Norway – 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 MoreLatvia: Parliament amends the Micro-enterprise tax law
According to the amendments a natural or legal person who is a member of a partnership can’t be a micro-enterprise tax payer. The proposal will come into force from July 1, 2014 so that a partnership member can withdraw his/her membership within
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 MoreCroatia: Individual income tax law amended
The Croatian Parliament adopted the amendments to the Individual Income Tax Law on 27 September 2013. Following a decision of the Constitutional Court, the provisions regarding taxation of dividends and profit shares have been amended. The law
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 MoreAustralia: Plan to address tax policy backlog
The Australian Government proclaimed arrangements on 6 November 2013 to address the extensive backlog of Australia's previous tax and superannuation policy decisions which had been published but not implemented. The Australian government will enact
See MoreVenezuela – Foreign currency rules regarding import objectives
The decree regardingthe share of foreign currency used for import activities has published in official gazette N° 40.259 and will be effective from September 26, 2013. This contains changes to the rules and authorization procedures for gaining
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
See MoreUruguay – Guidance on tax implications of fees paid to foreign companies
The tax administration of Uruguay issued guidance on 29 October 2013 about the applicability of Uruguay’s non-resident income tax and value added tax (VAT) on payments of certain fees paid to foreign companies. According to the guidance foreign
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: Tax ruling expanding capital gains tax to indirect transfer of Spanish real estate by Luxembourg entities
Spanish tax authority recently published a ruling regarding indirect transfer of Spanish real estate by a Luxembourg entity which is taxable in Spain under the provisions of the Luxembourg-Spain tax treaty. Investment funds from real estate and
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 MorePortugal: Lower tax burden in 2015
The Finance Minister of Portugal has indicated that the Government is aiming to reduce the tax burden on workers in Portugal within the framework of the 2015 State Budget (OE 2015). The State Budget 2014 of Portugal is designed to redress the public
See MorePortugal: Budget VAT announcements
The draft VAT Bill 2014 of Portugal contains a range of amendments to the Portuguese VAT rules. According to the draft amendments, VAT on irrecoverable debts may only be refunded within two years from the beginning of the fiscal year after the bad
See MoreOman: Clarification of tax rules
The Oman government has clarified that the tax rules in Oman require the following: Within three months from the date of incorporation or commencement of activities, taxpayers must be registered with the Omani tax authorities and if there is any
See MoreJapan: tax reform outline announced
The Japanese government has officially decided to increase the rate of consumption tax from the current 5% to 8% with effect from 1 April 2014. It has also delivered a five-trillion yen (US$50B) economic stimulus policy that aims to alleviate
See MoreIMF recommends that Ukraine postpone its plan to implement lower tax rates in 2014
According to a Ukrainian government press release issued on 28 October 2013, delegates from the International Monetary Fund (IMF) have recommended that Ukraine postpone its plan to implement lower value-added tax rates and income tax rates in 2014.
See More