US – IRS Advises Taxpayers with Foreign Income
The IRS has issued instructions for /US citizens or residents who are living or working abroad, and for people in the US receiving foreign income in 2013. All income of US citizens or residents must be declared to the IRS and the rules in respect of
See MoreHong Kong DTAs with Qatar, Canada, Kuwait, Jersey, and Mexico
The double taxation agreements (DTAs) that Hong Kong has signed with Qatar, Canada, Kuwait, Jersey, and Mexico are to take effect in Hong Kong from April 1,
See MoreHong Kong and USA working for FATCA IGA
Hong Kong and the United States signed a tax information exchange agreement (TIEA) on March 25 2014. This will provide the legal framework within which an intergovernmental agreement (IGA) can be signed to enable the transfer of information in
See MoreFTA between Canada and South Korea
Canada and South Korea concluded a free trade agreement (FTA) in March 2014. This agreement will reduce or eliminate duties and tariffs on a number of imports and exports between the two countries. Within a three to five year time span Canada is to
See MoreUnited States: ADD/CVD Roundup for March 2014
Following table shows the Federal Register notices related to ADD/CVD cases for March 2014 in United States. Country Product Investigations Case Number Links Brazil Stainless Steel Bar Preliminary Results of Antidumping Duty Administrative
See MorePGA Highlights: March 2014
In United States, following events have been occurred under the several PGA during the month of March 2014. Agencies Summary Link CBP New Outlook CBP Website: The appearance of the U.S. Customs and Border Protection’s website has
See MoreUS – IRS Issues Revised Guidance on Business Expenses
The IRS has published a revised version of Publication 535 that gives guidance to taxpayers on claiming a tax deduction for business expenses. The publication contains instructions in respect of the years 2013 and 2014. This may be important for
See MoreUS – IRS Has Unclaimed 2010 Refunds For Almost 1m Taxpayers
The IRS has indicated that almost a million taxpayers are due tax refunds that have not yet been claimed, because they have not yet filed a federal tax return for 2010. As there is a three year deadline for such claims the returns must be filed by
See MoreSwitzerland signs new DTA with Argentina
Switzerland and Argentina have signed a new double taxation agreement (DTA). When it enters into force this agreement will replace the provisional agreement signed in 1997. The agreement contains provisions relating to the exchange of information
See MoreSouth Korea and US Agree on Text Of FATCA Agreement
South Korea has announced that it has agreed to the regular exchange of information with the US from next year to assist the implementation of the Foreign Account Tax Compliance Act (FATCA). The FATCA legislation in the US aims to ensure that the US
See MoreUS – Supreme Court Agrees Severance Pay Is Taxable
In the US the Supreme Court has decided in favor of the IRS in a case involving the tax status of involuntary severance payments made to employees who have been laid off. The Court decided that these payments are subject to the provisions of the
See MoreUK Pushes for conclusion of the Canada-EU FTA
The UK is hoping for a swift conclusion to negotiations for a free trade agreement (FTA) between the EU and Canada, as this could be of considerable benefit to UK companies. The EU is Canada’s second largest trading partner after the US, based on
See MoreChile introduces instructions on modifications included in Law 20.630
Chile issued a Circular on 11 March 2014 giving guidance on modifications to Law 20,630 dealing with international tax issues. A number of tax provisions were amended by the law including a rise in the First Category Tax and a tax on indirect
See MoreCanada: Newfoundland and Labrador budget for 2014
In Canada the Finance Minister of the province of Newfoundland and Labrador has issued the budget proposals for 2014. Under these proposals the corporate income tax for small businesses in the province would be reduced from 4 percent to 3 percent.
See MoreUS – IRS Issues Virtual Currency Tax Guidance
The IRS has published guidance in respect of the use of Bitcoin and similar digital currencies. These are to be regarded for federal tax purposes as property rather than currency. This should remove uncertainty about the tax treatment of these
See MoreUS – IRS Extends Colorado Storm 2012 Tax Relief Deadline
The deadline for taxpayers in Colorado to make a decision on claiming disaster losses has been extended to 15 October 2014. The disaster relief relates to the severe storms and flooding that also gave rise to landslides in September 2013. Taxpayers
See MoreUS: IRS has released its annual report for 2013 on APAs
The annual report on the advance pricing and mutual agreement (APMA) program was issued by the IRS on 27 March 2014. The APMA program takes place as part of the work of the Large Business and International Division of the IRS. The report shows that
See MoreSwitzerland – Peru DTA
The double taxation agreement (DTA) between Switzerland and Peru which was originally signed on 12 September 2012 entered into force on March 10, 2014. The agreement raises the standard of tax information exchange between the two countries to the
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