Clik here to view.
French Senators Axe Tax Break for Overtime Hours
It has been published on 30 July 2012 that, within the framework of its examination of the country’s second 2012 supplementary finance bill, the French Senate has abolished the tax exemption applicable...
View ArticleClik here to view.
Brazil to increase monthly minimum salary
Brazil’s government will raise the minimum monthly salary by 9% in 2013. The Official Gazette of 26 December 2012 published Decree 7,872/2012 introducing a new monthly minimum salary. The rate has...
View ArticleClik here to view.
Ecuador: Minimum monthly salary
The minimum monthly salary of Ecuador has been set to USD 318 by the Ministerial Decree 00215/2012 of the Minister of Labour, effective from 1 January 2013. The rate was previously USD 292.
View ArticleSingapore Arranges First Wage Credit Payments
Singapore is paying out the first tranche of the payments under the Wage Credit Scheme (WCS) by 31 March 2014. Around 75 percent of the payments are due to small and medium enterprises (SMEs). The …
View ArticleEU – Directive on pension rights
The European Parliament has given its approval to an EU Directive that aims to improve the arrangements relating to the maintenance of supplementary pension rights. The existing EU regulations only...
View ArticleUS Pension Uptake Lags Despite Tax Incentives
In order to encourage taxpayers to make provision for their pensions various incentives are provided by the tax system. The US Government Accountability Office (GAO) has however reported that the...
View ArticleItaly Introduces e-advertising Tax Legislation
Italy has introduced a tax measure under which foreign companies must apply for a VAT number if they intend to engage in the sale of online advertising to enterprises in Italy. This measure is to …
View ArticleColombia: Percentage of deemed interest on loans between companies and their...
The Colombian government issued decree 629 concerning income tax on 26 March 2014. This decree lays down that the deemed interest on loans between companies and their partners is to be set at 4.07% for …
View ArticleUS: Notice 2014-32 announces amendments to recently finalized Section 367(b)...
The US Treasury Department and US Internal Revenue Service have issued Notice 2014-32 revising the final regulations on certain cross-border triangular reorganizations. The Notice applies where the...
View ArticleRussia: Obligatory notification for dual nationality or foreign residence...
Russia acted out a law that effective from 4 August 2014 requiring Russian citizens to give notice to the Federal Migration Service (FMS) where they have dual nationality, or foreign residence permits....
View ArticleVenezuela: Increment of Monthly Minimum Salary (MMS)
The Decree 1.431 has released in Official Gazette No. 40.542 on 17th November 2014 to increase the Monthly Minimum Salary (MMS) from VEF 4,251.40 to VEF 4,889.11 and it will be applicable from 1st...
View ArticleJapan: Plans for an increase in Consumption Tax from April 2017
The government has confirmed that Japanese consumption tax will rise from 8% to 10% from 1 April 2017. This latest date was announced in the 2015 Tax Plan. The increase in the consumption tax rate …
View ArticleSlovenia Publishes Monthly Minimum Salary for 2015
The Slovenian government has published a Decree in Official Gazette No. 6 of 30 January 2015 increasing the monthly minimum salary. This has been increased due to a revision of the inflation rate in...
View ArticleSlovenia: Government Announces of Tax Cash Register System
The government approved the introduction of a tax cash register system on 5 February 2015. The Act will be published in March 2015 and this system will improve revenue collection. The exact date of the …
View ArticleWTO: Discussions on waivers to help LDC exports of services
As part of discussions on implementation of the Bali package discussions have taken place in the World Trade Organization (WTO) on waivers of the usual most favored nation (MFN) rules to help less...
View ArticleMorocco: IMF encourages further reform to pensions and taxation
On 6 February 2015 the IMF finished its first review of Morocco’s economic position in connection with a Precautionary Liquidity Line (PLL) arrangement that was approved by the IMF in August 2014....
View ArticleUS: IRS issues notice setting limits on foreign housing expenses for 2014
In the US the Internal Revenue Service (IRS) has issued Notice 2014-29 providing inflation-adjusted limitations on foreign housing expenses for the 2014 tax year. The figures included in the Notice...
View ArticleAustria: Parliament and Federal Council approve Tax Reform Act 2015/16
The parliament (Nationalrat) and Federal Council (Bundesrat) approved the “Tax Reform Act 2015/16 (Steuerreformgesetz 2015/16)” with minor changes on 23 July 2015.
