Hong Kong: Working Group suggests Fiscal Policies are Unsustainable
The Working Group on Long-Term Fiscal Planning has suggested that a future structural fiscal gap will require the Government to find additional tax revenue. Hong Kong's overall fiscal position in the short- to medium-term remains healthy. In the
See MoreHong Kong – Tax provisions in budget 2014-2015
The Hong Kong budget for 2014-2015 contains tax proposals affecting the financial services sector. Among these are measures that would: Propose a review of the requirements under the Inland Revenue Ordinance for interest deductions in the
See MoreHong Kong – Stamp duty change for residential property transactions
Hong Kong’s Legislative Council has passed a bill to amend the stamp duty imposed on residential property transactions. The measures are effective retroactively from 27 October 2012. The new measure includes: Enhanced special stamp duty rates;
See MoreHong Kong- Budget considers Fiscal Sustainability Over Longer-Term
Competitiveness was the theme of Hong Kong’s 2014/15 budget, but a significant portion of the budget speech looked at the maintenance of Hong Kong's healthy public finances in the face of increased spending on education, social welfare and
See MoreGerman federal state of NRW will issue new tax assessments to taxpayers to clarify their actual tax burden
From March 2014, the German federal state of North Rhine-Westphalia (NRW) will issue new tax assessments to taxpayers to clarify their actual tax burden for 2013, expressed as a percentage of gross income. The tax assessments will provide details of
See MoreFrance- Bank Account Regularization Requests
Almost 16,000 residents with undeclared foreign bank accounts have elected to regularize their tax situation in the last eight months, through a voluntary declaration of non-compliance. As of February 7, 2014 the tax authorities had received 15,813
See MoreFrance and Germany to cooperate on tax projects
France and Germany have jointly declared that they will cooperate on key tax agendas in Europe and internationally. A working group is to be set up and the group will consider how to harmonize regulations on incoming and outgoing cross-border
See MoreEU – Irish Opposition Questions EU on Corporate Tax Probe
Ireland's Fianna Fáil party has expressed its concern over the slow progress being made by the European Commission in its preliminary probe of the country's corporate tax regime. Six months after the report of the preliminary probe the European
See MoreEU: Parliament Backs Standard VAT Return
The EU Commissioner for Taxation has welcomed the European Parliament's strong support, expressed on February 26, 2014, for a Standard VAT Return. The Standard VAT Return is one of the Commission's key proposals to reduce the burden of compliance
See MoreCyprus – Tax guide 2014
A tax guide for 2014 has been published in Cyprus. The Tax Guide aims to provide a comprehensive introduction on the main aspects of the Cyprus Tax System for non-resident investors and corporations. The guide is of use to potential investors in
See MoreCyprus to cut tax appeal waiting time
Cyprus's Justice Minister has promised that a new Administrative Court due to open in September will cut the waiting time for tax appeals. Tax cases currently take two years to process in the Supreme Court, but the time required to hear a case will
See MoreChile: New tax reporting format
The tax authorities have provided a new reporting format for the declaration that Chilean individuals and foreign individuals that have been domiciled or resident in Chile for more than 3 years must file a return by 19 March 2014 to report foreign
See MoreCanada: Tax Break for 2015-16 financial year
Canada's Finance Minister has said that his "number one priority" is reducing the taxes faced by Canadian families. Tax cuts are to take preference over plans to lower the country's debt or boost government spending. After the tax cuts are achieved,
See MoreCanada: Insurance companies, banks, and security dealers face new indirect tax challenges
Many insurance and financial institutions have a high compliance burden from indirect taxes, owing to the need to distinguish between taxable and exempt supplies and the restriction that many face in reclaiming all the VAT paid on their inputs.
See MoreCanada: Draft Legislation Concerning Taxation of Canadian Banks With Foreign Affiliates
On February 27, 2014, Canada’s Department of Finance released draft legislative proposals relating to the taxation of Canadian banks with foreign affiliates. The proposals contain modifications to those released for consultation on November 27,
See MoreBelgium – Resident companies must file their corporate tax returns electronically
On 14 February 2014 a royal decree was published requiring resident companies to file their corporate tax returns electronically as from tax year 2014. E-filing will be mandatory for nonresident companies as from tax year 2015. An exception will
See MoreBelgium requires foreign public transporters to register for VAT
Belgium is to require foreign public transport companies to register for VAT, and charge a proportion of Belgian VAT on the price of their tickets. From 1 January, non-Belgian coach and taxi drivers transporting paying passengers across Belgium
See MoreAustria: Tax Increases
The National Council of Austria has adopted with minor changes the Government's Tax Amendment Act, providing for a number of tax increases. The Tax Amendment Act increases the standard consumption tax, the motor vehicle tax, and the tobacco tax. The
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