Switzerland: Rejects some key tax initiatives

18 December, 2013

The Swiss people rejected some major tax initiatives, which would have had a reflective impact on both the economy and the attractiveness of the Confederation Fair Play would have limited executive pay to several of 12 times the wages of the lowest

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US hopeful of resolution over issue of Chinese VAT on Shipping

17 December, 2013

A bilateral consultation was held with China over the impact on international shipping firms of the extension of Chinese value added tax to cover shipping services on August 1, 2013, on the basis of Circular 37/2013. Commissioner William Doyle of

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US: Moneyed Households Pay over 100 Percent of Income Tax

16 December, 2013

Based on a report of Distribution of Household Income and Federal Tax for 2010, Congressional Budget Office (CBO) pointed out that the share of taxes paid by higher-income households in the United States significantly exceeded their share of

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United States and Malta sign FATCA Bilateral Agreement

16 December, 2013

The United States and Government of Malta signed an intergovernmental agreement on 16 December 2013 to implement the FATCA provisions that apply to certain financial institutions and funds under U.S. law.  The aim of the FATCA agreement is to

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US: IRS Under Further Pressure Over Erroneous Tax Refunds

11 December, 2013

Having recently noted that the United States Internal Revenue Service's (IRS) processes can be ineffective in identifying tax returns claiming improper tax credits and fraudulent tax refunds, a further report from the Treasury Inspector General for

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US Report Examines Distribution of Tax and Spending Policies

11 December, 2013

A Tax Foundation (TF) paper on the distribution of government tax and spending policies in the United States has noted that they combine to redistribute more than USD2 trillion from the top 40 percent of families to the bottom 60 percent by

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PGA Highlights: November 2013

10 December, 2013

In United States, following events have been occurred under the several PGA during the month of November 2013. Agencies Summary Link Federal Register Fresh Beans, Shelled or in Pods Importation from Jordan into the Continental United States: A

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United States: ADD/CVD Roundup for November 2013

10 December, 2013

Following table shows the Federal Register notices related to ADD/CVD cases for November 2013 in United States. Country Product Investigations Case Number Links China (PRC) Silica Bricks and Shapes Final Determination of Sales at

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France and the US signed FATCA Intergovernmental Agreement

10 December, 2013

On 14 November 2013, the US and France signed an Intergovernmental Agreement (IGA), in order to improve international tax compliance and to implement the US Foreign Account Tax Compliance Act. The FATCA legislation aims to ensure that US citizens

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US: FATCA reporting – Draft Version of Form 1042-S

08 December, 2013

On 4 November 2013, the Internal Revenue Service has released new draft instructions for the 2014 Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding. The new draft version has been adapted to reflect new requirements under the

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US: District of Columbia Introduces Prepaid Card Option For Tax Refunds

08 December, 2013

The District of Columbia Office of Tax and Revenue (OTR) has announced a new option taxpayers can choose to receive their local income tax refunds. Beginning next year, a prepaid card will be available as an alternative to paper checks and direct

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US Bill Introduced To Simplify Mobile Workers’ Taxation

08 December, 2013

United States businesses have welcomed the introduction into the Senate of a bill, the Mobile Workforce State Income Tax Simplification Act, which would simplify tax reporting requirements for those workers who are employed in multiple state

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USA – IRS Announces Pension Plan Limitations for 2014

19 November, 2013

On October 31, 2013, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.  Some pension limitations such as those governing 401(k)

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USA – Inflation Adjustments for 2014

19 November, 2013

On October 31, 2013, the Internal Revenue Service announced annual inflation adjustments for the year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about

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FATCA agreement between Hungary and United States

18 November, 2013

The Ministry of National Economy of Hungary announced on 28 October 2013 that Hungary and the United States signed a Model 1 intergovernmental agreement (IGA) regarding the FATCA legislation. The agreement would allow automatic exchange of

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PGA Highlights: October 2013

07 November, 2013

In United States, following events have been occurred under the several PGA during the month of October 2013. Agencies Summary Link Federal Register Cold Treatment for Fresh Fruits and Vegetables; MidAmerica St. Louis Airport, Mascoutah,

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United States: ADD/CVD Roundup for October 2013

05 November, 2013

Following table shows the Federal Register notices related to ADD/CVD cases for October 2013 in United States. Country Product Investigations Case Number Links Brazil Polyethylene Terephthalate Film, Sheet, and Strip Institution of Five-Year

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China-US: Third Bilateral Advance Pricing Agreement Signed

05 November, 2013

In September 2013, China’s State Administration of Taxation and the U.S. Internal Revenue Service reached an agreement in principle on their third bilateral advance pricing arrangement. China and the United States concluded their second bilateral

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