 May 23, 2013
Australian Federal Court Clarifies that Reasonable Performance Management is not “Adverse Action”
In a case which involved Mr. Ramos and Good Samaritan Industries (GSI), Justice Barker has upheld Federal Magistrate Rolf Driver’s earlier verdict which held that reasona...
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May 21, 2013
Spain and the US Sign Protocol to Avoid Double Taxation
The governments of Spain and the United States of America (US) have recently concluded a tax agreement amending the provisions of the current protocol which has been in e... |
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May 17, 2013
Japan and the UK Agree in Principle to Amend Current Tax Convention
The governments of Japan, the UK and Northern Ireland have agreed in principle on a draft legislation to amend the current tax convention which took effect in 2006. The d... |
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May 16, 2013
India Notifies Rules for ‘Voluntary Compliance Encouragement Scheme’: Update from Nair & Co. International Tax Compliance Services Team
The Indian government has notified the rules to execute an amnesty scheme i.e. “Voluntary Compliance Encouragement Scheme” which was proposed in its February 2013 budget.... |
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May 15, 2013
Australia Budget 2013-14: Fringe Benefits Tax Rate Increased, Scope of PAYG Extended and Proposed Income Tax Reductions Postponed
The Australian government has released its budget for 2013 which targets savings to bring the budget back to surplus. With a budget that predicts a minor deficit next yea... |
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May 14, 2013
Brazil Approves Additional Labor Rights for Domestic Employees
The Brazilian government has approved a proposal that grants additional labor rights to domestic employees. The proposal which guarantees equal rights to both domestic a... |
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May 14, 2013
Australia Amends Liability of Directors and Officers: Update from Nair & Co. International Expansion Services Team
In order to simplify the process of imposing criminal liability on directors and managers of Australian Companies, the Council of the Australian Governments (COAG) has de... |
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May 14, 2013
India Issues a Tax Notice to Microsoft for Transfer Pricing: Update from Nair & Co. International Tax Compliance Services Team
The Indian income tax (IT) department served a demand notice to Microsoft in India on valuation of transactions with the parent Microsoft Corporation based in the US. The... |
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May 10, 2013
India Slashes Tax on Interest Payments to Foreigners on Government and Corporate Debt
The Indian government is going to reduce tax on interest payments to foreigners on government and corporate debt from up to 20% to 5%. The tax reform which will take eff... |
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May 09, 2013
Spanish Government Approves Measures to Stimulate Employment: Update from Nair & Co. International tax compliance services team
The Spanish government has approved Royal Decree-Law 4/2013 which has significant measures to promote entrepreneurship and generate employment. The main measures have a r... |
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May 08, 2013
Australia Amends Transfer Pricing Regulations
Australia has recently introduced the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 (“the Bill”) in the House of Representativ... |
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May 02, 2013
Russia Proposes New Transfer Pricing Deadlines: Nair & Co. International Tax Consulting Team
The Russian government has sent Draft Law No. 79859-6, which proposes to set new transfer pricing deadlines for taxpayers, for the second reading to the State Duma (the l... |
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May 02, 2013
Argentina Introduces New Systems for Recording Overseas Payments: Update from Nair & Co. International Expansion Services Team
The Argentinian government has introduced a new electronic system i.e. the “Single Electronic Window of Foreign Trade” which will enable data transfer and tracking of int... |
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May 02, 2013
India Passes Finance Bill for 2013-14: Updates from Nair & Co.’s International Tax Consulting Team
The Indian parliament cleared the Finance Bill on April 30, 2013. It has issued a clarification regarding Tax Residency Certificates (TRC) issued by a foreign government.... |
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April 30, 2013
Brazil Extends Threshold for Companies to Qualify for Presumed Profit Method
Brazil has recently enacted Provisional Measure 612/2013 which will broaden the threshold for companies to qualify for the Presumed Profit Method. The provisional measure... |
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April 30, 2013
Australia Proposes Amendments to GAAR (Part IVA) to Counter Tax Dodging
The Australian government has introduced Tax Laws Amendment (Countering Tax Avoidance and Multi National Profit Shifting) Bill 2013 on February 13, 2013. The draft amendm... |
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April 29, 2013
India Revises Tolerance Band for Transfer Pricing: Updates from Nair & Co.’s International Tax Consulting Team
The Indian government in a recently issued notification has modified the “tolerance band” for the Assessment Year 2013-14 which will ascertain arm’s length pricing for in... |
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April 26, 2013
