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International Tax »

Bipartisan Support For 'Bring Jobs Home Act' In US Senate

The United States Senate voted on July 23, by the wide bipartisan margin of 93-7, to push forward the Bring Jobs Home Act, which would provide a 20 percent tax credit against companies' expenses incurred when bringing jobs back to the country, while denying the deduction for expenses if jobs are outsourced abroad. Continue Reading »

International Law »

Czech FM Chastises Parliament For Fuel Tax Cut Fiasco

A bill to cut taxes on fuel was approved by the Czech lawmakers but later declared invalid amid warnings from the Prime Minister and Finance Minister that the bill would contravene EU law. Continue Reading »

Politics & Economics »

UK Taxpayers Being Dragged Into Higher Tax Bands

An estimated 4.6 million taxpayers are expected to pay tax under the UK's 40 percent higher rate of income tax in 2014-15, up from 3.6 million in 2011-12. Continue Reading »

Offshore »

US Tax Code Hearing Centers On Corporate Inversions

While there was mention of such problems as base erosion and profit shifting, and of the merits of territorial against worldwide taxation, the overriding issue during the Senate Finance Committee's July 22 hearing on the United States international tax code, was, as expected, how and when to stop the rising trend of "corporate inversions." Continue Reading »

Business »

India's FM Optimistic About Meeting Revenue Target

Revenue targets fixed for direct taxes for the 2014/15 financial year would not only be achieved but would be surpassed, Arun Jaitley, India's finance minister said on July 21, 2014. Continue Reading »

E-Commerce »

US Senate Bill Lumps Online Sales Tax With Internet Moratorium

With the United States House of Representatives having recently passed the Permanent Internet Tax Freedom Act that would permanently extend a moratorium on internet access taxation, but with the more controversial Marketplace Fairness Act, which would allow states to impose sales taxes on online purchases, stuck in its Judiciary Committee, certain lawmakers have had the idea of linking the two into one bill in the Senate. Continue Reading »

Aviation »

Egypt Confirms USD25 Airport Departure Tax

Egypt has confirmed that it is adding a USD25 airport departure tax to flight fares to boost revenue for the cash-strapped state. Continue Reading »

Marine »

Philippine Bill Extends Shipping Income Tax Exemption

With the Philippine Overseas Shipping Development Act expiring this year, a bill has been introduced into the House of Representatives, seeking to extend the expiring income tax exemption granted to the country's shipping industry. Continue Reading »

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