Ukraine: Rates and Accounting rules for Tax 2014

December 31, 2013

On 19 December 2013, the Verkhovna Rada of Ukraine passed Law No. 3757 that introduce tax rates and tax accounting rules for 2014. The corporate income tax rate is reduced to 18% (from 19%) with further decreases to 17% (beginning 1 January 2015)

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Romania: Modify compulsory VAT cash accounting scheme to voluntary

December 31, 2013

The Romanian tax office is planning to change its controversial obligatory VAT cash accounting rule to a purely voluntary scheme. The present obligatory scheme was initiated at the early of 2013. This system, progressively common in other EU

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Clarification of Russian MoF on tax withheld not in accordance with the tax treaty

December 31, 2013

Russian Ministry of Finance has published a letter no. 03-03-06/4/44331 which was issued on 23 October, 2013. This explains if corporate withheld tax by a Bulgarian branch belongs to a Russian company may be benefited against the corporate tax

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Polish Parliament approves bill amending CIT law

December 31, 2013

The lower house of the Polish Parliament approved a bill on 8 November 2013, which enacts significant changes to the Corporate Income Tax (CIT) law as effective from 1 January 2014.The Polish Government was proposed in the bill to include

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Norway Budget for 2014 – amendments

December 31, 2013

On 8 November 2013 the new Government presented its amendments to the Budget Bill for 2014. In general, the new Government is reducing taxes, whereas the former Government increased them. The amended Budget for 2014 contained the following

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Netherlands – Withholding tax on dividends distributed to foreign shareholders

December 31, 2013

It was reported on 31 December 2013 that the Dutch Supreme Court filed with the Court of Justice of the European Union requests for preliminary rulings in three cases concerning the imposition of Dutch withholding tax on dividends distributed to

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Netherlands – Reassigned authority for treaty-related LOB requests

December 31, 2013

The Netherlands has concluded a number of tax treaties containing a “Limitation of Benefits” (LOB) article that includes a “catch all” clause. The “catch all” clause allows taxpayers that initially would not qualify for the benefits of

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Hong Kong: Lower Tax for Captive Insurers

December 31, 2013

The amended Inland Revenue bill (No.3) 2013 has been gazetted by the Hong Kong Government, aiming to reduce by half the profits tax on captive insurers, and to increase the deduction ceiling for retirement scheme contributions by employees or

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France – Finance Bill 2014 enacted Transfer Pricing Provisions

December 31, 2013

The Finance Bill for 2014 of France was published on December 30, 2013. The bill contains transfer pricing provisions but the Constitutional Court has rejected certain controversial provisions. As approved by the Constitutional Court the Finance

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Colombia: Proposal to Postpone the Scheduled Reduction of Financial Transactions Levy

December 31, 2013

It was published on 31 December 2013 that, during a jointly held session on 30 October 2013, the third and fourth permanent economic Constitutional commissions from both the Chamber of Representatives and the Senate approved, on first debate, bill

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India and US considering framework for resolving tax rows

December 30, 2013

India and the US could soon unveil details of a deal designed to resolve more than 100 outstanding tax disputes. The two sides almost finalized the outline of a mutual agreement procedure (MAP). Numerous discussions on the issue are said to have

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Income tax treaty between Argentina and Spain entered into force

December 30, 2013

The government of Argentina and Spain signed a new income tax treaty on 11 March 2013. In Argentina’s official gazette new laws published concerning the ratification and entry into force of the new treaty. Corresponding to Ley No. 24.080 of 23

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Treaty between New Zealand and Japan entered into force

December 30, 2013

The double tax agreement (DTA) signed between New Zealand and Japan on December 10, 2012, will become effective in New Zealand, for withholding taxes from January 1, 2014, and for income taxes for income years beginning on or after April 1, 2014.

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France-Canada DTA protocol approved

December 30, 2013

In accordance with initial media reports, France's lower house of parliament approved the protocol to the Double Tax Agreement signed with Canada on December 23,

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Taiwan: Worried At Non-Declaration of Property Income

December 30, 2013

Recently, Taiwan’s National Taxation Bureau (NTBT) published that the requirement to announce, on an income tax return, profits for an off-plan property transaction cannot be escaped non-residents is involved. They also specified that, even any

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Swiss Protocol to DTA with Ireland and Turkmenistan in force

December 30, 2013

The protocol amending the double taxation agreement (DTA) between Switzerland and Ireland, and with Turkmenistan have entered into force, and will both apply from January 1, 2014. The protocol to the double taxation agreement (DTA) between

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Brazil Repeals Transitional Tax Regime and established important changes to tax system

December 30, 2013

Brazil’s Federal Government has published Provisional Measure No. 627 (PM 627) on 12 November 2013, containing a long expected set of rules that not only repeal the Transitional Tax Regime(TTR) but also added new rules aimed at permanently

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Spain: plans to cut taxes for lower incomes

December 27, 2013

The Government of the Spain intends to reduce individual income taxation (IRPF) for those on lower incomes over the next three years, while higher-income taxpayers will continue to pay more, disclosed by the Spanish finance Minister. This is the

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