Australia Releases Fair Work Amendment Bill 2013
On March 21, 2013, the government initiated the Fair Work Amendment Bill 2013 (Amendment Bill) into the federal Parliament. The Bill includes a broad range of amendments ... |
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April 22, 2013
Japan Budget 2013 - Amendments to Transfer Pricing Regulations, Withholding Tax, SME Expenses and Taxation: Updates from Nair & Co.’s International Tax Consulting Team
The Japanese cabinet has approved several reforms which include changes to corporate, individual and international taxation, in order to stimulate the economy says, Nair ... |
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April 19, 2013
Chinese Government Extends the VAT Nationally: Nair & Co.’s International Tax Advisory Team
China’s State Council has recently announced that the Value Added Tax (VAT) pilot program will be implemented nationwide from August 1, 2013. The pilot program is curren... |
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April 19, 2013
Argentina Introduces Electronic Submission and New Form for Transfer Pricing
The Argentine tax authorities have revised transfer pricing regulations making it mandatory for taxpayers to file transfer pricing reports in a digital format, through th... |
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April 17, 2013
Dormant Norwegian Companies Disallowed Work Permits
While filing for work permit applications for foreign nationals, Norwegian companies need to be actively carrying on business activities in Norway. The immigration direct... |
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April 17, 2013
France asks MNCs to follow Digitalized Accounting Systems under French Accounting Standards (FAS): Compliance Update from Nair & Co. International Accounting Services Team
Effective from January 1, 2014, foreign companies carrying out business activities in France and preparing their overseas accounts using non French accounting standards (... |
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April 16, 2013
Belgium Issues New Guidelines for Data Security: Update from Nair & Co. International Expansion Services Team
In light of recent data security breaches in Belgium, involving a corporate and also the Belgian railway, due to which online personal data relating to thousands of consu... |
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April 16, 2013
UK Relaxes Reporting Rules for Small Companies under RTI; Allows Extended Time to File Returns
The UK government has relaxed tax return filing rules under Real Time Information (RTI) which will allow an extended time for small companies to file payroll related retu... |
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April 15, 2013
China-UK Tax Protocol Signed; 5% Reduced Withholding on Certain Inter-company Dividends to be Allowed: Nair & Co.’s International Tax Advisory Team
China and the UK have recently signed a Protocol which will allow a 5% reduced withholding tax (from the current 10%) on inter-company dividends, where the beneficial own... |
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April 12, 2013
India Likely to Increase Wage Ceilings for ESI and PF
The government of India is planning to increase the wage limit of Employee State Insurance (ESI) and Provident Fund (PF). Employers may have to pay more and their complia... |
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April 11, 2013
Ireland Publishes Finance Bill 2013: Nair & Co. International Tax Consulting Team
In the recent Finance Bill 2013, the Irish government has altered provisions concerning business and individual taxation. Nair & Co.’s international expansion service... |
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April 10, 2013
Canada extends Hiring Credit for Small Business: Updates from Nair & Co.’s International Tax Consulting Team
The Canadian Federal government had launched the temporary Hiring Credit for Small Business (HCSB) in the year 2011. The main purpose of HCSB was to make it inexpensive f... |
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April 09, 2013
India Issues Consolidated FDI Policy to Attract Foreign Investment: Update from Nair & Co. International Expansion Services Team
The Indian government has released consolidated Foreign Direct Investment (FDI) policy guidelines which are expected to simplify India’s FDI rules for foreign investors a... |
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April 08, 2013
United Kingdom Announces Revised Timetable to Implement Employment Law Reforms: International HR Services Team of Nair & Co.
The United Kingdom has announced a revised timetable to accelerate the implementation process of the proposed employment law reforms which will improve flexibility and ef... |
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April 04, 2013
Hong Kong: Amendments to Direct Marketing Privacy Ordinance Effective from April 1, 2013
Hong Kong had made certain amendments to the personal data privacy ordinance last year. It has now announced that the new provisions relating to direct marketing will tak... |
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March 26, 2013
Canada Introduces Aggressive Measures to Counter Tax Evasion Schemes: Canada Budget Update from Nair & Co.’s International Tax Advisory Team
The government has proposed an anti-avoidance regulation to back up the existing loss restriction rules applicable on the acquisition of control of a corporation. Two mea... |
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March 22, 2013
Canada to Introduce Mandatory Health and Safety Training Guidelines: Updates from International HR and Payroll Services Team at Nair & Co.
