• Hong Kong Proposes to Halve Import/Export Transaction Costs
  With an aim to boost external trade by reducing transaction costs, Hong Kong proposes to reduce its import and export declaration charges (TDEC) by half. May 08 2012.
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• Income Tax Hike for Dormant Companies in Italy
  Dormant companies in Italy will be paying a higher corporate tax rate in 2012 as per the new Italian tax law. Companies that can be considered ‘dormant’ will have to pay 38% corporate income tax (IRES) tax rate next year compared to the current rate of 27.5%.
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• 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 transactions.
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• 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 professionals who have an EEFC account will now have to convert 50 percent of their balances into rupee balances, and they will also be given permission to purchase foreign exchange by accessing the forex market only after extinguishing their existing EEFC account balances.
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• India: Documentation for Foreign Exchange Remittance Eased
  With an aim to liberalize documentation requirements, the Reserve Bank of India (RBI) has raised the limit for foreign exchange remittance for miscellaneous purpose without documentation process to US$25000 from US$5000.
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• 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 Rashtriya Ispat Nigam Ltd and M/S Dewan Chand Ram Saran where the Supreme Court read out the verdict in favour of the former.
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• Indian Ministry of Finance Proposes Amendment to Budget 2012-13
  Nair & Co has come up with new Press release , highlighting proposed amendment to the Union Budget of 2012-13 by Indian Ministry of Finance . Read the complete Press release to know more about the proposed revisions.
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• Israel hikes VAT to Record High 18%: Update from International Tax Compliance Services Team
  The Israeli Government has raised value-added tax rate (VAT) to 18% from 17%. In the light of the growing budget deficits, the Israeli Tax Authority expects to generate more revenue from the increase in tax and close the widening gap, says Nair & Co.’s International Tax Consulting Team.
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• Italian Government Increases the VAT Rate to 22%
  The Italian government has recently increased the standard Value Added Tax (VAT) rate on goods and services to 22% with effect from 1 October 2013, though it was expected that the increase in VAT rate would be postponed to 1 January 2014, reports Nair & Co.’s International Tax Consulting Team.
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• Netherlands : Employees of Foreign Companies to Pay Lesser Income Taxes
  Expatriate employees in Netherlands, working on a temporary basis can avail of “the 30% ruling regime,” resulting in a 30% tax free employment income in hand. This provision was introduced by the Dutch Government to compensate them for specific expatriate costs.
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• Norway amends VAT Regulations
  The Norwegian government has exempted foreign businesses from appointing a VAT representative, if the company is headquartered in a country having a tax information exchange agreement or a mutual assistance agreement for the collection of VAT with Norway, says Nair & Co.’s International Tax Services Team.
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• Poland Amends VAT Regulations
  Poland has recently enacted most important VAT amendments which were previously approved in the year 2012. The new provisions are intended to reducing the tax burden, modifying tax procedures and adding new rules related to delivery of the goods or performance of the services, says Nair & Co.’s International Tax Services Team
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• Poland expresses income tax and VAT limits in PLN
  (Bristol, UK) - Poland has decided to convert certain income tax and VAT thresholds to PLN (Polish Zloty), reports Nair & Co.’s International Tax Team. Effective 1 January 2014, certain domestic income tax and VAT thresholds will be converted, as follows, to PLN at an exchange rate of EUR 1 = PLN 4.2230 and rounded off up to PLN 1,000.
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• Portugal Sets New Data Reporting Obligations For Entities with Foreign Investment
  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 their entry into economic and financial activities in foreign countries.
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• Reserve Bank of India Reduces Validity Period for Checks
  The Reserve Bank of India has decided to reduce the validity period for checks, drafts, pay orders and banker's checks from six months to three months from April 1, 2012.
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• Setting up your business in Europe: What to Avoid
  The webinar that would help companies, their executives and investors understand exactly what needs to be considered and done to safely expand into European markets.
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• 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 influx of dependants into Singapore and affects P1, P2, S pass and Employment Pass holders.
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• South Korea to Reduce Corporate Tax for Mid-sized Companies
  The Korean government announced plans to reduce the top marginal corporate tax rate to 20% for companies with tax bases between 200 million won and 50 billion won in 2012.
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• Spain Introduces New Tax and Administrative Measures to Reduce Public Deficit
  In order to reduce public deficit this year, the Spanish government has introduced provisional measures to the Corporate Income Tax. Read the complete Press release to know more about the introduced provisional measures.
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• Spain Introduces New VAT Cash Accounting Scheme and Changes to certain VAT Deadlines
  Spain has introduced a new Special VAT Cash Accounting Scheme. The new scheme is designed to support entrepreneurs. The changes introduced by the recent amendment will be effective 1 January 2014, reports Nair & Co.’s International Tax team.
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