ReleaseWire Connect

With an aim to liberalize documentation requirements, the Reserve Bank of India (RBI) has raised the limit for foreign exchange remittance for miscellaneous purpose without documentation process to US$25000 from US$5000.

The Indian Ministry of Finance has proposed certain amendments to the Union Budget 2012-13, which introduced certain provisions to check tax evasion.

New changes to the social security contribution for Brazilian employers may take effect from August 1, 2012, subject to Congress' approval.

A Brazilian Supreme Court ruling declared that a taxpayer can be charged with criminal charges even if the tax debt is not confirmed by the administrative courts. This is a major shift from its earlier stand where criminal charges could be filed against a defaulting taxpayer only on confirmation of the actual debt.

Australia will soon launch the National Business Names Register which will enable companies to use a single form to register a business name across all Australian states and territories.

Switzerland and United Kingdom signed a protocol of amendment that supplements their withholding tax agreement of October 6, 2011. The agreement is awaiting approval from the Parliament of both, Switzerland and United Kingdom, to take effect at the beginning of 2013.

China’s pilot scheme for VAT which is intended to replace the current business tax in Shanghai is likely to be extended to Beijing in July, this year. Currently, VAT is being applied only to the manufacturing industry. The pilot VAT rates of 11% and 6% are mainly being introduced to support the services sector such as transportation. China commenced the VAT pilot scheme in Shanghai earlier this year with the aim to start unifying all turnover taxes into VAT and reduce the tax burden on the services sector. The pilot scheme is likely to be extended to other Chinese cities of Tianjin, Chongqing and Shenzhen, and Jiangsu Province.

India’s Central Board of Direct Taxes (CBDT) in a recent notification has provided detailed information that foreign companies with representative or liaison offices must provide to tax authorities in accordance to a 2011 tax law amendment.

The Inland Revenue Department (IRD) announced that it has changed its stance on the long disputed tax deduction of inter-group recharge of employee stock options.

France revises the reporting requirement criteria to grant tax-qualified stock options, free share and Bons de Souscription de Parts de Créateurs d’Entreprise (BSPCE) on January 31, 2012.