Argentina: Income tax changes relating to share transfers and dividends
Changes have been made in Argentina to the income tax treatment of securities, the transfer of shares and dividend distributions. On 7 February 2014, Decree 2334 was published in the official gazette. This Decree implements income tax changes as
See MoreGermany: VAT rates on multiple rate supplies
The German Federal Ministry of Finance has clarified the procedures for German VAT rates on a single supply where there are different VAT rates applicable. Where a supplier is offering for a single price goods with multiple VAT rates attached, the
See MoreCroatia ratifies convention on Mutual Administrative Assistance in Tax Matters
On 31 January 2014, the Croatian parliament ratified the multilateral Convention on Mutual Administrative Assistance in Tax Matters, signed on 25 January 1988 and the amending protocol signed on 27 May 2010. This multilateral Convention is seen as
See MoreColombia: Filing deadlines for large taxpayers
Colombia has issued Decree 214/2014, under which taxpayers qualifying as large taxpayers as of 31 January 2014 (previously, 31 December 2013) must file their income tax returns between 1 March 2014 and 24 April 2014 within the deadlines established
See MoreCanada: No tax rate changes in Quebec’s budget for 2014
On 20 February 2014, Quebec's Minister of Finance and the Economy, delivered the 2014 Québec budget. The budget does not include any general corporate or individual (personal) income tax rate
See MoreUnited Kingdom – Supreme Court addresses cross-border group losses
The UK Supreme Court on 19 February 2014 issued its judgment relating to three remaining issues in the Marks & Spencer case—i.e., the case addressing a cross-border group relief claims. The Court found that the conditions for the “no
See MoreSouth Africa: Tax Guide for South African Shareholders Revised
The South African Revenue Service (SARS) has issued a revised edition of its Tax Guide for Share Owners, which provides general guidance on the tax consequences of holding shares as trading stock compared to holding them as capital assets. The Guide
See MoreSingapore – Tax proposals in 2014 budget
Singapore’s 2014 budget statement was presented on 21 February 2014. An initial review of tax measures included in the budget statement reveals there are provisions that would achieve the following changes: The budget if passed into law would
See MorePoland – VAT reduction with respect to motor vehicles
On 20 February 2014, the Polish Senate adopted a bill introducing limited deductibility of input VAT on the purchase of certain motor vehicles and related expenditures. The draft amendments to the VAT Law are based on the EU authorization for the
See MoreEU and France reach Deal on Saint-Barthelme Savings Tax
The European Union (EU) and France have drafted an agreement on the application of savings tax legislation to the collectivity of Saint-Barthelme. The island of Saint-Barthélemy ceased to be a region of the EU with effect from January 1, 2012.
See MoreUS – Increase in Tax Return Filings
The Internal Revenue Service (IRS) has announced that filings of tax returns in the United States 2014 individual income tax season have increased by comparison to filings for the same period in the previous year. As of February 7, the IRS had
See MoreSpain: 2014 Budget is in Effect
The 2014 Budget published by the Spanish government is now in effect as of 1 January 2014. The budget includes a long-term strategy targeting employee training, advance payments regulation and changes to corporate income tax. The main tax changes
See MoreSouth Africa-selective tax hikes predicted In South African budget
South African Finance Minister present his 2014/15 Budget to Parliament on February 26, the South African Institute of Tax Professionals (SAIT) has predicted that the Minister will have to introduce selective tax increases to make up for a shortfall
See MoreOECD – New Global Standard for Information Exchange supported by Jersey
The Chief Executive of Jersey Finance has expressed support for the Organization for Economic Co-operation and Development's (OECD) new single global standard for the automatic exchange of information between tax authorities worldwide. Jersey has
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 MoreFrance – Creation of new program for APAs and MAPs
The French tax authorities have announced the creation of a new program—Mission d’expertise juridique et économique internationale (MEJEI) - which will be responsible for both advance pricing arrangements (APAs) and mutual agreement procedures
See MoreBelgian Finance Minister Preserves Savings Tax Perk
The Belgian Finance Minister has clarified that the 15 percent favorable rate of withholding tax, levied on income derived from regulated savings deposits, is to remain in place despite a recent ruling from the country's Constitutional Court,
See MorePhilippines Business Requests Elimination of Aviation Fuel Tax
The Joint Foreign Chambers of the Philippines (JFC) have requested that the Government cuts the excise tax on aviation fuel for international carriers, after a Supreme Court (SC) decision to cancel refunds had effectively imposed higher taxation. In
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