Canada is introducing new guidelines under the Occupation Health and Safety Act (OHSA) making it mandatory for all Ontario-based companies to ensure their workers and sup... |
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March 21, 2013
UK Budget 2013 – Corporate Tax Rate to Reduce as per Schedule, Increase in VAT Thresholds, Changes to NICs: Nair & Co.
UK plans to make its tax system most competitive in the G20 by reducing the main rate of corporation tax by an additional 1% in April 2015, so it reaches 20%. The Governm... |
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March 20, 2013
France Extends 5% Corporate Tax Surcharge till 2015: Nair & Co. International Tax Consulting Team
France has extended till 2015, the 5% corporate tax surcharge on corporate income tax liability payable by certain companies. Here are some highlights of the development ... |
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March 20, 2013
Equal Treatment to E-Invoicing in France: Nair & Co. International Expansion Services Team
France has adopted EU guidelines that furnish equal legal status to both electronic and paper invoices. The provision, defined under “EU Directive 2010/45/EC”, has been a... |
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March 18, 2013
South Africa Proposes to Ease Tax Burden and Cross-Border Financial Regulations Updates from Nair & Co.’s International Tax Consulting Team
The South African government said it plans to ease cross-border financial rules and taxation requirements for companies in the recently announced national budget for 2013... |
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March 15, 2013
Companies Can Now Begin Applying for Sao Paulo’s ICMS Installment Program: Brazil Tax Updates from Nair & Co.’s International Tax Consulting Team
Companies doing business in Brazil can now opt for Sao Paulo’s Special Installment for ICMS (State Value Added Tax) tax debts that was announced in December last ye... |
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March 15, 2013
Belgium Offers New Tax Incentives for Business Entities and Entrepreneurs: Updates from Nair & Co.’s International Tax Consulting Team
Belgium recently announced new tax incentives for individuals and companies that include reduced tax on pensions and profit deductions for small employers, said Nair &... |
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March 15, 2013
Hong Kong Proposes Reduction in Profit Tax, Business Registration Fee Waiver: Updates from Nair & Co.’s International Tax Consulting Team
Hong Kong has proposed 75% reduction in Profits tax, waiver of business registration fee and reduction in salaries tax in its recently released annual budget said Nair &a... |
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March 07, 2013
Colombia Introduces Major Tax Reforms
The Colombian Government has recently introduced various measures which include new individual income tax, corporate tax, VAT and consumption tax provisions, and has rede... |
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March 05, 2013
Japan Proposes 2013 Tax Reforms
The Japanese government has outlined proposed tax reforms; however, these can be altered during the legislative process.It should be noted that the final tax regulations ... |
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March 04, 2013
Australia Amends Workforce Regulations
The Australian government recently passed the Fair Work Amendment Act 2012 Amendment Act accepting almost third of suggestions made by the Fair Work Review Panel and the ... |
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March 01, 2013
India Budget 2013: Amnesty for Service Tax Defaulters, Withholding Tax on Nonresident Royalty Increased: Key Highlights from Nair & Co.
India has kept corporate tax rates largely unchanged and announced a series of measures to boost the country’s growth rates in its annual budget unveiled on Feb 28. Here ... |
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March 01, 2013
Singapore Budget 2013: Various Tax Rebates, Wage Credit Scheme Announced, ERIS Abolished: Nair & Co.
