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Chairman’s Note Welcome to the November 2011 edition of the PKF International Tax Alert (ITA), an online publication that summarises the latest key tax changes from selected countries around the world. In this eighth edition, there are contributions from PKF member firms’ tax experts in 26 countries. The ITA is issued three times per year and can be downloaded from the PKF International website at www.pkf.com Jon Hills, Chairman PKF International Tax Committee News in Brief 3 Austria 4 Dr Thomas Ausserlechner provides a quick summary of the latest changes Australia 5 Lance Cunningham looks at four topical issues including carbons emissions pricing Belgium 9 Stefan Creemers explains the changes to non-resident tax liability Canada 10 Bill Macaulay explains the new treaty developments plus inbound and outbound investment changes Chile 13 Antonio Melys Alvarez sets out the new simplified procedure and exemption from administrative duties for foreign investors Cyprus 14 Nicholas Stavrinides updates on new tax treaties Germany 15 PKF Deutschland introduces the new double-taxation treaty between Germany and Switzerland Ghana 16 Emmanuel Afoakwah highlights the tax proposals in 2011 fiscal year budget Hungary 17 Vadkerti Krisztián reports on regulated investment companies, a new corporate entity India 18 S Santhanakrishnan explains the Indian Transfer Pricing rules Ireland 20 Sarah Murphy outlines the changes to the Relevant Contracts Tax Kenya 21 Martin Kisuu summarises the changes to Kenya’s VAT law Lebanon 23 Elie Chartouni explains the modernization of the law for offshore companies 1 // PKF International Tax Alert All Regions Issue 8 November 2011
Malaysia 26 Lee Yiing Ting summarises the latest tax changes including the introduction of ‘designated areas’ Netherlands 28 Jan Roeland explains the Government’s 2012 Tax Proposals Pakistan 31 Malik Haroon Ahmad summarises changes to income, sales, federal excise duty, customs and capital value taxes Paraguay 33 Silvia Raquel Aguero promotes the country’s tax benefits Romania 34 Carmen Mataragiu explains the recent changes to VAT and income tax Slovak Republic 36 Richard Budd outlines the recent amendments to tax and business legislation Slovenia 38 Tomaž Lajnšček sets out the 2011 tax changes South Africa 39 Eugene du Plessis explains the proposed tax amendments to the Taxation Laws Amendment Bill (the TLAB) issued in June 2011 Spain 42 Aischa Laarbi outlines recent changes to corporate tax, wealth tax and VAT Uganda 44 Albert Beine describes the Ugandan Transfer Pricing Rules UK 46 Jon Hills reviews the latest UK R & D developments USA 48 Leo Parmegiani updates on Reporting of Specified Foreign Assets USA 50 Brent Lipschultz explains the new IRS Voluntary Compliance Program (VCP) USA 51 Harold Adrion and Jon Hills identify the problems of US LLCs for non-US investors 2 // PKF International Tax Alert All Regions Issue 8 November 2011
Page 1: International Tax Alert Issue eight
Page 5 and 6: Austria Update Publication of finan
Page 7 and 8: Australia Update continued the exis
Page 9 and 10: Australia Update continued Under th
Page 11 and 12: Canada Update New Canadian treaty-b
Page 13 and 14: Canada Update continued ■ ■ ■
Page 15 and 16: Cyprus Update Tax treaty update Cyp
Page 17 and 18: Ghana Update Highlights of the tax
Page 19 and 20: India Update An introduction to Tra
Page 21 and 22: Ireland Update Domestic Tax Changes
Page 23 and 24: Kenya Update continued at 0%. This
Page 25 and 26: Lebanon Update continued free zones
Page 27 and 28: Malaysia Update Below is a summary
Page 29 and 30: The Netherlands Update This article
Page 31 and 32: The Netherlands Update continued 8
Page 33 and 34: Pakistan Update continued Federal E
Page 35 and 36: Romania Update There have been some
Page 37 and 38: Slovak Update Impact on income tax
Page 39 and 40: Slovenia Update Tax changes in 2011
Page 41 and 42: South Africa Update continued ■ a
Page 43 and 44: Spain Update There have been severa
Page 45 and 46: Uganda Update Introduction of Trans
Page 47 and 48: United Kingdom Update Changes propo
Page 49 and 50: USA Update Update on Reporting of S
Page 51 and 52: USA Update continued of any asset,
Page 53 and 54:
USA Update continued LLC to be tran
Page 55:
IMPORTANT DISCLAIMER: This publicat
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