Germany: Effective dates of value-added tax changes
Following the enactment of a new tax law (29 June 2013) in Germany, changes to value added tax are effective on various dates. New invoicing requirements have become effective from 30 June 2013. Changes on VAT exemption with input tax deduction
See MoreEuropean Commission: Private VAT rulings in relation to cross-border situations
According to European Commission information notice a number of EU member states have agreed within the EU VAT Forum to take part in a test case in connection with private VAT rulings. According to the agreement, taxable persons who are planning a
See MoreEU: FTA with Peru and Colombia
A free trade agreement (FTA) between the EU, Peru and Colombia signed on 26 June 2013.The agreement will enter into force after ratification procedures are completed. The agreement introduces technical and procedural obstacles to trade. The
See MoreEU: FTA between Colombia and EU entered into force
The European Commission announced on 26 July 2013 that the Free Trade Agreement (FTA) between the European Union and Colombia will enter into force on 1 August 2013. This agreement was signed on 26 June
See MoreEU: Regulation on Customs enforcement of intellectual property rights
The European Parliament and the Council of the European Union (EU) on 18 July 2013 published a Regulation (EU No 608/2013) on customs enforcement of intellectual property rights. The situations where the regulation is particularly relevant are as
See MoreEU: Countering “carousel” VAT fraud
The Council of the European Commission affirmed on 22 July 2013 that the appropriation of measures to empower EU Member States to address VAT fraud, with directive provisions that take into account fast response and in addition a particular measure
See MoreAustralia and Chile: DTA will be applicable after 1 January 2014 in Chile
The Convention between the Republic of Chile and Australia for the Avoidance of Double Taxation was published in Chile’s Official Gazette on 23 July 2013. The treaty was signed on 10 March 2010 and entered into force on 8 February 2013. The
See MoreCzech Republic: Flood-related tax relief and proposed payroll tax changes
New tax measures in the Czech Republic provide tax relief to flood damage and introduce a new payroll tax regime. The Ministry of Finance of the Czech Republic is providing tax relief to companies and individuals affected by floods this year. The
See MoreCroatia: New excise duty imposed on energy products
Croatia has recently passed a number of new laws and regulations in connection with its entry to the European Union (EU). On 23 July 2013, the Ordinance regulating excise duty on energy products entered into force in Croatia. With its entry to the
See MoreChile: Taxpayers must submit new affidavit following transfer pricing rules
Taxpayers who are engaging in transactions with entities domiciled abroad will have to agree with the new transfer pricing compliance requirements. Taxpayers will have to submit the Transfer Pricing (TP) annual information return form to the Chilean
See MoreCanada – Way of taxation in foreign affiliates
The draft legislation has released by Canada’s Department of Finance on July 12, 2013, including provisions concerning the taxation of foreign affiliates and non-resident corporations without share capital, the foreign currency election,
See MoreBelgium: No credit for withholding tax on dividends
Belgium has affirmed that 25% withholding tax imposed on dividends if those dividends are received by Belgian investment companies would no longer be creditable and refundable. This would implement a decision of the European Court of Justice and
See MoreBelgium: Approval of “Fairness tax” on corporations
The tax measures under the budget control proposals previously announced by the Belgian government were adopted on 18 July 2013 by Parliament.The new “fairness tax” is included in the measures. Imposition rate of the fairness tax will be 5.15%
See MoreAustria: From July 2013 Amendments’ to Limited Liability Company Act
Austria has passed an amendment to the Limited Liability Companies Act from 1st July 2013 with the aim of reducing the costs connected with setting up an Austrian limited liability company. A new provision has also been introduced into the
See MoreWCO issues advisory opinion in respect of imports of goods incorporating a trademark
The Technical Committee on Customs Valuation of the World Customs Organization (WCO) has approved a revised “advisory opinion” on the Valuation Agreement in relation to trademark royalties. An advisory opinion of the WCO is not binding on its
See MoreUruguay: New rules regarding foreign tax credit
The tax authorities of Uruguay issued Resolution No. 1,815/2013 regarding new rules on foreign tax credit on 26 June 2013. The resolution sets out the requirements for benefiting from foreign tax credits under the domestic law or tax treaties.
See MoreUruguay: National Assembly presents Budget Bill 2012
The government of Uruguay presented a Bill to the National Assembly on 30 June 2013 that reviews the 2012 Budget. Capital gains on bearer shares have become subject to individual income tax (IRPF) and non-resident income tax (IRNR) unless particular
See MoreUK: exploration of FTT recommended by MPs
It has been recommended by a UK Parliamentary Committee to consider the “feasibility, benefits and risks” of a Financial Transaction Tax (FTT) on High Frequency Trading (HFT), despite the Government’s strong opposition to such a tax within the
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