Singapore in its 2013 budget announced a 30% corporate tax rebate, a wage credit Scheme, and an innovation credit among other measures to encourage enterprise growth and ... |
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March 01, 2013
China Adopts Registration of Trademark for New Sectors
The Chinese government has adopted the Tenth Edition (Version 2013) of the International Classification of Goods and Services ("Nice Classification"), allowing seven new ... |
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February 27, 2013
Canadian Supreme Court Sets up Key Principles in Transfer Pricing
In a case involving The Queen and Glaxo Smith Kline Inc. (GSK), the Supreme Court of Canada has recently released its first verdict on transfer pricing regulations by est... |
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February 26, 2013
France Reduces Tax Credits
The French Finance Law for 2013 (Loi de finances pour 2013, LF 2013) has reduced the maximum limit on tax credits from EUR 18,000 + the previously prescribed rate to EUR ... |
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February 26, 2013
China to Increase Taxation of State Owned Enterprises
The Chinese government’s recent approval to reform the system of income distribution will affect the taxation of state-owned organizations and the business of property sp... |
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February 21, 2013
Dutch Expatriate Tax Provisions Amended
Foreign workers in Netherlands, with specific skills, can avail a 30% tax relief, i.e. the ‘30% ruling’. Under this ruling, 30% of salary can be received as a tax-free al... |
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February 15, 2013
Peru Amends Tax Haven Status and Sets Deductible R&D Expense Limit
Peru has amended its Income Tax Law in July, 2012 and published it via Supreme Decree No. 258-2012-EF on December 18, 2012. This decree specifies the new regulations rega... |
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February 15, 2013
China Strengthens Data Privacy Laws
The Chinese government has recently passed a resolution intensifying data privacy laws in the country. These regulations contain significant and comprehensive requirement... |
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February 08, 2013
Australian Directors Become Personally Liable for Unpaid Superannuation
The Australian government has extended provisions regarding penalties for directors. The new director penalty regime makes directors personally liable in case their compa... |
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February 07, 2013
Mexico: Companies Handling Personal Data must Comply with Prescribed Rules to Avoid Penalties
In a recent case, the Federal Institute for Access to Information and Data Protection (IFAI) of Mexico has imposed penalty on Pharma Plus, S.A. de C.V. (engaged in drugst... |
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January 29, 2013
Brazil: Companies Evaluating Taxable Income under Actual Profit Method will be Qualified for Accelerated Depreciation
The Brazilian government has regulated accelerated depreciation with the publication of Decree 7,854, effective from December 4, 2012. For corporate income tax purpose, c... |
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January 29, 2013
Brazil Introduces New Tax on Gross Income; Thirty Business Sectors will be Benefited
The Brazilian tax authorities, by issuing Normative Opinion (Parecer Normativo) 3/2012, has provided calculation details of the new tax on gross revenue. This replaces th... |
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January 24, 2013
Luxembourg Implements New Tax Provisions in 2013 Budget
Luxembourg has implemented various measures with the aim of increasing revenue through taxation. These provisions are mostly effective from January 1, 2013. The details o... |
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January 24, 2013
Budgetary Updates 2013: Canada, Cuba, Belgium
Belgium, Canada and Cuba introduce major changes in their respective budget 2013. Belgium revises important provisions, Canada adopted 2012 Federal Budget Measures and Cu... |
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January 23, 2013
Brazil Amends Transfer Pricing Regulations
The Brazilian government has amended its Transfer Pricing Regulations (TPR), which may affect companies doing business in the country. New Normative Instruction (NI) 1,31... |
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January 22, 2013
Czech Republic Approves Austerity Measures and Amends VAT Laws
The Czech Republic government has opted for austerity measures and amendments to individual income tax, withholding tax, excise tax and VAT provisions. Details of the maj... |
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January 22, 2013
Budget 2013: Mexico Reforms Tax Provisions
Mexico has amended the provisions of Income Tax, withholding tax, foreign pension funds and some IETU (Business flat-rate tax), affecting resident and non-residents doing... |
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January 22, 2013
Malta Budget 2013: Tax Exemptions for Domestic Mergers and Group Restructuring
Malta’s national budget for 2013 aims to continue the country’s financial consolidation plan, build up the social security net and promote investments. Tax exemption may ... |
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January 16, 2013
France Adopts Third Financial Amending Law; Details of Finance Law for 2013
The laws brings in anti-avoidance measures and tax credits for competitiveness and employment, and also amended VAT rates effective from January 1, 2014. Highlights ... |
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January 16, 2013
Vietnam Likely to Reduce Corporate Tax Rate to 23%
