Czech Republic: Flood-related tax relief and proposed payroll tax changes
New tax measures in the Czech Republic provide tax relief to flood damage and introduce a new payroll tax regime. The Ministry of Finance of the Czech Republic is providing tax relief to companies and individuals affected by floods this year. The
See MoreRussia: Variation in mineral tax rates
The upper chamber of Russian parliament approved draft Law No. 297807-6 on July 10, 2013 which changes the Federal Law on Customs Tariff and introduces a differentiation in mineral tax rates. The law changes the previous flat rate of tax on natural
See MoreFrance: Carbon tax to be included in budget 2014
The committee for ecological taxation (CFE) of France emphasized that a carbon tax is an effective instrument to modify production and consumption behavior. The CFE suggested that the rate of the tax should be progressively increased until
See MoreEU: ECJ Rules on Denmark’s exit tax rules
The European Court of Justice (ECJ) on 18 July 2013 issued a decision in a case concerning Denmark’s exit tax. The case was brought by the European Commission. At the point where a person leaves Denmark an exit tax is calculated on the person’s
See MoreVietnam: Preferential customs treatment made more accessible
Under business policy in force in Vietnam since 2011 companies have had access to preferential customs treatment only if they have annual revenue of at least USD 350 million. A new Circular issued by the Ministry of Finance has lowered this
See MoreSouth Africa: E-Filing for Excise Duties
South Africa published Government Notice R.487 on 11 July 2013 providing for all excise accounts to be submitted on e-Filing with immediate effect. Manual submissions will only be accepted for a period of three months from 11 July 2013. After the
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 MoreFrance Considers Imposing a Surtax On Luxury Hotels
France is currently considering the idea of introducing a tax on luxury hotels. A committee considering the issue has suggested that a tax of between 2% and 6% could be imposed on hotel rooms to fund activities for young people. The proposals are
See MoreUK: Review of bank levy
When the introduction of the UK bank levy was announced in the 2010 budget it was also announced that there would be a review in 2013 to ensure that the levy was operating efficiently. On 4 July 2013 the UK published a consultation document on the
See MoreTaiwan: Change to tax on gains from share transfer
Taiwan government passed the amendment to the Income Tax Act on 25 July 2013 about the taxation of gains arising from share transfers by individuals. Under this modification, no income tax will be obligatory on gains from share transfers even if the
See MorePakistan: Supreme Court rules against increase in sales tax
The Supreme Court (SC) ruled on 21 June 2013, that the government was not ratified to impose or increase sales tax from 16% to 17% on the value of taxable supplies by way of declaration under section 3 of the Provisional Collection of Taxes Act 1931
See MorePoland: Hydrocarbon tax from 2020
Poland’s environment ministry has changed its proposal on hydrocarbon law which is concerns of companies exploring for shale gas. The ministry has selected to push ahead with its plans to create NOKE, a state-controlled company that will take up
See MoreUK: Double tax agreement with the Netherlands on bank taxes
The UK and the Netherlands signed a double tax convention on 12 June 2013 in respect of bank taxes. The taxes covered by the Convention are the UK bank levy under Schedule 19 FA 2011 and the tax charged under the Netherlands law on bank tax. The
See MoreECJ: Ruling on freedom of provision of services by banks
The European Court of Justice (ECJ) ruled on 6 June 2013 in Commission v Belgium (C-383/10) that Belgium had failed to fulfill its responsibilities under Article 5 of the Treaty on the Functioning of the European Union (TFEU) and Article 36 of the
See MoreUK: Amendments to the tax treaty passport scheme
The tax treaty passport scheme was introduced from September 2010 to allow a simplified clearance scheme for taxpayers applying for reduced rates of withholding tax on interest under a double tax treaty. An overseas corporate lender in a country
See MoreUK: Strengthening the code of practice on taxation for banks
The HMRC released a consultation document on 31 May 2013 in respect of amendments to the code of practice on taxation for banks. Comments on the proposed changes are invited by 16 August 2013. The provisions of the code cover the required practices
See MoreItaly: suspension of the first payment of the municipal real estate tax
Law Decree No. 54/2013, regulating the suspension of the first payment of the municipal real estate tax, was published in Official Gazette No. 117 on 21 May 2013. According to articles 1 and 2 of the Law Decree, the first municipal real estate tax
See MoreColombia: Proposed Regulations for Bank Debit Tax
The Colombian Government is currently preparing a Decree, which will regulate the provisions of bank debit tax. This bank debit tax was introduced by Law 1607 of 2012. This proposed Decree will provide for exemptions and the refund of the bank debit
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