Norway releases 2014 Budget
On 14 October 2013 Norway released the 2014 Budget with proposals on new interest deductibility restrictions and reduction of the corporate income tax rate. The Budget includes proposed significant restrictions on the deduction of interest paid to
See MoreNetherlands Welcomes Court Ruling on Business Succession Tax Break
The Netherlands Supreme Court has ruled in recent proceedings that the country's business succession rules, provided for in the inheritance and gift tax law, are not contrary to the principle of equality. Under Dutch business succession regulations,
See MoreVietnam – Transfer pricing audits based on risk profiles
Vietnam’s General Department of Taxation published transfer pricing audits on 18 December 2013, throughout a number of provinces, and selected some textile, garment, and footwear companies based on transfer pricing risk assessment profiles. The
See MoreNetherlands – New transfer pricing decree unifies rules
The Dutch Deputy Minister of Finance has issued a new decree that generally unifies and clarifies prior transfer pricing guidance, and withdraws and cancels prior decrees from 2001 and 2004. The new decree is effective from 27 November 2013. The
See MoreLuxembourg: Rejection of a tax on FTT
A recent report confirmed that Luxembourg’s clear rejection of a tax on financial transactions (FTT). Luxembourg will carry on ruling out the idea of such a tax, as currently envisaged by eleven EU member states, within the structure of enhanced
See MoreSwitzerland: Revise withholding tax regime
It was reported that the Swiss Federal Council has introduce a consultation plans to review the imposing of withholding tax at source on income acquire from “lucrative” activity on 18 December 2013. Plans to modify the federal laws governing the
See MoreMalta: VAT 2014 changes approved
It was reported on 18 December 2013 that the Maltese budget for 2014 has been approved by Parliament. It includes a small number of changes to the VAT penalties and compliance regime, including: There will be no penalties for late filings of
See MoreFrance – Status of Transfer pricing proposals in the Draft Finance Bill for 2014
The French Senate rejected part 2 of the draft finance bill for 2014 on 16 December 2014. The bill is scheduled on 19 December 2013 for a final consideration. The draft bill changes the penalty provisions for those taxpayers who fall under article
See MoreChile- Combine tax treatment of corporations and partnerships
Chile's tax administration has issued several guidelines on December 18, 2013 for measuring income tax related to corporations and partnerships. These measures also include some treatments for employee benefits. Ley 20.630, which considered both
See MoreMorocco: International Tax Dialogue To Making Fiscal Reorganization Work
A meeting of tax administrators from more than 95 countries throughout the world has been discussing the distribution of taxing powers between different levels of government. The global conference of the International Tax Dialogue in Marrakech,
See MoreIndia: Clarifies conditions of service tax amnesty
The Indian Finance Ministry has wanted to clarify concerns over its Service Tax Voluntary Compliance Encouragement Scheme (VCES) by commenting on issues raised by industry representatives. The Finance Minister recently settled a series of
See MoreHungary- Extension to Family Tax Break
The tax incentive regime for employers of parents with small children has been extended in Hungary. The Employment Minister has announced plans regarding this. According to the new plan an employer of parent having at least three small children will
See MoreNew Grand Coalition of Germany Ruled out Tax Rises
German Chancellor Angela Merkel’s ruling Christian Democratic Union (CDU) party has finally signed a coalition agreement with the Social Democrats (SPD), in which both parties pledge their commitment to no new debt or tax rises, as well as to
See MoreGermany: Enormous number of Voluntary Tax Declarations
The number of voluntary tax declarations received by the German tax authorities submitted by German residents so far this year is already more than doubles the 2012 total. It has been reported by the business newspaper Handelsblatt based on
See MoreFrance: Independent Worker Union Criticizes Corporate Land Tax Reform
The government of France proposed reform to the corporate land tax contribution (CFE) under the framework of the finance bill of 2014- PLF 2014. But the independent worker union UNAPL has strongly criticized the proposal. The PLF 2014 presents
See MoreCyprus disagree with OECD forum report regarding “Non-Compliant” Tax Rating
The OECD forum released a compliance ratings report on Tax Transparency and Exchange of Information assessing the legal and regulatory frameworks in the jurisdiction and how these are executed. The meeting was held in Jakatra focusing 50
See MoreCanada – Venture Capital Tax Credit has phased out
The Canadian Government is negotiating on a series of draft legislative proposals for the orderly phase-out of the federal Labor-Sponsored Venture Capital Corporations (LSVCC) tax credit. LSVCCs are a type of mutual fund corporation, sponsored by
See MoreCanada has perfectly managed Liechtenstein’s tax information
The Canada Revenue Agency (CRA) managing this data was reviewed as part of the Auditor General's fall 2013 report. The office has examined whether the agency perfectly conducted compliance activities for those listed under the Liechtenstein bank,
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