Sweden: Supreme Administrative Court confirms the tax treatment of carried interest by private equity companies as capital gains
The Supreme Administrative Court has confirmed the tax treatment of carried interest by private equity companies as capital gains rather than income in a ruling from the Administrative Court of Appeal. Swedish tax agency filed an appeal claiming
See MoreItaly: approves a decree to pre-compile individual income tax returns covering 2015 tax forms
The Italian Cabinet has approved a decree to pre-compile individual income tax return on October 30, 2014. This scheme will cover 2015 tax forms. A pre-compiled form will be available to the tax payers by April 15 each year over the internet. The
See MoreUS: Saver Urged To Plan Now To Take Tax Credit
Low and moderate-income workers have advised to take steps now to save for retirement and earn a special tax credit in 2014 and years ahead, according to the Internal Revenue Service (IRS). The saver’s credit helps offset part of the first $2,000
See MoreUK: No paper tax returns from November 2014 otherwise a penalty of £100
The deadline for filing paper tax return has passed on 31 October, 2014. HM Revenue and Customs (HMRC) will not receive any paper tax returns from November 2014. Even if you have no tax to pay, or you eventually pay your tax on time, a late paper
See MoreRomania: Prime Minister Confirms To Keep Flat Tax Regime
Prime Minister, Victor Ponta has reconfirmed that the country’s flat corporate and personal income tax rate of 16 percent will remain in place at least until the next government elections in 2016. Ponta gave the assurances at an awards ceremony
See MoreSri Lanka: Government Intends to Reduce Tax In “2015 Budget”
Sri Lanka's President, Mahinda Rajapaksa, in his additional role as the Minister of Finance and Planning, presented Sri Lanka's 2015 Budget on October 24, 2014. The Government plans to to stimulate the country's further economic development through
See MoreGCC average salaries in 2015 are set to rise 5% as per latest pay forecast
Salaries of GCC countries are set to rise next year as per the pay forecast of Hay Group, the global management consultancy. The forecast is based on over 1,600 organizations representing 1 million employees in the GCC countries. It shows that the
See MoreSweden: Tax hikes in proposed budget for 2015
Finance Minister of Sweden, Magdalena Andersson presented the 2015 budget on October 23, 2014 with the increase of taxes on the personal income tax, alcohol and tobacco. The Government of Sweden has also declared to increase personal income tax on
See MoreUS: Inland Revenue Service (IRS) Announces 2015 Pension Plan Limitations
The Internal Revenue Service announced the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the
See MoreIreland: Individual Income tax cuts in Budget of 2015
Finance Minister of Ireland has announced to cut the marginal rate of individual tax and also set out plans for the reform of the corporate tax regime in 2015 budget. The budget is aimed to recover the economic condition of Ireland. The marginal
See MoreCanada: Relief for US persons with Canadian retirement plans
The Internal Revenue Service (IRS) has issued direction announcing that it is removing the official requirements that U.S. taxpayers had to abide by every year by the time of filing their U.S. tax returns. This return uses to claim a deferral of
See MoreMalaysian 2015 budget cuts Individual and Corporate Tax rates
The Malaysian Prime Minister and Minister of Finance Najib Razak announced a cut in Individual and Corporate tax rates in his budget speech in October 10, 2014 though not until 2016. Individual Tax: The rate of Individual tax rates to be cut by one
See MoreTax reduction in Greece’s 2015 Budget
Greece releases its 2015 budget on October 6, 2014. The budget reduces the solidarity tax on earners and a 30 percent cut on the tax on heating oil. The budget cut the "solidarity tax" paid by those on incomes over EUR12,000 (USD15,178) and would
See MoreThailand: Reduces tax rate for 2015
The cabinet of Thailand has approved a royal decree reducing corporate and personal income tax for the year 2015. The reduced tax rate for companies having net profit over THB1m (USD31,000) will be 20% for the year 2015 which was 23% in the tax year
See MoreItalian individual income tax returns will be pre-compiled
Italy's Cabinet re-examined the draft law decree at its meeting on September 19. As per the decree individual income tax returns will be pre-compiled for 30m Italian employees and pensioners from 2015. Tax forms pre-compiled by the Revenue Agency of
See MoreRomania: Government Confirms Social Security Tax Reduction
The Government of Romania has approved a reduction in the social security tax paid by employers, in defiance of the IMF and despite a warning from the country's President that the move will put the country's economic stability at risk. Romania's
See MoreUK: Pension statements and the annual allowance to be sent soon
Pension providers will soon be sending annual allowance pension statements for the 2013 to 2014 tax year to all pension scheme members contributing more than £50,000 per year to a pension scheme. Finance Act 2011 legally requires pension providers
See MoreHMRC will introduce Penalties For Real Time PAYE Errors from October 2014
HMRC will introduce penalties for late real-time pay-as-you-earn (PAYE) returns from October, 2014. Companies employing 50 or more people will face penalties from October 6, 2014 and the companies with fewer than 50 employees will be subject to the
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