France Reintroduces Rules for Creative Tax Credit
The creative tax credit is given to innovative enterprises in the area of arts and crafts. A company in this sector may obtain a 10% tax credit for expenditure on new products, including the cost of wages, design and protection of new models. The
See MoreFinland decides against VAT increase as taxes rise
On 25 March 2014 Finland is to put through some tax rises and benefits cuts in an attempt to lower the budget deficit. Other Scandinavian countries have VAT rates as high as 25%, and Finland has for some time been considering an increase in VAT.
See MoreGermany: Finance Minister Indicates Tax Cuts Will Come
The German Finance Minister has suggested that tax cuts could be made in the next few years. Various commentators have pointed out that the personal income tax thresholds have not increased in line with inflation, leading to the phenomenon of
See MoreEU Approves UK Video Game Tax Break
The European Commission has approved the new UK tax relief for video game as being in line with EU state aid rules. The videos games tax relief is designed to give an incentive to developers of video game developers to design products that meet
See MoreIndia releases revised Direct Taxes Code 2013
The Indian Finance Minister has issued a discussion draft of the Direct Tax Code (DTC), 2013. This draft contains proposals for extra taxes on high net worth individuals, a lower threshold than earlier proposed for imposing tax on the offshore sale
See MoreAustralian Taxation Office Launches Offshore Tax Amnesty
The Australian Taxation Office (ATO) is conducting another initiative to urge taxpayers to declare understated offshore income and to revise claims for tax deductions where these are overstated. Disclosures of income are to be regarded as
See MoreVietnam: Changes to VAT rules
Some changes have been made to the VAT regime in Vietnam, effective from January 2014. An important change relates to branches of export processing enterprises, which are being brought within the VAT regime. These enterprises will now be required to
See MoreUS – New York suspends driving licenses of tax evaders
Last year New York passed legislation providing for the suspension of the driving license of any individual owing a sum greater than ten thousand dollars in back tax. This has apparently been a successful policy as thousands of individuals have
See MoreUS – IRS Issues Revised Guidance on Business Expenses
The IRS has published a revised version of Publication 535 that gives guidance to taxpayers on claiming a tax deduction for business expenses. The publication contains instructions in respect of the years 2013 and 2014. This may be important for
See MoreUS – IRS Has Unclaimed 2010 Refunds For Almost 1m Taxpayers
The IRS has indicated that almost a million taxpayers are due tax refunds that have not yet been claimed, because they have not yet filed a federal tax return for 2010. As there is a three year deadline for such claims the returns must be filed by
See MoreUkraine Seeks Tax from Bank Depositors
The Ukrainian Ministry of Finance has announced that it is to introduce a tax on interest received from bank deposits above UAH 100,000. This tax is expected to apply to only 1.5 percent of bank deposits in Ukraine but these deposits account for
See MoreUK – VAT registration threshold will rise
The registration threshold for VAT in the UK is to increase to GBP 81.000 from April 2014. An enterprise or sole trader must register for VAT when sales reach this annual level. Following registration a trader must charge VAT on sales and pay this
See MoreUK – Budget Supports Businesses to Deliver Growth
The UK budget announcements include measures in support of business. The research and development tax credit available to small businesses is to be increased from 11 percent to 14 percent. The Seed Enterprise Investment Scheme that gives tax relief
See MoreTaiwan increases business tax rate for financial services
Taiwan has amended the laws on income tax, VAT and business tax with an effective date of 1 January 2015 in the case of the income tax changes. The measures include an increase of the business tax rate on core business revenue in banking and
See MoreSwitzerland Plans Stricter Rules for Biofuel Tax Breaks
The Swiss Council of States has given its approval to a bill strengthening the provisions on the eligibility of enterprises for biofuel tax breaks. Biofuels may be partly or wholly exempt from mineral oil tax provided that they conform to certain
See MoreSwitzerland Adopts Anti-Tax Evasion Bill
The Swiss Council of States has approved a Bill in respect of the revised recommendations of the Financial Action Task Force (FATF). The Bill raises the qualifying threshold for serious tax offences and therefore helps the fight against tax evasion.
See MoreSweden to Investigate Tax Incentives for SMEs
Sweden is looking at the tax treatment of entrepreneurs, start ups and small businesses with a view to improving the competitiveness of the country’s business and increasing employment. An investigation has been launched to consider the changes
See MoreSpain- Industry Comments on Tax Reform Proposals
The Spanish Confederation of Business Organizations (CEOE) has given a mixed response to the tax overhaul proposed by Spain's Expert Committee on Tax Reform. Its recommendations focused on lowering direct tax rates by cutting back on the number of
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