News

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 …

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 …

United States: withholding certificate for foreign entities issued for FATCA

United States: withholding certificate for foreign entities issued for FATCA

April 22, 2014. Tags: , ,

The US Internal Revenue Service (IRS) has released a new IRS Form W-8BEN-E (Certificate of Status of Beneficial Owner for United States Tax Withholding and …

OECD invites public comments on the paper on Transfer Pricing Comparability Data and Developing Countries [TAX ALERT]

OECD invites public comments on the paper on Transfer Pricing Comparability Data and Developing Countries [TAX ALERT]

April 21, 2014. Tags: ,

On 11 March 2014, the Organisation for Economic Cooperation and Development (OECD) released a discussion paper on Transfer Pricing Comparability Data and Developing Countries. The paper …

OECD releases discussion draft on tax challenges of the digital economy [TAX ALERT]

OECD releases discussion draft on tax challenges of the digital economy [TAX ALERT]

April 21, 2014. Tags: , , ,

On 24 March 2014, the Organisation for Economic Cooperation and Development (OECD) released a discussion draft in connection with Action 1 on addressing the tax …

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

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

April 21, 2014. Tags: , ,

The tax treaty between Peru and Korea entered into force on 3 March 2014, after Peru completed its ratification and notification process. Further details are available …

Czech Republic: Ministry of Finance intensifies fight against tax evasion

Czech Republic: Ministry of Finance intensifies fight against tax evasion

April 21, 2014. Tags: , ,

On 11 April 2014, the Ministry of Finance announced that it had concluded an agreement with the Ministry of Internal Affairs to intensify the fight …

France: VAT on art – guidelines on the application of reduced rates

France: VAT on art – guidelines on the application of reduced rates

April 21, 2014. Tags: ,

On 11 April 2014, the Government issued guidelines on the application of reduced VAT rates on works of art, antiques and collectibles. The intermediary rate of …

Danish Assessment Board: bitcoin currency fluctuations not taxable – details

Danish Assessment Board: bitcoin currency fluctuations not taxable – details

April 21, 2014. Tags: , , , , ,

The Danish Assessment Board (Skatterådet) gave its ruling on 25 March 2014 in the case of SKM2014.226.SR (published on 1 April 2014). Details of the ruling …

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