Croatia: Government proposes amendments to Individual Income Tax Law
The government has proposed amendments to the Individual Income Tax Law on 25 July 2013. Following the constitutional court decision these amendments provide that dividends or participation in profits obtained after 31 December 2000, but paid out
See MoreDenmark :Corporate income tax rate will be reduce to 22% by 2016
The Danish Parliament has recently passed two bills which are part of the government’s economic growth plan. The current corporate tax rate is 25% but this will be reduced to 22% by 2016 under the growth plan. The phased-in reduction of the
See MoreBelgium: 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 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 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 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 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
See MoreFinland Plans to Cut Corporate Tax Rate in 2014
On 21 March 2013, the government of Finland announced that it had reached an agreement on its tax plans for the tax years from 2014 to 2017. Finland plans to further cut its corporate tax rate to 20% from the current 24.5% rate, as of the beginning
See MoreSingapore: Budget for 2013
The Budget for 2013 was presented to Parliament by the Finance Minister on 25 February 2012. The Budget aims at increasing productivity and growth. Major changes include income tax rebates and restructuring of the Progressive Property Tax Regime
See MoreDanish Government plans to reduce corporate income tax rate
On 26 February 2013, the government published a document stating that it plans to reduce the corporate income tax rate to 22% (currently 25%). The reduction would be implemented gradually by reducing the tax rate by 1 percentage point between the
See MoreIndia: Budget for 2013
According to the Indian Budget 2013, the Government is considering for following major tax initiatives: the introduction of a Direct Tax Code (DTC), a goods and services tax (GST) and General Anti-Avoidance Rules (GAAR). The main changes are
See MoreSlovakia: Amendments to the Income Tax Act
Slovakia's Parliament has passed legislation raising corporate and personal taxes from the beginning of 2013. The rate of corporate income tax would increase to 23% from 19%. Dividends paid out of profits generated before 1 January 2004 are subject
See MoreImportant tax amendments in Greece in 2013
A very important tax amendment has been passed by Greece’s Parliament regarding income and corporate tax. In the new tax bill the corporate income tax rate has been increased from 20% to 26% in 2013. But the good news is the reduction of the
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