Vietnamese Ministry of Finance has proposed certain changes to Corporate Income Tax (CIT) Law, which if enforced, will take effect from January 1, 2014, unless otherwise ... |
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January 15, 2013
Budgetary Updates: Norway, Sweden and Netherlands
Know more about Norway’s Plans concerning the changes in specific tax provisions, Sweden’s Plans to introduce investment friendly measures, and the major changes in Nethe... |
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January 14, 2013
Italy Permits VAT Payments on Cash Receipt Basis
Italy introduces VAT Cash Accounting Scheme allowing VAT payment on cash (receipt) basis with effect from 1 December 2012. It is mandatory for the taxable person to indic... |
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January 14, 2013
Portugal Sets New Data Reporting Obligations for Resident Individuals and Companies having Foreign Investments
Based on Internal Instruction nr. 27/2012, the Bank of Portugal (BdP) has set new statistical data reporting obligations, for resident individuals and companies, who make... |
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January 08, 2013
Key International Tax, Compliance, Payroll Deadlines: Nair & Co. Release 2013 Calendar
If you are setting up or have existing legal entities abroad, here are a few deadlines you don't want to miss. These are based on an assumed year end December 31, 2012. P... |
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January 07, 2013
Australia Strengthens Data Privacy Laws
The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 was passed by the Federal Parliament on November 29, 2012 and is expected to be effective from March 2... |
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January 07, 2013
Dubai Reiterates Free Business Zone Rules
Dubai's Department of Economic Development has clarified that companies established in the Free Zones across the UAE, need to have a registration and license, mandatorily... |
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January 07, 2013
Brazil Tax Update: Minimum Average Term Further Reduced for Certain Financial Transactions
Brazil makes further amendment to the provisions governing tax on financial operations (Imposto sobre Operações Financeiras – IOF) with the publication of Decree No. 7,85... |
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January 07, 2013
China Eases Foreign Exchange Restrictions to Encourage FDI Inflow
China’s State Administration of Foreign Exchange (SAFE) simplifies foreign exchange rules relating to foreign direct investment to attract foreign investment into China. ... |
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December 28, 2012
Singapore Amends Foreign Manpower Act; Expatriates Affected
In recently implemented amendments to Foreign Manpower Act (EFMA), Singapore has increased law enforcement capabilities of its Ministry of Manpower (MOM) and also redesig... |
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December 28, 2012
Canada Introduces New Visa Rule; Makes Biometrics Mandatory for Visa Applicants from Thirty Jurisdictions
Canada has made biometrics mandatory for the nationals of thirty Jurisdictions applying for Canadian visitor visas, study permits, or work permits, commencing 2013. Appli... |
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December 20, 2012
Hong Kong Plans Standard Work Week and Overtime Pay
Hong Kong, along the lines of developed economies like Singapore and UK plans to implement a standard work week of 40-48 hours and an overtime pay of 50% of pay over and ... |
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December 19, 2012
Russia Clarifies Conditions for Input VAT Deduction on Imports Made by Branches of Foreign Companies
The Russian Ministry of Finance has issued Letter No. 03-07-08/285 clarifying the conditions of Input VAT deduction on import of equipments to Russia by the branches of f... |
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December 14, 2012
France Proposes Changes to Tax Laws for Stock Options
The proposed changes, if implemented, would be applicable to qualified stock options and free shares awarded on or after September 28, 2012. The awards made prior to this... |
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December 13, 2012
United Kingdom: Parent Company may Owe a ‘Direct Duty of Care’ to Subsidiary’s Employees
In the Chandler Vs Cape case, the Court of Appeal has held that a parent company may be liable for injuries caused to the employee of its subsidiary. The parent company m... |
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December 10, 2012
Australia Tightens Corporate Governance Responsibilities of Directors and Officers
Australia has amended work health and safety (WHS) laws which are likely to be implemented in early 2013, increasing corporate governance responsibilities for directors a... |
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December 10, 2012
Italy Presents New Measures for Financial Stability
Italy has recently announced measures to ensure the financial stability of the economy. The key highlights of the financial stability package are decrease in rate of indi... |
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December 10, 2012
United Kingdom Proposes to Introduce New Owner-employee Contract
With the intention of implementing new rules in April 2013, the UK government has announced a proposal to introduce a new kind of employment contract called the “owner-em... |
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December 03, 2012
India Tax Update: Taxpayers Paying Service Tax beyond Rs. 2.5 Million must File Monthly Returns
Taxpayers paying service tax of more than INR 25 lakh will now be required to file returns on a monthly basis, instead of twice in a year. The new regulation will not onl... |
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December 03, 2012
