UK: Corporation Tax Dodge Closed by UK Government
On 27 September 2012 it was reported that the British government has used new Targeted Anti-Avoidance Rules aimed at trade and property businesses to close down a scheme which it says was being marketed as a way to reduce corporation tax by
See MoreNew Tax Reform Bill for Greece
On 14 December 2012, the Greek government submitted draft legislation to parliament to simplify the tax system. According to the new bill people earning more than 42,000 Euros ($55,000) per year will now be taxed at a new top rate of 42 percent
See MoreNorway: the amount of transfer pricing adjustments doubles
On June 22, 2012 the Norwegian tax authorities (Skatteetaten) announced total transfer pricing adjustments for 2012 of NOK 16.6 billion (approximately U.S. $ 2.8 billion / € 2.2 billion), whereas, in 2010, the total amount was NOK 8.5 billion. In
See MoreSlovakia and Kuwait sign a double taxation agreement
On November 14, 2012 the Kuwait Ministry of Finance announced that Slovakia and Kuwait have signed an agreement on eliminating double taxation and preventing fiscal evasion The agreement has not yet entered into force. The Ministry stated that the
See MoreUkraine: Proposed amendments to the Tax Code
The following proposed tax rates will be increased: excise tax, vehicle registration charges, payment for subsoil use (if with a purpose other than extraction of minerals), ecological tax and charges for the use of radio frequency resources. The
See MoreImplementation of Malaysian thin capitalization has been deferred
The Ministry of Finance announced on 11 December 2012 that the implementation of the thin capitalization rules has been deferred until the end of December
See MoreSweden: parliament approves the Budget for 2013
The Swedish parliament approved the Budget for 2013 on 5 December 2012 together with further tax measures, presented separately by the government. The amendments apply from 1 January 2013. Key points of the budget are summarized below: Corporate
See MoreUganda: Budget for Financial Year 2012-13
The Ugandan budget for 2012-13 was presented by the Minister of Finance, Planning and Economic Development on 14 June 2012. This Budget is effective from 1 July 2012. The proposed changes are summarized below: The withholding tax on income derived
See MoreTanzania: Budget for 2012-13
The Budget for 2012-2013 is generally effective from 1 July 2012. The key points of the Budget are summarized below: Corporate taxation Introduction of a 10% withholding tax on interest income earned by non-residents from banks, as is the case
See MoreIncome Tax Treaty between Poland and Singapore
Poland and Singapore signed an Income Tax Treaty on 4 November 2012. The treaty which is not yet in force was concluded in both the Polish and English languages, each text having equal authenticity. The treaty generally follows the OECD Model, with
See MoreNew plan for tax exemption for Argentina
Argentina's President Cristina Fernandez de Kirchner has taken some initiatives to increase the tax-exempt personal income tax threshold. According to the new plan, taxpayers with a gross monthly salary of up to ARS25,000 (USD5,215) will be
See MoreAustralia: New Transfer Pricing Rules
On 22 November 2012, an exposure draft was released introducing new Australian transfer pricing rules with significant self assessment and documentation requirements. Interested parties were invited to comment on the exposure draft. The start date
See MoreMexico’s 2013 Revenue Decree Postpones Corporate Rate Cut
It was reported on 19 December 2012 that the first Federal Revenue Decree issued by the Mexican government to cover its operations in 2013 includes, in particular, a delay to the proposed cut in corporate income tax. The Decree, which was published
See MoreVietnam to Cut Corporate Tax Rates in 2014
It was reported on 17 December 2012 that the Ministry of Finance is to place a draft bill before the National Assembly early next year, which would make changes to Vietnam’s corporate income tax code, including a cut in tax rates from 2014. The
See MoreSwedish Budget 2013 proposes to cut corporate tax rate
The Budget for 2013 was presented to parliament on 20 September 2012. In the Budget Bill the government proposes the following tax amendments, which will be applicable from 1 January 2013: Corporate taxation The Budget Bill proposes a reduction of
See MorePortugal: Budget 2013
The Portuguese National Assembly has recently adopted the Budget 2013. Under the new measures there will be a reduction in the number of income tax brackets from eight to five. The top marginal income tax rate will be increased from 46.5% to 48% and
See MoreNew Income Tax Treaty between New Zealand and Japan
New Zealand and Japan have recently signed an Income Tax Treaty which will replace the existing Japan-New Zealand Income Tax Treaty that was concluded in 1963. The updated agreement will come into force once both countries have completed
See MoreRevised Tax Plan by Dutch Second Chamber
The Dutch government's 2013 tax plan has been adopted by The Dutch Second Chamber, of fiscal measures including plans to introduce a so-called "lessors’ tax" in 2013; to increase the insurance premium tax; and to introduce new rules applicable to
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