New 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
See MoreFrance – reform to the tax procedure of life insurance contracts
The French Ministry of Finance presented the year-end supplementary finance bill of 2013 to the Council of Ministers. The bill comprise of plans to reform the tax procedure of life insurance contracts. The ministry is planning to increase the rate
See MorePortuguese: New VAT measures in Finance Bill
A range of changes to the Portuguese VAT regime has been presented in the latest Finance Bill which would come into effect on 1 January 2014. According to the upcoming changes, taxpayers will now have the option to forgo the VAT exemption on
See MoreNorway – Amended 2014 budget to implement interest limitation rules
Norway’s new government on 8 November 2013 presented its “adjustments” to the 2014 budget. The proposal to limit interest deductions on related-party loans, for the most part, will move forward from the prior budget proposals and will be
See MoreMalta: Budget 2014
Malta’s Minister of Finance presented the government’s budget for 2014 on November 04, 2013. The 2014 budget holds various measures including expense findings for business visionaries who offer apprenticeship positions and work arrangements.
See MoreLatvian Parliament approves the State budget for 2014
The Latvian Parliament approved the Law on the State Budget for 2014, the Law on Medium-Term Budget Framework for 2014–2016 and amendments to 37 budget-related laws on November 7, 2013. Next year, Payments made from the Maintenance Guarantee Fund
See MoreItaly: Changes to 2014 Budget has been approved by Senate
A “maxi-amendment” has been approved by The Italian Senate on November 26 by means of a confidence vote completely replacing the proposals initially made by the Government in its draft 2014 Budget in October. The changes made to the
See MoreSwitzerland: Budget Surplus despite Revenue Dip
The Swiss Federal Department of Finance released that the Confederation is forecasting the excess budget of this year CHF0.3bn (USD0.33bn) on 1 November 2013. Switzerland’s budget presented for a shortage of CHF0.4bn in 2013. Revenues are expected
See MoreSpain: National budget bill 2014
National budget bill of Spain for 2014 was presented on 30 September 2013 in the Spanish Parliament. The 2014 draft budget has proposed an amplification of the surcharges for 2014. On the other hand, it has been also raised to hold the Wealth Tax
See MoreHungary – Proposed year-end tax law changes
The Minister of the National Economy of Hungary has submitted to the Parliament the year-end proposals of tax law changes of the government. The proposed changes to the tax law include changes to the rules of permanent establishment so that
See MoreCanada – Legislation Implementing Tax Measures from Budget Plan
The Canada’s Federal Budget Bill contains measures from the 2013 federal budget including: Introduction of new administrative financial penalties and criminal offences to deter the use, possession, sale and development of electronic suppression
See MoreBelgium: Tax simplification bill
The Belgian Council of Ministers has given approval of the tax simplification bill. According to the bill, any individual for signing a contract last year for the construction of a low energy home will benefit from the tax reduction applicable for
See MoreBelgium – Hospitality Tax Bill
The Belgian Senate has approved the bill submitted by the Belgian Finance Minister that is designed to reduce the tax burden on the country's hotel and catering industry (Horeca). The bill introduces a new fiscal and social regime for occasional
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