India Releases Final Version of MCA XBRL Validation Tool
Indian Ministry of Corporate Affairs has released the final version of MCA XBRL Validation Tool. Effective since October 14th, 2012, XBRL filings of financial statements ... |
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December 03, 2012
India Extends Due Date for Filing E-forms 23AC (Non-XBRL) and 23ACA (Non-XBRL)
The Ministry of Corporate Affairs has also extended the filing of e-form 23B without any extra fee till December 23, 2012 or due date of filing, whichever is later. Compa... |
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December 03, 2012
Denmark Declares Increased Taxation for Employer-provided Free Residence
Denmark has confirmed that it will abolish some beneficial tax regulations concerning employer-provided ‘free housing’ with effect from January 1, 2013. For the purpose o... |
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November 29, 2012
UK Likely to Impose FATCA to Clamp Down on Offshore Tax Havens
United Kingdom is planning to crack down on offshore tax havens by imposing its own version of Foreign Account Tax Compliance Act (FATCA). The proposal will not only forc... |
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November 27, 2012
Sweden Reduces Corporate Tax Rate; Announces Tax Deductions for Investors
The Swedish government has planned to slash the corporate income rate to 22% from the existing 26.3%. The legislation taking effect from January 1, 2013, will be benefici... |
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November 27, 2012
Saudi Arabia Makes Arabic Language Mandatory for Businesses
Saudi Arabia has made Arabic as the mandatory business language in all commercial and business dealings. Companies doing business in Saudi Arabia are required to abide by... |
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November 27, 2012
South Korea to Hike Tax Rate for Foreigner Workers
The Korean government has declared a plan to hike the flat rate of tax for foreigners by two percent which may affect expatriate workers and companies in South Korea. Cur... |
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November 27, 2012
German Immigration Policy Update: Opens Labor Market for Highly-skilled Professionals
Germany has recently implemented the EU Directive granting migrants from non-EU states access to highly skilled occupations and the possibility for them to reside in the ... |
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November 15, 2012
Restructuring French Subsidiaries may Lead to Financial Liability for Larger Group
In a string of recent decisions, the French Supreme Court has asserted that a parent company can be regarded as the co-employer of its subsidiary’s employees and shares a... |
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November 14, 2012
Vietnam Set to Increase Minimum Wages by 33%; Rise in Expenses for Businesses
The proposal aims to increase the minimum wage range from the current $67-$96 per month to $89- $125 per month.The proposal is due to be implemented in March 2013 but if ... |
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November 14, 2012
Argentina Tightens Exchange Control Regulations; Impacts Employees Share Plans
Argentina has restricted its residents’ ability to purchase foreign currency and remit funds outside Argentina. The new regulations, expected to stay in effect at least t... |
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November 05, 2012
Singapore Tightens Entry Rules; Dependents of Expat Workers Affected
Singapore has tightened the sponsorship criteria for dependants of foreign workers. The new legislation, effective from September 1, 2012, aims to restrict the rapid infl... |
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November 05, 2012
Argentina IFRS Update: New Requirements for Information Reporting and Tax Base Calculation
Companies doing business in Argentina, which has recently adopted the International Financial Reporting Standard (IFRS), must now comply with the new requirements for inf... |
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October 26, 2012
Canada Issues Notice to Implement Income Tax Provisions
The Canadian government has tabled a Notice of Ways and Means Motion that will allow it to implement certain tax provisions from the country’s Economic Plan 2012 and also... |
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October 17, 2012
India Revises Companies Bill 2011; Regulates Corporate Sector
India has recently approved certain amendments to the Companies Bill, 2011. The Bill, post enactment, claims to modernise the Indian legislation paving the way for growth... |
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October 15, 2012
India Introduces New Tax Residence Certificate Rules
Indian tax authorities have introduced new rules specifying the way Tax Residence Certificate (TRC) should be submitted to claim reliefs under relevant tax treaties.As pe... |
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October 11, 2012
China Business Visa Update: Applicants must Submit Invitation Letter
Foreign workers trying to procure a business visa for China now have to submit an invitation letter issued by a local corporation or by the Chinese authorities along with... |
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October 11, 2012
Canada Issues “Address for Service” Notice for Directors
The Canadian government has revised provisions for the address that directors of corporations need to provide to Corporation Canada. Directors now need to provide an addr... |
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October 01, 2012
India Liberalizes Foreign Direct Investment to Promote Economic Growth
The government of India is liberalizing Foreign Direct Investment (FDI) in various sectors for economic growth. As indicated by the government, the reforms in multi-brand... |
