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 (1)

Philippines

Responsive image

Philippines Extends Deadline for Electronic Returns

The Philippines Bureau of Internal Revenue has decided to extend the deadline to file electronic returns using Electronic BIR Forms (eBIRForms) or the Electronic Filing and Payment System (eFPS) from 15 April 2015 to 30 April for most return types. The electronic filing requirements were introduced in 2014 and generally apply from 2015. Failure to comply will resulting in a fixed penalty of PHP 1,000 per return, plus an additional penalty of up to 25% of the tax due.

In order to make use of the extension, regular printed forms or offline eBIRForms must still be submitted by 15 April, and resubmitted in electronic form by 30 April.

Treaty Changes (7)

Czech Rep-Senegal

Responsive image

Tax Treaty between the Czech Republic and Senegal under Negotiation

According to recent reports, officials from the Czech Republic and Senegal are scheduled to meet 13 to 16 April for the second round of 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.

Czech Rep-Taiwan

Responsive image

Tax Treaty between the Czech Republic and Taiwan to be Negotiated

Taiwan has reportedly expressed its intentions to enter into an income tax treaty with the Czech Republic following a recent meeting between officials of the two countries. 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.

Hungary-Albania

Responsive image

Hungary Ratifies Social Security Agreement with Albania

On 26 March 2015, Hungary published in its Official Gazette the law ratifying the social security agreement with Albania. The agreement was signed 10 December 2014, and is the first of its kind between the two countries. It will enter into force after the ratification instruments are exchanged.

Hungary-Macedonia

Responsive image

Hungary Ratifies Social Security Agreement with Macedonia

On 26 March 2015, Hungary published in its Official Gazette the law ratifying the social security agreement with Macedonia. The agreement was signed 20 November 2014, and once in force and effective will replace the 1957 SSA between Hungary and the former Yugoslavia which currently applies in relations between Hungary and Macedonia. The new agreement will enter into force after the ratification instruments are exchanged.

Marshall Isl-New Zealand

Responsive image

TIEA between the Marshal Islands and New Zealand has Entered into Force

The tax information exchange agreement between the Marshal Islands and New Zealand entered into force on 9 April 2015. The agreement, signed 4 August 2010, 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 tax matters for tax periods beginning on or after that date.

Poland-Bosnia Herz

Responsive image

Poland has Ratified Tax Treaty with Bosnia and Herzegovina

On 8 April 2015, Poland's president signed the law for the ratification of the pending income and capital tax treaty with Bosnia and Herzegovina. The treaty was signed 4 June 2014, and once in force and effective will replace the 1985 tax treaty between Poland and the former Yugoslavia, which current applies.

Taxes Covered

The treaty covers Bosnia and Herzegovina individual income tax and enterprise profit tax, and covers Polish personal and corporate income taxes.

Withholding Tax Rates

  • Dividends - 5% if the beneficial owner is a company directly holding at least 25% of the paying company's capital, otherwise 15%
  • Interest - 10%
  • Royalties - 10%
  • Capital gains - generally exempt, except from gains from the alienation of immovable property, gains from the alienation of movable property forming part of the business property of a permanent establishment, and gains from the alienation of shares deriving more than 50% of their value from immovable property situated in a Contracting State

Double Taxation Relief

Bosnia and Herzegovina applies the credit method for the elimination of double taxation. Poland applies the credit method for income covered by Article 7 (Business Profits), Article 10 (Dividends), Article 11 (Interest), Article 12 (Royalties), Article 13 (Capital Gains) and Article 20 (Other Income). Otherwise, Poland applies the exemption method.

Limitation on Benefits

The treaty includes a limitation of benefits article (26), which includes the provision that a resident of a Contracting State will not be entitled to the benefits of the treaty in respect of Article 10 (Dividends), Article 11 (Interest), Article 12 (Royalties) and Article 13 (Capital Gains) if the main purpose or one of the main purposes of any person concerned with the creation or assignment of a share, a debt-claim, or a right in respect of which the income is paid is to take advantage of those articles.

Entry into Force and Effect

The treaty will enter into force once the ratification instruments are exchanged, and will apply from 1 January of the year following its entry into force. However, the provisions of Article 24 (Mutual Agreement procedure) and Article 25 (Exchange of Information) will apply from the date of its entry into force.

The tax treaty signed by Poland and Yugoslavia in 1985 will terminate and cease to have effect on the dates the provisions of the new treaty apply.

South Africa-Qatar

Responsive image

Update - Tax Treaty between South Africa and Qatar

On 6 March 2015, officials from South Africa and Qatar signed an income tax treaty. The treaty is the first of its kind between the two countries.

Taxes Covered

The treaty covers Qatari income tax, and South African normal tax, withholding tax on royalties, dividends tax, withholding tax on interest, and the tax on foreign entertainers and sportspersons.

Service PE

The treaty includes the provision that a permanent establishment will be deemed constituted when an enterprise furnishes services within a Contracting State through employees or other engaged personnel for the same or connected project for a period or periods aggregating more than 183 days within any 12 month period.

Withholding Tax Rates

  • Dividends - 5% if the beneficial owner is a company holding at least 10% of the paying company's capital, otherwise 10%
  • Interest - 10%
  • Royalties - 5%
  • Capital gains - generally exempt except for gains from the alienation of immovable property, gains from the alienation of movable properly forming part of the business property of a permanent establishment, and gains from the alienation of shares of the capital stock of a company whose property consists directly or indirectly wholly or mainly of immovable property situated in a Contracting State, unless the property is used to conduct industrial or manufacturing activities

Double Taxation Relief

Both countries apply the credit method for the elimination of double taxation.

Entry into Force and Effect

The treaty will enter into force once the ratification instruments are exchanged, and will apply from 1 January of the year following its entry into force.

Sitemap

Powerful Tax Tools

NEW

FX Rates

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

NEW

Corporate Tax Rates

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

NEW

Country Analysis

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

NEW

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.

NEW

Cross Border Tax Rates

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

NEW

OECD BEPS Project

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

NEW

Tax Calendar

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

NEW

Tax Forms

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

NEW

Worldwide Tax Treaties

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

NEW

Worldwide Tax Planner

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

NEW

Certified Rates Report

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

NEW

Withholding Tax Minimizer

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

NEW

VAT Rates

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

NEW

NOL Calculator

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

NEW

Transfer Pricing Calculator

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

NEW

Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Translate Documents

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