New plan for tax exemption for Argentina
Argentina's President Cristina Fernandez de Kirchner has taken some initiatives to increase the tax-exempt personal income tax threshold. According to the new plan, taxpayers with a gross monthly salary of up to ARS25,000 (USD5,215) will be
See MoreSwedish Budget 2013 proposes to cut corporate tax rate
The Budget for 2013 was presented to parliament on 20 September 2012. In the Budget Bill the government proposes the following tax amendments, which will be applicable from 1 January 2013: Corporate taxation The Budget Bill proposes a reduction of
See MorePortugal: Budget 2013
The Portuguese National Assembly has recently adopted the Budget 2013. Under the new measures there will be a reduction in the number of income tax brackets from eight to five. The top marginal income tax rate will be increased from 46.5% to 48% and
See MoreRevised Tax Plan by Dutch Second Chamber
The Dutch government's 2013 tax plan has been adopted by The Dutch Second Chamber, of fiscal measures including plans to introduce a so-called "lessors’ tax" in 2013; to increase the insurance premium tax; and to introduce new rules applicable to
See MoreMeasures on Business Centers passed
The Bill on Measures for Asian Business Centers was passed by the Diet on 27 July 2012. This measure is intended to encourage global companies to establish their R&D centers and Asian headquarters in Japan. The legislation grants incentives
See MoreHungary-Tax Law changes for 2013
On 12 October 2012 a bill introducing the 2013 "tax package" was introduced into the Hungarian Parliament. Further amendments to the package were proposed on 18 November and on 29 November 2012 the changes for 2013 were published in the Official
See MoreNetherlands Bill Softens Exit Tax Rules
It was reported on 17 December 2012 that the Dutch Second Chamber has recently approved a bill submitted by the Financial State Secretary amending existing legislation pertaining to exit tax. The bill provides companies electing to relocate abroad
See MoreThe Malaysian Budget for 2013
The Malaysian Budget for 2013 was presented by the Prime Minister (also the Finance Minister) on 28 September 2012 and is generally effective from year of assessment 2013 unless otherwise stated. Key points of the budget are summarized
See MoreItalian Law Decree aims at incentives for start-up companies
The Italian Government has approved Law Decree, No. 179 of 18 October 2012, which has been published in Official Gazette No. 194. The Decree introduces incentives for innovative start-up companies, to encourage economic growth. For the first time
See MoreBelgium: Agreement on tax measures for budget 2013
The Federal Government of Belgium has recently come to an agreement on the tax measures in the Budget 2013. This includes changes to the corporate tax rate and the withholding tax rate. There are also some indirect tax measures but those are not yet
See MoreFrench Committee Adopts Supplementary Finance Bill
On 4 December 2012 it has been published that the French National Assembly Finance Committee has recently adopted the country’s 2012 supplementary finance bill, which constitutes a key stage in the government’s overall plan to strengthen the
See MoreGerman Bundestag Adopts 2013 Budget
The German Bundestag, or lower house of parliament, has recently adopted the government’s 2013 federal budget, providing for a reduction in the pension insurance contribution by 0.7% to 18.9%, and for the abolition of the highly unpopular practice
See MoreChina opposes European Union (EU) emissions tax
The European Union's (EU) tax on non-EU international airlines for their carbon emissions has once again come under fire from China. China's chief negotiator to the ongoing United Nations climate change talks, Xie Zhenhua, has said that while China
See MoreMalta to Amend SICAV Reporting Rules
On 30 October 2012 it has been published that the Malta Financial Services Authority (MFSA) has announced a number of legislative proposals to update the reporting requirements for Collective Investment Schemes. Presently there is a disparity in the
See MoreNorway Unveils ‘Neutral’ 2013 Budget
It was reported on 11 October 2012 that Norway has unveiled its 2013 budget ahead of next year’s elections, including less fiscal stimulus than previously expected. As part of its 2013 budget, Norway is set to double its carbon taxes on oil firms
See MoreKenya Increasing Taxes to Cover Budget Shortfall
On 10 October 2012 it was reported that, according to Kenya’s Finance Minister, the government needs to find KES40bn of additional tax revenue or spending cuts to fill a hole in its 2012/13 Budget, which has been largely caused by the recent pay
See MoreSouth Africa’s New Tax Administration Act Is In Force
The South African Revenue Service (SARS) has announced that the Tax Administration Act (TAA), which is intended to simplify and provide greater coherence in South African tax administration law, and was promulgated on July 4, 2012, largely came into
See MoreIndia: Reduces tax rate on foreign borrowings
The Indian government has lowered the taxes charged on money borrowed by Indian companies in foreign currency. The changes are included in Finance Act 2012, which amends section 115A of the Income Tax Act and inserts a new section, 194LC, in the
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