Philippines authorities have changed withholding tax rates on payments to Philippines residents for service rendered.
The Federal Council in Switzerland approved amending the withholding tax ordinance to encourage financing groups of companies in Switzerland.
In an effort to increase tax revenue and improve tax administration, the government of Oman has enacted significant changes to its tax law.
The French tax authorities have announced that the deadline for payment of corporate income tax has been extended to May 15.
On July 28, 2016, the South Korean government announced new tax law proposals to take effect on January 1, 2017.
In any tax system, a high level of certainty is required for both ease of tax administration and the efficient collection of tax liabilities. Likewise, for companies and their stakeholders, domestic and international tax-related certainty is a fundamental goal. The UK’s EU referendum and potential exit from the European Union represent serious threats to this desired stability. And the biggest challenge businesses will face from a potential “Brexit” will be negotiating the resulting uncertainty.
Today UK Chancellor of the Exchequer, George Osborne, announced the UK Budget for the year 2016/17. Here is a summary of the new Budget’s key measures.
Taking the time to research laws and documentation requirements for foreign countries can be challenging and time-consuming. But not doing so poses serious risks for your company’s pocketbook and reputation. Penalties for neglecting to file documents, reporting information incorrectly or failing to pay taxes can be severe enough to spark civil or even criminal legal proceedings against your company’s directors. And pleading ignorance of such obligations is no defense.
The Brazilian government has issued a number of tax and administrative proposals which aim to tackle the forecasted R$30 billion deficit for 2016. The measures will have the effect of increasing taxes, mainly by reducing the number of tax incentives made available. However, it is the proposed increased tax on capital gains and the reintroduction of the CPMF social security contribution to help fund public health that have generated the most opposition.
In order to assist startups, the Dutch government has proposed a new R&D incentive that will be integrated with the current labor cost system that reduces wage withholding tax.
In an April decision, the Federal Court of Australia upheld an Australian Taxation Office (ATO) ruling holding IBM Australia Ltd. responsible for withholding tax on all payments that it had made to its U.S. parent under a software licensing agreement.
The case illustrates the critical importance of the language used in such agreements when it comes to how the ATO will treat them for tax purposes.