Norway: the amount of transfer pricing adjustments doubles
On June 22, 2012 the Norwegian tax authorities (Skatteetaten) announced total transfer pricing adjustments for 2012 of NOK 16.6 billion (approximately U.S. $ 2.8 billion / € 2.2 billion), whereas, in 2010, the total amount was NOK 8.5 billion. In
See MoreUkraine: Proposed amendments to the Tax Code
The following proposed tax rates will be increased: excise tax, vehicle registration charges, payment for subsoil use (if with a purpose other than extraction of minerals), ecological tax and charges for the use of radio frequency resources. The
See MoreImplementation of Malaysian thin capitalization has been deferred
The Ministry of Finance announced on 11 December 2012 that the implementation of the thin capitalization rules has been deferred until the end of December
See MoreSweden: parliament approves the Budget for 2013
The Swedish parliament approved the Budget for 2013 on 5 December 2012 together with further tax measures, presented separately by the government. The amendments apply from 1 January 2013. Key points of the budget are summarized below: Corporate
See MoreUganda: Budget for Financial Year 2012-13
The Ugandan budget for 2012-13 was presented by the Minister of Finance, Planning and Economic Development on 14 June 2012. This Budget is effective from 1 July 2012. The proposed changes are summarized below: The withholding tax on income derived
See MoreTanzania: Budget for 2012-13
The Budget for 2012-2013 is generally effective from 1 July 2012. The key points of the Budget are summarized below: Corporate taxation Introduction of a 10% withholding tax on interest income earned by non-residents from banks, as is the case
See MoreNew plan for tax exemption for Argentina
Argentina's President Cristina Fernandez de Kirchner has taken some initiatives to increase the tax-exempt personal income tax threshold. According to the new plan, taxpayers with a gross monthly salary of up to ARS25,000 (USD5,215) will be
See MoreAustralia: New Transfer Pricing Rules
On 22 November 2012, an exposure draft was released introducing new Australian transfer pricing rules with significant self assessment and documentation requirements. Interested parties were invited to comment on the exposure draft. The start date
See MoreMexico’s 2013 Revenue Decree Postpones Corporate Rate Cut
It was reported on 19 December 2012 that the first Federal Revenue Decree issued by the Mexican government to cover its operations in 2013 includes, in particular, a delay to the proposed cut in corporate income tax. The Decree, which was published
See MoreVietnam to Cut Corporate Tax Rates in 2014
It was reported on 17 December 2012 that the Ministry of Finance is to place a draft bill before the National Assembly early next year, which would make changes to Vietnam’s corporate income tax code, including a cut in tax rates from 2014. The
See MoreSwedish Budget 2013 proposes to cut corporate tax rate
The Budget for 2013 was presented to parliament on 20 September 2012. In the Budget Bill the government proposes the following tax amendments, which will be applicable from 1 January 2013: Corporate taxation The Budget Bill proposes a reduction of
See MorePortugal: Budget 2013
The Portuguese National Assembly has recently adopted the Budget 2013. Under the new measures there will be a reduction in the number of income tax brackets from eight to five. The top marginal income tax rate will be increased from 46.5% to 48% and
See MoreRevised Tax Plan by Dutch Second Chamber
The Dutch government's 2013 tax plan has been adopted by The Dutch Second Chamber, of fiscal measures including plans to introduce a so-called "lessors’ tax" in 2013; to increase the insurance premium tax; and to introduce new rules applicable to
See MoreMeasures on Business Centers passed
The Bill on Measures for Asian Business Centers was passed by the Diet on 27 July 2012. This measure is intended to encourage global companies to establish their R&D centers and Asian headquarters in Japan. The legislation grants incentives
See MoreHungary-Tax Law changes for 2013
On 12 October 2012 a bill introducing the 2013 "tax package" was introduced into the Hungarian Parliament. Further amendments to the package were proposed on 18 November and on 29 November 2012 the changes for 2013 were published in the Official
See MoreWithholding Tax on Dividends-new Danish Anti-Avoidance Rules applies from 2013
The Danish Ministry of Taxation presented a bill containing anti-avoidance rules regarding withholding tax on dividends. The purpose of the Draft Bill is to adjust certain unplanned consequences of the current rules. If adopted this bill applies
See MoreNetherlands Bill Softens Exit Tax Rules
It was reported on 17 December 2012 that the Dutch Second Chamber has recently approved a bill submitted by the Financial State Secretary amending existing legislation pertaining to exit tax. The bill provides companies electing to relocate abroad
See MoreThe Malaysian Budget for 2013
The Malaysian Budget for 2013 was presented by the Prime Minister (also the Finance Minister) on 28 September 2012 and is generally effective from year of assessment 2013 unless otherwise stated. Key points of the budget are summarized
See More