Slovenia: Tax Procedure Law amended
The Slovenian Parliament passed into law amendments to the Tax Procedure Law on 18 December 2013. These changes apply from 1 January 2014. The main changes cover undeclared taxable income,the applicable statute of limitations and rules on the
See MoreNetherlands: Commodity Board Levies Removed
The Netherlands Finance Ministry has announced that compulsory levies payable by companies to the Dutch commodity and industrial boards (PBO) will be abolished from 1 January 2014. While PBOs undertook a number of functions, e.g. animal welfare and
See MoreItaly: Efforts to combat tax evasion
Italy has taken steps to discourage cash payment for certain goods and services from 1 January 2014 as part of the effort to combat tax evasion. E.g. claims for the additional tax deduction for reconstruction or energy-saving work will be denied for
See MoreIreland: SME Body requests changes in tax system
The SFA (Small Firms Association) has stated that Ireland needs changes to the tax system in order to create more jobs. He pointed out that the country has one of the highest marginal individual tax rates in the Organization for Economic
See MoreFrance: Property Savings Account Tax Perk to remain
The Budget Minister of France has confirmed that there are no plans to change regulated home buyers savings account (PEL savings account). This measure enables individuals to earn tax free interest earned up to a period of 12 years, and offers
See MoreTransfer Pricing Brief: December 2013
Australia The ATO's Base Erosion and Profit Shifting (BEPS) team is undertaking a compliance initiative called the International Structuring and Profit Shifting Project (ISAPS project). Brazil Penalties may also apply for non-reporting of
See MoreArgentina: New “white” list of countries published
Argentina’s Federal Tax Authorities (AFIP) issued General Resolution 3576/2013 (published in the Official Gazette on 31 December 2013 covering the new list of the countries, jurisdictions, territories and tax systems that are considered
See MoreVietnam: APA regime procedures and rules
Vietnam’s Ministry of Finance has issued detailed guidance in Circular 201/2013/TT_BTC dated 20 December 2013, for the advance pricing agreement (APA) regime, which was added to the income tax law in July 2013. The new guidance is effective from 5
See MoreSlovakia: Corporate tax rate reduction, international tax rules changed
The Finance and Budget Committee of the National Council of the Slovak Republic recently proposed some changes to the Slovak Income Tax Act. The proposed changes cover reduction in the corporate income tax rate, carry forward of tax losses, transfer
See MoreNetherlands: New decree on arm’s length principle published
The Netherlands State Secretary for Finance issued Decree No. IFZ 2013/184M on 26 November 2013 (Official Gazette No. 32854) which relates to the application of the arm’s length principle and the OECD Transfer Pricing Guidelines. The revised
See MoreFrance: Tax provisions enacted
The French Parliament passed the tax legislative packages for 2014 on 19 December 2013, which were subsequently scrutinized by the Constitutional Court on 29 December 2013 and eventually enacted into law on 30 December 2013. Most of the key
See MoreBelgium: Proposed changes to expatriate tax rules
The Belgian government has proposed legislation to amend the rules for determining the non-resident individual (personal) income tax as applicable to expatriates. Proposed changes include the repeal of personal exemptions for expatriates benefiting
See MoreArgentina: Transfer Pricing Documentation Requirements
From 3 January 2014 there is a monthly reporting requirement for certain domestic transactions on the Argentinian market using Form F968. The criteria for transactions to be included in the monthly report are similar to those that apply to foreign
See MoreBelgium: Increase in resident VAT registration threshold
Belgium has proposed an increase in the resident EU VAT registration threshold. This will rise to EUR 15,000 from the current EUR €5,580 at a date in early 2014 to be confirmed. The European Commission to reduce the compliance paperwork and
See MoreHungary: VAT rules change
The European Court of Justice (ECJ) has ruled against current Hungarian rules on on the loss of the VAT exemption for exports. Under the present rules, exporters of goods from Hungary must ensure that goods leave Hungary within 90 days to qualify
See MoreUruguay: capital gains tax exemption on transfer of bearer shares repealed
The capital gains tax exemption on the transfer of bearer shares issued by Uruguayan companies has been removed by Art. 364 of Law No. 19,149, dated 24 October 2013.
See MorePortugal: Azores raises VAT
The Azores (a Portuguese independent region) has increased its standard Value Added Tax (Imposto sobre o Valor Acrescentado) rate from 16% to 18%, with effect from 1 January 2014. Further, the reduced VAT rate of 9% (IVA intermedio) on water, fuel,
See MoreHong Kong: Court of Final Appeal decision on unrealized revaluation gains
Hong Kong’s Court of Final Appeal (CFA) ruled that year-end unrealized revaluation gains on listed securities held for sale were not taxable in Hong Kong. In a case called Nice Cheer Investment Limited (NCIL), the CFA rejected the CIR’s
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