Denmark :Corporate income tax rate will be reduce to 22% by 2016
The Danish Parliament has recently passed two bills which are part of the government’s economic growth plan. The current corporate tax rate is 25% but this will be reduced to 22% by 2016 under the growth plan. The phased-in reduction of the
See MoreECJ: Advocate General issues an opinion on the VAT exemption for educational services
Details of the opinion of the Advocate General of the European Court of Justice (ECJ) in respect of questions on VAT and education services are now available. The opinion was given in relation questions referred to the ECJ in relation to a case
See MoreFrance introduces bill on new tax incentives for entrepreneurs
The government of France introduced a Bill into the National Assembly on 21 August 2013 in relation to tax incentives for entrepreneurs in crafts, trade and small businesses. Accordingly, entrepreneurs are exempt from the additional tax on real
See MoreFrance: New decree enacted regarding tax incentives audit
In France Decree No. 0189 was published in the Official Gazette on 15 August 2013. The Decree provide detail information regarding the tax audit procedure implemented for the tax incentives granted within the French overseas departments (DOMs).
See MoreFrance: New deductions enacted on capital gains
The government of France issued a circular on 9 August 2013 on reductions of capital gains for individual income tax and social contributions purposes. Capital gains derived from the disposal of immovable property other than land benefit from the
See MoreIndia – CBDT Releases Drafts on Transfer Pricing Safe Harbor Rules
India’s Central Board of Direct Taxes (CBDT) released draft transfer pricing “safe harbor” rules as part of an initiative by the government to reduce the number of transfer pricing audits and protracted disputes on 14th August 2013,. Under the
See MoreIndia – No transfer pricing adjustment required on certain interest-free advances
Recently, Income Tax Appellate Tribunal by a ruling rejected and deleted transfer pricing adjustments proposed with respect to a taxpayer’s interest-free advances made to its related party (a U.S. subsidiary) on a finding that the taxpayer had
See MoreItaly: Decree on Final Exit Tax has been published
The Ministerial Decree of 2 August 2013 is implementing new rules on 12th August 2013 regarding the income tax treatment of the migration of Italian companies which was published in the Italian Official Gazette n. 188/2013. According to the Decree,
See MoreLuxembourg publishes Circular on Minimum Corporate Income Tax (MCIT)
The Luxembourg tax authority published a circular L.I.R. no. 174/1 on 1 August 2013. This relates to the Minimum Corporate Income Tax (MCIT). The most significant parts of the circular are given below: Luxembourg permanent establishments are not
See MoreNew Zealand reforms the Inland Revenue Department
The New Zealand Government has announced to reform the Inland Revenue Department which intended to make it easier and less costly to taxpayers’. The first things of changes need to improvements of processes, skills and capabilities, and
See MoreOECD issues a report on managing service demand
The OECD’s Forum on Tax Administration has published a report on Managing Service Demand. This document sets out guidance for tax administrations on providing services for taxpayers, looking at how limited resources may be directed to service
See MoreOECD issues report on cooperative tax compliance
The OECD’s Form on Tax Administration has issued a report called “Cooperative Compliance: A Framework” setting out the progress made by various countries in implementing a cooperative approach to tax compliance and setting out the next steps
See MorePhilippine: Collect taxes from online sellers
The Bureau of Internal Revenue (BIR) of Philippines’ has released a memorandum, which is ensure that it will start accumulate taxes from individuals and businesses for selling products online. This measure is already permitted under the tax law
See MoreRomania: Reduced VAT for bakery products
A change in the VAT rate in respect of bakery products is contained in Government Ordinance no. 16/2013 which was published in the official journal (no. 490, 2 August 2013). The reduced value added tax (VAT) rate of 9% will apply to the supply of
See MoreRussia- Draft amendments to Tax Code
The government of Russia has introduced Draft Law No. 330414-6 to parliament on August 10, 2013 that amends the Tax Code regarding the rules applicable to tax audits of banks and is expected to entry into force one month after its publication. Banks
See MoreRussia- Guidance on filling out notification on controlled transactions
The Federal Tax Service of Russia has issued Letter No. OA-4-13/11860 clarifies the requirements for filling out the notification that taxpayers have to submit when they engage in certain types of controlled transactions under the transfer pricing
See MoreSaudi Arabia – Procedures to claim reduced withholding tax rates under tax treaties
The tax authority of Saudi Arabia has issued guidance- Circular No. 5068/16/1434 about the procedure of claiming reduced withholding tax rates under double tax treaty conventions of Saudi Arabia. According to the guidance an entity of Saudi Arabia
See MoreSouth Africa: Private ruling on capital gains tax in South Africa
A ruling has been issued that may help taxpayers to determine the tax position in a situation where a loan has been cancelled. On 13 August 2013, the South African Revenue Service (SARS) issued a binding private ruling dealing with the question as
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