Argentina –Increment of Social Security Salary Thresholds
The government of Argentina has increased the salary limits on social security contributions. Effective from September 2013, the new gross monthly maximum and minimum salary thresholds for calculating employees’ social security contributions are
See MoreSwitzerland: Terminates Tax Rebate Committee
It has been announced that, the Swiss Federal Council has issued plans to eliminate the Federal Committee (CFR) responsible for federal direct tax rebates. The Federal Council is establishing new provisions for federal direct tax rebates. The CFR is
See MorePortugal: Temporary tax regularization regime unveiled
For the regularization of tax debt, Portugal’s Council of Ministers has approved an “exceptional and temporary regime”. For those taxpayers who choose to regularize their tax debts by 20 December 2013, the regime accords exemption from the
See MorePeru – Due dates for submitting transfer pricing affidavits and technical studies for 2012
The Peru’s tax authorities (SUNAT) issued Resolución de Superintendencia N° 301-2013/SUNAT which became effective from 6 October 2013. The resolution has scheduled dates in November 2013 for taxpayers to submit their transfer pricing affidavits
See MoreNetherlands: Second draft Bill on other fiscal measures
A second draft Bill (No. 33753, No. 8) to amend the original Bill on other fiscal measures was published on 18 October 2013. The draft Bill provides among other measures for the implementation of the decision of the Court of Justice of the European
See MoreMexico: Proposed changes to the definition of maquiladora operations
The Chamber of Deputies passed a reviewed version of the federal government’s legislative proposals for tax reform on 17 October 2013. With respect to the maquiladoras tax regime, the definition of a “maquiladora operation” would be
See MoreMexican Chamber of Deputies approves tax reform bill
A tax reform package, presented by Mexico’s federal government in September 2013, is proceeding through the legislative process. A congressional committee (the Finance and Public Credit Committee of the Chamber of Deputies) considered the proposed
See MoreMalaysian Budget for 2014
Malaysia’s budget for 2014 proposes a new goods and services tax (GST) to replace the existing sales tax and service tax regimes. The GST would be effective from 1 April 2015. It would be imposed at a rate of 6% (with some goods and services
See MoreLithuania – Regulation for VAT on credit, debit documents
An observation has been issued concerning provisions under Lithuania’s value added tax (VAT) law regarding credit notes and debit documents. The guidance describes as when: a condition to issue a credit VAT letter or a debit certificate
See MoreLithuania: Government permitted draft budget law for 2014
Recently, the Lithuanian Government permitted the draft budget law for 2014 as well as the law draft related to the budget of the municipalities and other related law drafts. According to the draft budget law for 2014, the financial autonomy of
See MoreLatvia adopts 2014 budget project in the first reading
On October 17, 2013 the Latvian parliament adopted the draft of the 2014 budget, a draft of the medium-term budget for 2014-2016 and 38 related amendments in the first reading. Next year’s budget revenue is planned at EUR 7 billion, and expenses
See MoreLatvian Government approves the national 2014 budget
On 1st October 2013 the Latvian government approved the national budget for 2014 with the budget deficit planned at up to 0.9 percent of GDP. Revenues to the central government consolidated budget next year are planned at 7.004 billion Euros and
See MoreKorean Budget Proposal for 2014
The Ministry of Strategy and Finance (MOSF) of Korea (Rep.) released the Budget 2014 proposal on 27 September 2013. The tax measures in the budget proposal include in the local government consumption taxes to 8% in 2014 and 11% from 2015. According
See MoreBudget for 2014 has been approved by the Italian Government
The budget for 2014 has been approved by the Italian government on 15 October 2013 aiming on spending and tax cuts at Italy’s economy to growth and bringing it under the EU budget deficit ceiling. The budget includes “a significant cutback in
See MoreFinance (No. 2) Bill 2013 published in Ireland
The government published the Finance (No. 2) Bill 2013 on 24 October 2013. Some of the main measures included in the Bill which were not originally announced in the Budget proposals of 15 October 2013. Primarily the Bill designs to implement the tax
See MoreIreland introduces construction VAT relief
The Irish Ministry of Finance has published the Finance (No. 2) Bill 2013 giving force to measures announced in the 2014 Budget, and bringing forward the introduction of the value-added tax incentive for home renovations. VAT relief is being granted
See MoreECJ: Advocate General opines on consortium relief issue
The advocate general has issued an opinion on a consortium relief issue referred to the European Court of Justice (ECJ) by the First Tier Tribunal (Tax Chamber) in the UK. The issue concerned a residence requirement imposed on the link company as
See MoreChina-US: Third Bilateral Advance Pricing Agreement Signed
In September 2013, China’s State Administration of Taxation and the U.S. Internal Revenue Service reached an agreement in principle on their third bilateral advance pricing arrangement. China and the United States concluded their second bilateral
See More