Canada: Interest rates of prescribed income tax unchanged for Q4 2014
The Canada Revenue Agency has declared that the interest rates of prescribed income tax for taxable benefits overpaid and underpaid taxes for the fourth quarter (Q4) of 2014 i.e. from October 1, 2014 to December 31, 2014 will stay
See MoreUnited States: ADD/CVD Roundup for July 2014
Following table shows the Federal Register notices related to ADD/CVD cases for July 2014 in United States. Country Product Investigations Case Number Links Brazil Polyethylene Terephthalate Film, Sheet, and Strip Five-Year
See MoreUruguay- reduction of VAT rate on electronic purchases
In Uruguay the Vat rate applicable on purchases of goods and services acquired by bank debit cards, credit cards and wire transfers has been reduced by 2% from 1 August 2014. Also a further 1% cut will be applied from August 2015. The reduced rate
See MoreFATCA between Germany and USA has come into force
It was announced by the German Ministry of Finance that a law enabling the implementation of the United States' Foreign Account Tax Compliance Act (FATCA) has come into force on July 23, 2014. The agreement is a type 1A Inter-Governmental agreement
See MoreTIEA between Ecuador and Honduras
On July 31, 2014, Foreign Affairs Ministry of Honduras announced the signing of a Tax information exchange agreement (TIEA) with
See MoreUS: No Need to Price Oil Rig Transaction Says IRS
In order to use an oil rig, the drilling service provider does not require the kind of special measure for evaluating rents to its sister subsidiary, contemplated by an international project to combat base erosion, an Internal Revenue Service
See MoreFATCA agreement between US and Czech Republic signed
United States and the Czech Republic signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on 4 August 2014. Under the agreement, Foreign Financial Institutions (FFIs) in Czech Republic will report the information required under FATCA about
See MoreFATCA between US and Isle of Man enter into force
Isle of Man and the United States Foreign Account Tax Compliance Act (FATCA) Agreement entered into force on 30 June 2014 and consequently takes effect for the Isle of Man from 1 July 2014. Under the agreement, Foreign Financial Institutions (FFIs)
See MorePGA Highlights: July 2014
In United States, The following events have been taken place under the several PGA during the month of July 2014. Agencies Summary Link Federal Register Importing Fresh Blueberries from Morocco: This final rule has given by APHIS. This action
See MoreNew Zealand-United States: FATCA agreement enters into force
Foreign Account Tax Compliance Act (FATCA) between New Zealand and United States has entered into force on 3 July
See MoreCanada -Tax measures in budget bill
Bill 26 has received first reading on July 24, 2014 and includes tax measures as follows: Increment of individual income tax on taxable incomes above $150,000 Reduction of the taxable income threshold due to 13.16% tax rate to $220,000 instead
See MoreCanada–UK Income Tax Treaty Protocol Amendments
Recently, Canada has accepted to amend the Income Tax Treaty protocol with the United Kingdom that was signed July 21, 2014. The Protocol initiates a deadline to introduce transfer pricing assessments and changes the time frame for searching
See MoreBrazil: Desire to complete the Mercosur-Pacific Alliance FTA
Brazil desires to complete the free trade agreement (FTA) between the Latin American trade alliance and the Pacific Alliance (which consists of Colombia, Chile, Mexico, and Peru, Mercosur, Argentina, Brazil, Paraguay, Uruguay, and Venezuela) by the
See MoreVenezuela: Foreign exchange rate for customs activities
At the beginning of July 2014, the central bank of Venezuela has published guidance establishing the foreign currency rate of exchange for the customs duty implications of certain transactions. According to the notice, the exchange rate is 6.30
See MoreFrance- Investment Protection Agreement with Colombia
The French-Colombian investment protection agreement was signed on 10 July 2014. The agreement will improve bilateral exchange. The agreement is expecting to give protection, clarity and a transparent legal framework for managing any capital
See MoreCanada-UK DTA revises
The Double Tax Agreement (DTA) protocol between Canada and the UK has signed on July 21, 2014 that amends its withholding tax and information exchange provisions. This contains a release from withholding tax for payments of interest made subject to
See MorePeru-New resolution on reporting of stocks and shares
The Peruvian tax authority issued Resolution 200-2014-SUNAT/4B0000 which entered into effect on 28 June. The resolution amended the Resolution 169-2014-SUNAT/4B0000. According to the new resolution Form 1065 need not to be filed for the issuance,
See MoreCanada-UK Income Tax Treaty protocol signed
The Income Tax Treaty (1978) protocol between Canada and the United Kingdom has signed on July 21, 2014. Details will be reported
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