Australian Government restates commitment to lower taxes
The Australian Prime Minister has reiterated his election pledge for “lower, simpler, fairer taxes,” and the new government will draw up a tax reform white paper within two years. Recommendations in the white paper shall be part of the platform
See MoreHungary dismisses OECD Tax Advice
The Hungarian government has rejected OECD proposals for major tax reforms, covering a new property tax as well as energy, environmental, inheritance and wealth taxes. The Minister of Economic Strategy has said that tax reform is complete and no
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 MoreECJ to investigate Portuguese exit tax
The European Court of Justice (ECJ) will investigate tax residency rules in Portugal; this results from a referral by the European Commission which considers the Portuguese rules applicable to taxpayers who are no longer resident in the country to
See MoreEuropean Commission: Belgian taxation rules for credit institutions need reform
The European Commission has requested Belgium to amend its law on the taxation of transactions in specific securities. Belgian law at present only allows credit institutions established in Belgium to operate settlement systems with tax clearing;
See MoreChina: Shanghai Free Trade Zone implemented
The China (Shanghai) Pilot Free Trade Zone (SFTZ) is an important milestone in economic policy and may lead to broader financial and economic reforms. The SFTZ is geared towards services industries and promotes not only trading but also investment.
See MoreArgentina: White List Available
The Argentinian tax administration (AFIP) issued Resolution No 3576 on 7 January 2014, which makes public the white list of cooperative jurisdictions, effective from 1 January, 2014. Countries not in the white list are to be treated as “not
See MoreArgentina: New income tax on specific exports
Argentina issued Resolución General N°3577/2013 on 7 January 2014 that establishes a new income tax (Impuesto a las Ganancias) on transactions where goods are exported to a foreign jurisdiction other than the jurisdiction billed for the
See MoreUnited States: trust residency regulations
The US Treasury Department and the Internal Revenue Service (IRS) have requested comments on the existing final regulations (TD 8813) that provide guidance on determining the residence of a trust for US tax under section 7701 of the US Internal
See MoreUkraine: Transfer pricing report
The Ministry of Taxes and Charges has issued the official form for the transfer pricing report under Ukrainian law, and has clarified the procedures for completion. The documents were approved by Ministry of Taxes and Charges Order No.
See MoreCanada: New Anti-Avoidance Program
The Canada Revenue Agency (CRA) has announced the Offshore Tax Informant Program (OFTP) that offers financial rewards for information that helps address major international tax non-compliance. Rewards will be paid to individuals for evidence with
See MoreAustria: Tax Reform Working Group
The Austrian Government has set up a working group for tax reform, with a view to submit reform recommendations by the end of 2014. The specific reform objectives have already been set out in the coalition agreement, and the planned reforms will
See MoreAustria: draft 2014 bill amending Tax Acts
The Austrian Ministry of Finance, published the 2014 Tax Amendment Act (Abgabenänderungsgesetz 2014; AbgÄG 2014), on 9 January 2014. This amending law will make changes to certain Austrian Tax Acts, as follows: Limiting tax deductibility of
See MoreDenmark: Updated guide on expatriate regime
The Danish tax administration has published, on 15 January 2014, an update of the guide for taxation of foreign researchers and key employees. This provides the amounts and rates applicable in
See MoreSouth Africa: Tax Administration Laws Amendment Act 39 of 2013 promulgated
The Tax Administration Laws Amendment Act, 2013, has been promulgated as Act 39 of 2013 on 16 January 2014. The Act amends the Transfer Duty Act, 1949; the Income Tax Act, 1962; the Customs and Excise Act, 1964; the Value Added Tax Act, 1991; the
See MoreRussia: Ministry of Finance clarifies patent system taxation issues
The Ministry of Finance published Letter No. 03-11-09/55604 on 17 December 2013 which sets out the maximum and minimum thresholds of potential annual income to apply with regard to the patent system of taxation. The MoF also clarified that under
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
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