Lithuania : Loss carry forward limitations, extended incentives and reduced VAT rates
Losses carry forward limitations: Beginning in 2014, the ability of corporations in Lithuania to carry forward tax losses, for corporate income tax purposes, is limited. In calculating their corporate income tax for 2014 and subsequent tax periods,
See MoreKenya: Tax Appeals Tribunal Bill 2013 signed into law
The Tax Appeals Tribunal Bill 2013 was signed into law on 2 December 2013. The Act is not yet in effect and awaits the Cabinet Secretary for the National Treasury to publish its commencement date. When the Bill is passed the Tax Appeals Tribunal
See MoreKazakhstan: Finance Ministry permits to sign DTA with Slovenia
On 3 February 2014, the government of Kazakhstan gave clearance for the Ministry of Finance to sign the income and capital tax treaty with Slovenia. The agreement of the text of the draft double taxation agreement was originally announced on 13 June
See MoreGerman Association of Taxpayers urges Government to lower electricity tax
The German Association of Taxpayers (BdSt) has urged the Government to lower electricity tax in Germany. The government’s plans to reform the country's renewable energy law (EEG) do not go far enough in the view of the association to curb
See MoreCzech Republic – Coalition government’s tax policy
The agreement establishing the new government in the Czech Republic indicates that there are currently no plans to raise income taxes. With respect to corporate income tax, however, the coalition agreement mentions that a “sector tax” with
See MoreCyprus – New VAT rates in 2014
Following changes to the tax legislation, from 2014 the rates of value added tax in Cyprus are as follows: The standard VAT rate is 19% (increased from 18%) effective from 13 January 2014. Also the reduced VAT rate is 9% (increased from 8%)
See MoreColombia – New form for reporting withholding tax information
Colombia’s tax administration has recently released a new form to be used to make monthly information reporting of withholding tax. Form 350 reflects changes from the prior version of the form. Changes contained in the new form include a
See MoreColombia – New criteria for determining large taxpayer issued
Colombia’s tax administration has issued guidance establishing new criteria for determining who qualifies as a “large taxpayer”. Being identified as a “large taxpayer” may affect specific arrangements for paying taxes, and may affect both
See MoreCanada: GST compliance changes
The Canadian budget for 2014 includes a range of changes to the Canadian Goods and Services Tax (GST) and Harmonized Sales Tax (HST) regime. The tax changes include the following: Extension of the GST exemption on certain health and disability
See MoreCanada: 2014 Budget introduces no new taxes
The Canadian 2014 Budget introduces “no new taxes” on families or businesses, but does crack down on aggressive tax avoidance and overhauls a number of tax credits. The Finance Minister’s Economic Action Plan 2014 contains a series of reforms
See MoreBulgarian government will maintain low rates of direct taxes
On February 11, 2014, a forum entitled: Government-Business: Economic Restart National Forum: was organized at the initiative of the Bulgarian Prime Minister. The forum was organized in four different panels that discussed the following
See MoreBulgaria confirms that it will keep its 20% VAT rate
The government of Bulgaria has confirmed that it will keep its 20% VAT rate for the foreseeable future as part of its flat tax policy. Bulgaria has one of the lowest VAT rates in the region. Some other countries in central Europe have been
See MoreBelgium enforces electronic VAT return
The tax office of Belgium has confirmed that it is to require all taxable persons to file electronic VAT filings over the next year. Corporations will have to submit their monthly or quarterly VAT returns through the online portal of the Ministry
See MoreArgentina: Income tax changes relating to share transfers and dividends
Changes have been made in Argentina to the income tax treatment of securities, the transfer of shares and dividend distributions. On 7 February 2014, Decree 2334 was published in the official gazette. This Decree implements income tax changes as
See MoreGermany: VAT rates on multiple rate supplies
The German Federal Ministry of Finance has clarified the procedures for German VAT rates on a single supply where there are different VAT rates applicable. Where a supplier is offering for a single price goods with multiple VAT rates attached, the
See MoreCroatia ratifies convention on Mutual Administrative Assistance in Tax Matters
On 31 January 2014, the Croatian parliament ratified the multilateral Convention on Mutual Administrative Assistance in Tax Matters, signed on 25 January 1988 and the amending protocol signed on 27 May 2010. This multilateral Convention is seen as
See MoreColombia: Filing deadlines for large taxpayers
Colombia has issued Decree 214/2014, under which taxpayers qualifying as large taxpayers as of 31 January 2014 (previously, 31 December 2013) must file their income tax returns between 1 March 2014 and 24 April 2014 within the deadlines established
See MoreCanada: No tax rate changes in Quebec’s budget for 2014
On 20 February 2014, Quebec's Minister of Finance and the Economy, delivered the 2014 Québec budget. The budget does not include any general corporate or individual (personal) income tax rate
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