Venezuela: 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 MoreEuropean Commission Proposals for the Future of VAT in the EU
The European Commission issued a paper on 30 October 2014 outlining ideas on creating a more effective VAT system that is more in line with the objectives of the single market in the EU. The intention is to create the definitive VAT regime that will
See MoreSpain Launches New Deferral Import Regime for 2015
Spain is set to launch an important import VAT postponement regime which will offer importers major cash-flow incentives. The new scheme should come into force from 2015. According to this regime, which is totally new in Spain, certain VAT taxpayers
See MoreGermany: Receives tax warning from EU on the discriminatory taxation of legacies to foreign charities
Germany receives tax caution from EU on the discriminatory taxation to foreign charities. The European Commission warns Germany to amend the discriminatory taxation of legacies to foreign charities as the commission observes that it creates an
See MoreEuropean Commission warns Romania on taxation of foreign companies
The European Commission has formally asked Romania to stop the discriminatory tax treatment of foreign legal entities. According to Romanian present tax law, resident legal companies can deduct business expenses related to generating interest
See MoreSpanish Tax Scheme For Foreign Acquisitions Is Incompatible, Says EU
The European Commission has reported that a new interpretation of a Spanish tax scheme benefiting companies acquiring foreign shareholdings is incompatible with European state aid rules. Spanish current scheme allows companies to deduct the
See MoreGreek Tax Provisions has been challenged by European Union
It was asked by the European Commission to end the Greek discriminatory taxation of foreign-flagged ships and amend legislation on duty-free service stations. Greek-flagged ships and certain vessels managed from Greece are exempt from income tax as
See MoreEuropean Union adds VAT on banking and insurance financial services group charges
On 17 September 2014, the European Court of Justice (ECJ) ruled in the Skandia America Corporation vs Swedish tax authorities case that recharges of bought-in costs or provided by financial services group companies to their branches and subsidiaries
See MoreEU-Ukraine Association Agreement Ready To Ratify
The technical preparation of the EU-Ukraine Association Agreement for its subsequent ratification by parliament will be completed in the near future, the Ukrainian Foreign Ministry has said. Both sides will progressively establish a free trade area
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 MoreSwitzerland: Threatens to raise carbon tax
Switzerland’s carbon tax would jump up toCHF72 per ton from 2016, which is currently iCHF60 (USD67) per ton , if the power-related emissions of this year do not fall down to 76% of 1990 levels. If the emissions only fall to 78% of the baseline
See MoreUS: House Passes Permanent Ban On Internet Access Taxes
The House Tuesday passed a bill that would make permanent the ban on taxing Internet access. The U.S. House of Representatives has voted to this bill that Congress has temporarily extended three times over the past 16 years. The bill not only ban
See MoreSlovak Republic: Amendments to the VAT Act
The VAT act amendments would generally apply with effect from January 1, 2015. The main changes are given below: The place of supply of telecommunication, broadcasting and electronic services provides to non-taxable persons. The special scheme
See MoreRomania: Under pressure on VAT recovery process
Romania has formally requested by the European Commission to improve its Value Added Tax (VAT) recovery process. The caused for opinion from the European Commission, the step before proceedings at the European Court of Justice, states that the
See MoreSpain Fined Over State Aid in Basque Provinces
Spain has been ordered by the European Court of Justice to pay a penalty amounting to EUR 30 million for failing to recover state aid granted by three Basque Provinces and ruled to be contrary to EU law. The state aid provisions of EU law are
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
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