Denmark: Government announces a package of tax measures due to COVID-19 impact
On 10 March 2020, the Government announced some tax measures to assist companies in situation of Coronavirus impact. These are given below: Companies with supplies more DKK 50 million are subject to monthly VAT payment. But the
See MoreFrance: President announces to postpone the deadline for payment of taxes
On 12 March 2020, the President, Emmanuel Macron, announced that the deadline for the payment of taxes and social security contributions will be postponed from during March 2020 for all companies due to coronavirus outbreak. Also, the President
See MoreUK: Budget Announcements for 2020
The UK Budget for 2020/21 was announced on 11 March 2020. Coronavirus - Emergency relief measures As a temporary measure to help business during the COVID-19 outbreak the statutory sick pay (SSP) will be extended to those advised to
See MoreUK: Tax Tribunal Rules in Favour of HMRC on IR35 Rules
A tax tribunal ruling issued on 4 March 2020 concerned the IR35 rules as they apply to an individual operating through a service company providing services to a client. Under the IR35 intermediaries legislation the decision as to whether the
See MoreIMF comments on Austria’s tax system
On 3 March 2020 the IMF issued a report following consultations with Austria under Article IV of the IMF’s articles of agreement. The report notes that Austria’s economy has been performing well recently but the growth rate decreased in
See MoreUK: 2020 budget date confirmed
The date of the UK budget has been confirmed as 11 March 2020. As this is the first budget of the new government the announcements could contain a number of important measures. Pension tax deductions The UK government is reported to be
See MoreGreece: Finance Minister presents draft budget for the year 2020
The Finance Minister, Christos Staikouras, presented draft Budget for the year 2020 to the Parliament on 7 October 2019. It proposes discretionary tax measures declared by the Prime Minister such as reduction in corporate tax rate, reduction in the
See MoreOECD: Taxing Wages 2019
On 11 April 2019 the OECD released Taxing Wages 2019 analysing developments relating to taxation and social security contributions for workers across the OECD countries in 2018. The general conclusion of the report is that there was a slight
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 publishes guidance on taxation of cryptoassets
On 19 December 2018 HMRC published a paper on the taxation of cryptoassets for individuals. HMRC defines cryptoassets or cryptocurrencies as cryptographically secured digital representations of value or contractual rights that can be transferred;
See MoreGreece: Prime Minister announces some amendments in tax legislation
The Prime Minister, Alexis Tsipras, announced on September 8, 2018, plans for tax cuts and pledged spending to heal years of painful strictness, less than a month after Greece emerged from a bailout program financed by its European Union partners
See MoreUK: Proposed Cut to National Insurance Contributions Scrapped
On 6 September 2018 the UK government announced that the planned abolition of Class 2 national insurance contributions would no longer be carried out in this parliament. The UK government had previously announced that Class 2 national insurance
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 MoreKazakhstan: Tax Law Reforms for the year 2018
The Kazakh President, signed a series of laws on 25 December 2017 regarding taxes and other mandatory payments, introduction of tax code, law on amendments to other Acts etc. Most provisions of the new tax code and the tax amendments effects from 1
See MoreIMF report looks at US economic prospects and tax reform
On 26 July 2017 the IMF issued a staff report following the conclusion of consultations with the US under Article IV of the IMF’s articles of agreement. The report suggests that in the medium term reforms should include a more efficient tax
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 MoreBrazil publishes Normative Instruction 1,700/2017 in the Official Gazette
Decree No 2017-22042 of 7 March 2017 fixing the market interest rates for interest-free liabilities have been published in Official Journal No 15371 on 17 March 2017. The Decree upgrades and replaces Decree no. BLKB2015 / 1650M of 10 December 2015
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 More