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International Tax »

Last Minute Funding Fix Agreed For US Highway Fund

The United States Senate was forced into adopting tax proposals put forward by the House of Representatives, in a vote on July 31, to ensure funding for the Highway Trust Fund before an August 1, 2014, deadline. Continue Reading »

International Law »

US Senate Republicans Block 'Bring Jobs Home Act'

On July 30, the Republican party in the United States Senate, by a 54-42 procedural vote that divided on partisan lines and required at least 60 votes to move the bill to a definitive vote, succeeded in defeating the Bring Jobs Home Act, which would have provided a 20 percent tax credit against companies' expenses incurred when bringing jobs back to the country. Continue Reading »

Politics & Economics »

IMF Supports Chinese Tax Reform Efforts

In its latest annual Article IV Consultation with China, the International Monetary Fund recommended various tax measures within the Chinese Government's tax reform agenda so as to promote more balanced and inclusive growth, while also promoting environment-friendly policies. Continue Reading »

Offshore »

Russian FM Provides Anti-Offshore Law Update

Russia's Finance Minister, Anton Siluanov, has told President Vladimir Putin that a new bill to deter Russian tax residents from hiding income offshore is expected to raise about RUB30bn (USD844m) from overseas accounts in Cyprus and the Netherlands. Continue Reading »

Business »

Ireland Seeking To Bolster Its Post-BEPS Appeal

Ireland's 12.5 percent corporate tax rate will remain central to its international offering, but it will also seek to differentiate itself in other ways, the nation's Jobs Minister has said. 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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