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Putin Signs Law To Withdraw From Dutch DTA Putin Signs Law To Withdraw From Dutch DTA by Ulrika Lomas, Tax-News.com, Brussels 09 June 2021 Russia's President Vladimir Putin has signed a law to terminate the country's double tax agreement with the Netherlands. Previously, the Russian Government had threatened to terminate its agreement with Cyprus after the two territories failed to agree changes. Eventually Cyprus agreed to a new Protocol that increases the rate of withholding tax that may be levied at source by Russia on outbound dividends and interest income to 15 percent. Russia wanted to...

Hong Kong Again Slashes Interest On Early Tax Payments Hong Kong Again Slashes Interest On Early Tax Payments by Mary Swire, Tax-News.com, Hong Kong 09 June 2021 The Hong Kong Inland Revenue Department has announced a further reduction to the interest rate payable on Tax Reserve Certificates. From June 7, 2021, the new annual rate of interest will be 0.0500 percent, down from 0.0833 percent. As such, the new rate is equal to HKD0.0042 per month per HKD100. Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to...

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US IRS Flags Deadline For Q2 Estimated Tax Payments US IRS Flags Deadline For Q2 Estimated Tax Payments by Mike Godfrey, Tax-News.com, Washington 09 June 2021 The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty. Estimated tax is the method used to pay tax on income that isn't subject to withholding, including income from self-employment, interest, dividends, rent, gains from the sale of assets, prizes, and awards. Taxpayers ...

Australian Tax Agency Announces Virtual Currency Tax Focus Australian Tax Agency Announces Virtual Currency Tax Focus by Mary Swire, Tax-News.com, Hong Kong 09 June 2021 The Australian Taxation Office (ATO) has expressed its concern that some taxpayers do not fully understand the tax implications of cryptocurrency gains. Assistant Commissioner Tim Loh said that the ATO will write this year to around 100,000 taxpayers with cryptocurrency assets explaining their tax obligations and urging them to review their previously lodged returns. The ATO also expects to prompt almost 300,000 taxpayers as...