Cyprus: VAT rates increased
Cyprus has increased the standard value added tax rate from 18% to 19%, while the 8% reduced rate was increased to 9%, from 13 January 2014. The standard rate applies to 80% of goods and services, percent, while reduced rate applies to accommodation
See MoreJapan- Main corporate income tax rate
A reconstruction surcharge of 2.55% applied in 2013 but does not apply after 1 April 2014.The effective corporate tax rate taking into account the local enterprise tax and local inhabitant tax will therefore be reduced to 35.64% (previously 38.01%)
See MoreIndonesia:Changes brought under the Circular SE-50/PJ/2013
Intra-group services Circular SE-50/PJ/2013 instructs tax auditors to check that the service has been provided and given economic benefit to the recipient. Shareholder services, duplicate services, incidental benefits, passive association or
See MoreFrance- Transfer Pricing Rules
Draft legislation introducing a presumption that profits are received if functions and risks are transferred to a foreign related party, unless arm's length remuneration is paid, has been struck down by the Supreme Court and will not be implemented
See MorePolish 2014 VAT Law brings in widespread changes
On 13 January 2014 it has been reported that there has been a major overhaul of the Polish VAT compliance regime following the approval of the 2014 Polish VAT Act. The changes are aimed at bringing the Polish Value Added Tax regime more into
See MoreLuxembourg: Government announces key fiscal policy agenda
The new Luxembourg government published components of its future fiscal policy on 2 December 2013. The government will focus on structural reforms in three major areas: an examination of public expenditure, measures to promote economic growth, and
See MoreAustria: Special taxes increased
Austria published draft legislation to increase the tax rate for the special bank levy to 0.09% for assets above EUR 1 billion and 0.11% for those above EUR 20 billion. The draft, which has yet to be agreed upon in parliament, also includes other
See MoreAzerbaijan: 2013 Tax Revenues
Azerbaijan’s Ministry of Taxes has reported 2013 tax receipts to be AZN6.66bn, an increase from the AZN6.025bn collected in 2012. The greatest contribution came from profit tax (AZN2.37bn), followed by value-added tax (AZN1.72bn), while individual
See MoreKenya: National Social Security Fund Act 2013 enacted
The National Social Security Fund (NSSF) Act was passed by Parliament on 24 December 2013 and applies from 10 January 2014. The NSSF Act will increase the social security contributions by both the employer and the employee, with a goal to increase
See MoreVietnam: Corporate income tax rate reductions and rule changes
The Vietnam corporate income tax rate will be reduced to 20% from 1 January 2016 (now 22%). For taxpayers with total revenue lower than VND 20 billion, the will be 17% effective 1 January 2016 (now 20% as of 1 July 2013). New guidelines published as
See MoreUnited Kingdom: Dispute resolution, CFC financing, investment “white list”
HM Revenue & Customs have updated some key documents regarding resolution of tax disputes, and have provided new guidance on CFCs. The dispute resolution documents are the Code of Governance for resolving tax disputes; and Commentary on the
See MoreTurkey: Special consumption tax changes for 2014
Turkey’s Council of Ministers have issued Resolution 2013/5761, that revises and/or specifies the special consumption tax (SCT) rates and amounts to be applied effective from 1 January 2014. These revise the SCT rates for vehicles, for beer and
See MoreNigeria: High Court affirms taxpayer appeal and orders disbandment of Tax Tribunal
Nigeria’s Federal High Court (FHC) delivered a key judgment on 30 October 2013 in a suit between TSKJ Contruces Internationals Sociadade Unipessoal LDA (TSKJ) and the Federal Inland Revenue Service (FIRS). The FHC upheld TSKJ’s appeal against
See MoreItaly: Financial Transaction Tax (FTT) annual return model published
The Italian tax administration has issued the final Financial Transaction Tax (FTT) annual return model and the related instructions under Protocol No. 2013/154577. The FTT return should be filed by 31 March of every year, subject to a de minimis
See MoreColombia: Definitions for classification of resident individuals
Decree 3032 of 2013 has just been reported clarifying the classification of resident individuals into the employee and self-employed categories. The same Decree provide key definitions for employee; self-employed; personal service; liberal
See MoreBelgium: New tax rules on notional interest, small companies and withholding tax
The Official Gazette issue of 31 December 2013 notifies some new tax rules. The first measure aligns the rules relating to notional interest deductions (NID) with the judgment of the European Court of Justice in the Argenta Spaarbank case. The NID
See MoreAustria: “Provisional” Budget submitted
The Austrian Government has submitted a provisional budget for 2014 to the Austrian National Council; the proposals broadly follow the coalition accord. Tax rises are proposed in the motor vehicle insurance tax and on alcohol and tobacco, and for
See MoreHong Kong: Stamp Duty Increases Affect Property Sales
Increases in the rates of existing ad valorem stamp duty for both residential and non-residential property transactions appear to have cooled the real estate market. The Government increased such taxes from February 23, 2013 for that goal and it
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