Italy: Small businesses consider tax cut to be insufficient
In Italy the association representing small and medium-sized enterprises, has suggested that the government’s plan to reduce the regional tax on production activities (IRAP) by 10 percent will only bring a very small measure of assistance to
See MoreLuxembourg: Challenges european commission on Tax Information Injunctions
Luxembourg is to challenge the European Commission in the Court over tax rules that are alleged by the Commission to benefit only specific types of entity. These provisions may be contrary to the state aid provisions in the European Union. The
See MoreColombia: Percentage of deemed interest on loans between companies and their partners or shareholders
The Colombian government issued decree 629 concerning income tax on 26 March 2014. This decree lays down that the deemed interest on loans between companies and their partners is to be set at 4.07% for year
See MoreItaly Introduces e-advertising Tax Legislation
Italy has introduced a tax measure under which foreign companies must apply for a VAT number if they intend to engage in the sale of online advertising to enterprises in Italy. This measure is to take effect on 1 July 2014. The delay in carrying out
See MoreEU – Refund opportunities for non-EU investment funds
A recent decision of the European Court of Justice (ECJ) may give a chance to some non-EU investment funds to obtain a withholding tax refund. The ECJ decision in Emerging Markets Series of DFA Investment Trust Company, C-190/12 (10 April 2014), was
See MoreUS Pension Uptake Lags Despite Tax Incentives
In order to encourage taxpayers to make provision for their pensions various incentives are provided by the tax system. The US Government Accountability Office (GAO) has however reported that the number of new pension plans taken out by individuals
See MoreEU – Directive on pension rights
The European Parliament has given its approval to an EU Directive that aims to improve the arrangements relating to the maintenance of supplementary pension rights. The existing EU regulations only permit individuals to transfer their statutory
See MoreSingapore – Employer contributions to overseas pension funds
The Inland Revenue Authority of Singapore (IRAS) has issued information on its website explaining amended rules relating to the concessionary tax exemption available for contributions by employers to certain pension schemes. The exemption relates to
See MoreChina: Additional tax cuts for small business
China’s State Council meeting on April 2, 2014 decided on a number of changes including more tax cuts for micro and small-sized enterprises. These enterprises are defined as businesses with an annual taxable income under RMB 60,000 (USD 9,650).
See MoreSingapore Arranges First Wage Credit Payments
Singapore is paying out the first tranche of the payments under the Wage Credit Scheme (WCS) by 31 March 2014. Around 75 percent of the payments are due to small and medium enterprises (SMEs). The payments are intended to help new businesses and low
See MoreRussia – Investment in Russian SEZs Increases in 2013
The Special Economic Zones (SEZs) set up by Russia attracted an increased amount of investment in 2013, totalling RUB 30.2 billion in the year. Revenues of RUB 50 billion were earned in the zones, and 3,145 new jobs were created. The Russian
See MoreEU-European Parliament Backs New Money Laundering Law
The problem of money laundering has received increasing attention in recent years. Although many countries have their own money laundering laws the problem can be tackled more successfully with international cooperation. The European Parliament has
See MoreLithuania : Loss carry forward limitations, extended incentives and reduced VAT rates
Losses carry forward limitations: Beginning in 2014, the ability of corporations in Lithuania to carry forward tax losses, for corporate income tax purposes, is limited. In calculating their corporate income tax for 2014 and subsequent tax periods,
See MoreHong Kong: Ensure Support for SMEs
In response to a question in the Legislative Council, Hong Kong’s Secretary for Commerce and Economic Development confirmed that the Government will arrange continued support for small and medium-sized enterprises (SMEs). The numbers of SMEs and
See MoreBelgium increases withholding tax exemption for SME employers
A draft Royal Decree is approved by the Council of Ministers. It is relating to an increased exemption from professional wage-withholding tax (précompte professionnel) only for employers in the small- and medium-sized enterprise (SME) sector. For
See MoreArgentina – Extension of the new tax incentive regimes
Two tax incentive regimes in force in Argentina for certain investments have been extended. Law 26.895 which was published in the official gazette on 22 October 2013 has been extended to 31 December 2014. This relates to the period for taxpayers to
See MoreFor Far-East region Russia has sanctioned Federal Law
Russia’s President has signed Federal Law No. 267-FZ on September 30, 2013 to provide incentives for completing regional investment program within the Far East regions. In order to raise financing in the economy of the far-east region, the law
See MoreAustralia: Start date to offshore banking unit reforms delayed
The Government of Australia has delayed the start date (1 October) for the reforms to the offshore banking unit (OBU) regime. In the 2013 budget, the Australian government reported the proposition to change some OBU provisions to address existing
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