United States: ADD/CVD Roundup for May 2014
Following table shows the Federal Register notices related to ADD/CVD cases for May 2014 in United States. Country Product Investigations Case Number Links Australia Electrolytic Manganese Dioxide Notice of Commission Determination To Conduct
See MoreUS Treasury fact sheet to support Education Tax Credit Claims
In order to raise the awareness of students and their families, the US Treasury Department has published a fact sheet to educate colleges and universities, tax preparers, software providers and other stakeholders, on the complex rules addressing
See MoreUS: IRS announces Taxpayer Bill Of Rights
On June 10, IRS declared the "Taxpayer Bill of Rights" intending to provide United States’ taxpayers with a better understanding of their rights. There are multiple existing rights under the Taxpayer Bill of Rights which are scattered throughout
See MoreUAE and US Signed Provisional FATCA Agreement
The United Arab Emirates (UAE) and US signed an Intergovernmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) of United States. The US congress enacted FATCA in 2010, taking effect on July 1, 2014, desire to ensure
See MoreSouth Africa and US signed IGA
The Government of US and South Africa signed an inter-governmental agreement (IGA) on June 9, 2014. The provision of reciprocal exchange of information includes in the agreement, where financial institutions in South Africa require report
See MoreSouth Africa and United States signed agreement to share tax information
U.S. Ambassador to South Africa Mr Patrick H. Gaspard and South African Minister of Finance, Mr Nhlanhla Nene signed an intergovernmental agreement, on June 9, 2014, to improve international tax compliance and to implement the Foreign Account Tax
See MoreSwitzerland and United States FATCA agreement enters into force
The Federal Council decided, on June 6, 2014, that the FATCA agreement between Switzerland and the United States came into force on June 2, 2014. This agreement was approved by the parliament in September 2013. The FATCA execution in Switzerland is
See MoreIRS warns filing deadlines for US Expats
US citizens and resident living overseas who are eligible for an automatic two-month extension after the regular April 15 tax filing date must file their 2013 federal income tax returns by June 16. Since 15 June is Sunday this year taxpayers get one
See MoreTurkey enlisted as having FATCA in effect
Turkey has reached an intergovernmental agreement (IGA) with the United States to execute the Foreign Account Tax Compliance Act (FATCA), and has agreed to be listed on the website of the US Treasury Department as a jurisdiction that is supported as
See MoreCanada follows suit with US and excludes references to OECD in TP request
Canada has adopted similar position to the US and has excluded references to the OECD’s three-tier documentation in favour of its own country specific transfer pricing (TP) documentation. The Canada Revenue Agency (CRA) has reviewed its TP
See MoreUS: Poor Policy for IRS Tax Enforcement-TIGTA
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on actions taken by the United States Internal Revenue to collect individual Federal income, Social Security, and Medicare taxes unpaid by businesses were not
See MoreUS: Taxpayers Giving Up US Passports As FATCA Approaches
The FATCA may be causing some taxpayers to give up their US citizenship. According to statistics issued by the US Treasury Department statistics and included in the Federal Register, more than one thousand United States taxpayers relinquished their
See MoreUS: Study Moves to Curb State Corporate Tax Incentives
The Council on Foreign Relations (CFR) in the US has recently published a memorandum that looks at the tax relief and subsidies the US federal and state governments grant every year as an incentive to attract business investment. The memorandum
See MoreUS: IRS Releases Transfer Pricing Audit Roadmap
On 14 February 2014 a Transfer Pricing Audit Roadmap was issued by the Large Business and International (LB&I) division of the IRS. This sets out the procedures in relation to the conduct of a transfer pricing audit and the timeline to follow.
See MoreUS: BEPS to Compound Global Tax Risks
Enterprises are expecting that tax risks are likely to increase more in the coming years, according to a survey of tax and finance executives in twenty five countries by the advisory firm Ernst and Young. The survey looked at the views of companies
See MoreUS Taxpayers Not Sensitive To State Income Tax Rates
The US Center on Budget and Policy Priorities has put together a report indicating that people relocating within the US do not generally regard State taxation as an important driver in their decision. This is the case even though there can be
See MoreUS Businesses Urge Two-Year Renewal of Tax Extenders
In the US the Business Roundtable (BR) has written to the Senate in relation to certain tax issues. The BR is a business grouping of CEOs from large US companies who have USD 7.4 trillion in annual revenues and together make up more than a third of
See MoreTaiwan- FATCA Agreement Expected In June 2014
Taiwan is expecting to finalize a FATCA agreement with the US by end of June 2014. The FATCA Act requires the IRS to gain information about accounts of US citizens and residents with foreign financial institutions. To ensure that this can be done
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