New Zealand Funding Increased Tax Compliance Drive
The Inland Revenue Department (IRD) is to receive an additional NZD132m in government funding over five years to increase its tax compliance drive. Some of this is for investing in compliance enforcement, while some will cover tax that must be
See MoreIrish Personal Income Tax Cuts may be Needed
The American Chamber of Commerce Ireland has suggested that the high marginal individual income tax rates in Ireland combined with the low threshold for the highest rate create an obstacle to attracting key personnel. This also causes a cost burden
See MoreFrance Plans Higher Exempt Threshold for Low Earners
The French Prime Minister intends to take around 650,000 low income individuals out of the direct tax net by adjusting the personal income tax thresholds. Taxpayers with income up to around EUR 15,000 would not be paying income tax after these
See MoreAustralia Confirms Superannuation Tax Changes
A reform is to be undertaken of the taxation of excess superannuation contributions. Some taxpayers are paying contributions at a rate that is considered excessive by many people in Australia. Currently non-concessional contributions exceeding the
See MorePortugal Discloses Tax Rates For 2015
Portugal’s medium term economic strategy includes provisions to raise the rate of value added tax (VAT) and social security contribution (TSU). The government also intends to decrease the extraordinary solidarity contribution (CES) on
See MoreIreland: Retailers Call for Personal Income Tax Cuts
The retail industry body Retail Ireland is confident that the retail sector will experience a significant recovery in 2014 and has requested individual income tax cuts to increase the spending power of the public and ensure that the public has more
See MoreSpain Adopts Stability Program Confirming Future Tax Reform
Spain is to publish its plans for reform of the individual income tax system in June 2014. The reform would aim to simplify the tax system to reduce the amount of compliance costs currently incurred by Spanish companies. The reforms are likely to
See MoreItaly Expands Employee Productivity Tax Incentive
Italy has extended into 2014 the reduced individual income tax rate for earnings from work arrangements that increase corporate productivity. This lower 10 percent rate was first introduced in 2008 and has been extended in the 2014 budget.
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 MoreNew Zealand: New rules for determining tax residence
In New Zealand the Inland Revenue Department has issued an “interpretation statement” on tax residence. This is an update to previous guidance from 1989. The new statement takes effect from 1 April 2014 and includes residence criteria for
See MoreIreland – Finance Minister clarifies Corporate Tax Developments
Ireland has confirmed that the changes to residency rules that are intended to deal with the problem of mismatches between treaty partner countries have so far not affected any company’s residence status. The reform which was in the 2014 Finance
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 MoreUS – IRS Extends Colorado Storm 2012 Tax Relief Deadline
The deadline for taxpayers in Colorado to make a decision on claiming disaster losses has been extended to 15 October 2014. The disaster relief relates to the severe storms and flooding that also gave rise to landslides in September 2013. Taxpayers
See MoreTaiwan: Committee approves Luxury Tax on residential properties
The Finance Committee of Taiwan’s legislature has given its approval to amendments of the luxury tax imposed on residential property. The luxury tax imposes a 15 percent tax on the sale price of property sold less than one year after it was
See MoreSpain to Bill Firms Directly For Social Security Contributions
The Social Security Administration in Spain is to commence directly invoicing employers in respect of monthly social security bills, instead of relying on employers to deduct the contributions from wages on a monthly basis. The invoice will be
See MoreSouth Africa: Details of Pensions and Savings Changes
In two new papers South Africa has given further detail on the tax free savings products and reforms to retirement pensions that were announced in the 2014 budget. In respect of retirement reform the government intends to implement a system of
See MoreFrance Urged To Review Social Housing Tax Break
Under the French tax law there is tax relief available in respect of social housing in certain overseas areas, in an effort to increase the supply of low cost residential accommodation. The French Court of Auditors has however called on the
See More