Belgium: Cornerstones of savings tax reform is unveiled

17 December, 2013

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

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Belgium: Documentary proof for intra-community VAT exemption is clarified

17 December, 2013

The Belgian VAT office is compelled to change its guidance regarding the requirements for the application of the VAT exemption on intra-community supplies. To enable suppliers of goods or services a number of conditions are set out under the EU

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Poland’s VAT changes effective in 2014

13 December, 2013

Poland’s value added tax (VAT) law changes that is effective from 1 January 2014. Changes to the date when VAT liability arises (the tax point); a new definition of the taxable base; new rules for input VAT deductions; new provisions in relation

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Norway Budget for 2014 enacted

13 December, 2013

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

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Romania: comprehensive VAT deferment scheme to importers

13 December, 2013

The import VAT abeyance scheme has been extended in Romania under a Order issued by the Ministry of Finance at the end of last month. At present, persons who are owner of the specialized VAT deferment certificates are offered the opportunity to

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Colombia: CREE Fair Tax Decree Issued

12 December, 2013

“Fair tax” is introduced by the Decree 2701 of 2013. “Fair Tax” is a tax which is payable by resident companies and non-resident companies deriving their income through a permanent establishment in Colombia. The decree was issued by the

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Luxembourg: PM presented details of future Tax Reform

12 December, 2013

Xavier Bettel, the new Prime Minister of Luxembourg has presented a Government Declaration outlining details of plans to reform taxation in the Grand Duchy to the country’s Chamber of Deputies. The Government wants to set up a consultative tax

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Japan – Tax reform proposals for 2014

12 December, 2013

Recently, Governments of Japan agreed on “outline” of tax reform proposals for 2014. On 12 December 2013 among the tax measures in the tax reform plan affecting corporations are provisions that would: • Decrease the current corporate tax rate

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Hungary: Summary of changes to the tax law provisions

12 December, 2013

Hungary’s changes to the tax law are likely to become effective from 2014. The changes would comprise of the following corporate tax provisions: Favorable participation exemption rules in case of 10% acquisitions of share have been

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Canada: Legislation sanctioning Manitoba’s 2013 budget

11 December, 2013

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

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Bulgaria- Amendments in VAT Act 2014

11 December, 2013

Amended Bulgarian VAT act have been published by Bulgarian tax office which are in effect since January 1, 2014. The changes are- the reporting point is to be treated as the end of the month for recurring monthly intra-community supplies, free

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 Vietnam – published an official letters on Investment projects and severance allowances

11 December, 2013

The Vietnam tax authority’s published an official letters on 15 November 2013 on condition that: Business establishments are not allowed to corporate income tax incentives for an investment project if implementation of the investment project is

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US: IRS Under Further Pressure Over Erroneous Tax Refunds

11 December, 2013

Having recently noted that the United States Internal Revenue Service's (IRS) processes can be ineffective in identifying tax returns claiming improper tax credits and fraudulent tax refunds, a further report from the Treasury Inspector General for

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UK: Shares issued under interest free loan agreement are taxable income

11 December, 2013

On 15 November 2013, it was reported that the United Kingdom First Tier Tribunal found that the receipt of shares from a borrower in an interest free loan agreement between United Kingdom companies was taxable income. The case in which this decision

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Spain Plans to Cut Taxes in 2015

11 December, 2013

Spain is planning to cut income taxes in 2015 considering significant changes to its corporate taxes as the economy gradually recovers. A gradually improving economy and an expected fall in unemployment allow the government to bring income tax rates

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South Africa: Technical Tax Proposals for 2014 Budget

11 December, 2013

South Africa’s National Treasury has invited taxpayers to submit any technical proposals to improve the tax legislation, including the closing of tax loopholes and unintended anomalies in the law. The proposals will be considered for possible

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Mexico – Tax reform legislation published in official Gazette

11 December, 2013

Mexico published new tax reform provision in official gazette on 11 December 2013, which is proceeding through the legislative process. The new legislation includes measures that may affect multinational entities with current or planned operations

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Ireland: Revenue published details of tax settlements

11 December, 2013

Ireland's Revenue organization has published data on 88 cases of the settlements arrived at with defaulting taxpayers throughout the last year. The first lists each person upon whom a fine or punishment was forced by a court. The second part covers

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