OECD publishes comments received on intangibles
The OECD has published on its website the comments received by interested parties on its revised discussion draft on transfer pricing aspects of intangibles. The input received from more than sixty commentators will be discussed by the OECD’s
See MoreOECD publishes comments on white paper on transfer pricing documentation
The OECD has published comments received on the White Paper on transfer pricing documentation issued on 30 July 2013. The comments received from more than forty commentators are to be discussed by Working Party No. 6 of the OECD’s Committee on
See MoreNorway: New government publishes its tax plans
The leaders of Norway's new minority government announced a common general tax platform for the next 4 years, on 7 October 2013. The main plans are summarized below. Individual taxation The new government plans to reduce the tax burden on
See MoreBudget for Norway- 2014 presented to parliament
The Budget for 2014 was presented to parliament on 14 October 2013. Details of the Budget in respect of direct taxation, which will generally apply as from 1 January 2014, if adopted, are summarized below. Corporate taxation The proposals
See MoreAmended Budget for Netherlands 2014 presented
Amended Budget for Netherlands 2014 presented On 11 October 2013, the Netherlands government presented an overview of the amended Budget for 2014. The amended Budget includes amendments to some of the tax measures previously announced on 17
See MoreMalaysia – GST implementation to be delayed beyond 2014
The Malaysian Budget for 2014 which may be presented to Parliament in the near future is unlikely to include details of the GST, which is due to replace the existing Sales Tax and Service Tax of 10% and 6% respectively. Plans to introduce a Goods
See MoreLuxembourg: Legislative changes to implement mandatory automatic exchange of information
The Luxembourg Council of Ministers approved the legislative changes required to implement the mandatory automatic exchange of information system on 4 October 2013 required by article 8 of the Mutual Assistance Directive on administrative
See MoreKorea (Rep.): Tax Revision Bill 2013 approved
The Ministry of Strategy and Finance of Korea (Rep.) approved the Tax Revision Bill 2013 on 26 September 2013 with various changes. The Tax Revision Bill 2013 will mostly take effect from 1 January 2014. According to the approved bill receipts will
See MoreJapan: Changes to consumption tax and corporate income tax
The Japanese government officially announced on 1st October 2013 its plan to modify “consumption tax” and “corporate income tax”. The highlights of the plan are summarized below: Consumption tax: In the period between 1 April 2014 and 30
See MoreItaly: Decree on Financial Transaction Tax has been issued with Amendment
A Decree has been approved by The Italian Ministry of Economy and Finance on 16 September 2013 which makes the amendment of Decree on the Italian Financial Transaction Tax (IFTT) issued in order to implement the IFTT Law adopted last year on 24
See MoreItaly –Government Increases the VAT Rate to 22%
With effect from 1 October 2013, the standard VAT rate on goods and services has increased from 21% to 22%. The reduced rates of 10% and 4% are kept unchanged. The correct rate to use for the supply of goods is the rate prevailing on the first of
See MoreItaly: 2014 draft Budget Law has been issued
The Italian Government approved on 15 October 2013, as part of its 2014 budget package, a Law Decree (the Decree) regarding the so called “Law of Stability” for 2014. The Decree would be published soon in the Official Gazette and will enter
See MoreIreland: Budget for 2014
The Minister for Finance presented the Budget to the Parliament on 15 October 2013. The most important features of the Budget are as follows: Under the 2014 Budget, the corporation tax rate remains unchanged; Reduced VAT rate of 9% on various
See MoreIndia – Government has raised VAT processing charges
In India the fee for accepting and processing Indian VAT annual returns was previously a flat INR 800 irrespective of the values in the return. But recently the Indian central government has raised the charges for accepting and processing Indian VAT
See MoreIndia – Implications of GAAR from 2015
Recently, in India general anti-avoidance rule (GAAR) has been introduced which will become effective from 1 April 2015 (Financial Year 2015-16). The rules for application of the GAAR provide certain exceptions which clarify that the GAAR will not
See MoreIceland Releases Tax Changes in 2014 Budget Proposal
Iceland’s ministry of finance released the 2014 budget proposals, which include tax cuts for individuals and companies on 1 October 2013. The proposed measures are expected to increase real disposable income by 0.3% in 2014. To narrow the gap
See MoreHungary considering 35% luxury VAT rate
In connection with drafting the 2014 budget, Hungary is still considering introducing a super VAT rate of 35% on luxury goods. This would raise more money for the government without having any effect on the price of essential goods or services. A
See MoreFrance: Mandatory Online Tax Reporting Threshold
The French Finance Ministry announced on 17 October 2013 a reduction in the threshold for application of the mandatory on-line reporting obligations, for companies in France not subject to corporation tax (IS) in 2013-2014. From October 1, 2013,
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