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New treaty between Hungary and US submitted to US Senate for ratification [TAX ALERT]

New treaty between Hungary and US submitted to US Senate for ratification [TAX ALERT]

April 24, 2014. Tags: , , ,

On 1 April 2014, the US Senate Foreign Relations Committee approved the new Hungary- United States Income Tax Treaty (Treaty). The Treaty will replace the current …

Hong Kong enacts 8.25% tax rate for captive insurers [TAX ALERT]

Hong Kong enacts 8.25% tax rate for captive insurers [TAX ALERT]

April 24, 2014. Tags: , , ,

On 19 March 2014, the Hong Kong Inland Revenue Department announced that the Hong Kong Legislative Council passed the Inland Revenue Bill (Amendment) (No. 3) …

Dominican Republic modifies transfer pricing regulations [TAX ALERT]

Dominican Republic modifies transfer pricing regulations [TAX ALERT]

April 24, 2014. Tags: ,

The Dominican Republic (DR) will publish Executive Decree No. 78-14 in the next few days, which will make changes to the transfer pricing regulations. In general, …

European Union: Joint Transfer Pricing Forum presents transfer pricing profiles of EU Member States

European Union: Joint Transfer Pricing Forum presents transfer pricing profiles of EU Member States

April 24, 2014. Tags: ,

The EU Joint Transfer Pricing Forum (JTPF) has presented the transfer pricing profiles of all EU Member States, which contain information about domestic transfer pricing …

Switzerland: Federal Council intends to improve enforcement of VAT collection from foreign companies

Switzerland: Federal Council intends to improve enforcement of VAT collection from foreign companies

April 24, 2014. Tags: , ,

On 16 April 2014, the Federal Council instructed the Federal Department of Finance, together with the Federal Department of Justice and Police (FDJP), to implement …

France: new tax measures to simplify administrative procedure proposed by the Council of Simplification for Companies

France: new tax measures to simplify administrative procedure proposed by the Council of Simplification for Companies

April 24, 2014. Tags: , , , ,

On 14 April 2014, the Council of Simplification for Companies (conseil de la simplification pour les entreprises), established by Decree No. 2014-11 of 8 January …

Venezuela amends Master Law for Fair Prices [TAX ALERT]

Venezuela amends Master Law for Fair Prices [TAX ALERT]

April 23, 2014. Tags: , ,

The Venezuelan Government amended the Master Law of Fair Prices (Law) (Decree No.600 published in the Official Gazette No.40.340, of 24 January 2014) to increase …

IRS issues Guidance on taxation of “convertible” virtual currencies such as Bitcoin [TAX ALERT]

IRS issues Guidance on taxation of “convertible” virtual currencies such as Bitcoin [TAX ALERT]

April 23, 2014. Tags: , ,

On 25 March 2014, the Internal Revenue Service (IRS) released Notice 2014-21, which provides guidance on the taxation of transactions involving certain virtual currencies. Rather than …

Russia publishes Controlled Foreign Companies Bill [TAX ALERT]

Russia publishes Controlled Foreign Companies Bill [TAX ALERT]

April 23, 2014. Tags: ,

On 19 March 2014, in line with the plan for the “de-offshorization” of the Russian economy, the Ministry of Finance published a Bill aimed at …

United States: US Tax Court allows foreign earned income exclusion for defence contractor employee

United States: US Tax Court allows foreign earned income exclusion for defence contractor employee

April 23, 2014. Tags: , ,

The US Tax Court has held that a US taxpayer was eligible for the foreign earned income exclusion under section 911 of the US Revenue …

Argentina: minimum deemed income tax – Supreme Court decision on requirements for tax exemption

Argentina: minimum deemed income tax – Supreme Court decision on requirements for tax exemption

April 23, 2014. Tags: , ,

On 11 February 2014, the Supreme Court gave its decision in Diario Perfil S.A., recently publicly available, concerning the circumstances under which taxpayers may be …

Japan: 2014 tax changes passed

Japan: 2014 tax changes passed

April 23, 2014. Tags: , ,

The changes to the tax law as announced on 1 October 2013 were passed by the Diet on 20 March 2014 with no further amendments. In …

An update on legislative initiatives for “de-offshorization” of the Russian economy [TAX ALERT]

An update on legislative initiatives for “de-offshorization” of the Russian economy [TAX ALERT]

April 22, 2014. Tags: , , ,

The initiative for the de-offshorization of the Russian economy is threatening to become the most momentous event in the field of taxation in recent years. Coupled …

Tax treaty between Peru and Switzerland enters into force [TAX ALERT]

Tax treaty between Peru and Switzerland enters into force [TAX ALERT]

April 22, 2014. Tags: , ,

The income and capital tax treaty between Peru and Switzerland entered into force on 10 March 2014, after Peru completed its ratification and notification process. Further …

Panama amends reporting requirements for monthly Purchase and Non-Taxpayer Reports [TAX ALERT]

Panama amends reporting requirements for monthly Purchase and Non-Taxpayer Reports [TAX ALERT]

April 22, 2014. Tags: ,

Panama recently eliminated the requirement of offshore companies with offices in Panama to file a monthly Purchase Report through Resolution No. 201-17026 of 11 December …

EY Taxinsight Five indirect tax trends featured

Five indirect tax trends: global trade changes

April 22, 2014. Tags:

In our rapidly changing world, five trends shape the global indirect tax landscape. Learn more about the fourth: the fast-changing global trade arena.

Russia: tax implications in case of sale of shares by a foreign legal entity that are acquired by a resident individual – Federal Tax Service clarifications

Russia: tax implications in case of sale of shares by a foreign legal entity that are acquired by a resident individual – Federal Tax Service clarifications

April 22, 2014. Tags: , ,

On 4 March 2014, the Federal Tax Service issued Letter No.GD-4-3/3665 clarifying the tax treatment applicable to a nonresident legal entity which sales the shares …

Gambia: budget for 2014–15 – details

Gambia: budget for 2014–15 – details

April 22, 2014. Tags: , ,

The budget for 2014–15 was presented to the National Assembly by the Minister of Finance and Economic Affairs on 2 December 2013. Details of the budget …

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