Ireland: VAT rate raise from 21% to 23%
The government of Ireland announce an increase of its standard VAT rate from 21% to 23% from January 2012. This increase is an acceleration of plans to raise the VAT rate to 23% by 2014. The government’s main target is to reduce the GDP deficit
See MoreTax Cuts in Brazil
The Brazilian Finance Minister announced a number of tax cuts, including financial transactions tax, known as IOF. According to this plan, foreign purchases of corporate bonds with maturities of over four years, and local equities, would be no
See MoreChina’s pilot scheme on VAT in Shanghai
A pilot scheme to replace the existing business tax on the country’s service sector with value added tax (VAT) has been declared by China’s Ministry of Finance and the State Administration of Taxation. The project will be in Shanghai starting
See MoreAutomated Transactions Tax has been approved by the French Senate
The French Senate approved plans to establish a tax on automated transactions in France, on 23 November 2011, to curb the rapid rise in high frequency trading. The new initiative proposes to impose from January 1, 2012, a tax on certain investment
See MoreAustria: Lawmakers approve 2012 Budget
During a third reading, Austria’s National Council recently adopted the country’s 2012 budget, providing for a deficit of 3.2%, as well as for state debt of 74.6% of gross domestic product (GDP). Drawn up under the motto “stable finances for a
See MoreTaiwan: Income Tax Exemption on Royalties
The income tax exemption for royalties paid to foreign enterprises will be limited to the extent of their domestic use as per declaration of the Taiwan’s National Tax Administration (NTA). The NTA confirmed that the domestic companies that, when
See MoreAnnulment of contractors’ tax by US
The United States Congress has finally approved a legislation to repeal the 3% withholding tax on payments made to contractors providing services to government entities. The bill was passed in the House of Representatives on a bipartisan vote. When
See MoreChina plans VAT and Service tax reform in Shanghai
Chinese State Administration of Taxation published a new proposal for Chinese VAT and Business Tax reforms plans for a 2012 to consolidate the overlapping between VAT and Business Tax. The pilot scheme is proposed to take place in Shanghai and the
See MorePhilippines: Thresholds for VAT exemptions increased
The threshold amounts for value added tax (VAT) on sales and leases of residential lots and houses has been increased to offset the rise in the consumer price index by the Philippines’ Bureau of Internal Revenue (BIR). According to the regulations
See MoreGermany expects additional tax revenues in 2011
The tax estimate unveiled recently by the German finance ministry predicts higher tax revenues both this year and in the coming years, than previously predicted in the May forecast. The German finance ministry confirmed after the meeting in Halle of
See MorePhilippines: Retirement account tax regulations issued
The Philippines Bureau of Internal Revenue (BIR) enacted new revenue regulations to implement the tax provisions of the Personal Equity and Retirement Account (PERA) Act. The regulations will come into effect on January 1, 2012. Under the Act, each
See MoreChina: Tax thresholds for small businesses raised
From November 1, the minimum thresholds for business tax have been increased by China’s Ministry of Finance, aiming at provision of tax relief for the country’s smallest companies that have been greatly affected recently by increased costs and
See MoreFrance: Increases Targeted VAT
To reduce the country’s deficit next year and to preserve its AAA rating, the French government is considering the idea of increasing the value-added tax (VAT) in France to either 7% or 9% in certain targeted areas from prevailing 5.5% rate and at
See MoreAustralia: Detail tax incentives for infrastructure projects
The government of Australia proposed some incentives through its infrastructure projects to cover the tax loss and promote the private investment. The motto was to develop its infrastructure to remain a competitive economic nation for the
See MorePhilippines : Urge for tax exemptions by the foreign airlines
Foreign airlines are forcing the Philippines’ Department of Finance to reduce the 2.5% Gross Philippine Billings Tax (GPBT) and the 3% Common Carrier’s Tax (CCT) to which they are subjected. The GPBT and CCT are levied on all revenues,
See MoreBrazil: Auto Tax is Suspended by Court
It has been published on 24 October 2011 that the tax hike proposed by the Brazilian government on the manufacture of foreign cars has been suspended. The Brazilian Supreme Court has ruled the planned tax increase to be unconstitutional due to its
See MoreHungary: Focusing to Phase Out ‘Crisis Taxes’ in 2012 Budget
Focusing on the provisions for a gradual phasing out of the crisis taxes levied on the country’s telecommunications, energy and retail sectors since 2010, the Hungarian Economy Ministry has recently submitted 2012 budget bill to the parliament.
See MoreAustralia: New tax working group has been announced
A new tax working group has been announced in Australia to look at reforms that could increase productivity and deliver tax relief to struggling businesses. Developing a set of savings options within business tax, such as broadening the base and
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