Belgium: 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 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 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 MoreUK: Finance Act 2013 receives the Royal Assent
The 2013 Finance Act became law on 17 July 2013. The main provisions include a reduction of the corporate tax rate from 22% to 21% in 2014/15 and to 20% in 2015/16. The Act also includes the legislation introducing the General Anti Abuse Rule
See MorePhilippines: New regulation on tax deduction in the event of failure to withhold tax
The Philippines issued Revenue Regulation 12-2013 (Rev. Reg. 12-2013) on 13 July 2013. Rev. Reg. 12-2013 is applicable to payments made to both domestic and foreign beneficiary and it will effective from 28 July 2013 for payments that are related
See MoreHong Kong: Continue to increase company registrations
The Hong Kong Special Administrative Region (SAR) operates as a separate tax jurisdiction from mainland China and retains popularity as a place from which to do business with the mainland. In Hong Kong SAR a total of 84,996 local companies were
See MoreECJ: Decision on state aid and Finland’s tax loss carry forward rules
A case was brought before the European Court of Justice (ECJ) concerning the question of whether Finland’s rules for carrying forward tax losses were contrary to the state aid provisions in Article 107 of the Treaty on the Functioning of the
See MoreChile: Circular notifying transfer pricing changes
The Chilean Internal Revenue Service (IRS) has released Circular No. 29 on June 14, 2013 that includes instructions regarding the new transfer pricing rules introduced by Law 20,630. The circular recognizes the OECD TP Guidelines as a valid source
See MoreECJ: European Commission refers the matter of cross-border loss relief for UK groups
The European Commission has requested the European Court of Justice (ECJ) to determine that the conditions imposed by the UK tax rules on cross-border group relief mean that in practice it is almost impossible for companies to receive this loss
See MoreCanada: Extended CIT return deadline
Businesses in parts of Canada including Alberta have recently been affected by extreme weather conditions. This has caused damage to premises and delays in completing administrative tasks. In response to this problem the Canada Revenue Agency (CRA)
See MoreVietnam: Amendments to Corporate Income Tax Law
The general tax rate in Vietnam will be reduced to 22% from 1 January 2014. Also from 1 January 2016 the tax rate will be 20%. This measure was approved by the National Assembly on 19 June 2013. The reduced tax rates are competitive with the
See MoreIndonesia: Issued regulations on tax rates for Small and Medium Enterprises
The government of Indonesia issued Regulation No. 46/2013 on 12 June 2013 named as The Regulation for Taxation of Small and Medium Enterprises. This will be effective from 1 July 2013. As per the regulation issued a final tax rate of 1% will be
See MoreIsrael: Budget for the FY 2013-2014
Israeli cabinet has approved the Budget for fiscal year 2013-2014. The VAT rate has been raised to 18% as from June 1, 2013 (previously 17%). The corporate income tax rate has been increased to 26% from 25% and the personal income tax rate will be
See MoreRomania: Corporate tax rate remain unchanged
The Prime Minister of Romania has confirmed that the country’s 16 percent flat rate of corporation tax will be kept until 2016. The rate is being kept the same to provide investors with more stability and certainty in taking investment decisions
See MoreSpain: New forms and procedures to submit CIT tax returns approved
The Ministry of Economy and Finance has approved by Order HAP/864/2013 of 14 May 2013, the new forms, procedures and the stipulated periods for submission of returns for the corporate income tax (CIT) and non-resident income tax returns for PEs and
See MoreSlovenia: Modified Corporate Income Tax Law proposed
The Ministry of Finance on 20 May 2013 published a draft law on modifications to the taxation of companies. The proposal does not implement the previous plan of a further reduction in tax rates to 15 percent and instead proposes that the 17 percent
See MoreVietnam: Corporate tax reduced to 22% from 2014
The Ministry of Finance planning to cut corporate income tax rate 22% from the current 25% with effect from 1 January 2014 next year and the government wants to bring the rate down further to 20 percent in the 2016-2020 period. However, the new
See MoreUK: Terms of Reference issued for GAAR advisory panel
The legislation in respect of the General Anti Abuse Rule (GAAR) in the Finance Bill 2013 provides for the appointment of a GAAR advisory panel. The panel is to consider and approve HMRC’s guidance on the GAAR. It is also required to consider
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