Slovenia: Plans to Increase Tax Collection
Slovenia's new government plans to improve tax collection and reduce public spending in a bid to cut its budget deficit. Following the parliamentary vote of confidence for his government, Prime Minister said "Our fiscal policy will be restrictive;
See MoreSpain plans to impose penalty on VAT fraud
In order to reduce rising fraud, Spain is planning to introduce a range of penalty measures on VAT in 2015. These include; EU Rapid Mechanism is to be activated to introduce the reverse charge on the domestic supplies of phones, games, tablets and
See MoreIRS Warns Financial Institutions of Scams Designed to Identify Theft Attempts
The Internal Revenue Service has said that it does not require financial institutions to provide specific account holder identity information or financial account information over the phone or by fax or email. In addition, the IRS clarified that it
See MorePhilippines: Reduces the corporate income tax rate
The Chairman of the House Committee on Ways and Means filed House Bill 4829 looking for to reduce the corporate income tax (CIT) rate from 30% to 25%. The same bill also includes a proposal to increase the minimum corporate income tax (MCIT) rate
See MoreAustralia: Parliament changes thin capitalization rules
The Australian Parliament passed previously announced legislation on 25 September 2014 which includes changes to the thin capitalization rules, a rewrite of the exemption for foreign non-portfolio dividends received by Australian companies, and
See MoreEU – Pan-European implications of VAT decision on cross-border services
The Court of Justice of the EU recently issued a judgment in a case that may have implications for multinational organizations with either branch operations or head office in EU Member States particularly those entities in the financial services
See MoreSlovenia: APA concluded for transfer pricing purposes
On 1 August 2014, the amendments to the Financial Administration Law (the Law) entered into force. According to the law, the Tax Procedure Act effective from 2007 introduced a system of tax rulings and from 1 August 2014 advance pricing agreements
See MoreA tougher penalties on Voluntary Tax Disclosures Rules has been approved by Germany’s Cabinet
Germany's Cabinet approved tougher penalties on voluntary tax disclosures on September 24, 2014. As per the new rules, the maximum amount of outstanding tax that may be voluntarily disclosed without incurring a surcharge will be lowered to EUR25,000
See MoreItalian individual income tax returns will be pre-compiled
Italy's Cabinet re-examined the draft law decree at its meeting on September 19. As per the decree individual income tax returns will be pre-compiled for 30m Italian employees and pensioners from 2015. Tax forms pre-compiled by the Revenue Agency of
See MoreNigeria: Interests on inter-company loans are tax-deductible
The Tax Appeal Tribunal held that Nigerian company prepared interest payments on its inter-company loans are tax deductible, given that the loans were got at arm’s length. In Nigeria, the taxpayer of Nigerian company was occupied in petroleum
See MoreUK will begin to register digital firms under its Mini One Stop Shop (MOSS) special scheme
New and amended legislation will come into effect on 1 January 2015 which effectively expands the scope of the previous VAT on e-Services (VoeS) special VAT scheme. The new voluntary VAT Mini One Stop Shop (MOSS) will allow businesses to account for
See MoreSpain: Planning To Change VAT Compliance 2015
The Spanish Government is planning to change the Spanish Value Added Tax regime and this will be effective from 1 January 2015. The changes are as follows; Transaction of barter must be included in the agreement by both sides in terms
See MoreUS House Passes The Jobs For America Act
The House of Representatives passed the Jobs for America Act by a vote of 253 to 163, which includes the permanent extension of a selected list of the "tax extenders" that expired at the end of 2013, as well as a repeal of the Affordable Care
See MoreSouth Africa: SARS Issues Draft Guide On Special Trust Taxation
The South African Revenue Service (SARS) has published a draft guide on the taxation of "special trusts," which has been prepared to helps users in gaining a more in-depth understanding of their taxation, with particular reference to income and
See MoreGerman Fiscal Stimulus Measures has been called for by the ECB official
German Fiscal Stimulus Measures has been called on the German Government by a top European Central Bank (ECB) official and Germany's Deputy Labor Minister to cut taxes on labor. It was argued by ECB Executive Board Member Benoit Coeure and Deputy
See MoreVietnam: Guidelines on Corporate tax incentives; VAT on export-support services
Vietnam’s tax authorities issued guidance concerning the tax treatment and the determination of increased income from expansion projects during the period 2009-2013 for income that is not entitled to corporate income tax incentives. The guidance
See MoreChina increases VAT registration threshold from October 2015
China is to raise the VAT and Business Tax threshold from Yuan 20,000 to Yuan 30,000 from first October 2015. The declaration was made by the State Council, and will be confirmed by the State Administration of Taxation. The threshold is the annual
See MoreRomania plans to cut VAT rate extension
The Romanian Government is planning to reduce Romanian VAT to all basic foodstuffs after the success of a trial on key supplies recently. At present VAT rate is 24%% on most foodstuffs. Bread was reduced from the standard Romanian 24% to 9%
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