UK – 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
See MoreSingapore- issues e-Tax Guide on GST Advance Ruling System
An updated e-Tax Guide has been published by the Inland Revenue Authority of Singapore (IRAS) to give guidance on aspects of the Goods and Services Tax (GST) advance ruling system and on the relevant application procedures in connection with the
See MoreRussia Clarifies transfer pricing for Domestic Transactions
Letter No 03-01-18/2080 issued by the Russian Finance Ministry on 22 January 2014 clarifies that some domestic transactions are to be subject to the transfer pricing rules as they are deemed to be controlled transactions for this purpose. These
See MoreRomania: New tax law to conform to EU rules
Romania has passed Law No 8/2014 to bring the tax low into line with EU provisions. The Law provides for new VAT place of supply rules for broadcasting, telecom and electronically supplied services that are similar to EU rules. The Law also reforms
See MoreRomania will not reduce VAT rate yet
Romania has announced that it cannot lower the current 24% VAT rate unless economic growth of more than 3 percent continues until 2015. Like some other EU countries, Romania raised its VAT rate on a temporary basis to deal with the consequences of
See MorePortugal: Personal Income Tax System Reform
Portugal has appointed an expert committee to consider improvements to the personal tax system. Simplification of the individual income tax could improve social mobility and encourage tax compliance, according to the government. The tax system needs
See MoreNetherlands – Dutch taxpayer liable for Swiss captive subsidiary’s profits
A recent decision by a district Court in the Netherlands involved a Swiss captive insurance company that did not have any employees. The Court reached the decision that the tax authorities in the Netherlands were correct in levying tax on a related
See MoreLithuania – Tax card for 2014
Lithuania has prepared a “tax card” that provides an easy-to-read overview of the tax system in Lithuania for 2014. This provides a convenient reference for businesses operating in
See MoreLatvia introduces Tax card for 2014
Latvia has prepared a “tax card” that provides an easy-to-read overview of the tax system in Latvia for 2014. This card includes a review of Latvia’s corporate income tax rates and rules, micro-enterprise tax, individual (personal) income tax,
See MoreItalian Red Tape Reduction Could Fund Tax Cuts
At its 15th annual forum the President of Confcommercio, the federation representing small and medium-sized enterprises, professionals and sole traders in Italy, re-asserted his appeal for the Government to link a reduction in public expenditure
See MoreIsrael: High Court of Justice rejects petition to deny “foreign resident” VAT status from multinational internet companies
The High Court in Israel has rejected a petition asking the Court to order the Finance Minister and tax authorities to impose VAT on cross border services delivered electronically and on products of foreign companies sold in Israel. The Court
See MoreIreland – Finance Minister clarifies Corporate Tax Developments
Ireland has confirmed that the changes to residency rules that are intended to deal with the problem of mismatches between treaty partner countries have so far not affected any company’s residence status. The reform which was in the 2014 Finance
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