Spain approves extension of windfall taxes on banks and reduced VAT rates
On 11 January 2024, the Spanish Government issued a press release announcing the approval of the Royal Decree-Law. The Royal Decree-Law was approved by the Spanish Council of Ministers on 27 December 2023. This Decree extends specific measures to
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Ukraine provides clarification on windfall tax for banks
On 23 December 2023, the State Tax Service of Ukraine released Newsletter No. 6/2023, which provides clarification on the implementation of the windfall tax on banks per Law 3474-IX. This legislation introduced a tax rate of 50% on bank profits for
See MoreWorld Bank: Taxation of the Digital Sector
On 1 October 2021 the Third World Bank Tax Conference discussed the taxation of the digital sector. Value added tax collection The growth of the digital economy has changed business models and has presented new problems for tax assessment and
See MoreUK: Annual Report of Code of Practice on Taxation of Banks
On 19 December 2018 the annual report of the Code of Practice on Taxation for Banks was published. The Code was first introduced in 2009 with the objective of changing the behaviour of the banks in relation to tax avoidance. The banks occupy a
See MoreUK: Tax paid by the banking sector
On 24 August 2017 HMRC issued statistics relating to the UK taxes paid by the banking sector. The sector is defined for this purpose as businesses potentially eligible to pay the bank surcharge. These statistics are of interest to government and
See MoreBangladesh: Parliament passes Budget for 2017-18
On 29 June 2017, the parliament of Bangladesh has passed a Tk 4,00,266 crore national budget with some changes to the excise duty on bank accounts and Value Added Tax (VAT) proposals for the fiscal year 2017-18. On 1 June 2017, the Finance
See MoreAustralia: State Budget 2017-18
On 22 June 2017, the Treasurer, Mr. Tom Koutsantonis released the 2017-18 Budget of South Australia with the following measures: Stamp duty surcharge for foreign purchasers From 1 January 2018, a surcharge of 4% will apply to all residential
See MoreBangladesh: Budget 2017-18
On 1 June 2017, the Finance Minister Mr. Abul Maal Abdul Muhith presented the annual national budget of an outlay of TK 4 trillion for the fiscal year 2017-18. In the proposed budget, the finance minister has targeted a GDP growth rate of 7.4 per
See MoreAustralia: Federal Budget 2017-18
On 9 May 2017, the Treasurer of Australia handed down Budget 2017-18. The Government is focused on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the
See MoreGreece: Some important amendments on draft bill sent
An amendment regarding the draft bill, which amends the Income Tax Code and other provisions was submitted to the Greek parliament on 16th March 2017. The amendment states to the tonnage tax payment and the NAT special levy of category A
See MoreG20 leader reserved on financial transaction tax prospects
In a statement made at the G20 summit in Baden-Baden on March 18, 2107, OECD Secretary-General Angel Gurria stated that the proposal would only succeed if “adopted by a large number of countries, including those that house the major financial
See MoreArgentina: DJAS and DAPE systems eliminated
The General Resolution No. 4008-E was published on 6th March 2017 in the Argentine Official Gazette. According to that resolution, Argentina has abolished the Early Declaration System for Services (DJAS) and the Early Declaration for Payments Abroad
See MoreItaly-published FTT return model
The Tax Authority of Italy, as the approval to the new financial transaction tax (FTT) return model published Protocol No.2169 on 4th of January 2017. The FTT return will be applicable from 1st February 2017 and will have to be filed electronically
See MoreSlovak Republic: Tax law amendments approved
Suggested amendments to corporate income tax, individual income tax, transfer pricing and special levies in case of companies in regulated industries has been approved by the parliament on 23rd November 2016. The amendments have not yet been
See MoreEU Council issues state of play note on financial transaction tax proposal
The general secretariat to the Council of the EU issued a note on October 28, 2016, setting out the state of play with regard to the proposal to introduce a financial transaction tax by 10 EU Member States. The note indicates broad lines of
See MoreEuropean Commission will begin drafting new EU financial transaction tax text
An Austrian proposal for a compromise text for the proposal to introduce a financial transaction tax by 10 EU Member States has been agreed in principle according to a Reuters report, at a meeting of the Finance Ministers in question on October 11,
See MoreSlovak Republic: Tax law amendments proposed
A governmental package of proposed amendments on tax law has been submitted to the parliament and the changes are suggested to become effective from 1st January 2017. These changes needs to be approved by the parliament and signed by the President
See MoreDecision on EU financial transaction tax must come in June 2016
Austrian finance minister Schelling is reported by Reuters as having set a deadline of June 2016 for agreement on the proposal to introduce a financial transaction tax by 10 EU Member States. Other states are reported to have indicated reservations
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