Italian Law Decree aims at incentives for start-up companies
The Italian Government has approved Law Decree, No. 179 of 18 October 2012, which has been published in Official Gazette No. 194. The Decree introduces incentives for innovative start-up companies, to encourage economic growth. For the first time
See MoreIndonesia – Potential changes to the transfer pricing regulations
The Director General of Taxation of Indonesia has recently focused on transfer pricing, proposing some changes to the existing transfer pricing rules. However, these proposals are not yet final and some changes may be made before the final issuance
See MoreBelgium: Agreement on tax measures for budget 2013
The Federal Government of Belgium has recently come to an agreement on the tax measures in the Budget 2013. This includes changes to the corporate tax rate and the withholding tax rate. There are also some indirect tax measures but those are not yet
See MoreAustralia – Proposed amendments of transfer pricing rules
The Australian Assistant Treasurer has recently Tax Laws Amendment (Cross-Border Transfer Pricing) Bill 2013: Modernization of transfer pricing rules,in which changes to transfer pricing rules were proposed. The new law focuses mainly on
See MoreIrish Revenue announces transfer pricing compliance monitoring approach
On 6 December 2012 it was published that the Irish Revenue released guidance on 26 November 2012 setting out how they are proposing to monitor transfer pricing compliance in accordance with Part 35A of the Taxes Consolidation Act 1997 The guidance
See MoreFrench Committee Adopts Supplementary Finance Bill
On 4 December 2012 it has been published that the French National Assembly Finance Committee has recently adopted the country’s 2012 supplementary finance bill, which constitutes a key stage in the government’s overall plan to strengthen the
See MoreBrazil Provisional Measure 6272013 – CFC rules for resident individuals introduced
On 4 December 2013 it has been published that the Provisional Measure 627/2013 (PM 627/2013), introduced important changes to the Brazilian tax legislation. This was published in the Official Gazette of 12 November 2013. Among those changes, PM
See MoreGerman Bundestag Adopts 2013 Budget
The German Bundestag, or lower house of parliament, has recently adopted the government’s 2013 federal budget, providing for a reduction in the pension insurance contribution by 0.7% to 18.9%, and for the abolition of the highly unpopular practice
See MoreChina opposes European Union (EU) emissions tax
The European Union's (EU) tax on non-EU international airlines for their carbon emissions has once again come under fire from China. China's chief negotiator to the ongoing United Nations climate change talks, Xie Zhenhua, has said that while China
See MoreGermany announces further tax revenue growth
Although Germany’s federal government and states will undoubtedly welcome news of additional tax revenues recorded in October, last month’s increase is significantly less than in previous months, due notably to a weakening economy. In its
See MoreTaiwan Announces Income Tax Cuts
It has been published on 28 November 2012 that the Ministry of Finance has announced that, because of the inflation linkage within Taiwan's tax code, individual income tax thresholds and brackets will be increased automatically next year. As
See MoreUK Announces New Anti-Avoidance Tax Forces
On 22 November 2012 it was reported that the UK tax authority, HM Revenue and Customs (HMRC) has announced specialist task-forces to tackle tax avoidance in the UK clothing trade, alcohol industry and rental property sector, expected to recover
See MoreUK’s High Earners Face Heavy Tax Burden
It has been suggested that the UK's tax rates penalize its top earners with one of the highest personal tax burdens in the world, according to new research. The UK has the ninth highest tax burden in the world on those earning between USD200,000 and
See MoreMalta to Amend SICAV Reporting Rules
On 30 October 2012 it has been published that the Malta Financial Services Authority (MFSA) has announced a number of legislative proposals to update the reporting requirements for Collective Investment Schemes. Presently there is a disparity in the
See MoreNorway Unveils ‘Neutral’ 2013 Budget
It was reported on 11 October 2012 that Norway has unveiled its 2013 budget ahead of next year’s elections, including less fiscal stimulus than previously expected. As part of its 2013 budget, Norway is set to double its carbon taxes on oil firms
See MoreKenya Increasing Taxes to Cover Budget Shortfall
On 10 October 2012 it was reported that, according to Kenya’s Finance Minister, the government needs to find KES40bn of additional tax revenue or spending cuts to fill a hole in its 2012/13 Budget, which has been largely caused by the recent pay
See MoreSouth Africa’s New Tax Administration Act Is In Force
The South African Revenue Service (SARS) has announced that the Tax Administration Act (TAA), which is intended to simplify and provide greater coherence in South African tax administration law, and was promulgated on July 4, 2012, largely came into
See MoreIndia: Reduces tax rate on foreign borrowings
The Indian government has lowered the taxes charged on money borrowed by Indian companies in foreign currency. The changes are included in Finance Act 2012, which amends section 115A of the Income Tax Act and inserts a new section, 194LC, in the
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