Get an immediate FREE trial of Orbitax's International Tax Research & Compliance Expert (ITRCE) software for 7 days.

The Tax Hub

Daily Tax Newsletter

Worldwide Tax News

Approved Changes (3)


Responsive image

Mexico Pushes Back Deadline for First Mandatory Filing of Electronic Accounting Records

On 27 February 2015, the Mexican Tax Administration Service (SAT) published a press release announcing that the deadline for the first mandatory filing of electronic accounting records through the tax administration portal has been pushed back to 3 April 2015. The first filing includes the initial chart of accounts and the monthly trial balance for January 2015. The same deadline applies for the February 2015 trial balance.

The electronic filing requirements were introduced with Mexico's 2014 tax reform, and include an initial submissions of the chart of accounts and the submissions of monthly trial balances. Aside from the delayed filing for January 2015, monthly trial balances should be submitted by the third day of the second month following each month, while subsequent submissions of the chart of accounts is required only when there are changes.  Taxpayers are also required to submit additional information electronically if requested by the tax authorities, such as vouchers and subsidiary ledgers.

Responsive image

Peru Adopts new R&D Tax Incentive

The Peruvian Congress has recently adopted new tax incentives for scientific research, development, and technological innovation. With the new incentives, Peru-based taxpayers incurring expenses for such activities will be allowed a 175% deduction for projects directly developed by them or through a Peru-based research centers. When projects are developed jointly with foreign-based research centers, the deduction is reduced to 150%.

Prior to the implementation of the incentive, expenses incurred for scientific research, development, and technological innovation are 100% deductible.


Responsive image

Serbia Publishes Draft Arm's Length Interest Rates for Related Party Loans

On 27 February 2015, the Serbian Ministry of Finance published the draft rulebook containing the arm's length interest rates for related party loans. The rates apply for related party financing in 2014 regardless of the year the financing was granted. The rates, which vary by taxpayer type, loan type, and the denomination of the loan, are summarized as follows:

For banks and leasing companies: all loans

  • RSD denominated loans - 7.14%
  • EUR denominated loans - 4.39%
  • USD denominated loans - 3.12%
  • CHF denominated loans - 5.86%

For other companies: short-term loans

  • RSD denominated loans - 13.82%
  • EUR denominated loans - 6.57%
  • USD denominated loans - 5.28%
  • CHF denominated loans - 8.49%

For other companies: long-term loans

  • RSD denominated loans - 11.12%
  • EUR denominated loans - 5.79%
  • USD denominated loans - 5.74%
  • CHF denominated loans - 7.07%

For transfer pricing documentation purposes, taxpayers may elect to use the rates prescribed by the Ministry of Finance or apply other methods for determining the arm’s length rate. Once the election is made, the method chosen must be applied consistently to all loans to or from related parties.

Proposed Changes (1)


Responsive image

Proposed Amendments to Swiss VAT Act will Result in Greater Taxation of Nonresident Suppliers

The Swiss Federal Council has approved draft legislation amending the country's VAT Act that will result in greater VAT liability for non-resident suppliers. The main changes affecting non-residents include:

  • The CHF 100,000 VAT registration threshold would be based on worldwide sales instead of just Swiss sales, and
  • The general exemption from import VAT for small deliveries with a VAT amount of CHF 5 or less would no longer apply

The amending legislation has been submitted to parliament for approval.

Treaty Changes (4)


Responsive image

SSA between Albania and Romania Signed

On 27 February 2015, officials from Albania and Romania signed a social security agreement. The agreement is the first of its kind between the two countries, and will enter into force after the ratification instruments are exchanged.


Responsive image

TIEA between Andorra and Belgium has Entered into Force

The tax information exchange agreement between Andorra and Belgium entered into force on 13 January 2015. The agreement, signed 23 October 2009, is the first of its kind between the two countries and is in line with the OECD standard for information exchange. The agreement applies for criminal tax matters from the date of its entry into force, and for other matters from 1 January 2016.

A protocol to the agreement, signed the same date, states that a full tax treaty will be negotiated after Andorra has introduced a tax on the profits of companies. A corporate income tax was introduced in Andorra in 2012.


Responsive image

Australia and Switzerland Sign Joint Declaration on Automatic Exchange of Information

On 3 March 2015, officials from Australia and Switzerland signed a joint declaration on automatic exchange of information (AEOI). The declaration sets out the commitment to implement legislation that will allow for the automatic exchange of financial account data between the two countries beginning in 2018.

The declaration is the first of its kind between the two countries, and is in line with the OECD AEOI common reporting standard, which was released in July 2014 and has been endorsed by over 90 countries.


Responsive image

Tax Treaty between Barbados and Cyprus to be Negotiated

On 27 February 2015, it was announced that officials from Barbados and Cyprus have agreed to enter into negotiations for an income tax treaty. Any resulting treaty will be the first of its kind between the two countries, and must be finalized, signed and ratified before entering into force.

Additional details will be published once available.


Powerful Tax Tools


FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.


Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.


Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.


Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.


Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.



Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.


Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.


Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.


Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.


Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.


Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.


Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.


VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.


NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.


Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.


Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

Get Started with Orbitax Today

With Orbitax, you get reliable and comprehensive solutions for international tax research, compliance and planning. Contact us today to get started with Orbitax.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More