Ireland – Corporate Tax Rate Effectively Below 11 Percent
A recent technical note issued by the Department of Finance indicates that Ireland has maintained an effective corporate tax rate of about 11 percent since 2003. Enterprises operating in Ireland are liable to corporation tax at 12.5 percent on
See MoreChile proposes tax reform
Chile is embarking on a tax reform that will affect both direct and indirect taxes. A Bill is under discussion in the National Congress and this covers important changes to the existing tax laws. The Bill aims to raise the corporate tax rate from
See MoreUkraine Increases Tax and Slashes Spending
Ukraine has approved tax reforms that will allow the country to access increased financial aid from the IMF. Ukraine requires the IMF funding to ensure the stability of its finances. For this reason some planned tax cuts will not be implemented and
See MoreTaiwan increases business tax rate for financial services
Taiwan has amended the laws on income tax, VAT and business tax with an effective date of 1 January 2015 in the case of the income tax changes. The measures include an increase of the business tax rate on core business revenue in banking and
See MoreSpanish SMEs Ask for VAT and Income Tax Support
The President of Spain's small business association CEPYME, has called on the Government to lower the rate of corporation tax levied on small- and medium-sized enterprises (SMEs) in Spain, as part of its plans to reform taxation. He also recommended
See MoreIreland: opportunities for US firms
The Irish Prime Minister has described the 12.5 percent corporate tax rate as a "cornerstone of the offering of attractiveness that Ireland has," telling the US Chamber of Commerce that his country is open for business. Although a few years ago
See MoreUkraine: Reduces corporate income tax and Value Added Tax (VAT) rates
Ukraine has reduced corporate income tax and VAT rates from 1 January 2014. The reduced rates are: For corporate income tax: 18% from 1 January 2014 to 31 December 2014; 17% from 1 January 2015 to 31 December 2015; 16% from 1 January 2016. VAT
See MoreSlovakia – Reduced corporate income tax rate
Slovakia’s Parliament has reduced the corporate income tax rate from 23% to 22% with effect from 1 January 2014. The reduced corporate income tax rate is effective for tax periods beginning after 31 December 2013. This change affects both the
See MoreNorway reduces corporate tax rate and enacts interest deductibility restrictions
On 13 December 2013, the newly proposed Norwegian interest deduction limitation rules were adopted by the Norwegian Parliament and the reduction of the corporate income tax rate from 28 to 27 % was adopted. The interest deduction limitation rules
See MoreUkraine: Rates and Accounting rules for Tax 2014
On 19 December 2013, the Verkhovna Rada of Ukraine passed Law No. 3757 that introduce tax rates and tax accounting rules for 2014. The corporate income tax rate is reduced to 18% (from 19%) with further decreases to 17% (beginning 1 January 2015)
See MoreNorway Budget for 2014 – amendments
On 8 November 2013 the new Government presented its amendments to the Budget Bill for 2014. In general, the new Government is reducing taxes, whereas the former Government increased them. The amended Budget for 2014 contained the following
See MoreMexico: Tax Reforms bill published
According to a media report Mexico reform tax bill on 23 December 2013, which might affect the direct and indirect taxation of corporate taxpayers, has been published in the country’s Official Gazette, completing the approval procedures. The
See MoreCanada: Legislation sanctioning Manitoba’s 2013 budget
By enacting legislation Manitoba’s 2013 budget evaluates took Royal Assent on December 5, 2013. The budget belonging tax measures provisions that: Corporate capital tax rate on financial institutions has to be increased from 4% to 5%; The
See MoreJapan – Early repeal of special reconstruction corporation tax
The Japanese government has announced an economic stimulus package that includes a statement that “special reconstruction corporation tax (i.e., a 10% additional tax imposed on corporation tax liability) would be repealed a year earlier than
See MoreJapan: Changes to consumption tax and corporate income tax
The Japanese government officially announced on 1st October 2013 its plan to modify “consumption tax” and “corporate income tax”. The highlights of the plan are summarized below: Consumption tax: In the period between 1 April 2014 and 30
See MoreBelgium: Notional interest deduction rate
June 2013 Legislation modifies the method which is used to calculate and determine the rate of the notional interest deduction. On the basis of the average return of the 10-year government bond (OLO) in the months July, August and September it is
See MoreNorway : Tax Cut Plan for 2014
The Norwegian Prime Minister announced plans on 5 May 2013 for a modest tax cut for mainland businesses and for increasing taxes on oil companies and multinationals. This plan includes a reduction in the general corporate tax to 27% from 28%
See MoreColombia: Introduces Corporate Tax Reforms
The Colombian Government has introduced measures relating to corporate tax changes. For the purposes of corporate tax, it redefined the concept of permanent establishment. Corporate income tax rate for companies and for non-resident companies
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