Spanish Cabinet on 17 October 2014. The Protocol would enter into force after a
See MoreU.S. Chamber of Commerce Strengthens Commitment to U.S.-Brazil Relationship
The United States Chamber of Chamber (USCC)-affiliated Brazil-US Business Council (BUSBC) signed a Cooperation Agreement with the Brazilian National Confederation of Industry (CNI) to conduct studies on a potential trade agreement and report back
See MoreUS: IRS Issues Guideline On Individual Retirement Arrangement (IRA) Rollover Rule
The Internal Revenue Service (IRS) has issued guidance regarding clarification of the impact of a rollover from one Individual Retirement Arrangement (IRA) to another on the one-per-year limit on tax-free rollovers. This reflects a policy change
See MoreSwitzerland- Hungary: Treaty enters into force
The Hungary - Switzerland Income and Capital Tax Treaty of 2013 entered into force on 9 November 2014 and this new treaty will be applicable from 1 January 2015. This treaty will be replaces the Hungary - Switzerland Income and Capital Tax Treaty of
See MoreUS and Hong Kong Sign Model 2 Intergovernmental agreement (IGA)
The United States and Hong Kong signed a Model 2 IGA, on 13 November 2014, to implement the US Foreign Account Tax Compliance Act (FATCA). Under the agreement, Foreign Financial Institutions (FFIs) in Hong Kong will report the information required
See MoreUruguay: Tax exemption for income regarding some investments
A new law permits a freedom from tax for income regarding certain investments. Ley N° 19.289 offers an income tax exemption for particular taxpayers according to the purchase or construction of fixed assets, given that some conditions are
See MoreColombia: Foreign Ministry announces implementation of Free Trade Agreement (FTA) with the European Union (EU) and Peru
The Foreign Ministry of Colombia announced on November 6, 2014 a full implementation of free trade agreement (FTA) with the European Union (EU) and Peru. The FTA between the EU and Colombia has provisionally been applied since 1st August 2013. The
See MoreUS: IRS Warns Congress To Decide On Tax Extenders
Severe delays and inconvenience for millions of taxpayers could result in 2015 if the “lame duck” U.S. Congress fails to deal soon with a list of temporary tax laws that expired at the end of 2013, the Internal Revenue Service and a key senator
See MoreUS and Bahamas Sign Agreement To Implement Foreign Account Tax Compliance Act (FATCA)
The United States and The Government of Bahamas signed FATCA Model 1B agreement on 3 November 2014. The US-Bahamas IGA is based on the non-reciprocal Model 1B agreement. Under the agreement, Foreign Financial Institutions (FFIs) in Bahamas will
See MoreUS: Saver Urged To Plan Now To Take Tax Credit
Low and moderate-income workers have advised to take steps now to save for retirement and earn a special tax credit in 2014 and years ahead, according to the Internal Revenue Service (IRS). The saver’s credit helps offset part of the first $2,000
See MoreUruguay: Due date extends for nonresident entities to file return
According to the Resolution dated on 13 October 2014, Economy and Finance Ministry of Uruguay will permit nonresident entities that have not yet complied with filing the holders’ information return under Law No. 18,930 to submit the return
See MoreUruguay: New tax credit certificate regulations issues
Uruguay has issued Resolutions No. 3,905 and 3,906 on 30th October 2014 for announcing new regulations regarding tax credit certificates. Resolution No. 3,905 establishes that the credit certificates which are authorized (given to the supplier of
See MoreDTA between Argentina and Switzerland approved by Argentina
The Argentine Senate approved the Income and Capital Tax Treaty between Argentina and Switzerland, on October 22, 2014 and it was signed in March 20, 2014. The treaty has now been submitted to the Chamber of Deputies for further
See MoreCanada: Family tax cut to be effective instantly
The Prime Minister of Canada has announced tax changes on 30 October 2014 that would give tax savings to families starting in 2014. The initiation of this new family tax cut credit would outcome in tax savings of up to $2,000 for families with
See MoreUS Signed Draft Agreement With Mexico On Sugar Trade Dispute
The draft agreement has signed between US and Mexico which aims to suspend US anti-dumping and anti-subsidy duties on Mexican sugar. The US Department of Commerce (DOC) had announced on October 27, 2014, preliminary anti-dumping duties ranging from
See MoreUS: IRS Reminds To US Tax Preparers For PTIN Renewals
The Internal Revenue Service has reminded the nation’s more than 690,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2015, since the current PTINs will expire December 31, 2014. IRS
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