US – Tax Reform Discussion Draft
The House of Representatives Ways and Means Committee Chairman has issued a comprehensive income tax reform discussion draft, which proposes to reduce maximum tax rates and simplify the tax code. The discussion draft suggests that six different
See MoreCanada: Draft Legislation Concerning Taxation of Canadian Banks With Foreign Affiliates
On February 27, 2014, Canada’s Department of Finance released draft legislative proposals relating to the taxation of Canadian banks with foreign affiliates. The proposals contain modifications to those released for consultation on November 27,
See MoreAustria: Tax Increases
The National Council of Austria has adopted with minor changes the Government's Tax Amendment Act, providing for a number of tax increases. The Tax Amendment Act increases the standard consumption tax, the motor vehicle tax, and the tobacco tax. The
See MoreUK: publishes draft legislation to eliminate stamp duty and stamp duty reserve tax on Exchange Traded Funds (ETFs)
HMRC has published for consultation a draft Statutory Instrument and a Tax Information and Impact Note on 17 February 2014. It was intended to abolish of stamp duty and stamp duty reserve tax on transfers of interests in Exchange Traded Funds
See MoreEU and France reach Deal on Saint-Barthelme Savings Tax
The European Union (EU) and France have drafted an agreement on the application of savings tax legislation to the collectivity of Saint-Barthelme. The island of Saint-Barthélemy ceased to be a region of the EU with effect from January 1, 2012.
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 MoreAustria publishes revised draft bill amending tax acts
A revised draft bill of the 2014 Tax Amendment Act (Abgabenänderungsgesetz 2014; AbgÄG 2014) was forwarded to the Austrian Parliament on 29 January 2014. The revised draft bill modifies the initial draft bill with amendments to certain Austrian
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 MoreUnited Kingdom – Derivative contracts and anti-avoidance legislation
On 23 January 2014, draft legislation amending the rules for derivative contracts was updated by adding an anti-avoidance provision which disregards debits and credits arising from arrangements to transfer profits between group companies. The
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 MoreAustria: Special taxes increased
Austria published draft legislation to increase the tax rate for the special bank levy to 0.09% for assets above EUR 1 billion and 0.11% for those above EUR 20 billion. The draft, which has yet to be agreed upon in parliament, also includes other
See MorePolish Parliament approves bill amending CIT law
The lower house of the Polish Parliament approved a bill on 8 November 2013, which enacts significant changes to the Corporate Income Tax (CIT) law as effective from 1 January 2014.The Polish Government was proposed in the bill to include
See MoreSlovenia: Modified Individual Income Tax Law enacted
It has been confirmed on 26 December 2013 that modified Individual Income Tax Law entered into force on 23 November 2013 in Official Gazette 96/2013. The modifications include a provision that in the case of income that arises under a dependent
See MoreFrance – Status of Transfer pricing proposals in the Draft Finance Bill for 2014
The French Senate rejected part 2 of the draft finance bill for 2014 on 16 December 2014. The bill is scheduled on 19 December 2013 for a final consideration. The draft bill changes the penalty provisions for those taxpayers who fall under article
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: Royal Decree on tobacco tax rise
A draft Royal Decree, regarding tax rise on tobacco is approved by the Belgian Council of Ministers. As a result, the excise duty on cigarettes will be fixed at EUR 6.8914 (USD 9.2) per 1,000 pieces from 1 January 2014, and the special excise duty
See MoreBelgium: Enhancement of employers’ social security tax break
A draft Royal Decree is approved by the Council of Ministers of Belgium with a purpose to strengthen the structural reduction of employers’ social security contributions. An increased rate of structural reduction of employers’ social security
See MoreUSA – Inflation Adjustments for 2014
On October 31, 2013, the Internal Revenue Service announced annual inflation adjustments for the year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about
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