Romania: Amendment of income tax rate for severance payments
Romania now limits the individual income tax rate of 85% with respect to only particular severance payment. Previously it was imposed on employees who were in management position or to the members of a board of directors under an Ordinance
See MorePortugal: Gazettes Tax Regularization Decree
Decree-Law number 151-A/2013 is published in the country’s official Gazette. To tighten sanctions, it establishes an exceptional and temporary regime for the regularization of tax debt. From 2014 individuals who committed tax fraud will face
See MorePortuguese: New VAT measures in Finance Bill
A range of changes to the Portuguese VAT regime has been presented in the latest Finance Bill which would come into effect on 1 January 2014. According to the upcoming changes, taxpayers will now have the option to forgo the VAT exemption on
See MoreNorway – Amended 2014 budget to implement interest limitation rules
Norway’s new government on 8 November 2013 presented its “adjustments” to the 2014 budget. The proposal to limit interest deductions on related-party loans, for the most part, will move forward from the prior budget proposals and will be
See MoreNigeria – New TP forms and established tax office
Nigeria’s Federal Inland Revenue Service (FIRS) has published a transfer pricing declaration and disclosure form for executing the transfer pricing regulations issued in 2012 and has established a tax office within the tax administration
See MoreMalta: Budget 2014
Malta’s Minister of Finance presented the government’s budget for 2014 on November 04, 2013. The 2014 budget holds various measures including expense findings for business visionaries who offer apprenticeship positions and work arrangements.
See MoreLatvia: Parliament amends the Micro-enterprise tax law
According to the amendments a natural or legal person who is a member of a partnership can’t be a micro-enterprise tax payer. The proposal will come into force from July 1, 2014 so that a partnership member can withdraw his/her membership within
See MoreLatvian Parliament approves the State budget for 2014
The Latvian Parliament approved the Law on the State Budget for 2014, the Law on Medium-Term Budget Framework for 2014–2016 and amendments to 37 budget-related laws on November 7, 2013. Next year, Payments made from the Maintenance Guarantee Fund
See MoreKazakhstan to Exempt EXPO-2017 Facilities from Tax
The Economy and Budget Planning Minister said that facilities for EXPO-2017 held in Astana city will be free from tax. The Minister declared that the tax Code is being amended regarding not the liability of national companies from corporate income,
See MoreItaly: Extension of 2012 VAT returns submission
A further extension has been made to the deadline for filing of the annual 2012 Italian VAT filing. The new filing date is 31 January 2014. Italian VAT registered companies will be able to file these returns through the Entratel or Finconline
See MoreItaly: The confirmation of reduced tax burden in Budget
The Italian Minister of Finance and the Economy has felt to counter some comments being made in criticism on the 2014 proposed Budget by the government Budget and has re-assured that the budget has been planned to reduce tax burdens. The Minister
See MoreIreland: Opportunities to claim R&D tax credits
It is clear that in Ireland the research and development tax credit is not limited to research in the laboratory. A company may consider the day to day activity like developing a new product, devising or making improvements to a production process,
See MoreBank of Ireland estimates cost of new levy
The presentation of an annual banking levy will cost it EUR40m (USD53.9m) a year for the following three years. This is estimation made by the Bank of Ireland Group. Provisions for the introduction of a levy on the banking sector are made in the
See MoreIreland: Small businesses’ reporting burden
The Irish tax authority on 10 November 2013 announced that- the scope of the simplified reporting regime for small businesses in respect of value added tax (VAT) will be expanded, Pay As You Earn (PAYE)/ Pay Related Social Insurance (PRSI) and
See MoreIndia – GST implementation hits new delays
The Indian government’s plans to introduce a new implementation Bill and to replace the existing Indian VAT and CENVAT regimes with a new Goods & Services Tax (GST) look likely to be delayed again since the States are seeking to re-open
See MoreFrench Assembly Passes Tax Evasion Bill
The French National Assembly has definitively adopted the Government's anti-tax evasion and major economic and financial crime bill. The legislation was passed by 358 votes to 198. The bill is designed to considerably strengthen the capacities of
See MoreFrance – Update on proposed tax legislation
The proposed tax changes contained in the legislation are expecting to execute the package of Finance Bill 2014 of France. According to the proposed legislation pending before the French Parliament the surcharge on corporate income tax would be
See MoreFrance – Additional reporting requirements for companies
The national assembly of France passed a legislation related to reporting requirements on 5 November 2013. The legislation consists of new reporting requirements in addition to transfer pricing documentation for companies. Companies which will fall
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