Greece: OECD Report Considers Streamlined VAT Obligations
The Organization for Economic Cooperation and Development (OECD) has proposed changes that would assist taxpayers in complying with the value added tax (VAT) rules. The compliance burden for taxpayers could be reduced by establishing a clear
See MoreGerman Transition to Electronic Payroll Tax Platform Successful
The introduction of an electronic income tax tracking system, ELStAM, has been carried out without any problems, as is shown by the figures to 7 April 2014. This new system has been introduced to deal with tax on wages and more than two million
See MoreGerman States Agree Tougher Tax Regularization Rules
German federal state finance ministers have discussed improvements to the tax system and have decided on action to strengthen the “declaration of non-compliance” that permits residents to regularize their tax affairs without the possibility of
See MoreGerman Bill Revises Energy Tax Concessions for Industry
The Cabinet has given the go-ahead to a Bill to amend the provisions of the renewable energy law. This ensures that the tax concessions given to energy intensive companies are not contrary to EU law, while preserving the competitive nature of energy
See MoreFrench Local Tax Reforms Have Cut Tax Burden
A report issued by the Board of Compulsory Levies (CPO) in France suggests that small and medium enterprises have benefited by the introduction of the local economic contribution in place of the local business tax. This contribution is the most
See MoreFrance- Lawmakers Seek Simpler Tax Regularization Scheme
French members of parliament have indicated that offering taxpayers a chance for tax regularization through a lump sum 10 percent tax on assets repatriated would raise revenue for the government of around EUR 10 billion. Around half of this sum
See MoreFrance Plans Higher Exempt Threshold for Low Earners
The French Prime Minister intends to take around 650,000 low income individuals out of the direct tax net by adjusting the personal income tax thresholds. Taxpayers with income up to around EUR 15,000 would not be paying income tax after these
See MoreEuropean Inheritance Tax Burdens Compared
A recent examination of inheritance tax systems in European countries suggests that there is no consistency in the way that the taxes are applied to family business transfers. The way the tax operates is greatly influenced by the tax relief that can
See MoreBrazil: Superior Court Rules in Vale CFC Appeal
The Superior Court of Justice in Brazil has arrived at a decision in relation to the mining company Vale. The Court has ruled that profits of Controlled Foreign Companies (CFCs) of Vale in Belgium, Luxembourg, and Denmark would not give rise to a
See MoreAustralia Confirms Superannuation Tax Changes
A reform is to be undertaken of the taxation of excess superannuation contributions. Some taxpayers are paying contributions at a rate that is considered excessive by many people in Australia. Currently non-concessional contributions exceeding the
See MoreEU: Issues opinion regarding cross-border intra-company transactions within a VAT group
On 8 May 2014, the Advocate General (AG) of the Court of Justice of the European Union (CJEU) issued an opinion in the case of Skandia America Corporation USA, Sweden branch (C-7/13). The questions referred to the CJEU by the Swedish court related
See MoreColombia: Rulings regarding the application of CREE tax to companies in liquidation
Colombia’s National Tax Authority (Dirección de Impuestos y Aduanas Nacionales – DIAN) has explained through Ruling No. 23001 that when a company is in liquidation it is still subject to the fairness tax (Impuesto sobre la renta para la equidad
See MoreBrazil – Tax Hike on Drinks Postponed
Brazil is delaying until September 2014 a proposed rise in indirect tax on certain types of drink. The original proposal was that the tax on energy drinks, beer and some fruit juice would increase by around 1.5 percent on average from 1 June 2014.
See MoreVietnam: Expanding Tourist VAT Refund Incentive
Vietnam is widening its special value-added tax (VAT) scheme for exports by temporary visitors to the country. This scheme will enable more temporary visitors to Vietnam to claim refunds in respect of value added tax paid on goods bought during
See MoreUS: IRS eases enforcement for FATCA compliance for some taxpayers
In Notice 2014-33, the IRS has announced that it will treat calendar years 2014 and 2015 as a transition period for purposes of enforcing and administering implementation of the Foreign Account Tax Compliance Act (FATCA) by all withholding agents
See MoreUK: Tax Reform Has Boosted UK’s Appeal to Business
The UK’s Exchequer Secretary has suggested that there is currently high business confidence in the tax system. One reason for this is that the UK has recently taken measures to improve the attractiveness of its tax system including reductions to
See MoreSwitzerland to Retain Flat Tax For Wealthy Expatriates
Switzerland’s National Council has voted against the proposed withdrawal of the flat tax regime for high wealth foreigners. The Council supported that argument that the flat tax makes Switzerland an attractive location for high wealth individuals
See MoreSwiss Bankers Ask France to Increase Amnesty Uptake
The President of the Swiss Bankers Association (SBA), has suggested that France should extend and enhance its tax regularization facility to allow more taxpayers to make a voluntary declaration to normalize their tax affairs. At the moment the
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