United Kingdom: UK High Court decision on portfolio dividend tax

08 December, 2013

UK High Court decision concerns the portfolio dividend tax (holdings of less than 10%) under the previous tax law which provided double tax relief for foreign withholding taxes paid on the dividends and no relief for any underlying tax. UK has moved

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Tax Devolution process for Wales has been confirmed by the UK Government

08 December, 2013

The UK Prime Minister has confirmed in a press release on 7 November 2013 that the Government intends to devolve the power to set Landfill Tax and Stamp Duty rates in Wales, and to hold a referendum on devolving the income tax rate. It was announced

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Property tax cut of South Korea

08 December, 2013

The government of South Korea has decided that the tax cut on home purchases will become effective from 28 August 2013. The tax cut was previously scheduled to come into effect from 1 January 2014. The government has proposed to permanently reduce

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South African Employment Tax Incentive

08 December, 2013

The Employment Tax Incentive (ETI) has been approved by the South African Parliament. The purpose of incentive is to alter the high levels of youth unemployment by reducing the cost to employers of hiring employees between the ages of 18 and 29. The

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Russian President commands more tax intermission for LNG

08 December, 2013

Russian President has called for tax intermissions to be prolonged to more gas deposits that produce the Novatek-controlled liquefied natural gas program in the Yamal peninsula and it should also cover the neighboring Gydan peninsula. The tax

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Romania: Amendment of income tax rate for severance payments

08 December, 2013

Romania now limits the individual income tax rate of 85% with respect to only particular severance payment. Previously it was imposed on employees who were in management position or to the members of a board of directors under an Ordinance

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Portugal: Gazettes Tax Regularization Decree

08 December, 2013

Decree-Law number 151-A/2013 is published in the country’s official Gazette. To tighten sanctions, it establishes an exceptional and temporary regime for the regularization of tax debt. From 2014 individuals who committed tax fraud will face

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Portuguese: New VAT measures in Finance Bill

08 December, 2013

A range of changes to the Portuguese VAT regime has been presented in the latest Finance Bill which would come into effect on 1 January 2014. According to the upcoming changes, taxpayers will now have the option to forgo the VAT exemption on

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Norway – Amended 2014 budget to implement interest limitation rules

08 December, 2013

Norway’s new government on 8 November 2013 presented its “adjustments” to the 2014 budget.  The proposal to limit interest deductions on related-party loans, for the most part, will move forward from the prior budget proposals and will be

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Nigeria – New TP forms and established tax office

08 December, 2013

Nigeria’s Federal Inland Revenue Service (FIRS) has published a transfer pricing declaration and disclosure form for executing the transfer pricing regulations issued in 2012 and has established a tax office within the tax administration

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Malta: Budget 2014

08 December, 2013

Malta’s Minister of Finance presented the government’s budget for 2014 on November 04, 2013. The 2014 budget holds various measures including expense findings for business visionaries who offer apprenticeship positions and work arrangements.

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Latvia: Parliament amends the Micro-enterprise tax law

08 December, 2013

According to the amendments a natural or legal person who is a member of a partnership can’t be a micro-enterprise tax payer. The proposal will come into force from July 1, 2014 so that a partnership member can withdraw his/her membership within

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Latvian Parliament approves the State budget for 2014

08 December, 2013

The Latvian Parliament approved the Law on the State Budget for 2014, the Law on Medium-Term Budget Framework for 2014–2016 and amendments to 37 budget-related laws on November 7, 2013. Next year, Payments made from the Maintenance Guarantee Fund

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Kazakhstan to Exempt EXPO-2017 Facilities from Tax

08 December, 2013

The Economy and Budget Planning Minister said that facilities for EXPO-2017 held in Astana city will be free from tax. The Minister declared that the tax Code is being amended regarding not the liability of national companies from corporate income,

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Italy: Extension of 2012 VAT returns submission

08 December, 2013

A further extension has been made to the deadline for filing of the annual 2012 Italian VAT filing. The new filing date is 31 January 2014. Italian VAT registered companies will be able to file these returns through the Entratel or Finconline

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Italy: The confirmation of reduced tax burden in Budget

08 December, 2013

The Italian Minister of Finance and the Economy has felt to counter some comments being made in criticism on the 2014 proposed Budget by the government Budget and has re-assured that the budget has been planned to reduce tax burdens. The Minister

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Ireland: Opportunities to claim R&D tax credits

08 December, 2013

It is clear that in Ireland the research and development tax credit is not limited to research in the laboratory. A company may consider the day to day activity like developing a new product, devising or making improvements to a production process,

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Bank of Ireland estimates cost of new levy

08 December, 2013

The presentation of an annual banking levy will cost it EUR40m (USD53.9m) a year for the following three years. This is estimation made by the Bank of Ireland Group. Provisions for the introduction of a levy on the banking sector are made in the

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