Canada: Budget 2014 incorporates transfer pricing rules and financial services
It has been announced by the OECD that the Budget for 2014 includes the announcement of a consultation on international tax planning by multinational enterprises as input into Canada's participation in the action plan on the basis of erosion and
See MoreSpain – CJEU finds Retail sales tax on diesel contrary to EU law
The Court of Justice of the European Union (CJEU) has issued a judgment in the case of:Transportes Jordi Besora SL v. Generalitat de Catalunya, C-82/12 ruling that the Spanish tax on retail sales of diesel and petrol is contrary to EU law. The CJEU
See MoreOECD To Engage Industry in BEPS Consultations
The Organization for Economic Cooperation and Development (OECD) has recently published a revised timetable for public consultations on Base Erosion and Profit Shifting (BEPS) and the release of Discussion Drafts. Three Discussion Drafts will be
See MoreAzerbaijan- Progress towards WTO accession
At the 11th meeting of the Working Party on February 21, 2014 Azerbaijan's World Trade Organization (WTO) accession bid gained positive momentum. Azerbaijan has been diversifying its economy away from reliance on the energy sector alone and has been
See MoreAustria: Information regarding intangible property and financial services
From 1st March 2014, interest and royalty payments to certain related parties are not deductible for tax purposes if the recipient corporation is not subject to tax due to an exemption; is subject to a nominal or specific tax rate of less than 10%
See MoreEU: Comments on global standard against tax evasion
The European Commission has issued a statement in support of an agreement by the G20 Finance Ministers on a new global standard to counter tax evasion and to improve tax transparency worldwide. The release states that the European Commission
See MoreOECD issues the single global standard for the automatic exchange of information
On February 13, 2014 the OECD released the Common Reporting Standard (CRS), which seeks to establish automatic exchange of tax information as the new global standard for governments. The approach is at the heart of the fight against tax evasion, but
See MoreEU Seeks to resume talks on a Deep and Comprehensive Free Trade Agreement with Egypt
The EU remains willing to re-launch talks with Egypt on concluding a Deep and Comprehensive Free Trade Agreement (FTA). The EU ambassador confirmed that the European Union aims to begin negotiations with Egypt on widening the free trade agreement
See MoreEU – Court Rules on Hungarian Retail Tax
The European Court of Justice (ECJ) has ruled that Hungary's retail tax, which imposes a rate based on "consolidated turnover," is disadvantageous to companies that are part of a group of "linked" businesses and discriminatory if in practice applies
See MoreEuropean Commission reports on administrative cooperation and combating fraud in the field of VAT
On 12 February 2014, the European Commission adopted two reports related to fighting Value Added Tax (VAT) fraud within the EU. The reports outline possible ways of improving procedures for dealing with this problem. The first report looks at VAT
See MoreEU: European Commission proposes stronger cooperation on VAT
Recently, the European Commission began consultations with Russia and Norway on administrative cooperation agreements in the area of Value Added Tax (VAT). The aim of the agreements is "to establish a framework of mutual assistance in combatting
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 MoreGermany and EU Redesigning Energy Tax Rebate
The Federation of German Industry has said a quick resolution is expected in talks between Germany and the European Union concerning Germany's renewable energy tax rebate on offer to energy-intensive companies in Germany. The Commission is
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 MoreECJ: Deduction of input VAT on pension fund management costs
In a Revenue and Customs Brief HMRC has set out its position on VAT on pension fund management costs. This follows decision of the European Court of Justice (ECJ) in the case of Fiscale Eenheid PPG Holdings BV regarding an employer's entitlement to
See MoreRomania: Foreign energy traders are now permitted to reclaim input VAT
The European Court of Justice has ruled that foreign energy traders in Romania are now permitted to reclaim input VAT incurred through the EU’s 8th Directive. This follows Romania’s withdrawal of the requirement for VAT registrations on
See MoreEuropean Parliament Urged To Outlaw Anonymous Shell Companies
The European Parliament has been urged to support the creation of public registries of corporate ownership. This suggestion has been made by a Washington DC-based research and advocacy organization. Global Financial Integrity (GIF) studies and
See MoreCzech Republic joins Convention and protocol on Mutual Administrative Assistance in Tax Matters
The multilateral Convention on Mutual Administrative Assistance in Tax Matters, as amended by the 2010 protocol, entered into force in respect of the Czech Republic on 1 February 2014. The Convention and the amending protocol generally apply in the
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