Switzerland Amends Bond Withholding Tax
On 29 August 2011 it was reported that changes in withholding tax should allow Swiss companies to issue their bonds under competitive conditions in Switzerland, according to the Swiss federal government, which said that the changes would also apply
See MoreFrance Disclosed 3% Tax on High Income Earners
Despite sluggish economic growth, as part of a package of fiscal measures to meet its ambitious deficit reduction targets, the French Prime Minister has introduced an exceptional tax of 3% imposed on the annual income of the top earners in France.
See MoreFrance: Tax measures for 2011 year-end finance bills announced
The French Prime Minister announced some budget and tax measures that aim to reduce France’s deficit, on 24 August 2011 at a press conference. The French Cabinet will examine some of these proposed measures on 31 August and include in the draft of
See MoreLuxembourg and Hong Kong DTA Protocol Enters Into Force
On 26 August 2011 the Hong Kong government announced the coming into effect of the Protocol to the bilateral agreement for the avoidance of double taxation with Luxembourg signed in November 2010. The Protocol had been ratified by Hong Kong on July
See MoreTIEA between Guernsey and China entered into force
The tax information exchange agreement (TIEA) between Guernsey and the People’s Republic of China entered into force on August 17, 2011. Incorporating the internationally-agreed Organization for Economic Cooperation and Development (OECD) standard
See MoreVAT cuts on new houses in Spain
The Spanish government has announced to reduce the rate at which the sales tax is applied to the sale of new housing. The intention behind this reduction is to stimulate the country’s stagnant housing market and support the construction
See MoreLower Corporate Taxes Committed by the South Korean Government
The Finance Ministry of South Korea agreed to the government’s long-standing plan to reduce corporate taxes from next year. The government is expected to lower the rate of corporate tax on businesses from the current 22% to 20% for a taxable
See MoreTurkey and Malta sign new double taxation treaty
On 14 July 2011, the governments of Malta and Turkey signed a new income tax treaty for the avoidance of double taxation. The treaty will enter into force once both countries complete the exchange of ratification procedures, and its provisions will
See MoreIncome tax cuts suspended in Sweden
Due to the uncertainty surrounding the euro zone the Swedish government set aside on hold the planned tax cuts. According to the government declaration two measures announced in the November 2010 budget will be put on hold. One is tax cuts for
See MoreNew transfer pricing form issued by Malaysia’s tax authority
Malaysia’s Inland Revenue Board (IRB) has issued a new form to collect information on transfer pricing compliance, and enforce transfer pricing rules for the corporate taxpayers. The IRB targeted the corporate taxpayers because they have
See MoreTransfer pricing gets intensive focus in Vietnam’s General Department of Taxation
During the late July 2011 Vietnam’s General Department of Taxation (GDT) and HCM tax authorities took several activities on transfer pricing (TP) which focused importantly on increasing awareness and strengthening the implementation of TP
See MoreIndian coal mining industry faces tax hit
Indian draft Mines and Minerals (Development and Regulation) Act added new provisions requiring non-coal mining companies to contribute 100% of their royalty to the proposed District Mineral Foundation, and coal mining companies to contribute 26%
See MoreUK-Belize Tax Information Exchange Agreement entered into force
From the 1 August 2011, a Tax Information Exchange Agreement between the UK and Belize entered into force. The agreement was signed in London on 25 March
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