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An Indian GST in 2012 looking more likely

Pranab Mukherjee is confident of a 2012 effective date India's GST is looking increasingly likely to be introduced next year after the government approved the Constitutional Amendment Bill.

March 31 2011

Peru: Taxes trimmed as elections near

Peru has tweaked its tax system with two provisions which should complement its fiscal year 2010 growth.

March 31 2011

PwC adds partner to financial services tax team

Robert Bridson has left Deloitte to join PwC as a a partner in its financial services (FS) tax business as a partner.

March 31 2011

CCCTB on its way

Tax advisers' jobs are under threat and taxpayers need to rethink the way they structure their European operations.

March 31 2011

Don’t forgive and don’t forget

Murat Colakoglu Can you recall how many times you have asked someone to forgive you? Your mother, father, friend or spouse? Of course you are not supposed to remember. Human nature tends to make us suppress the occasions on which we beg forgiveness when in the wrong. As we say in Turkish, haf¦za-¦ beser nisyan ile maluldür (forgetfulness is the frailty of the human mind). We can forget anything. If we want to.

March 31 2011

Tax incentives in Serbia

Slobodan Mihajlovic Serbia has one of the lowest corporate income tax rates in Europe with a 10% rate. Due to the financial crisis, some of the tax incentives were abolished with the latest changes of the Corporate Tax Law. For example, instead of 10 years, as prescribed by the previous Corporate Income Tax Law, the loss carry forward period is now five years. However, the tax legislation still prescribes a number of tax incentives such as:

March 31 2011

New broad exchange of information treaties and miscellaneous rules reduce punitive withholding tax

David Cuéllar Francisco Zamora As part of the commitment that Mexico has with the OECD to standardise its exchange of information rules, several exchange of information agreements have been signed by Mexico with countries that were in the past considered preferred tax regimes, or tax havens, for Mexican tax purposes. A punitive withholding tax rate is applicable for payments carried out to entities resident in such jurisdictions; the applicable punitive withholding tax rate for 2011 is 40%.

March 31 2011

DTAA between Mauritius and Congo

Gary Gowrea The latest addition to the Mauritius DTAA network is the Republic of Congo. The DTAA was signed on December 20 2010 and it will be in force once it is ratified by both states. The DTAA offers considerable tax planning opportunities for structuring investments and royalties in Congo. The main articles of the DTAA have been summarised in tables 1, 2 and 3.

March 31 2011

Ireland enhances its structured finance offering

Gerry Thornton Alan Keating Ireland has extended the asset classes which Irish structured finance companies (frequently referred to as section 110 companies) may hold to include commodities, plant and machinery and carbon offsets.

March 31 2011

Capital gains from sales of shares

Simeon Grigorov Under the provisions of the Bulgarian Individual Income Tax Law, capital gains realised as a result of the disposal of financial instruments carried out on regulated stock markets in Bulgaria or in an EU member state or a state that is party to the EEA are excluded from the taxable income. Capital gains on financial assets, which are unrealised are taxable only in the case of financial institutions.

March 31 2011

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