DTA between Austria and Slovenia
Aiming to further strengthen economic relations with Slovenia, Austria’s Financial State Secretary Andreas Schieder recently signed a revised bilateral double taxation agreement (DTA) between the two countries. Commenting on the signing of the
See MoreTax Treaty Amended between Mexico and Singapore
Amendments in the Mexico-Singapore Tax Treaty has been approved by the Mexican Senate and published in the Federal Official Gazette. It is expected that these amendments will increase cooperation between the two countries for sharing information on
See MoreTax and Financial Agreements between Russia and Switzerland
A memorandum on bilateral cooperation between the two countries, Russia and Switzerland, has been signed on financial matters. It was reported on the occasion of the annual International Monetary Fund meeting held in Washington, on 28 September
See MoreSweden: 2012 Budget declared
The Swedish government has declared the details of its 2012 budget. According to it several fiscal measures are taken to offset the effects of the crisis, to improve long-term job and growth prospects and to strengthen welfare of the country. The
See MoreCorporate Tax Cut in Thailand
To cope with the higher costs arising from its policy of increasing the country’s national daily minimum wage the new government of Thailand has re-confirmed its intention to reduce the rate of corporate income tax. The government expressed
See MoreRuling on Taxes within DTAs Provided in South Africa
The Legal and Policy Division of the South African Revenue Service (SARS) has issued a Binding General Ruling (BGR) on income taxes, or substantially similar taxes, following the double tax agreements (DTAs) of South Africa. According to this BGR
See MoreAn attempt of rapprochement on tax between Italy and Switzerland
To unblock the stalled negotiations for a double taxation agreement (DTA) between Italy and Switzerland, an attempt has been made, during a meeting organised by the Italian Senate’s Foreign Affairs Committee. In fact, there has been a
See MoreHungary: VAT rate increases
The Hungarian VAT rate increases 2% to 27% and will be effective from 1 January 2012. This will give Hungary the highest VAT rate in the European Union, and one of the highest in the world. The rise comes as Hungary attempts to bring down its
See MoreFinland: Budget for 2012
Finland’s government unveiled details of its 2012 budget proposal on the 19 September 2011. The budget incorporated fiscal measures aimed at shifting the focus of taxation away from labour and entrepreneurship, towards environmental and
See MoreAustralia: Introduced Carbon tax bill
After months of controversy the Australian government has finally introduced the carbon tax bill into parliament. The legislation will be effective from July 1, 2012. After long scientific research and economic analysis the government has decided
See MoreSwitzerland Adjusts Tax Thresholds
Switzerland’s Federal Department of Finance (FDF) has adjusted the Confederation’s direct federal tax rates and deductions for the 2012 tax year. As regards tax deductions, the administration states that for the 2012 tax year, double income
See MoreIndia-Uruguay: Signed DTA
The Government of India has signed an agreement with Uruguay for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTA). According to the DTA the business profits will be taxable in
See MoreBudget bill is changed again in Italy
Instead of the previous 5% tax to be levied on annual personal incomes higher than EUR90,000 (USD126,300), now people have to pay 10% on annual incomes over EUR150,000, an additional rate of 3% will now be applied on all personal incomes over
See MoreItaly: VAT rate increases
The Italian Parliament has agreed to an emergency 1% rise of VAT from 17 September 2011. Though the rise was originally submitted in June 2011, and was scheduled for January 2014. But due to instability in the financial market, the government took
See MoreDouble Taxation Convention Signed between UK and Hungary
A new and comprehensive Double Taxation Convention was signed between the UK and the Republic of Hungary in Budapest on the 7 September 2011. The convention replaces the 1977 agreement by the general OECD Model Double Taxation Convention. The latest
See MoreMineral resources rent tax demanded by an Indian state
Orissa has more than 35% of India’s iron ore reserves. Considering the potentially huge amount of money to be made not just benefitting a small group of private mining companies, the Chief Minister of Orissa has asked the Indian Prime Minister to
See MoreTax exemptions for oil and gas projects granted in China
Both onshore and offshore oil and gas drilling projects have been granted import duty and value-added tax exemptions by the China’s Ministry of Finance. The exemptions have been granted to the importation, within established quotas, of equipment,
See MoreIndia signs DTA with Georgia
The Indian government has signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTA) with the government of Georgia. The DTA ensures that business profits will
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