Ireland: Budget for 2014

October 31, 2013

The Minister for Finance presented the Budget to the Parliament on 15 October 2013. The most important features of the Budget are as follows: Under the 2014 Budget, the corporation tax rate remains unchanged; Reduced VAT rate of 9% on various

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India – Government has raised VAT processing charges

October 31, 2013

In India the fee for accepting and processing Indian VAT annual returns was previously a flat INR 800 irrespective of the values in the return. But recently the Indian central government has raised the charges for accepting and processing Indian VAT

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India – Implications of GAAR from 2015

October 31, 2013

Recently, in India general anti-avoidance rule (GAAR) has been introduced which will become effective from 1 April 2015 (Financial Year 2015-16). The rules for application of the GAAR provide certain exceptions which clarify that the GAAR will not

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Iceland Releases Tax Changes in 2014 Budget Proposal

October 31, 2013

Iceland’s ministry of finance released the 2014 budget proposals, which include tax cuts for individuals and companies on 1 October 2013. The proposed measures are expected to increase real disposable income by 0.3% in 2014. To narrow the gap

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Hungary considering 35% luxury VAT rate

October 31, 2013

In connection with drafting the 2014 budget, Hungary is still considering introducing a super VAT rate of 35% on luxury goods. This would raise more money for the government without having any effect on the price of essential goods or services. A

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Germany: Additional administrative burden for VAT reporting for cross-border, intra-EU supplies

October 31, 2013

A new document has been introduced in Germany that increases the administrative burden with respect to intra-EU supplies (the cross-border transport of goods) within the European Union. Suppliers can apply a value added tax (VAT) rate of 0% for

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Colombia-Israel FTA signed

October 31, 2013

Colombia and Israel has signed a Free Trade Agreement (FTA) in Jerusalem on September 30, 2013. According to Tourism and Industry Minister, the agreement has reached after 18 months of negotiations and under the agreement, import tariffs will be

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Chile-Thailand FTA signed

October 31, 2013

The Free Trade Agreement (FTA) has signed between Chile and Thailand on October 4, 2013. This follows a feasibility study by a Joint Study Group and further negotiation between the two countries. The agreement will remove 90% of tariffs on products

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France: Mandatory Online Tax Reporting Threshold

October 31, 2013

The French Finance Ministry announced on 17 October 2013 a reduction in the threshold for application of the mandatory on-line reporting obligations, for companies in France not subject to corporation tax (IS) in 2013-2014. From October 1, 2013,

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The Exchange of information agreement between United Kingdom and Uruguay was signed in London

October 31, 2013

The Exchange of Information Agreement between United Kingdom and Uruguay was signed in London on 14 October 2013. The exchange of tax information between the two countries will now be up to international standards. Uruguay is now categorized by the

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EU: New incentive limits for all European Union (EU) member states

October 31, 2013

The European Commission (EC) wants a new incentive limits for all European Union (EU) member states from 1 July 2014. These limits exist to guarantee that no extreme unreasonable incentives are given by an EU member state to businesses. Incentives

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EU & Canada Free Trade Agreement

October 31, 2013

After more than four years of negotiations, the European Union (EU) and Canada have reached a political agreement on a Comprehensive Economic and Trade Agreement (CETA). When the agreement will enter into force, a larger part of obligations will be

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DTT between Hungary and Kosovo

October 31, 2013

The government of Hungary and Kosovo signed an agreement on 3 October 2013 for the avoidance of double taxation and fiscal evasion with respect to taxes on income and capital. The agreement follows a previous agreement on customs cooperation and an

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Czech Republic: Tax rates for investment funds proposed

October 31, 2013

In Czech Republic, pending legislation has approved by the Senate would give the following tax rates for investment funds: On investment funds -5% corporate income tax rates On payment of profit shares -15% withholding tax rates Investors which

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Czech Republic: Income Tax Law amendment has approved

October 31, 2013

The Senate of Czech Republic has approved a special law measure on October 10, 2013 which includes a long discussed Income Tax Law amendment. To be enacted it must be accepted by a new Chamber of Deputies on its first session. Under the new

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Czech Republic- Bahamas, Monaco TIEA Signing Approval

October 31, 2013

The Ministry of Finance of Czech Republic has declared that the government had accepted the signing of tax information exchange agreements with Monaco and the Bahamas on October 1, 2013. These agreements hope to increase the probability of

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Cyprus and Ukraine finalize the procedures to bring new treaty into force

October 31, 2013

The Inland Revenue Department of the Ministry of Finance of Cyprus issued Circular No. 2013/16 on 23 September 2013, expressing that Cyprus and Ukraine have both completed all the procedures required to bring into force the new Double Tax Treaty

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Croatia: Constitutional Court decision

October 31, 2013

The Constitutional Court gave its final decision and repealed article 16(3) of the Law on the amendments to the individual income tax law on 18 September 2013. This article retroactively enforced taxation on income from dividends and participation

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