Tax 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
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 MoreDenmark: New Figures published for personal income tax 2015
The Ministry of Taxation published on its website on 2 September 2014, the figures applied for personal income tax purposes in 2015. Furthermore, it lists the applicable figures for other taxes. Such figures are adjusted annually according to
See MoreSpain: Cabinet approves reduction to income tax rates
The Spanish Cabinet on June 20, 2014, approved the downsizing the corporate and individual income tax rates to encourage investment and employment. Under the revised plans, the corporate tax rate will fall from 30% to 28% in 2015 and to 25 percent
See MoreFrance: Adopted Amending Finance Bill for 2014
The Council of Ministers of France adopted the Amending Finance Bill for 2014 on 11 June 2014. According to the adopted bill the temporary surtax on the corporate income tax for large companies will be eliminated on 30 December 2016. The thresholds
See MoreRomania holds over progressive personal income tax rates
Due to several technical issues relating to tax submission and payments, the Romanian Government will not yet implement a progressive income tax regime for individuals, Romania's Finance Minister, Ioana Petrescu, has said. The current income tax in
See MoreGreece’s Prime Minister has promised to slash taxes
It has been promised by the Greece's Prime Minister, Antonis Samaras to cut taxes "everywhere” to substantiate the Government's goal as to reduce the corporation tax to 15 percent, the highest rate of income tax to 33 percent and slash the rate of
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 MoreLithuania : Loss carry forward limitations, extended incentives and reduced VAT rates
Losses carry forward limitations: Beginning in 2014, the ability of corporations in Lithuania to carry forward tax losses, for corporate income tax purposes, is limited. In calculating their corporate income tax for 2014 and subsequent tax periods,
See MoreEgypt – Increase of the Personal Income Tax Threshold
The Finance Ministry of Egypt announced on 22 October 2013, that the annual personal tax exemption limit will be increased from 4,000 Egyptian pounds ($580) to 7,000 Egyptian pounds ($1,015) which aims to motivate the national economy and stunned
See More