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September 26, 2012
Canada and China Sign Investment Treaty to Protect Investors from Arbitrary Government Actions
The Governments of Canada and China signed a bilateral investment treaty Protect Investors against arbitrary Government actions. Specific provisions of the treaty will be... |
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September 25, 2012
Ireland: Taxpayers to Submit Financial Statements in Inline eXtensible Business Reporting Language Format
The revenue department of Ireland declared that it will provide taxpayers the option of submitting financial statements in Inline eXtensible Business Reporting Language (... |
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September 24, 2012
Reserve Bank of India Clarifies Approval Procedure for Foreign Non-Government Organisations to Establish Offices in India
The Reserve Bank of India (RBI) has clarified the approval process for foreign non-government organizations (NGOs) to establish offices in India. Both government and non-... |
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September 24, 2012
Denmark Proposes Changes in Indirect Taxes; Likely Increase in Taxes
The tax authorities of Denmark have proposed reforms to indirect taxes which are likely to take effect in 2013. The draft law which is subject to the Parliament’s approva... |
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September 18, 2012
Australia Amends Corporations Act; Empowers Australian Securities and Investments Commission to Wind up Abandoned Companies
Australia empowers the Australian Securities and Investments Commission (ASIC) to wind up abandoned companies by introducing new provisions in the Corporations Act, which... |
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September 18, 2012
Brazil Reduces Financial Transaction Tax (IOF) to Nil; Encourages Businesses to Invest in Certain Sectors
The Brazilian Government has reduced the rate of financial transaction tax (Imposto sobre Operações Financeiras – IOF) on certain insurance policies to nil. The declarati... |
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September 13, 2012
China Introduces Surcharge on Electronic Waste; Manufacturing Sector Affected
Chinese tax authority, State Administration of Taxation (SAT) has released a declaration establishing surcharge on electronic waste in the country, on August 20, 2012. Th... |
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September 11, 2012
South Korea Announces Tax Hike; Business Entities in the Country Affected
The South Korean government has announced changes to its tax laws that would increase tax rates for both large businesses operating in the country and employees. The new ... |
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September 10, 2012
Hungary Proposes to Introduce New Tax on Financial Transactions by Payment Service Providers
The Hungarian government has proposed to introduce a new tax on financial transactions by payment services providers (PSP) having registered or branch office in Hungary.&... |
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September 03, 2012
China Clarifies Enterprise Income Tax Treatment of Equity Compensation Plans
Chinese tax authorities have clarified the Corporate Income Tax (CTI) treatment of equity incentive compensation plans (EICP) taking effect from 1 July, 2012. The recent ... |
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August 31, 2012
UK to Introduce Statutory Definition of Tax Residence in Finance Bill 2013; Provides Clear Rules for Taxpayers
The United Kingdom is likely to introduce the statutory definition of tax residence in the Finance Bill 2013. Draft legislation which includes a statutory definition of t... |
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August 28, 2012
Hong Kong Increases the Ambit of Deductions on Specified Intellectual Property Rights
Hong Kong’s Inland Revenue Department (IRD) has clarified that capital expenditure incurred by companies doing business in Hong Kong on the purchase of patents and know-h... |
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August 28, 2012
China Cracks Down on Employee Secondment Arrangements
Proposed amendments to China’s Labor Contract Law will severely restrict secondment of employees, an arrangement where companies doing business in China contract employee... |
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August 20, 2012
Indian Tax Authorities Update Reverse Charge Mechanism, Widen Service Tax Net
India’s tax authorities have expanded the scope of situations where companies doing business in India need to pay service tax under the reverse charge mechanism. In a rec... |
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August 20, 2012
Switzerland Imposes Restrictions on EU Workers, Targets Eastern European Countries
Switzerland has temporarily re-introduced authorization requirements for workers coming into the country from the eight Eastern European countries that joined the Europea... |
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August 20, 2012
India Extends Deadline for Filing Income Tax Returns to August 31, 2012
India’ Central Board of Direct Taxes (CBDT) has extended the due date for filing of tax returns by a month to August 31, 2012 due to the recent power grid failure that di... |
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August 16, 2012
Thailand VAT: Verdict Revises VAT Provision for Services Offered to Customers Abroad
Thailand companies servicing overseas customers are liable to pay Value Added Tax (VAT) for those services if their customers use any part of the information procured via... |
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August 14, 2012
U.K. Employers Should Prepare Early for the New Real Time Information System
