Canada: Tax rates unchanged in Nova Scotia’s 2014 budget
Nova Scotia’s Finance Minister has delivered the 2014-15 budget which does not include any changes to the tax rates. The budget is maintaining the harmonized sales tax (HST) rate at 15%. The budget also proposes to scrap the graduate retention
See MoreUS – IRS Advises Taxpayers with Foreign Income
The IRS has issued instructions for /US citizens or residents who are living or working abroad, and for people in the US receiving foreign income in 2013. All income of US citizens or residents must be declared to the IRS and the rules in respect of
See MoreSlovenia- VAT rise from 22% to 24%
Slovenia has increased the standard VAT rate from 22% to 24% with effect from 1 May 2014 until 31 December 2014. This is intended to contribute to dealing with the 14.7% budget deficit to GDP that has arisen due to a bailout of banks in 2013.
See MoreTransfer Pricing Brief: March 2014
Austria Intangible property-From 1 March 2014 interest and royalty payments to certain related parties are not deductible for tax purposes if the recipient corporation is not subject to tax due to an exemption.Financial Services-From 1 March 2014
See MoreNew Zealand: New rules for determining tax residence
In New Zealand the Inland Revenue Department has issued an “interpretation statement” on tax residence. This is an update to previous guidance from 1989. The new statement takes effect from 1 April 2014 and includes residence criteria for
See MoreJapan: 2014 tax changes
Some changes to Japan’s tax law announced on 1 October 2013 were passed on 20 March 2014. The “attributed income principle” in respect of the profits of permanent establishment, as set out in the authorized OECD approach, will be adopted. The
See MoreItaly: Italian 2012 Tax Returns Suggest Compliance Gap
Italian statistics in respect of tax returns suggest that Italians on average declared income of around EUR19,750 (USD27,200) in the 2012 fiscal year. Although the government has been encouraging more tax compliance, the number of taxpayers sending
See MoreIreland: IBEC calls for Tax Cuts to Support recovery
Ireland’s business and employers’ confederation IBEC has requested a reduction in the marginal individual income tax rate to bring it below 50 percent and has suggested that the income level at which the top rate of tax begins should also be
See MoreIndia shows decline in transfer pricing adjustments
The income tax department has estimated that the number of transfer pricing adjustments in 2014 so far has fallen by 14 percent by comparison to the previous year. This may indicate that taxpayers in India are becoming more aware of the transfer
See MoreHong Kong considers how to maintain Low-Tax Regime
According to a recently published report by the Working Group on Long-Term Fiscal Planning the government will need to find additional tax revenue at some point in the future to close a gap in the finances. The government has emphasized that fiscal
See MoreFrance – Study Backs Real Estate Tax Review
The French housing association CGL has pointed out that there are large differences between rates of residence tax in different parts of France. The residence tax is due from the owners or tenants of residential property on the basis of the notional
See MoreFrance – President offers Token Tax Cut for Households
The French is to announce some tax cuts for families in France, according to reports, but the amount of the tax cuts has not been decided and may depend on further reductions in government expenditure. The President also plans to lower labor costs
See MoreFrance- Court Rules in Research Tax Credit Case
In France a tax credit known as the Crédit Impôt Recherche (CIR) is available for certain research and development expenditure by businesses. A recent case (No. 1219816) involved an appeal from a business advisory firm, in respect of the partial
See MoreFrance Reintroduces Rules for Creative Tax Credit
The creative tax credit is given to innovative enterprises in the area of arts and crafts. A company in this sector may obtain a 10% tax credit for expenditure on new products, including the cost of wages, design and protection of new models. The
See MoreFinland decides against VAT increase as taxes rise
On 25 March 2014 Finland is to put through some tax rises and benefits cuts in an attempt to lower the budget deficit. Other Scandinavian countries have VAT rates as high as 25%, and Finland has for some time been considering an increase in VAT.
See MoreGermany: Finance Minister Indicates Tax Cuts Will Come
The German Finance Minister has suggested that tax cuts could be made in the next few years. Various commentators have pointed out that the personal income tax thresholds have not increased in line with inflation, leading to the phenomenon of
See MoreEU Approves UK Video Game Tax Break
The European Commission has approved the new UK tax relief for video game as being in line with EU state aid rules. The videos games tax relief is designed to give an incentive to developers of video game developers to design products that meet
See MoreIndia releases revised Direct Taxes Code 2013
The Indian Finance Minister has issued a discussion draft of the Direct Tax Code (DTC), 2013. This draft contains proposals for extra taxes on high net worth individuals, a lower threshold than earlier proposed for imposing tax on the offshore sale
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