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International Tax »

Newmont To Resume Indonesian Operations After Tax Deal

Newmont Mining has agreed to enter into negotiations with the Indonesian Government and resume copper concentrate production, following the latter's publication of a new regulation confirming its offer of concessionary export duty rates to companies that agree to invest in smelting facilities in the country. Continue Reading »

International Law »

Saudi Arabia Joins MAT Convention

On August 25, 2014, Prince Muqrin bin Abdulaziz, Deputy Crown Prince of Saudi Arabia, approved the Kingdom of Saudi Arabia's accession to the Organization for Economic Cooperation and Development's Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Continue Reading »

Politics & Economics »

CBO Reduces US Corporate Tax Revenue Forecast

In its latest estimates, the Congressional Budget Office has maintained its forecast for a reduced United States federal budget deficit this year, but has had to increase it from the forecast made in April, mostly because of lower-than-anticipated receipts from corporate income taxes. Continue Reading »

Offshore »

UK Mining Companies Get Transitional Relief Under New Reporting Requirements

Mining, gas, and oil companies registered in the UK will now be required to report on the payments made to governments in all the countries they operate in as of January 1, 2015, Business Minister Jo Swinson announced on August 21, 2014. Continue Reading »

Business »

Singapore's High Compliance Level Sustains Tax Collections

In its 2013/14 Annual Report, the Inland Revenue Authority of Singapore disclosed that its efforts to achieve a high level of voluntary compliance continued to pay off, as on-time filing rates improved across all tax types and tax arrears continued to decline. Continue Reading »

E-Commerce »

South Korea Plans Overhaul Of Taxes On Corporates

South Korea's Ministry of Strategy and Finance has announced its tax revision proposals for this year, confirming that it plans to introduce a tax on companies' additional cash reserves. 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 »

HMRC Withdraws Fuel Duty Exemption

HM Revenue and Customs has announced the end of an exemption from fuel duty for the transport of staff members or business clients by corporate jet, helicopter or marine vessel, following the outcome of two cases at the European Court of Justice. Continue Reading »

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