U.K.’s new Real Time Information System (RTI) that changes how employee data is processed and streamlines UK Pay As You Earn (PAYE) tax system will be compulsory for all ... |
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August 10, 2012
China Enacts New Exit-Entry Administrative Law; Targets Illegal Entry, Stay and Employment of Expatriates
China has formally enacted a new Exit-Entry Administration law that imposes stricter control over the entry, residence and work for expatriates in China. The new law that... |
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August 10, 2012
Saudi Arabia Offers Tax Incentives to Increase Foreign Investment Inflow
Conditional 10-year tax incentives are being offered by the Kingdom of Saudi Arabia (KSA). It has announced such incentives in six less-developed regions of the country -... |
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August 09, 2012
Australia Proposes to Reduce New South Wales Workers’ Compensation Benefits
The Australian government has proposed to drastically revise New South Wales (NSW) workers' compensation benefits claims. The new legislation, which reduces workers’ week... |
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August 08, 2012
Canada Employment Law Update: Employers Must Document Extension of Notice Periods
Employers in Canada who wish to extend their employees’ notice period must document the extension in writing to avoid any litigation. The d... |
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July 30, 2012
Japan Issues New Reporting Requirements for Stock-based Compensation Offered by Foreign Employers
Japan tax authorities recently announced new reporting requirements for foreign stock-based compensation received by resident employees and directors of certain entities ... |
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July 25, 2012
Brazil Tax: New Reporting Obligations for Transactions Involving Non-residents
Brazilian Tax authorities recently announced new reporting obligations for Brazil residents entering into certain transactions with non-residents. Effective June 29, 2012... |
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July 24, 2012
France to End VAT Administrative Concession from October 1; Foreign Companies Affected
France has announced it will, from October 1, 2012, remove an administrative concession that allows foreign companies without a local establishment to register and collec... |
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July 17, 2012
Foreign Companies in Korea Have New Requirements to Claim Tax Treaty Benefits: Nair & Co.
Foreign companies that are beneficial owners of Korean-sourced income must now submit an application to their withholding agents before they receive any income, in order ... |
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June 27, 2012
French Data Police to Scrutinize Medical Records Stored in the Cloud
The French data protection authority has released details of its enforcement agenda which aims to conduct 450 on-site inspections with particular focus on healthcare prov... |
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June 26, 2012
Update: India Provides Details on Mandatory Tax Reporting Requirements for Liaison Offices
The Income tax authority of India has extended the due date for filing 49C form for particular categories of assessees having a Liaison Office in India. On account ... |
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June 26, 2012
Government of Romania Introduces Changes to VAT Legislation
The Government of Romania has introduced an array of changes to its VAT legislation. The amendment includes an increase in the VAT registration threshold, tax authority’s... |
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June 25, 2012
China Revises Income Tax Incentives for Software and Integrated Circuit Manufacturers
China has revised the enterprise income tax incentives for software and integrated circuit (IC)companies as per a notification released jointly by the Ministry of Finance... |
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June 14, 2012
India Announces Major Changes to Service Tax Laws; New Rules to Take Effect from July 1, 2012
India’s Department of Revenue has finalized dates for the implementation of Negative List and phase-out of the current service tax regime.Even though proposed changes are... |
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June 05, 2012
India – New Rule Allows Use of ‘Other Method’ for Determining Arm’s Length Principle
The Indian Tax Administration has introduced a new transfer pricing method which uses the ‘other method’ for determining Arm’s length Principle (ALP) for international tr... |
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May 31, 2012
India: Documentation for Foreign Exchange Remittance Eased
With an intention to liberalize documentation requirements, the Reserve Bank of India has raised the limit for foreign exchange remittance to US$ 25000 for miscellaneous ... |
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May 31, 2012
Indonesia Issues Regulation for VAT Re-registration of Taxable Entities
In order to reorganize the Value Added Tax (VAT) administration process, the Indonesian Government issued a new regulation regarding the re-registration of taxable entiti... |
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May 30, 2012
Indian Court Allows Company to Shift Service Tax Liability
In a milestone verdict, the apex court of India held that an assessee of service tax may enter into a contract with another party to shift liability. This case involved R... |
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May 29, 2012
India Introduces Changes to EEFC Account Norms
The Indian Government has introduced changes to the Exchange Earners' Foreign Currency Account (EEFC) norms.
As part of the revision, exporters or individual profession... |