Luxembourg: Legislative changes to implement mandatory automatic exchange of information
The Luxembourg Council of Ministers approved the legislative changes required to implement the mandatory automatic exchange of information system on 4 October 2013 required by article 8 of the Mutual Assistance Directive on administrative
See MoreKorea (Rep.): Tax Revision Bill 2013 approved
The Ministry of Strategy and Finance of Korea (Rep.) approved the Tax Revision Bill 2013 on 26 September 2013 with various changes. The Tax Revision Bill 2013 will mostly take effect from 1 January 2014. According to the approved bill receipts will
See MoreJapan: Changes to consumption tax and corporate income tax
The Japanese government officially announced on 1st October 2013 its plan to modify “consumption tax” and “corporate income tax”. The highlights of the plan are summarized below: Consumption tax: In the period between 1 April 2014 and 30
See MoreItaly: Decree on Financial Transaction Tax has been issued with Amendment
A Decree has been approved by The Italian Ministry of Economy and Finance on 16 September 2013 which makes the amendment of Decree on the Italian Financial Transaction Tax (IFTT) issued in order to implement the IFTT Law adopted last year on 24
See MoreItaly –Government Increases the VAT Rate to 22%
With effect from 1 October 2013, the standard VAT rate on goods and services has increased from 21% to 22%. The reduced rates of 10% and 4% are kept unchanged. The correct rate to use for the supply of goods is the rate prevailing on the first of
See MoreItaly: 2014 draft Budget Law has been issued
The Italian Government approved on 15 October 2013, as part of its 2014 budget package, a Law Decree (the Decree) regarding the so called “Law of Stability” for 2014. The Decree would be published soon in the Official Gazette and will enter
See MoreIreland: Budget for 2014
The Minister for Finance presented the Budget to the Parliament on 15 October 2013. The most important features of the Budget are as follows: Under the 2014 Budget, the corporation tax rate remains unchanged; Reduced VAT rate of 9% on various
See MoreIndia – Government has raised VAT processing charges
In India the fee for accepting and processing Indian VAT annual returns was previously a flat INR 800 irrespective of the values in the return. But recently the Indian central government has raised the charges for accepting and processing Indian VAT
See MoreIndia – Implications of GAAR from 2015
Recently, in India general anti-avoidance rule (GAAR) has been introduced which will become effective from 1 April 2015 (Financial Year 2015-16). The rules for application of the GAAR provide certain exceptions which clarify that the GAAR will not
See MoreIceland Releases Tax Changes in 2014 Budget Proposal
Iceland’s ministry of finance released the 2014 budget proposals, which include tax cuts for individuals and companies on 1 October 2013. The proposed measures are expected to increase real disposable income by 0.3% in 2014. To narrow the gap
See MoreHungary considering 35% luxury VAT rate
In connection with drafting the 2014 budget, Hungary is still considering introducing a super VAT rate of 35% on luxury goods. This would raise more money for the government without having any effect on the price of essential goods or services. A
See MoreFrance: Mandatory Online Tax Reporting Threshold
The French Finance Ministry announced on 17 October 2013 a reduction in the threshold for application of the mandatory on-line reporting obligations, for companies in France not subject to corporation tax (IS) in 2013-2014. From October 1, 2013,
See MoreCzech Republic: Tax rates for investment funds proposed
In Czech Republic, pending legislation has approved by the Senate would give the following tax rates for investment funds: On investment funds -5% corporate income tax rates On payment of profit shares -15% withholding tax rates Investors which
See MoreCzech Republic: Income Tax Law amendment has approved
The Senate of Czech Republic has approved a special law measure on October 10, 2013 which includes a long discussed Income Tax Law amendment. To be enacted it must be accepted by a new Chamber of Deputies on its first session. Under the new
See MoreCroatia: Constitutional Court decision
The Constitutional Court gave its final decision and repealed article 16(3) of the Law on the amendments to the individual income tax law on 18 September 2013. This article retroactively enforced taxation on income from dividends and participation
See MoreColombia: Low-Tax Jurisdictions
Decree 2193 issued on 7 October 2013 and applicable for income tax purposes as from 1 January 2014, establishes the list of countries and territories that are considered low-tax jurisdictions. For a 1-year term, certain jurisdictions are not
See MoreChina: Draft regulations relating labour dispatch
Recently, the government of China issued draft regulations relating to provisions of Labour Dispatch. Labour dispatch arrangements are supplementary arrangements for provision of labour and can only apply in respect of temporary positions of six
See MoreCanada: Draft proposals on character conversion transactions
Canada’s Finance Department has published draft legislative proposals for a number of the measures on September 13, 2013 that were first introduced on 21 March 21, 2013 as part of the 2013 federal budget. By the draft proposals derivative
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