Hong Kong considers how to maintain Low-Tax Regime
According to a recently published report by the Working Group on Long-Term Fiscal Planning the government will need to find additional tax revenue at some point in the future to close a gap in the finances. The government has emphasized that fiscal
See MoreFrance – Study Backs Real Estate Tax Review
The French housing association CGL has pointed out that there are large differences between rates of residence tax in different parts of France. The residence tax is due from the owners or tenants of residential property on the basis of the notional
See MoreFrance – President offers Token Tax Cut for Households
The French is to announce some tax cuts for families in France, according to reports, but the amount of the tax cuts has not been decided and may depend on further reductions in government expenditure. The President also plans to lower labor costs
See MoreFrance- Court Rules in Research Tax Credit Case
In France a tax credit known as the Crédit Impôt Recherche (CIR) is available for certain research and development expenditure by businesses. A recent case (No. 1219816) involved an appeal from a business advisory firm, in respect of the partial
See MoreFrance Reintroduces Rules for Creative Tax Credit
The creative tax credit is given to innovative enterprises in the area of arts and crafts. A company in this sector may obtain a 10% tax credit for expenditure on new products, including the cost of wages, design and protection of new models. The
See MoreFinland decides against VAT increase as taxes rise
On 25 March 2014 Finland is to put through some tax rises and benefits cuts in an attempt to lower the budget deficit. Other Scandinavian countries have VAT rates as high as 25%, and Finland has for some time been considering an increase in VAT.
See MoreGermany: Finance Minister Indicates Tax Cuts Will Come
The German Finance Minister has suggested that tax cuts could be made in the next few years. Various commentators have pointed out that the personal income tax thresholds have not increased in line with inflation, leading to the phenomenon of
See MoreEU Approves UK Video Game Tax Break
The European Commission has approved the new UK tax relief for video game as being in line with EU state aid rules. The videos games tax relief is designed to give an incentive to developers of video game developers to design products that meet
See MoreIndia releases revised Direct Taxes Code 2013
The Indian Finance Minister has issued a discussion draft of the Direct Tax Code (DTC), 2013. This draft contains proposals for extra taxes on high net worth individuals, a lower threshold than earlier proposed for imposing tax on the offshore sale
See MoreAustralian Taxation Office Launches Offshore Tax Amnesty
The Australian Taxation Office (ATO) is conducting another initiative to urge taxpayers to declare understated offshore income and to revise claims for tax deductions where these are overstated. Disclosures of income are to be regarded as
See MoreVietnam: Changes to VAT rules
Some changes have been made to the VAT regime in Vietnam, effective from January 2014. An important change relates to branches of export processing enterprises, which are being brought within the VAT regime. These enterprises will now be required to
See MoreUS – New York suspends driving licenses of tax evaders
Last year New York passed legislation providing for the suspension of the driving license of any individual owing a sum greater than ten thousand dollars in back tax. This has apparently been a successful policy as thousands of individuals have
See MoreUS – IRS Issues Revised Guidance on Business Expenses
The IRS has published a revised version of Publication 535 that gives guidance to taxpayers on claiming a tax deduction for business expenses. The publication contains instructions in respect of the years 2013 and 2014. This may be important for
See MoreUS – IRS Has Unclaimed 2010 Refunds For Almost 1m Taxpayers
The IRS has indicated that almost a million taxpayers are due tax refunds that have not yet been claimed, because they have not yet filed a federal tax return for 2010. As there is a three year deadline for such claims the returns must be filed by
See MoreUkraine Seeks Tax from Bank Depositors
The Ukrainian Ministry of Finance has announced that it is to introduce a tax on interest received from bank deposits above UAH 100,000. This tax is expected to apply to only 1.5 percent of bank deposits in Ukraine but these deposits account for
See MoreUK – VAT registration threshold will rise
The registration threshold for VAT in the UK is to increase to GBP 81.000 from April 2014. An enterprise or sole trader must register for VAT when sales reach this annual level. Following registration a trader must charge VAT on sales and pay this
See MoreUK – Budget Supports Businesses to Deliver Growth
The UK budget announcements include measures in support of business. The research and development tax credit available to small businesses is to be increased from 11 percent to 14 percent. The Seed Enterprise Investment Scheme that gives tax relief
See MoreTaiwan increases business tax rate for financial services
Taiwan has amended the laws on income tax, VAT and business tax with an effective date of 1 January 2015 in the case of the income tax changes. The measures include an increase of the business tax rate on core business revenue in banking and
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