RSM Global

Tax news

Newsletters from the RSM Tax Centre of Excellence, covering recent developments in taxation around the world.

Chile: Chilean Tax Reform

10 November 2014
This change in taxation for companies has generated a significant slowdown in economic growth (current 5% down to 2% in the future). The gradual change in company income tax (20% in 2013) will be as follows:

Venezuela: Exchange Trilogy in force in Venezuela

10 November 2014
The exchange rate established by 'CENCOEX' is fixed and is set at 6,30 bolívares (Bs.) per U.S. dollar. It is applicable to items such as medicines, food, housing, education and any other item designated by the institution. So far, several items directly associated to the needs of the government sector have been added.  

Uruguay: Financial Inclusion Law

26 October 2014
On 29 April 2014, Law No. 19,210 (or Financial Inclusion Law) was approved. The Law aims to promote access to banking services and the use of electronic means of payment, such as debit card, credit card and electronic transfers, by all the population.

Transfer Pricing News: UK legislation on countering avoidance schemes involving the transfer of corporate profits

16 September 2014
The legislation seeks to prevent profits being transferred to another group company by way of a payment of all, or a significant part, of the profits of a company.

Transfer Pricing News: Secondary adjustments again deemed to be treated as dividend or capital contributions in South Africa

16 September 2014
Since April 2012 secondary adjustments were treated as deemed loans, but this caused a lot of uncertainty and practical problems. This may be the reason that the Taxation Laws Amendment Bill, 2014 (Draft), includes that secondary adjustments shall now be treated as deemed dividends or capital contributions, depending on the facts and circumstances of the case.

Transfer Pricing News: Dutch State secretary of Finance on the arm's length principle

16 September 2014
Recently the Dutch State secretary of Finance reacted through a public letter on the statement ‘The OECD’s Arms Length Principle, which is based on comparable market prices that do not really correspond to reality, provides several loopholes through which MNCs avoid tax’. This statement was included in a report of Oxfam titled ‘Business among Friends – Why corporat

Transfer Pricing News: China investigating service and royalty charges of past 10 years

16 September 2014
On 29 July 2014, the Chinese State Administration of Taxation issued an announcement ('ShuiZongBanFa 2014 No. 146') to strengthen its investigation on service and royalty charges from overseas related parties during the past ten years from 2004 to 2013.

Transfer Pricing News: Ireland OECD BEPS

16 September 2014
Since the start of the OECD’s BEPS project, Ireland has been very supportive of all initiatives. Already in October 2013, the Irish government broadcasted a so-called international tax strategy statement. This document contained Ireland’s objectives and commitments concerning the countering of international corporate tax policy issues.

Hong Kong: Effects of the international tax framework

1 September 2014
The globalisation and development of the digital economy has fostered continuous growth of cross-border transactions. As different countries adopt different tax regimes, taxpayers may avoid taxation in their home countries by pushing activities abroad to low or no tax jurisdictions.

China: Corporate Income Tax Incentives

1 September 2014
In order to encourage investment in certain areas in the People’s Republic of China, the Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly published the notice Caishui 2014 No.

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