Netherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changes
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
See MoreCanada: CRA extends payment deadline of income tax return
On 27 July 2020, the Canada Revenue Agency (CRA) announced that payment deadline for the year 2020 of the income tax returns, including installments for legal entities, trust, and individual is to be extended from 1 September 2020 to 30 September
See MoreHong Kong: Financial Secretary presents 2019/2020 Budget
On 27 February 2019, the Financial Secretary has presented the 2019-20 budget to the Legislative Council. The Budget measures includes the following: -Reducing profits tax by 75% for 2018/19, subject to a ceiling of HKD20,000, effectively giving
See MoreUK: HMRC wins case on employment status
HMRC has won a case concerning employment status and the IR35 rules. The IR35 legislation aims to ensure that in defined circumstances individuals working for an intermediary such as a personal service companies pay the same tax as an employee
See MoreUK: HMRC wins case on loans from Employee Benefit Trust
On 6 July 2017 the Supreme Court ruled in favour of HMRC in a case involving payments from an employee benefit trust. Rangers Football Club (RFC) made payments to players and officials through an Employee Benefit Trust in the form of loans. This
See MoreAustralia: Fringe benefits change and tax offsets
The government of Australia has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of adjusted fringe benefits total has been modified so that the gross rather than the adjusted
See MoreUK: Consultation on taxation of benefits in kind under salary sacrifice schemes
On 10 August 2016 the UK issued a consultation document looking at possible effects of changing the way benefits apply when a benefit in kind is provided in relation to a salary sacrifice or flexible benefit scheme. The government is considering a
See MoreUK: Consultation on tax and national insurance on termination payments
Following a consultation earlier this year and consideration of the responses received HMRC has published a further consultation paper containing draft legislation on the taxation of payments received on termination of employment.. The government
See MoreUK: Consultation on reforms to the intermediaries legislation for the public sector
The intermediaries legislation was introduced in the UK to ensure that people doing the same work for the same pay were liable to the same tax and national insurance contributions whether employed directly or working through an intermediary such as
See MoreUK: Updated guidance on PAYE penalties confirms continuation of penalty easement
HMRC has issued updated guidance on penalties for late filing and non-filing of PAYE returns and how to avoid them. The revised guidance confirms that employers filing their full payment within three days after the due date will not have to pay a
See MoreMalaysia: Budget 2016
The Malaysian Prime Minister announced Malaysia's 2016 budget on 23 October 2015 highlighting some tax measures including corporate and personal income taxation changes. Corporate taxation A special reinvestment allowance of 60% of qualifying
See MoreTurkey: Personal Tax Allowances Increased
Law no. 6645 has been published in the official gazette on 23rd April 2015. The law amends the individual income tax law. Article 8 of this law raises the minimum living allowance rate approved for the third child to 10% from 5%. The basic
See MoreChile: Claim for education tax break rise of 16%
Chile's Internal Revenue Service (SII) reported that 284,494 taxpayers have claimed a tax rebate for expenses regarding children’s education this year, an increase of 16% from previous year. The total amount claimed was CLP25.45bn (USD45.84m),
See MoreIreland – Car Tax Breaks for Disabled Persons
Ireland has announced that from the end of this year it is to abolish the excise duty relief relating to the fuel portion of the Disabled Drivers and Disabled Passengers scheme. This is a consequence of a decision of the European Court of Justice,
See MoreHungary- Extension to Family Tax Break
The tax incentive regime for employers of parents with small children has been extended in Hungary. The Employment Minister has announced plans regarding this. According to the new plan an employer of parent having at least three small children will
See MoreCanada: New tax credit highlights
In the recently reintroduced 2011 federal Budget the Canadian government has announced its new children’s arts tax credit. According to that parents can claim money spent on programmes focusing on fine arts, music, performing arts, outdoor
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