Israel – Government Approves Budget 2013-2014
The Budget for the fiscal year 2013-2014 has been accepted by the Israeli government initiating important changes to both individual and corporate tax regulations. The laws regarding tax rates will take effect as of January 1, 2014, and the
See MoreFrench Tax Bills for 2014 announced
On 11 September 2013 the French Finance Ministry finalized its 2014 finance bill. The tax burden on the wealthiest individuals in particular will continue to rise, despite the Government's pledge to stabilize taxes next year. The French Government
See MoreItaly: 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 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 MoreCanada – Amends to foreign affiliate dumping rules proposed by the Government
The draft legislation has introduced on August 16, 2013, to make revisions to the foreign affiliate dumping (FAD) rules that were first declared as part of the 2012 federal budget and enacted on December 14, 2012 according to Bill C-45 and it would
See MoreUK: consultation on tax free childcare
In the 2013 Budget measures the UK announced the introduction of tax free childcare for working families. The objective of the scheme would be to give the equivalent of basic rate tax relief for the costs of childcare. A consultation document has
See MoreFinland: Budget proposal for 2014
On 8 August 2013, the Finnish Ministry of Finance published its Budget proposals for 2014. All the proposals will be discussed by the government on 28-29 August 2013 before the final set of proposals is presented to parliament in September 2013. If
See MorePakistan: Tax law changes enacted in Finance Act 2013
Pakistan’s Finance Act 2013 implements the tax changes proposed in the budget for 2013. The changes came into force from 1 July 2013. The Finance Act 2013 includes following tax provisions: Change the rules on the taxation of property income,
See MoreUruguay: National Assembly presents Budget Bill 2012
The government of Uruguay presented a Bill to the National Assembly on 30 June 2013 that reviews the 2012 Budget. Capital gains on bearer shares have become subject to individual income tax (IRPF) and non-resident income tax (IRNR) unless particular
See MoreSouth Africa Consults On Budget Tax Reform Bill
On 4 July 2013 the National Treasury published the 2013 draft Taxation Laws Amendment Bill (TLAB) and the Tax Administration Laws Amendment Bill for public comment. The draft legislation would give effect to most of the tax proposals announced in
See MoreSlovenia: revised budget approved
The Government of the Republic of Slovenia approved the draft revised budget for 2013 on 20 June 2013. The main reason for drafting a revised budget for 2013 was the waning macro-economic forecasts in comparison with the forecasts relevant when the
See MoreIsrael: Budget for the FY 2013-2014
Israeli cabinet has approved the Budget for fiscal year 2013-2014. The VAT rate has been raised to 18% as from June 1, 2013 (previously 17%). The corporate income tax rate has been increased to 26% from 25% and the personal income tax rate will be
See MoreTanzania: Tax proposals for 2013 budget
The Tanzanian Budget for 2013 was presented to the National Assembly by the Minister of Finance and key changes made by the Budget proposals are summarized below: Reduction of the minimum tax rate for individuals from 14% to 13%. Abolition of a
See MoreKenya: Tax proposals in the 2013/14 budget
The National Assembly by the Cabinet Secretary to the National Treasury was presented the Budget for 2013-14 on 13 June 2013 . Capital gains tax has been re-introduced and applies to real estate, marketable securities and other saleable assets.
See MoreAustralia: Budget 2013
The Australian government released its budget for 2013 on May 2013. It includes plans for a number of revenue / tax expenditure changes including measures to combat profit shifting. According to the budget, business entities will be eligible for
See MoreSweden: tax proposals in 2013 spring budget
The government of Sweden submitted to Parliament a budget bill on 15 April 2013 that proposes domestic tax changes. The measures include improving incentives to work, strengthening the income tax credit further and increasing the lower threshold for
See MoreIreland: Finance Act 2013
The Irish Finance Bill 2013, which was published on 13 February 2013, was enacted on 27 March 2013 as the Finance Act 2013. Modifications have been made to the tax regime for start-up companies. These companies currently are not required to pay
See MoreUK Finance Bill 2013 published
Following the Budget announcements on 20 March, the UK published the Finance Bill 2013 on 28 March 2013. The Bill includes a reduction in the main rate of corporation tax to 21% in 2014 and to 20% in 2015. Explanatory Notes to the Finance Bill have
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