Amendments to Azerbaijani Tax Code
The Azerbaijani parliament adopted a draft law on amendments to the Tax Code on 21 December 2012, these came into effect from 1 January 2013. These changes are aimed at improving the tax system, reducing the tax burden and improving the tax culture.
See MoreDenmark: New Anti-Avoidance rule approved by parliament
The Danish Ministry of Taxation approved the Bill on 14 December 2012 relating anti-avoidance rules about withholding tax on dividends. The key points of the Bill are summarized below: Under the Danish holding company rule dividends (resident to
See MoreNew Tax Reform Bill for Greece
On 14 December 2012, the Greek government submitted draft legislation to parliament to simplify the tax system. According to the new bill people earning more than 42,000 Euros ($55,000) per year will now be taxed at a new top rate of 42 percent
See MoreTaiwan Announces Income Tax Cuts
It has been published on 28 November 2012 that the Ministry of Finance has announced that, because of the inflation linkage within Taiwan's tax code, individual income tax thresholds and brackets will be increased automatically next year. As
See MoreIndia: Approves investor tax relief scheme
India's Finance Minister Shri. P. Chidambaram has approved a new tax relief scheme targeted at first time retail investors in the securities market. The Rajiv Gandhi Equity Saving Scheme (RGESS) will provide tax benefits to those investing up to
See MoreFrance May Ease Proposed 75% Income Tax
It was reported on 11 September 2012 that, determined to ensure that the measure does not lead to a massive exodus of top executives, the French government now plans to soften conditions for its 75% tax on top earners, although the final decisions
See MoreAustria’s financial police enforce tax compliance
Austria’s Finance Minister Maria Fekter has recently underlined the key role of the country’s financial police in enforcing payment of due taxes and thereby ensuring tax justice in Austria. Alluding to the fact that the financial police now play
See MoreSpain- New procedures on CIT and non-residents tax returns (regarding PEs)
By Order HAP/1023/2012 of 11 May 2012, the Ministry of Finance and Public Administrations of Spain approved the new forms, procedures and the stipulated periods for the corporate income tax (CIT) and the non-residents income tax returns (regarding
See MoreUK Budget Delivers Tax Cuts
The UK has delivered a Budget that unashamedly backs businesses, slashing the top rate of personal income tax and accelerating corporate tax cuts. Currently charged at 50% on all income over GBP150, 000, from April, 2013 the rate will drop to
See MoreIreland Unveils New Tax Incentives
On 17 February 2012 it was reported that tax reform features heavily in Ireland's new Action Plan for Jobs, a package designed to boost job creation and establish Ireland as the best small country in which to do business. Reforms include the
See MorePhilippines: Retirement account tax regulations issued
The Philippines Bureau of Internal Revenue (BIR) enacted new revenue regulations to implement the tax provisions of the Personal Equity and Retirement Account (PERA) Act. The regulations will come into effect on January 1, 2012. Under the Act, each
See MoreFrance Disclosed 3% Tax on High Income Earners
Despite sluggish economic growth, as part of a package of fiscal measures to meet its ambitious deficit reduction targets, the French Prime Minister has introduced an exceptional tax of 3% imposed on the annual income of the top earners in France.
See MoreInsurance and VAT exemptions are modified in Philippines
The Philippines Bureau of Internal Revenue (BIR) issued clarifications regarding the income tax deductibility of insurance contributions, and to the applicability of value-added tax (VAT) following takeovers and mergers. According to that, only the
See MoreTax Simplification Projects Announced in UK
In order to improve and simplify the tax system, the government of UK declared two new projects as part of its ongoing work, to review pensioner taxation and employee share schemes. On 13 July 2011 the government has confirmed that the UK’s Office
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
See MoreChina income tax threshold increased
The Standing Committee of China’s National People’s Congress (NPC) has agreed to raise the personal income tax threshold. With effect from September 1, 2011 the current personal income tax monthly threshold will be increased to RMB 3500
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