Germany: Enormous number of Voluntary Tax Declarations
The number of voluntary tax declarations received by the German tax authorities submitted by German residents so far this year is already more than doubles the 2012 total. It has been reported by the business newspaper Handelsblatt based on
See MoreFrance: Independent Worker Union Criticizes Corporate Land Tax Reform
The government of France proposed reform to the corporate land tax contribution (CFE) under the framework of the finance bill of 2014- PLF 2014. But the independent worker union UNAPL has strongly criticized the proposal. The PLF 2014 presents
See MoreCyprus disagree with OECD forum report regarding “Non-Compliant” Tax Rating
The OECD forum released a compliance ratings report on Tax Transparency and Exchange of Information assessing the legal and regulatory frameworks in the jurisdiction and how these are executed. The meeting was held in Jakatra focusing 50
See MoreCanada – Venture Capital Tax Credit has phased out
The Canadian Government is negotiating on a series of draft legislative proposals for the orderly phase-out of the federal Labor-Sponsored Venture Capital Corporations (LSVCC) tax credit. LSVCCs are a type of mutual fund corporation, sponsored by
See MoreCanada has perfectly managed Liechtenstein’s tax information
The Canada Revenue Agency (CRA) managing this data was reviewed as part of the Auditor General's fall 2013 report. The office has examined whether the agency perfectly conducted compliance activities for those listed under the Liechtenstein bank,
See MoreBelgium: Cornerstones of savings tax reform is unveiled
A draft banking law is introduced by the Belgian Finance Minister.The Minister also confirmed has a plan to extend the favourable tax regime which is currently benefiting savings account interest in order include other types of savings and
See MoreBelgium: Documentary proof for intra-community VAT exemption is clarified
The Belgian VAT office is compelled to change its guidance regarding the requirements for the application of the VAT exemption on intra-community supplies. To enable suppliers of goods or services a number of conditions are set out under the EU
See MoreArgentina plans to apply Luxury tax to preserve dollars
The government of Argentina is planning to increase the taxes on high-end cars and other imported luxury goods. A Bill has been sent to Congress with a view to implement this policy. The government is attempting to protect the country’s reserves
See MoreUS hopeful of resolution over issue of Chinese VAT on Shipping
A bilateral consultation was held with China over the impact on international shipping firms of the extension of Chinese value added tax to cover shipping services on August 1, 2013, on the basis of Circular 37/2013. Commissioner William Doyle of
See MoreTurkey deducts VAT rate on e-books
By harmonizing the VAT rate imposed on e-books and traditional, printed books Turkey has become the updated country and it plans to rearrange e-books from the standard VAT rate of 18% to the same reduced rate 8% for books. The Turkish VAT deduct
See MoreFrench and Italian FTT has been challenged by the German banks
The financial transactions tax (FTT) presently levied by France and Italy on trading in French and Italian securities need to be banned by the European Commission which is urged by the Leading associations from the German finance industry. They
See MoreFrance-Increase of VAT rate from 1 January 2014
The government of France announced on 16 December 2013 to reduce the VAT rate from 19.6% to 20% in 2014. The increased VAT rate should be applied on all taxable supplies from 1 January
See MoreAustralia: ATO dispatched International Structuring, Profit Shifting field Program
The Australian Taxation Office (ATO) in accordance with current base erosion and profit shifting (BEPS) activities dispatched an “international structuring and profit shifting” (ISAPS) field review program. This is a decentralized national
See MoreUS: Moneyed Households Pay over 100 Percent of Income Tax
Based on a report of Distribution of Household Income and Federal Tax for 2010, Congressional Budget Office (CBO) pointed out that the share of taxes paid by higher-income households in the United States significantly exceeded their share of
See MoreNetherlands – new transfer pricing decree
The Dutch Deputy Minister of Finance in late November 2013 issued a decree that generally unifies and clarifies prior transfer pricing guidance, and withdraws and cancels prior decrees from 2001 and 2004. The effective date for the new transfer
See MorePoland’s VAT changes effective in 2014
Poland’s value added tax (VAT) law changes that is effective from 1 January 2014. Changes to the date when VAT liability arises (the tax point); a new definition of the taxable base; new rules for input VAT deductions; new provisions in relation
See MoreNorway Budget for 2014 enacted
The Budget Bill for 2014 was enacted on 13 December 2013 by the Parliament. The provisions include the reduction of the corporate tax rate to 27% and new rules limiting the deductibility of interest paid to related
See MoreRomania: comprehensive VAT deferment scheme to importers
The import VAT abeyance scheme has been extended in Romania under a Order issued by the Ministry of Finance at the end of last month. At present, persons who are owner of the specialized VAT deferment certificates are offered the opportunity to
See More