New Zealand: Non-residents must register for GST from April 2014

01 January, 2014

The New Zealand Inland Revenue Department has set out mandatory requirement for non-resident taxable persons to register for the Goods and Services Tax (GST) from 1 April 2014 if they provide local taxable supplies. The criteria to meet to register

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Latvia: Taxable base for social security contributions approved

01 January, 2014

The Latvian regulations that set the maximum taxable base for social security contributions, set at EUR 46,400 for 2014, entered into force on 1 January 2014. This amount will be adjusted

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Bulgaria: Tax Increase for the Wealthy

01 January, 2014

The Bulgarian Government has confirmed that it intends to introduce a higher rate of tax for the wealthy during 2015. A new 15% rate would apply to those earning more than BGN2,700 (USD1,900) per month instead of the flat 10%. Other measures

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Ukraine: Rates and Accounting rules for Tax 2014

31 December, 2013

On 19 December 2013, the Verkhovna Rada of Ukraine passed Law No. 3757 that introduce tax rates and tax accounting rules for 2014. The corporate income tax rate is reduced to 18% (from 19%) with further decreases to 17% (beginning 1 January 2015)

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Romania: Modify compulsory VAT cash accounting scheme to voluntary

31 December, 2013

The Romanian tax office is planning to change its controversial obligatory VAT cash accounting rule to a purely voluntary scheme. The present obligatory scheme was initiated at the early of 2013. This system, progressively common in other EU

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Clarification of Russian MoF on tax withheld not in accordance with the tax treaty

31 December, 2013

Russian Ministry of Finance has published a letter no. 03-03-06/4/44331 which was issued on 23 October, 2013. This explains if corporate withheld tax by a Bulgarian branch belongs to a Russian company may be benefited against the corporate tax

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Polish Parliament approves bill amending CIT law

31 December, 2013

The lower house of the Polish Parliament approved a bill on 8 November 2013, which enacts significant changes to the Corporate Income Tax (CIT) law as effective from 1 January 2014.The Polish Government was proposed in the bill to include

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Norway Budget for 2014 – amendments

31 December, 2013

On 8 November 2013 the new Government presented its amendments to the Budget Bill for 2014. In general, the new Government is reducing taxes, whereas the former Government increased them. The amended Budget for 2014 contained the following

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Netherlands – Withholding tax on dividends distributed to foreign shareholders

31 December, 2013

It was reported on 31 December 2013 that the Dutch Supreme Court filed with the Court of Justice of the European Union requests for preliminary rulings in three cases concerning the imposition of Dutch withholding tax on dividends distributed to

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Hong Kong: Lower Tax for Captive Insurers

31 December, 2013

The amended Inland Revenue bill (No.3) 2013 has been gazetted by the Hong Kong Government, aiming to reduce by half the profits tax on captive insurers, and to increase the deduction ceiling for retirement scheme contributions by employees or

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France – Finance Bill 2014 enacted Transfer Pricing Provisions

31 December, 2013

The Finance Bill for 2014 of France was published on December 30, 2013. The bill contains transfer pricing provisions but the Constitutional Court has rejected certain controversial provisions. As approved by the Constitutional Court the Finance

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Colombia: Proposal to Postpone the Scheduled Reduction of Financial Transactions Levy

31 December, 2013

It was published on 31 December 2013 that, during a jointly held session on 30 October 2013, the third and fourth permanent economic Constitutional commissions from both the Chamber of Representatives and the Senate approved, on first debate, bill

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Taiwan: Worried At Non-Declaration of Property Income

30 December, 2013

Recently, Taiwan’s National Taxation Bureau (NTBT) published that the requirement to announce, on an income tax return, profits for an off-plan property transaction cannot be escaped non-residents is involved. They also specified that, even any

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Brazil Repeals Transitional Tax Regime and established important changes to tax system

30 December, 2013

Brazil’s Federal Government has published Provisional Measure No. 627 (PM 627) on 12 November 2013, containing a long expected set of rules that not only repeal the Transitional Tax Regime(TTR) but also added new rules aimed at permanently

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Spain: plans to cut taxes for lower incomes

27 December, 2013

The Government of the Spain intends to reduce individual income taxation (IRPF) for those on lower incomes over the next three years, while higher-income taxpayers will continue to pay more, disclosed by the Spanish finance Minister. This is the

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New taxes has been introduced by the Italian 2014 Budget

27 December, 2013

The Italian parliament approved a “maxi-amendment” on December 23 2013 completely replacing the proposals initially made by the Government on October 2013 in its draft 2014 Budget. Government has introduced tax measures that may produce

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Denmark: Changes VAT return filings for small companies

27 December, 2013

The Danish Budget 2014 changes the VAT compliance regime for small companies therefore if the businesses with sales less than DKK 5 million, the time limit for filing VAT returns will be extended to 60 days from the current 40

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Individual tax relief measures in China

27 December, 2013

The Ministry of Finance, the Ministry of Human Resources and Social Security, and the State Administration of Taxation have jointly issued a circular regarding guidance on the collection and administration of individual income tax on enterprise

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