|[January 07, 2014]
Weekly International Highlights From Nair & Co.
BRISTOL, England --(Business Wire)--
Nair & Co., the leader in international business expansion and support
publishes HR, regulatory, taxation and company updates for the current
Autumn Statement 2013: the UK Government's Plans for the Economy
The UK's Chancellor of the Exchequer recently presented the Autumn
Statement to Parliament. A majority of the provisions outlined in the
Statement will be effective starting 2014. Among them, new individual
tax regulations, incentives for employee training and extension of the
small business rate relief.
Read More: http://www.nair-co.com/UKAutumnStatement2013-13-12-2013.aspx
China Clarifies Enterprise Income Tax incentive for Technology
The Chinese State Administration of Taxation (SAT) issued clarification
on the definition of income from transfer of technology by resident
companies. Income earned from transfer of technology by a company in
China is tax exempt up to CNY 5 million (Excess of CNY 5 million is
taxed at 12.5%). The recent clarification provides that income from
technical advice, technical service and technical training for the
purposes of benefiting from the tax incentive is referred to as those
technical advices, services and trainings that are necessary for
conversion of the technology transferred into production and practical
use, but subject to certain conditions.
Read More: http://www.nair-co.com/ChinaEnterpriseIncomeTaxIncentive-17-12-2013.aspx
Canada Introduces Economic Action Plan 2013 Act #2
Canada has introduced the Economic Action Plan 2013 Act #2 in an effort
to stimulate the economy and job creation. The measures have been
introuced to close tax loopholes and combat tax evasion include new
monetary penalties and criminal offences to discourage the use, sale,
development and possession of software used to forge records for tax
Read More: http://www.nair-co.com/CanadaEconomicActionPlan2013-19-12-2013.aspx
Netherlands Published Third Draft Bill altering Tax Plan 2014
Netherlands passed a third amendment to the Tax Plan 2014 which includes
reduction in the social security premiums for some employees along with
other tax law changes - all effective 1 January 2014. The measure can be
applied for a maximum period of two years. In case the employee turns 27
years old in this period, then the reduction will continue to apply for
the remaining two year period.
Read More: http://www.nair-co.com/NetherlandsThirdDraftBill-24-12-2013.aspx
Vodafone (News - Alert) Transfer Pricing Case: Indian Income Tax Department Demands
Tax of Rs 3700 Crore
Vodafone has received a tax bill of Rs 3,700 crore from the Income Tax
Department of India against the recent transfer pricing case. This bill
includes the unpaid dues and interest for the assessment year 2008-2009;
however, it does not include any penalty. Vodafone has been given 30
days to pay up or appeal against the order.
Read More: http://www.nair-co.com/VodafoneTransferPricingCase-23-12-2013.aspx
About Nair & Co.
Nair & Co., the leader in international business expansion services,
provides accounting, HR, legal, tax and compliance services for the set
up and management of your international operations. Our model of a
single-point-of-contact, supported by internal teams of experienced
advisors, helps clients expand business and manage risk so they can
focus on their core business and sustain growth with minimal risk,
stress and cost. We support nearly 250 clients in over 70 countries.
Nair & Co. is headquartered in Bristol, UK, has 450 employees and
offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com.
Subscribe to regular global tax compliance alerts or other international
business expansion issues at http://www.nair-co.com/subscribe.aspx.
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