Italy: VAT rise may be delayed to 2014
The VAT rise to 22% originally planned in Italy for 2013 may be delayed to 2014. Italy may however fail to meet the 3% budget deficit requirement for 2013 imposed by the European Commission if the VAT rate is not raised. The delay of 3 months is
See MoreItaly: First payment of municipal real estate tax abolished
Law Decree No. 102/2013, providing for urgent measures with regard to the municipal real estate tax (IMU), was published in the Official Gazette No. 204, Ordinary Supplement No. 66 on 31 August 2013. The first payment of the IMU for 2013,
See MoreIndia: New Company Law enacted from 2014
The government of India enacted a new company law on 29 August 2013 which aims to make stronger the rights of shareholders and to increase corporate social responsibility. Companies will also be essential to improve the quality of their financial
See MoreGermany: New VAT invoice requirements
Germany has approved a new Act to implement changes to bring German VAT compliance rules into line with the EU VAT Directive and with a number of recent court cases. Under the new Act changes to German VAT invoices include: The obligation to
See MoreFrance: Temporary reduction on taxation capital gains on immovable property
The government of France issued guidelines BOI-RFPI-PVI-20-20-20130809 on 9th August 2013, providing new reductions on capital gains for the purpose of individual income taxation and social contributions. The reduced tax rate is 25%. Moreover, the
See MoreFrance: List of non-cooperative states or territories updated for 2013
The French government published a Ministerial Decree on 28 August 2013 updating the list of non-cooperative states or territories (NCSTs). The list will become effective from 1 January 2013. A major consequence for a country that is on the list of
See MoreFrance rules out plans for tax hikes in 2014
The French government has declared that taxes imposed on companies in France will not rise in 2014. France originally planned to raise an additional 6 billion Euros (5.1 billion pounds) in new taxes next year but acknowledged recently that
See MoreFrance adopts new tax measures to simplify administration
The Council of Ministers of France adopted a bill to implement a new set of measures to simplify administrative procedures for companies on 4 September 2013. The bill will now be subject to parliamentary discussion. The plans of the French
See MoreFinland: Tax Administration published information package on tax havens
On 3 September 2013, the tax administration of Finland published on their website an information package on tax havens. This focuses on the experiences of the Finnish tax administration with tax structures using tax havens, i.e. jurisdictions
See MoreECJ: Advocate General’s opinion on Hungarian retail turnover tax
The Advocate General of the European Court of Justice (ECJ) has issued an opinion in respect of a case involving a Hungarian retail turnover tax. The opinion of the Advocate General is issued as a guide for the ECJ but is not binding on the
See MoreChina: Consumption tax on more luxury goods
China is considering broadening the scope of its consumption taxes to cover more luxury goods. This announcement comes as Chinese consumers are set to make up a third of luxury consumption globally by 2015, up from 27 percent in 2012. China already
See MoreArgentina: Changes to Income Tax and Family Allowances
The Argentine government announced changes to the income taxes. According to the new amendments exemptions from taxes will be offered and the level of non-taxable income for higher earners will be raised. According to Decree 1242/2013, workers with
See MoreAustralia: Changes to unfair dismissal related thresholds
Changes to numerous employment related financial thresholds which are listed every year have been proclaimed by the Australian Government. These are applicable from first July 2013. Both the employer and employee will be required to enter into an
See MoreAustralia: Liabilities classification for Thin Capitalization
As a consequence of changes to Australia’s thin capitalization rules taxpayers may need to review their thin capitalization position. Now every entity must have to consider whether their liabilities are debt or non-debt and the effect on the
See MoreAustralia: Prepare for an Australian Taxation Office (ATO) review
Australia is increasingly giving attention to transfer pricing issues and has recently introduced changes in the law to align the transfer pricing rules more closely to the OECD Guidelines. Taxpayers need to be completely ready for an Australian
See MoreCanada: New exempt life insurance policy rules proposals
A number of amendments that would implement changes to the elimination test and other life insurance policy holder taxation rules have been published by the Canada’s Finance Department. Again, the proposals would amend the rules applying to the
See MoreChina: Tax exemption for small and micro-sized enterprises
The Chinese Finance Ministry (MOF) and the State Administration of Taxation (SAT) have announced VAT and business tax exemptions for small-sized businesses on 29th July 2013 and the new measure has come into effect from 1st August 2013. This
See MoreFrance announces plans for a Carbon Tax
The government of France has announced to initiate a “climate energy contribution”. The new plans will fall within the framework of finance bill 2014. The Government is expected to put forward further environmental tax initiatives in its
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