Namibia’s Budget Recognizes Increase in Tax Revenue
Namibia’s 2014 Budget provides for a 20% increase in tax revenues. The Government recognizes that, while the domestic revenue stream will contribute significantly to expected revenue, a significant risk to Namibia's fiscal outlook derives from
See MoreMexico promises an unchanged tax regime until 2018
Following the completion of tax reforms, the Mexican Government has now signed a Tax Certainty Agreement under which Mexico's tax system is to remain unchanged throughout the remaining period of the current government. This means that the tax regime
See MoreItaly: Prime Minister Explains ‘Double-Digit’ Cut to Italian Taxes
The Italian Prime minister has issued a clarification about a statement made earlier in respect of a double digit reduction in the tax burden. The reduction would amount to tens of billions of Euros and in this respect was a double digit
See MoreItalian Government Empowered To Push Through Tax Overhaul
The Italian parliament has now approved the "Legge Delega," the tax reform law granting special powers to the Government to introduce a series of measures within the next year. The Legge Delega sets out general reform principles, which are to be
See MoreIreland- Announcement of LPT Amnesty
Irish residential property owners who have so far failed to pay their 2012 Household Charge or 2013 and 2014 local property tax (LPT), or have undervalued their property or claimed an exemption they were not entitled to, will be given until March 31
See MoreIndian Government wants tax officials to be more friendly
The Indian Government has requested that tax officials act as "facilitators" rather than "administrators," and ensure that the taxation system is as taxpayer friendly as possible. The Finance Minister has suggested that procedures should be
See MoreIndian Capital Gains Tax slows Saudi Investment
Concerns have been raised by foreign investors about the effect of India's taxation system, particularly its capital gains tax, on foreign investment. The issue was raised during the India-Saudi Arabia Business Forum in Delhi. The Forum also looked
See MoreIndia: Income Tax department identifies 2.17 million potential non-filers
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax returns, the income tax department has now identified another 2.17 million potential non-filers. It had already sent letters to
See MoreIceland enacted its own transfer pricing legislation
Iceland has recently enacted its own transfer pricing legislation, which became effective from January 1, 2014. The transfer pricing rules are now regulated by Article 57 of Act No. 90/2003 on Income Tax based on the arm's length standard. There
See MoreHong 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
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