View ArticleKazakhstan: President signs a Law on pensions
The President has signed a law on 4th August 2015 to amend the process of obligatory pension contributions and budget funded state pension payments. The main amendments are given below: Employers...
View ArticleArgentina- extended employment promotional regime
Decree No. 1,801/15 was published in the Argentine Official Gazette on 8 September 2015. By means of the Decree the Argentine Government has extended the Employment Promotional Regime (that initially...
View ArticleHungary-amendments to the Tax Law submitted to the parliament
The Tax amendments announced by the Minister of Economy of Hungary were submitted to the parliament on 5 December 2016. According to the proposed amendments the corporate income tax rate will be...
View ArticleHungary-Amendments to the Tax law amendments adopted by the parliament
The amendments to the Hungarian Tax Law submitted by the Minister of Economy of Hungary were accepted on 12 December 2016 without any major modifications. According to the adopted Tax Law the new tax...
View ArticleCanada: The Federal Budget 2017 announced
The Canadian government presented the 2017 federal budget on 22nd March 2017 in Ottawa. The main highlighting points of this budget are given below: The budget dedicates $11.2 billion to cities and...
View ArticleCanada: The province budget 2017 for Quebec delivered
The Finance Minister and the Economy of Quebec presented the province budget 2017 on 28th March 2017. It provides for no changes in income taxes, taxes or rates. The main tax amendments contained in the …
View ArticleCzech Republic: Cabinet approves draft budget for 2020
On 16 September 2019, Government announced that Czech cabinet approved the draft budget proposal for 2020. This draft budget was prepared by the Ministry of Finance. It focuses mainly on pensions,...
View ArticleDenmark: Government announces a package of tax measures due to COVID-19 impact
The Government has recently announced some tax measures to assist companies in situation of Coronavirus impact. These are given below: Companies with supplies more DKK 50 million are subject to monthly...
View ArticleCanada: CRA announces some tax relief measures during COVID-19 pandemic
The Canada Revenue Agency (CRA) has recently announced few tax relief measures. These includes: On 21 April 2020, the CRA launched general guidance concerning the Canada Emergency Wage Subsidy (CEWS)...
View ArticleTanzania: Finance Minister presents Budget for 2020/21 to the Parliament
On 11 June 2020, the Finance Minister presents the Budget for 2020/21 to the National Assembly. The Minister indicated that the economic impact of the COVID-19 pandemic in Tanzania is not as severe as...
View ArticleIMF: Aging Economies May Benefit Less from Fiscal Stimulus
An IMF blog posted to its website on 7 August 2020 suggests that economies with a higher proportion of older people may gain less momentum from a fiscal stimulus compared to countries with a younger …
View ArticleCroatia: Prime Minister extends Wage Subsidy Scheme amid COVID-19 pandemic
On 20 October 2020, the Prime Minister and Minister of Labor, Pension System, Family and Social Policy presented the continuation of tax relief measures to preserve jobs due to the crisis caused by the...
View ArticleBulgaria: Parliament passed the Budget Act 2021
On 26 November 2020, the Parliament passed conclusively the 2021 Budget Act, which will enter into force on 1 January 2021. In the transitional and final provisions, Parliament today voted on child...
View ArticleIndia: Rationalisation of Labour laws – What’s in it for Hirers and Employees?
By Suraj Nangia,Partner and Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP In the seven-decade era of independent country, India housed a complex regime of labour laws affecting every person in...
View ArticleIMF: Seizing the opportunity for growth after the pandemic
On 20 July 2021 an IMF blog discussed how to seize the opportunity to achieve economic growth following the pandemic. The IMF blog notes that since March 2020 governments throughout the world have...
View ArticleOECD: Remote working for tax administrations after the pandemic
On 19 July 2021 the OECD’s Forum on Tax Administration published a document entitled Tax Administration: Towards Sustainable Remote Working in a post COVID-19 Environment. During the pandemic many tax...
View ArticleSlovak Republic: OECD considers reforms to strengthen the recovery and future...
On 13 January 2022 the latest OECD Economic Survey of the Slovak Republic was issued. The report notes that Slovakia’s recovery plan, supported by the EU, can give a boost to the economic recovery and …
View ArticleUK: Research on Awareness of Pension Tax Relief
In 2015 HMRC commissioned a research agency to conduct independent research on pension tax relief, exploring awareness and understanding of the pension tax system in the UK. The research included...
View Article
