South Africa-selective tax hikes predicted In South African budget
South African Finance Minister present his 2014/15 Budget to Parliament on February 26, the South African Institute of Tax Professionals (SAIT) has predicted that the Minister will have to introduce selective tax increases to make up for a shortfall
See MoreIndia: Finance Minister presents the Interim Budget
India’s Finance Minister presented the Interim Budget for 2014-15 in Parliament on 17 February 2014. In keeping with the convention in presenting an interim budget, amendments have not been proposed to the income tax laws. There have however been
See MoreCanada: Tax provisions in British Columbia’s 2014 budget
On 18 February 2014, British Columbia’s Finance Minister delivered the province’s 2014 budget. The British Columbia 2014 budget: Does not propose any general corporate or individual (personal) income tax rate changes; Would extend the
See MoreMalta – Inclusion of the individual tax proposals in budget legislation
In Malta legislation has been presented to parliament to implement measures that were presented in the government’s budget for 2014. The proposed amendments include the introduction of a new tax bracket; the extension of the parental computation;
See MoreUkraine: Tax Code Changes Included in 2014 Budget
The Ukrainian President signed the law on the state budget for 2014 on January 17, 2014. The draft law on the budget provides for changes to the country's tax code. According to the draft the value-added tax rate will remain unchanged at 20 percent
See MoreItaly Cancels Budget’s Automatic Tax Deduction Changes
The Italian Government has decided to include proposed measures to rationalize individual income tax deductions within the framework of the draft tax reform law, which is currently before parliament, rather than the recently-approved 2014 Budget
See MoreCanada: Lower Tax Rates demanded for Small Businesses
The Canadian Federation of Independent Businesses (CFIB), in presenting budget requests to the Finance Minister, has recommended a gradual reduction of the small business tax rate from 11% to 9%. CFIB feels that these changes will help the small
See MorePortugal: Parliament adopts Retroactive Budget for 2014
The Parliament has adopted the Retroactive Budget for 2014, this widens the base of the Portugal’s “Extraordinary Solidarity Contribution” (CES) on pensioners. The CES will apply to pensions greater than EUR 1,000/month (previous level, EUR
See MoreNew Zealand: Welfare Reforms will reduce costs
The costs to the taxpayer from benefits have fallen due to benefit reforms. The latest valuation current lifetime liability of the New Zealand welfare system estimates the liability at NZD76.5bn, a fall of NZD10.3bn. The saving came from having
See MoreIndonesia:Changes brought under the Circular SE-50/PJ/2013
Intra-group services Circular SE-50/PJ/2013 instructs tax auditors to check that the service has been provided and given economic benefit to the recipient. Shareholder services, duplicate services, incidental benefits, passive association or
See MoreAustria: “Provisional” Budget submitted
The Austrian Government has submitted a provisional budget for 2014 to the Austrian National Council; the proposals broadly follow the coalition accord. Tax rises are proposed in the motor vehicle insurance tax and on alcohol and tobacco, and for
See MoreNorway Budget for 2014 – amendments
On 8 November 2013 the new Government presented its amendments to the Budget Bill for 2014. In general, the new Government is reducing taxes, whereas the former Government increased them. The amended Budget for 2014 contained the following
See MoreNew taxes has been introduced by the Italian 2014 Budget
The Italian parliament approved a “maxi-amendment” on December 23 2013 completely replacing the proposals initially made by the Government on October 2013 in its draft 2014 Budget. Government has introduced tax measures that may produce
See MorePortuguese Parliament (AR) adopts the Budget for 2014
The country’s State Budget for 2014 (OE 2014) is adopted by the Portuguese Parliament (AR). The budget deficit is reduced to 4 percent of gross domestic product (GDP) is ensured by the fiscal consolidation measures, in connection with the
See MoreNorway releases 2014 Budget
On 14 October 2013 Norway released the 2014 Budget with proposals on new interest deductibility restrictions and reduction of the corporate income tax rate. The Budget includes proposed significant restrictions on the deduction of interest paid to
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 MoreCanada: Legislation sanctioning Manitoba’s 2013 budget
By enacting legislation Manitoba’s 2013 budget evaluates took Royal Assent on December 5, 2013. The budget belonging tax measures provisions that: Corporate capital tax rate on financial institutions has to be increased from 4% to 5%; The
See MoreMexico: Congress passed budget for 2014
The Mexican lower house of Congress has passed the federal budget for 2014, which proposes running a deficit in 2014 to lift the country’s economy on 14 November of 2013. The budget will increase the tax revenue by around 2.5% of GDP by 2018. The
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