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Tax

SOUTH AFRICA: Tax proposals in 2014 budget

February 28, 2014

South African Finance Minister Pravin Gordhan delivered his 2014 Budget Speech on 26 February 2014. Among the general corporate tax proposals in the budget are measures to: Limit interest deductions for reorganizations and acquisitions Address the refund mechanism for non-cash dividends Provide changes to research and development (R&D) tax incentives Provide tax relief with...

Posted in 2014, Budget, Capital, Changes, corporate, incentives, shares, South Africa, Tax |

ITALY: 20% Withholding on Transfers from Foreign Banks Suspended

February 21, 2014

A 19 February 2014 communication from the Italian Finance Ministry publicly announced an immediate suspension of the 20-percent withholding tax to be applied by Italian Intermediaries on funds received in Italy by tax resident individuals from foreign bank accounts. A subsequently issued provision by the Tax Agency provides that the 20-percent withholding has not...

Posted in $20, concerned, Individuals, intermediaries, Italy, New, percent, Tax, Withholding |

ROMANIA: Updated Rules Governing Deductibility of Social Contributions

February 20, 2014

Romania’s Fiscal Code has been updated such that monthly mandatory social security contributions due in other states and paid by taxpayers subject to Romanian taxation, according to European Union (EU) regulations or bilateral conventions / agreements on the coordination of social security systems, are considered deductible for Romanian income tax purposes (previously this was...

Posted in contributions, Income, member, paid, Romania, romanian, Security, Social, Tax |

CANADA: Tax provisions in 2014 federal budget; BEPS consultation

February 12, 2014

February 11: Canada’s Finance Minister today delivered the government’s 2014 federal budget. The budget is focused on job creation, innovation, and infrastructure, and includes a number of tax measures aimed at “closing tax loopholes” in line with the government’s continued focus on tax fairness measures and tax transparency. Tax measures are focused on all...

Posted in 2014, action, beps, Budget, Canada, canada’s, Government, Measures, Tax |

CANADA: Tax provisions in 2014 federal budget; BEPS consultation

February 12, 2014

February 11: Canada’s Finance Minister today delivered the government’s 2014 federal budget. The budget is focused on job creation, innovation, and infrastructure, and includes a number of tax measures aimed at “closing tax loopholes” in line with the government’s continued focus on tax fairness measures and tax transparency. Tax measures are focused on all...

Posted in 2014, action, beps, Budget, Canada, canada’s, Government, Measures, Tax |

UNITED KINGDOM: Details Published on Preventing Use of Dual Contract Arrangements

January 22, 2014

The United Kingdom is implementing new rules that will make it more difficult to use “dual contract” arrangements to lower the U.K. income tax liability of certain foreign nationals. Last week, HM Treasury and HM Revenue & Customs (HMRC) published draft legislation and a paper summarizing the changes to existing legislation in this area....

Posted in arrangements, contract, Employment, employments, Legislation, New, Rules, Tax, United Kingdom |

UNITED KINGDOM: Details Published on Preventing Use of Dual Contract Arrangements

January 22, 2014

The United Kingdom is implementing new rules that will make it more difficult to use “dual contract” arrangements to lower the U.K. income tax liability of certain foreign nationals. Last week, HM Treasury and HM Revenue & Customs (HMRC) published draft legislation and a paper summarizing the changes to existing legislation in this area....

Posted in arrangements, contract, Employment, Legislation, New, Rules, Tax, United Kingdom |

USA: PFIC Regs Released: Reporting Required on 2013 Tax Returns

January 13, 2014
USA: PFIC Regs Released: Reporting Required on 2013 Tax Returns

On December 30, 2013, the U.S. Internal Revenue Service (IRS) released temporary, final and proposed regulations in relation to passive foreign investment companies (PFICs). The new regulations confirm that U.S. citizens and residents who own shares in PFICs will be required to provide annual reporting on Form 8621 for all PFICs starting with their...

Posted in 1298, 8621, Form, pfic, Regulations, Requirement, section, Tax, United States |

USA: PFIC Regs Released: Reporting Required on 2013 Tax Returns

January 13, 2014

On December 30, 2013, the U.S. Internal Revenue Service (IRS) released temporary, final and proposed regulations in relation to passive foreign investment companies (PFICs). The new regulations confirm that U.S. citizens and residents who own shares in PFICs will be required to provide annual reporting on Form 8621 for all PFICs starting with their...

Posted in 1298, 8621, Form, pfic, Regulations, Requirement, section, Tax, United States |

BELGIUM: Proposed Changes Affecting Net Pay of Those Enjoying Expatriate Concessions

January 6, 2014

The Belgian government issued draft legislation amending the rules for calculating nonresident personal income tax during the Christmas holidays. The important consequences of these measures, if passed, are: • the category of nonresident taxpayers with an abode in Belgium will be abolished; • expatriates benefiting from the expatriate tax concessions who have a foreign...

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Posted in Belgium, Income, Legislation, Nonresident, Personal, Tax, Taxpayers |

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