Ukraine 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: 15 Percent Superannuation Tax Option
New Zealand resident individuals will have increased options if they decide to transfer their foreign superannuation before 1 April 2014. Previous rules enabled a “15% option” for those who made a lump-sum withdrawal or a transfer to another
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 MoreItaly withdraws WHT on inbound payments
An instruction from the Italian Revenue Agency for all Italian banks to withhold a 20 percent tax on all payments from abroad received by Italian individual taxpayers, has been withdrawn with effect from 1 February 2014 as it is being examined by
See MoreMalaysia: New Public Ruling on Withholding Tax on Special Classes of Income
The Inland Revenue Board of Malaysia issued Public Ruling No. 1/2014 (PR No. 1/2014) on Withholding Tax on Special Classes of Income on 23 January 2014. The special classes of income covered by the public ruling include amounts paid in consideration
See MoreBrazil: Withholding tax thresholds for Employee Profit-Sharing Plans Increased
The employee profit-sharing plan (participação nos lucros ou resultados, PLR) related tax withholding thresholds in Brazil have recently been modified. This will be applicable from 1 January 2014. For the taxable year 2014, the tax withholding
See MoreUS States Cut Taxes in 2013
Eighteen US states have cut taxes in the 2013 legislative year, reflecting an emphasis, following the recession, on pro-growth reforms that encourage economic expansion and competition, according to a new report by the Center for State Fiscal Reform
See MoreSweden: Social security contributions for employees in R&D has been reduced
A Legislation passed by the Swedish Riksdag which will enable companies with personnel working with research or development (R&D) to reduce their employer social security costs. A potential savings in employer social security costs of
See MoreFinnish Administrative Supreme Court Order to pay interest on refunds of withholding tax collection
According to the Finnish Supreme Administrative court decision, Finland tax authority must pay interest on refunds of withholding tax collected in contrast to the EU law. The interest rate imposed on withholding tax refunds varies annually. In the
See MoreCanada – Interest-free loans and Interest rates on family loans for 2014
The Revenue Agency of Canada have declared that the formal income tax interest rates in respect of taxable benefits, overpaid taxes, and underpaid taxes will all deduct by 1% as of January 1, 2014. The prescribed rate that uses to taxable credits
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 MoreAmended Budget for Netherlands 2014 presented
Amended Budget for Netherlands 2014 presented On 11 October 2013, the Netherlands government presented an overview of the amended Budget for 2014. The amended Budget includes amendments to some of the tax measures previously announced on 17
See MoreHungary: Increased financial transactions and mining tax rates
The Hungarian Parliament passed legislation in late June 2013. The legislation is planned to increase the tax collections and other supports so that the government could meet its target for a balanced national budget. According to the legislation a
See MoreIndonesia: Issued regulations on tax rates for Small and Medium Enterprises
The government of Indonesia issued Regulation No. 46/2013 on 12 June 2013 named as The Regulation for Taxation of Small and Medium Enterprises. This will be effective from 1 July 2013. As per the regulation issued a final tax rate of 1% will be
See MoreIsrael: Budget for the FY 2013-2014
Israeli cabinet has approved the Budget for fiscal year 2013-2014. The VAT rate has been raised to 18% as from June 1, 2013 (previously 17%). The corporate income tax rate has been increased to 26% from 25% and the personal income tax rate will be
See MoreTanzania: Tax proposals for 2013 budget
The Tanzanian Budget for 2013 was presented to the National Assembly by the Minister of Finance and key changes made by the Budget proposals are summarized below: Reduction of the minimum tax rate for individuals from 14% to 13%. Abolition of a
See MoreSingapore: Budget for 2013
The Budget for 2013 was presented to Parliament by the Finance Minister on 25 February 2012. The Budget aims at increasing productivity and growth. Major changes include income tax rebates and restructuring of the Progressive Property Tax Regime
See MoreIndia: Budget for 2013
According to the Indian Budget 2013, the Government is considering for following major tax initiatives: the introduction of a Direct Tax Code (DTC), a goods and services tax (GST) and General Anti-Avoidance Rules (GAAR). The main changes are
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