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International Tax »

Filipino Bonus Tax Exemption Increase Passed

On November 26, the Philippines Senate passed a bill to increase the present individual income tax exemption cap for 13th month pay and other benefits, such as productivity incentives and Christmas bonuses, from PHP30,000 to PHP82,000. Continue Reading »

International Law »

IRS Issues Final Regs On Obamacare Tax Credits, Penalties

The United States Internal Revenue Service has recently released revenue procedures, final regulations and a notice on the application of certain health care provisions within the Affordable Care Act, including the premium tax credit and the individual employee mandate. Continue Reading »

Politics & Economics »

Singapore Seeks Suggestions for 2015 Budget

Singapore's Ministry of Finance is seeking ideas and suggestions from individuals and businesses on tax and spending policies ahead of the 2015 Budget. Continue Reading »

Offshore »

Russia Enacts Russian CFC Bill

On November 18, 2014, the Lower House of Russia's Parliament, the State Duma, approved in the second and third readings Bill No. 630365-6, which would introduce a new controlled foreign corporation regime in the country. Continue Reading »

Business »

Obama Threatens To Veto Tax Extenders Deal

Statements from US Treasury Secretary Jack Lew and White House Press Secretary Josh Earnest have indicated that the reported bipartisan deal being put together in Congress on an extension of the "tax extenders" measures would not be supported by President Barack Obama. Continue Reading »

E-Commerce »

States Lose Patience Over US Internet Sales Tax

The National Conference of State Legislatures has sent a letter to House of Representatives Speaker John Boehner, expressing its "disappointment and frustration" with his announcement ruling out passage of the Marketplace Fairness Act during the current lame-duck session in the US Congress. Continue Reading »

Aviation »

Taiwanese Special Scheme For Foreign Firms Time Limited

The Ministry of Finance has reminded foreign companies engaged in certain industries in Taiwan that there is a time limit on the availability of the percentage expenses deduction allowed under Article 25 of the country's Income Tax Act. Continue Reading »

Marine »

British Marine Federation Issues Tax Compliance Warning

The British Marine Federation has issued a warning that the UK tax authority, HM Revenue and Customs, can now access information from UK merchant acquirers – the companies that process card payment transactions – to find out the number and value of transactions completed by a specific trader engaged in the maritime industry. Continue Reading »

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