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Vietnam: Law on Personal Income Tax

(Apr. 2, 2008) The National Assembly of the Socialist Republic of Vietnam approved the country's first Personal Income Tax Law on November 21, 2007 (Law No. 04/2007/QH12). It was promulgated by Decree No. 13/2007/L-CTN on December 5, 2007, and published in the OFFICIAL GAZETTE on January 13, 2008. It is scheduled to take effect on […]

Canada: Proposal to Deny Tax Credits to Offensive Films

(Mar. 2, 2008) Tax credits offered by the federal and provincial governments have attracted many North American filmmakers to Canada. An issue respecting the federal credits has now arisen. In its lengthy bill to amend the Income Tax Act, which has already been passed by the House of Commons, the Conservative Government has included changes […]

Israel: Bribes to Foreign Officials Not Tax Deductible

(Mar. 2, 2008) The Tel Aviv Yafo district court rejected an appeal against a decision by the Income Tax Authority of Israel not to recognize as a legitimate expense bribes paid to foreign officials to facilitate a business transaction in a foreign country. The appellant, an Israeli company, claimed that the amounts paid as the […]

Jamaica: “Temporary” Tax Hike for 34 Years at Least

(Feb. 2, 2008) In 1974, at the time of the first "oil shock," Japan's Diet (parliament) passed a law to amend the Tax Special Measures Law (Law No. 26 of 1957, as amended by Law No. 17 of 1974). The amendment added an increased gasoline tax rate for two years. Since then, the term has […]

China: Income Tax Law

(Jan. 2, 2008) The Standing Committee of China's National People's Congress adopted a decision to amend the Law on Individual Income Tax on December 29, 2007 (Quanguo Renmin Daibiao Dahui Changwu Weiyuanhui guanyu xiugai Zhonghua Renmin Gongheguo Geren suode shui fa de jueding, National People's Congress of the People's Republic of China Web site, Dec. […]

Israel: Increasing Participation in Workforce by Negative Income Tax

(Jan. 2, 2008) On December 18, 2007, the Knesset (Parliament) passed the Law for Increasing Participation in the Workforce and Minimizing Social Gaps (Negative Income Tax), 5768-2007. The Law provides special grants to a worker who has dependant children or who has reached 55 years of age at the end of the tax year. Excluded […]

China: Foreign Corporate Tax Breaks to Be Phased Out

(Dec. 2, 2007) Xinhua News Agency, citing the CHINA SECURITIES JOURNAL, reported on November 14, 2007, that the final draft of new implementing regulations for China's new Corporate Income Tax Law that will align domestic and foreign tax rates has been submitted to the State Council (Cabinet) for approval. According to an unidentified expert on […]

Switzerland: Flat Rate Tax

(Nov. 2, 2007) The Swiss Canton of Obwalden is in the process of introducing a flat rate tax on individual incomes, to be applied for the first time in the tax year 2008. The bill has passed the first reading in the cantonal parliament and has to pass another parliamentary reading and a referendum in […]