Hungary: Parliament approves tax laws for 2016
The Parliament of Hungary approved a package of previously announced tax law changes for 2016 on 16 June 2015. According to the approved Bill the personal income tax rate will reduce from 16% to 15%. The tax allowance for individuals raising two
See MoreUK: HMRC issues draft guidance on Scottish taxpayer status
The UK tax authority HMRC has issued for consultation draft technical guidance on the definition of a Scottish taxpayer for the application of the Scottish rate of income tax which was introduced by the Scotland Act 2012. The rate will be charged on
See MoreHungary: Proposals for tax law changes for 2016 submitted to Parliament
The Government of Hungary recently submitted to the Parliament certain proposals concerning amendments to the tax law which will become effective from 2016. However certain changes regarding corporate income tax would take effect as from 2015. The
See MoreUK: HMRC releases information on non-domiciled individuals
The UK tax authority HMRC has released some statistical information on non-domiciled individuals in response to a request made under the legislation on freedom of information. Individuals who are not domiciled in the UK may elect to pay UK tax on
See MoreHong Kong: IRD Gazettes Inland Revenue (Amendment) (No. 2) Bill 2015
The Inland Revenue (Amendment) (No. 2) Bill 2015 was gazetted on 17 April, 2015. The Bill seeks to amend the Inland Revenue Ordinance (Cap. 112) to implement the concessionary revenue measures proposed in the 2015-16 Budget. These include: (a)
See MoreUK: Budget Announcements for 2015/16
The UK budget announcements were delivered on 18 March 2015. The detail of the announcements is as follows: Business tax measures As already announced the UK corporation tax rate is 20% from 1 April 2015. The budget announcements include the
See MoreEgypt Proposes Reduction in Standard Income Tax Rates
The Minister of Finance announced in a press release on 10 March 2015, that the standard corporate tax rate and the top marginal tax rate for individual income tax purposes will be reduced to 22.5% from 25%. Also an additional 5% surcharge is
See MoreMalta: Tax Rates for Basis Year 2015
Malta's income tax rates for the basis year 2015 are as follows: Chargeable Income (€) Single Rates From To Rate Subtract (€) 0 8,500 0% 0 8,501 14,500 15% 1,275 14,501 60,000 25% 2,725 60,001 and over 35% 8,725 Married
See MoreTurkey: Individual Income Tax Tables have updated
The Income Tax Announcement No. 287 issued by the Ministry of Finance has released in the Official Gazette on 30th December 2014. This presents individual income tax tables for the year 2015. The table applicable to employment income in 2015 is
See MoreLatvia: Parliament adopts the State Budget for 2015
The Latvian Parliament adopted the state budget for 2015 on 17 December, 2014. The state budget for 2015 preserves the existing tax policy and does not envisage an increase in current tax rates. The income gap will be reduced by increasing the
See MoreTax rate down in Malta’s 2015 Budget
Recent budget of Malta for next year contains a reduction of personal income tax (PIT) brackets, through a rate down on income between €19,500 and €60,000 from 29% to 25%. Those who purchasing their first property they can get tax concession and
See MoreSpain Approves Comprehensive Tax Reform Plans
Spanish parliament has approved the comprehensive tax reforms plans on 24 November 2014, which will be published shortly in the Official Gazette. The legislation will enter into force from January 1, 2015 and followings changes have been taken
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 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 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 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
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