Austria: draft 2014 bill amending Tax Acts
The Austrian Ministry of Finance, published the 2014 Tax Amendment Act (Abgabenänderungsgesetz 2014; AbgÄG 2014), on 9 January 2014. This amending law will make changes to certain Austrian Tax Acts, as follows: Limiting tax deductibility of
See MoreBelgium: Simplified Tax Return
Belgium will extend the number of taxpayers eligible to receive a pre-completed, simplified income tax declaration; such tax returns will reduce and simplify reporting requirements for taxpayers. From the 2014 tax year the target group will include
See MoreDenmark: Updated guide on expatriate regime
The Danish tax administration has published, on 15 January 2014, an update of the guide for taxation of foreign researchers and key employees. This provides the amounts and rates applicable in
See MoreFrance Pushes Ahead On FTT
Embarking on a lonely and uncertain course, France’s long-awaited, much debated tax on financial transactions (FTT) finally entered into force on 1 August 2012. Supposedly prefiguring the introduction of a mechanism at European level, a 0.2% tax
See MoreSouth Africa: Tax Administration Laws Amendment Act 39 of 2013 promulgated
The Tax Administration Laws Amendment Act, 2013, has been promulgated as Act 39 of 2013 on 16 January 2014. The Act amends the Transfer Duty Act, 1949; the Income Tax Act, 1962; the Customs and Excise Act, 1964; the Value Added Tax Act, 1991; the
See MoreRussia: Ministry of Finance clarifies patent system taxation issues
The Ministry of Finance published Letter No. 03-11-09/55604 on 17 December 2013 which sets out the maximum and minimum thresholds of potential annual income to apply with regard to the patent system of taxation. The MoF also clarified that under
See MoreNew Zealand: Welfare Reforms will reduce costs
The costs to the taxpayer from benefits have fallen due to benefit reforms. The latest valuation current lifetime liability of the New Zealand welfare system estimates the liability at NZD76.5bn, a fall of NZD10.3bn. The saving came from having
See MoreItaly: Changes in international ruling procedure
Italy has modified its international tax ruling procedure, through Art. 7 of Law Decree No. 145/2013. Under this, non-resident entities operating in Italy may obtain an advance ruling on whether their activities in Italy give rise to a PE under
See MoreEgypt: Introduction of VAT law
It has been reported that Egypt will introduce Value Added Tax to replace the existing General Sales Tax by the end of 2014. The new VAT will be a broad based tax, covering a much wider range of goods and services; the new provisions will also
See MoreCyprus: VAT rates increased
Cyprus has increased the standard value added tax rate from 18% to 19%, while the 8% reduced rate was increased to 9%, from 13 January 2014. The standard rate applies to 80% of goods and services, percent, while reduced rate applies to accommodation
See MoreJapan- Main corporate income tax rate
A reconstruction surcharge of 2.55% applied in 2013 but does not apply after 1 April 2014.The effective corporate tax rate taking into account the local enterprise tax and local inhabitant tax will therefore be reduced to 35.64% (previously 38.01%)
See MoreIndonesia:Changes brought under the Circular SE-50/PJ/2013
Intra-group services Circular SE-50/PJ/2013 instructs tax auditors to check that the service has been provided and given economic benefit to the recipient. Shareholder services, duplicate services, incidental benefits, passive association or
See MoreFrance- Transfer Pricing Rules
Draft legislation introducing a presumption that profits are received if functions and risks are transferred to a foreign related party, unless arm's length remuneration is paid, has been struck down by the Supreme Court and will not be implemented
See MorePolish 2014 VAT Law brings in widespread changes
On 13 January 2014 it has been reported that there has been a major overhaul of the Polish VAT compliance regime following the approval of the 2014 Polish VAT Act. The changes are aimed at bringing the Polish Value Added Tax regime more into
See MoreLuxembourg: Government announces key fiscal policy agenda
The new Luxembourg government published components of its future fiscal policy on 2 December 2013. The government will focus on structural reforms in three major areas: an examination of public expenditure, measures to promote economic growth, and
See MoreAustria: Special taxes increased
Austria published draft legislation to increase the tax rate for the special bank levy to 0.09% for assets above EUR 1 billion and 0.11% for those above EUR 20 billion. The draft, which has yet to be agreed upon in parliament, also includes other
See MoreAzerbaijan: 2013 Tax Revenues
Azerbaijan’s Ministry of Taxes has reported 2013 tax receipts to be AZN6.66bn, an increase from the AZN6.025bn collected in 2012. The greatest contribution came from profit tax (AZN2.37bn), followed by value-added tax (AZN1.72bn), while individual
See MoreKenya: National Social Security Fund Act 2013 enacted
The National Social Security Fund (NSSF) Act was passed by Parliament on 24 December 2013 and applies from 10 January 2014. The NSSF Act will increase the social security contributions by both the employer and the employee, with a goal to increase
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