Malta – Inclusion of the individual tax proposals in budget legislation

04 February, 2014

In Malta legislation has been presented to parliament to implement measures that were presented in the government’s budget for 2014. The proposed amendments include the introduction of a new tax bracket; the extension of the parental computation;

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Vietnam – Tax forms and VAT methods

03 February, 2014

According to Decree No. 156/2013/TT-BTC, in effect from 1 January 2014, new tax forms are to be used by organizations and entities in Vietnam. Enterprises are to pay trade union dues at a rate of 2% of total salary amounts used to compute social

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Vietnam releases circular on treaty benefit application

03 February, 2014

Recently, Vietnam issued Circular 205 providing rules on the applicability of tax treaty benefits and general anti-abuse provisions (GAAR) which will become effective 6 February 2014. The main changes in Circular 205 from the previous circular are

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Vietnam – detailed guidance on APA process effective 5 February 2014

03 February, 2014

Following the introduction of Advance Pricing Agreements (APA) in the Revised Law on Tax Administration, Vietnam’s Ministry of Finance (MoF) issued Circular No. 201/2013/TT-BTC (Circular 201) providing detailed guidance on the APA application

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US: IRS begins online transcript service

03 February, 2014

United States taxpayers now have the option to download their tax transcripts online from the “Get Transcript” service of the Internal Revenue Service (IRS). Through the Get Transcript service, taxpayers can obtain an official copy of their past

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US: Congressional call to maintain charitable tax deduction

03 February, 2014

Two members of the Senate Finance Committee led a bipartisan group of more than 30 senators in a recent letter to its Chairman Max Baucus and Ranking Member Orrin Hatch underscoring the importance of maintaining the charitable tax deduction in any

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United Kingdom: Partnerships, tax policy

03 February, 2014

To inquire into the draft Finance Bill 2014 as published on 10 December 2013 the House of Lords Economic Affairs Committee has established a Finance Bill sub-committee. The sub-committee will focus on two areas: The draft clauses relating to the

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United Kingdom – Foreign income dividend claims

03 February, 2014

In a recent ruling, the England and Wales Court of Appeal issued a decision concerning the time limits for making foreign income dividend (FID) claims and “Manninen claims” in a test case for the FID and Tax Credit Group Litigation. The Court of

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United Kingdom – Derivative contracts and anti-avoidance legislation

03 February, 2014

On 23 January 2014, draft legislation amending the rules for derivative contracts was updated by adding an anti-avoidance provision which disregards debits and credits arising from arrangements to transfer profits between group companies. The

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Ukraine: Tax Code Changes Included in 2014 Budget

03 February, 2014

The Ukrainian President signed the law on the state budget for 2014 on January 17, 2014. The draft law on the budget provides for changes to the country's tax code. According to the draft the value-added tax rate will remain unchanged at 20 percent

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Spain – VAT changes effective in 2014

03 February, 2014

Spain’s value added tax law Changes which made by Law 14/2013, Royal Decree 828/2013, Order 2214/2013, Royal Decree 1042/2013, and Law 22/2013—generally were effective beginning 1 January 2014. In general, the principle change concerns a new VAT

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Spain to review tax system for families

03 February, 2014

Spain's Finance Minister has announced that the Government will review family tax reliefs ahead of the next tax reform. In a meeting, he has reiterated the Government's commitment to helping Spanish families and promoting equality of opportunities.

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Spain rejects call to raise VAT to 23%

03 February, 2014

The Spanish Finance Minister has rejected a call by an influential tax committee to increase its standard value added tax (VAT) rate to 23% to help reduce the budget deficit. Spain has already undergone some of the steepest rises in VAT. The Spanish

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South Africa: Tax implications of assumption of contingent liabilities

03 February, 2014

The tax implications in relation to the assumption of contingent liabilities in partial settlement of the purchase price of assets acquired as part of a going concern have been addressed by the South African Revenue Service (SARS). The initial views

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Russia considers Tax on Foreign Online Retailers

03 February, 2014

Russia is considering whether to levy a 30 percent tax on imports from foreign online retailers and restrict the number of parcels imported. The proposed tax, which would be imposed on imports worth more than RUB7, 000 (USD 202), is intended to

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Portugal: Corporate Income Tax Reform

03 February, 2014

The Corporate Income Tax Reform (“CIT Reform”) represents one of the most ambitious tax initiatives undertaken by the Portuguese Government. On January 16 2014, Law no. 2/2014introduced a set of measures that aim to raise the competitiveness of

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Poland: 2014 VAT Law

03 February, 2014

The 2014 Poland VAT Law, which came into effect on 1 January 2014, brings about major changes to the Polish VAT compliance regime. Key changes relate to the tax point in Poland, the VAT base and on intra community supplies within the EU. VAT will

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Poland: Amendments to input VAT deductions for automobiles

03 February, 2014

A draft modification to the rules for input value added tax (VAT) deduction for vehicles has been published, and is expected to be effective from March 2014. The proposed amendments will introduce limitations of the right to claim input VAT,

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