China will look to reach agreements with more nations this year
China will step up the pace of its free trade negotiations this year as it seeks to build stronger trade ties with more partners and reduce the dominance of the United States’ currency in the global trading system. Zhang Shaogang, director-general
See MoreCanada: Deadline for interest payment on family income-splitting loans
The interest payment deadline on family income-splitting loans for 2014 is on 30th January 2015 given that the attribution rules not apply to investment income earned on the loans. The suggested interest rate for family loans continues at the lowest
See MoreSingapore and Uruguay sign Income Tax Treaty
An Income and Capital Tax Treaty between Singapore and Uruguay was signed on 15th January 2015. Further details of the treaty will be reported
See MoreMexico: Plan to remove fiscal deficit by 2017
Mexican Government has decided not to come up with new taxes or even increase existing taxes in this current 2015 Budget year due to their strategic resolution of harmonizing the federal tax budget by the year 2017, Undersecretary of Finance and
See MoreUS: IRS Launches International Data Exchange Service For FATCA
The US IRS on January 12 2015 announced that its international data exchange service (IDES) website is open for enrollment. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial
See MoreCanada: Comments for OECD discussion draft on international VAT-GST guidelines
The Organization for Economic Co-operation and Development (OECD) has published a discussion draft on 18th December 2014 entitled “Guidelines on Place of Taxation for Business-to-Consumer Supplies of Services and Intangibles and Provisions on
See MoreUS-Qatar Sign FATCA Agreement
The United States and Qatar signed an Intergovernmental Agreement (IGA), on January 7, 2015, for implementation of the Foreign Account Tax Compliance Act (FATCA). The agreement is based on the Non-reciprocal Model 1B Agreement (No TIEA or DTC).
See MoreEcuador: Enacts tax reform Bill
Ecuador enacted a proposed tax reform bill on 29 December 2014. The legislation was effective from 1 January 2015. There are several changes in the tax reform bill to the current tax law. The changes are as follows: The general corporate
See MoreUS: IRS Updates Withholding of Tax on Nonresident Aliens And Foreign Entities
The US IRS has updated publication 515 regarding withholding of tax on nonresident aliens and foreign entities. The Publication is for withholding agents who pay income to foreign persons, including nonresident aliens, foreign corporations, foreign
See MoreCzech Republic-US FATCA agreement enters into force
The Foreign Account Tax Compliance Act (FATCA) Model 1A agreement (2014) between Czech Republic and United States has entered into force on 18th December 2014. Further detail of this treaty will be reported
See MoreUS: Issues final regulation TD 9707 to provide guidance on the requirements to file IRS Form 5472
Final regulations TD 9707 provide guidance on the filing requirements for Form 5472 which is the information return for a 25% foreign owned US corporations or a foreign corporation engaged in a US trade or business. Final regulations TD 9707 is
See MoreCanada-Korea (Rep.) Free Trade Agreement enters into force
The Free Trade Agreement (FTA) between Canada and Korea (Rep.) has entered into force on 1st January 2015 and signed on 22nd September 2014. South Korea has automatically removed duties on 81.9% of tariff lines from 1st January
See MoreMexico: Developments of non-oil tax revenue
The Secretariat of Finance and Public Credit (SHCP) recently released statistics about Mexico's non-oil tax revenues. According to the statistics non-oil tax revenue reached MXN1.65 trillion in the time period of January to November of 2014 from the
See MoreColombia: Congress passed tax reform
On December 15, 2014, The Colombian lower house of Congress approved a tax reform that is take effect from first January 2015. The changes include a new wealth tax, surtax on the CREE, anti-evasion rules and levy to financial transactions. New
See MoreCanada: Taxpayers to be better off in 2015
As a result of tax reforms initiated by the Canadian Taxpayers' Federation (CTF), Canadian families will have more money in their pockets during 2015. The calculations are contained within the CTF's annual New Year's Tax Changes report that
See MoreUS: Tax Filing Season Will Open On Time
Following the passage of the extenders legislation, the Internal Revenue Service announced it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns
See MoreBrazil & Norway: Protocol to DTA ratified by Norway
The protocol to Income and Capital Tax Treaty (1980) between Brazil and Norway has signed on 20 February 2014 and it has been ratified by Norway. Further details will be reported when they are
See MoreItaly & Mexico: Amended protocol to DTA approved by Italian Parliament
The Italian Parliament has approved the amended protocol to the Italy - Mexico Income Tax Treaty of 1991 on 18 December 2014 and it was signed on 23 June 2011. Further details will reported
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