France: Property Savings Account Tax Perk to remain
The Budget Minister of France has confirmed that there are no plans to change regulated home buyers savings account (PEL savings account). This measure enables individuals to earn tax free interest earned up to a period of 12 years, and offers
See MoreArgentina: New “white” list of countries published
Argentina’s Federal Tax Authorities (AFIP) issued General Resolution 3576/2013 (published in the Official Gazette on 31 December 2013 covering the new list of the countries, jurisdictions, territories and tax systems that are considered
See MoreVietnam: APA regime procedures and rules
Vietnam’s Ministry of Finance has issued detailed guidance in Circular 201/2013/TT_BTC dated 20 December 2013, for the advance pricing agreement (APA) regime, which was added to the income tax law in July 2013. The new guidance is effective from 5
See MoreSlovakia: Corporate tax rate reduction, international tax rules changed
The Finance and Budget Committee of the National Council of the Slovak Republic recently proposed some changes to the Slovak Income Tax Act. The proposed changes cover reduction in the corporate income tax rate, carry forward of tax losses, transfer
See MoreNetherlands: New decree on arm’s length principle published
The Netherlands State Secretary for Finance issued Decree No. IFZ 2013/184M on 26 November 2013 (Official Gazette No. 32854) which relates to the application of the arm’s length principle and the OECD Transfer Pricing Guidelines. The revised
See MoreFrance: Tax provisions enacted
The French Parliament passed the tax legislative packages for 2014 on 19 December 2013, which were subsequently scrutinized by the Constitutional Court on 29 December 2013 and eventually enacted into law on 30 December 2013. Most of the key
See MoreBelgium: Proposed changes to expatriate tax rules
The Belgian government has proposed legislation to amend the rules for determining the non-resident individual (personal) income tax as applicable to expatriates. Proposed changes include the repeal of personal exemptions for expatriates benefiting
See MoreNew Zealand: Non-residents must register for GST from April 2014
The New Zealand Inland Revenue Department has set out mandatory requirement for non-resident taxable persons to register for the Goods and Services Tax (GST) from 1 April 2014 if they provide local taxable supplies. The criteria to meet to register
See MoreBulgaria: Tax Increase for the Wealthy
The Bulgarian Government has confirmed that it intends to introduce a higher rate of tax for the wealthy during 2015. A new 15% rate would apply to those earning more than BGN2,700 (USD1,900) per month instead of the flat 10%. Other measures
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 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 MoreColombia: Proposal to Postpone the Scheduled Reduction of Financial Transactions Levy
It was published on 31 December 2013 that, during a jointly held session on 30 October 2013, the third and fourth permanent economic Constitutional commissions from both the Chamber of Representatives and the Senate approved, on first debate, bill
See MoreBrazil Repeals Transitional Tax Regime and established important changes to tax system
Brazil’s Federal Government has published Provisional Measure No. 627 (PM 627) on 12 November 2013, containing a long expected set of rules that not only repeal the Transitional Tax Regime(TTR) but also added new rules aimed at permanently
See MoreSpain: plans to cut taxes for lower incomes
The Government of the Spain intends to reduce individual income taxation (IRPF) for those on lower incomes over the next three years, while higher-income taxpayers will continue to pay more, disclosed by the Spanish finance Minister. This is the
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 MoreIndividual tax relief measures in China
The Ministry of Finance, the Ministry of Human Resources and Social Security, and the State Administration of Taxation have jointly issued a circular regarding guidance on the collection and administration of individual income tax on enterprise
See MorePeru –Amendments to the Income Tax Regulations
The department of Economy and Finance of Peru has made some modifications to the country’s existing Income Tax Regulations which are effective from 7 November 2013. According to the amendments a joint responsibility will be imposed on a Peruvian
See MoreIrish PM considers tax cuts
It has been reported on 27 December 2013 that for middle income families the Irish Government will prioritize income tax cuts when there is due scope for change, according to the Prime Minister. There will be no income tax increases in the next
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