Luxembourg: Crisis contribution repealed

15 December, 2011

Draft law n°6350 on the State budget for 2012 has been voted by Parliament on 8 December 2011. Although a couple of steps still need to be completed for the law to be published in the Luxembourg official gazette, it is unlikely that its content

See More

China’s pilot scheme on VAT in Shanghai

23 November, 2011

A pilot scheme to replace the existing business tax on the country’s service sector with value added tax (VAT) has been declared by China’s Ministry of Finance and the State Administration of Taxation. The project will be in Shanghai starting

See More

Automated Transactions Tax has been approved by the French Senate

23 November, 2011

The French Senate approved plans to establish a tax on automated transactions in France, on 23 November 2011, to curb the rapid rise in high frequency trading. The new initiative proposes to impose from January 1, 2012, a tax on certain investment

See More

Austria: Lawmakers approve 2012 Budget

22 November, 2011

During a third reading, Austria’s National Council recently adopted the country’s 2012 budget, providing for a deficit of 3.2%, as well as for state debt of 74.6% of gross domestic product (GDP). Drawn up under the motto “stable finances for a

See More

Annulment of contractors’ tax by US

21 November, 2011

The United States Congress has finally approved a legislation to repeal the 3% withholding tax on payments made to contractors providing services to government entities. The bill was passed in the House of Representatives on a bipartisan vote. When

See More

China plans VAT and Service tax reform in Shanghai

18 November, 2011

Chinese State Administration of Taxation published a new proposal for Chinese VAT and Business Tax reforms plans for a 2012 to consolidate the overlapping between VAT and Business Tax. The pilot scheme is proposed to take place in Shanghai and the

See More

Germany expects additional tax revenues in 2011

07 November, 2011

The tax estimate unveiled recently by the German finance ministry predicts higher tax revenues both this year and in the coming years, than previously predicted in the May forecast. The German finance ministry confirmed after the meeting in Halle of

See More

Brazil: Auto Tax is Suspended by Court

24 October, 2011

It has been published on 24 October 2011 that the tax hike proposed by the Brazilian government on the manufacture of foreign cars has been suspended. The Brazilian Supreme Court has ruled the planned tax increase to be unconstitutional due to its

See More

Hungary: Focusing to Phase Out ‘Crisis Taxes’ in 2012 Budget

19 October, 2011

Focusing on the provisions for a gradual phasing out of the crisis taxes levied on the country’s telecommunications, energy and retail sectors since 2010, the Hungarian Economy Ministry has recently submitted 2012 budget bill to the parliament.

See More

Australia: New tax working group has been announced

17 October, 2011

A new tax working group has been announced in Australia to look at reforms that could increase productivity and deliver tax relief to struggling businesses. Developing a set of savings options within business tax, such as broadening the base and

See More

Norway : Budget Proposals of 2012 has been unveiled

13 October, 2011

To support a stable economy containing the Norwegian government has recently unveiled details of its 2012 fiscal budget. According to the declaration the overall level of taxation will remain unchanged in 2012. It also notes that there is scope for

See More

Canada: Budget to be implemented for 2011

05 October, 2011

A motion to implement Budget 2011 has been tabled on October 3, 2011, by the Canadian Minister for Finance. The Notice of Ways and Means Motion includes the previously announced tax measures referenced in Budget 2011 to implement. The Ministry

See More

Sweden: 2012 Budget declared

26 September, 2011

The Swedish government has declared the details of its 2012 budget.  According to it several fiscal measures are taken to offset the effects of the crisis, to improve long-term job and growth prospects and to strengthen welfare of the country. The

See More

Finland: Budget for 2012

19 September, 2011

Finland’s government unveiled details of its 2012 budget proposal on the 19 September 2011. The budget incorporated fiscal measures aimed at shifting the focus of taxation away from labour and entrepreneurship, towards environmental and

See More

Australia: Introduced Carbon tax bill

15 September, 2011

After months of controversy the Australian government has finally introduced the carbon tax bill into parliament. The legislation will be effective from July 1, 2012. After long scientific research and economic analysis the government has decided

See More

Switzerland Adjusts Tax Thresholds

15 September, 2011

Switzerland’s Federal Department of Finance (FDF) has adjusted the Confederation’s direct federal tax rates and deductions for the 2012 tax year. As regards tax deductions, the administration states that for the 2012 tax year, double income

See More

Budget bill is changed again in Italy

09 September, 2011

Instead of the previous 5% tax to be levied on annual personal incomes higher than EUR90,000 (USD126,300),  now people have to pay 10% on annual incomes over EUR150,000, an additional rate of 3% will now be applied on all personal incomes over

See More

France: Tax measures for 2011 year-end finance bills announced

29 August, 2011

The French Prime Minister announced some budget and tax measures that aim to reduce France’s deficit, on 24 August 2011 at a press conference. The French Cabinet will examine some of these proposed measures on 31 August and include in the draft of

See More