Slovak Republic: Amendments to income tax, VAT, excise duties and Tax Code approved
The Slovak parliament has approved the amendments to the Income Tax Act, VAT Act, legislation on excise duties and the tax code as proposed by the Finance Ministry. All the amendments have been signed by the president except the VAT Act. The changes
See MoreNamibia: Budget proposals for 2015-16
The Namibian budget speech for 2015-16 was delivered on 31 March 2015. In the budget it was proposed to reduce the corporate income tax rate for non-mining companies from 33% to 32%. There will be no change in the corporate tax rate for mining
See MoreAzerbaijan: approves tax code amendments to introduce excise tax and to set new tax rates
The Parliament of Azerbaijan has approved amendments of tax code introducing excise tax on precious metals, and setting new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. As per legislation, excise on
See MoreVenezuela: President signs off on tax increases
In order to increase and diversify government revenue, Venezuela`s President has accepted tax increases on 18th November 2014. 28 laws have been passed to incorporate an increment in the excise duty for buying luxury goods from 10% to 15%. This
See MoreVenezuela: Amendments contain income tax and VAT
The president has declared the enactment of a series of laws to notice the economic development in Venezuela on 18th November 2014. These laws includes the following tax related items: Income tax reformation to raise tax collection via the
See MoreCzech Republic – Excise duty on diesel and VAT on electronic services
Changes to the tax procedure and rules income tax law have passed through the first reading. At the third reading, the Chamber of Deputies has approved the following things: By re-initiating “green” diesel oil, an amendment has used to the
See MoreUkraine: Certain corporate income tax incentives to be abolished
The Ukraine parliament adopted the Law No.4309A, on 31 July 2014 which was issued on 21 July 2014, with eliminating certain corporate income tax incentives. The main abolished incentives are summarized below: limiting privileged corporate income
See MoreCzech Republic: Excise duty on cigarette raised to EU minimum
The Czech Republic has approved legislation increasing the excise duty on cigarettes by CZK3-4 to bring its rates into line with EU law. It was prescribed that from January 1, 2014, the overall excise duty (excluding VAT) on cigarettes shall stand
See MoreNew Zealand to increase Tobacco Taxation
New Zealand is to reduce the duty-free allowances for tobacco and raise its excise duty in a move described as an attempt to reduce the amount of smoking. The move will also increase government revenue from excise tax on tobacco, at least in the
See MoreSouth Africa Consults on Alcoholic Beverage Taxes
South Africa has issued a discussion paper for comment on taxation of alcoholic drinks. This document looks at the issue of whether a uniform tax should be imposed on alcoholic drinks rather than a separate excise duty for different types of
See MoreEuropean Commission Asks Hungary to End Excise Restrictions
Hungary has been asked by the European Commission to change the excise rates currently charged on liquor and tobacco products. The structure of alcohol duties within the EU has been harmonized by an EU Directive and member states must therefore
See MoreUS: IRS Confirms Deductibility of Puerto Rican Excise Tax
The IRS has confirmed in a document published recently (Letter 2014-0006) that the IRS will not challenge the claim that Puerto Rico’s manufacturers excise tax is a tax that can be credited against United States federal income tax. In October
See MoreArgentina reduces Tobacco Tax rate for the year 2014
Under Decree No 111/2014 of January 29, 2014, Argentina is keeping cigarillo excise duties at 7 percent, instead of the usual 21 percent rate. The reduced rate is applicable with retroactive effect from January 1, 2014, and is scheduled to expire on
See MorePhilippines Business Requests Elimination of Aviation Fuel Tax
The Joint Foreign Chambers of the Philippines (JFC) have requested that the Government cuts the excise tax on aviation fuel for international carriers, after a Supreme Court (SC) decision to cancel refunds had effectively imposed higher taxation. In
See MoreBelgium: Royal Decree on tobacco tax rise
A draft Royal Decree, regarding tax rise on tobacco is approved by the Belgian Council of Ministers. As a result, the excise duty on cigarettes will be fixed at EUR 6.8914 (USD 9.2) per 1,000 pieces from 1 January 2014, and the special excise duty
See MoreThailand raised alcohol excise taxes
In Thailand the excise taxes on liquor, beer and wine will increase by 7 -15% effective on 4 September 2013. The price will be higher particularly for
See MoreAustralia wants to expand excise duty on tobacco
The Government of Australia wants to expand excise duty on tobacco to raise an additional A$5.3 billion ($4.7 billion) in income. An organized 12.5 percent rise in the excise duty will be acquainted from 1 December 2013 to help the budget to surplus
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
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