Latvian Government approves the national 2014 budget
On 1st October 2013 the Latvian government approved the national budget for 2014 with the budget deficit planned at up to 0.9 percent of GDP. Revenues to the central government consolidated budget next year are planned at 7.004 billion Euros and
See MoreKorean Budget Proposal for 2014
The Ministry of Strategy and Finance (MOSF) of Korea (Rep.) released the Budget 2014 proposal on 27 September 2013. The tax measures in the budget proposal include in the local government consumption taxes to 8% in 2014 and 11% from 2015. According
See MoreBudget for 2014 has been approved by the Italian Government
The budget for 2014 has been approved by the Italian government on 15 October 2013 aiming on spending and tax cuts at Italy’s economy to growth and bringing it under the EU budget deficit ceiling. The budget includes “a significant cutback in
See MoreFinance (No. 2) Bill 2013 published in Ireland
The government published the Finance (No. 2) Bill 2013 on 24 October 2013. Some of the main measures included in the Bill which were not originally announced in the Budget proposals of 15 October 2013. Primarily the Bill designs to implement the tax
See MoreIreland introduces construction VAT relief
The Irish Ministry of Finance has published the Finance (No. 2) Bill 2013 giving force to measures announced in the 2014 Budget, and bringing forward the introduction of the value-added tax incentive for home renovations. VAT relief is being granted
See MoreCanada –Tax measures situation from Budget 2013
The Department of Finance Canada has issued a draft legislation naming “Notice of Ways and Means Motion” on October 18, 2013 to complete remaining tax measures from the 2013 federal budget and some previously declared tax measures. These
See MoreBelgium: Rules to calculate the notional interest deduction
The Belgian tax law is going to be amended to revise to the method of calculation of the notional interest deduction. Responding a judgment of the Court of Justice of the European Union (CJEU), the Belgian tax rules are being amended. This judgment
See MoreUkraine withdraws VAT cut plans
Ukraine had previously planned to decrease its VAT rate along with lowering its corporation tax rate. However since Ukraine is struggling with a weak economy, the government is now considering shelving plans to cut corporate tax and VAT next year to
See MoreSpain: New Law to Support Entrepreneurs
The government of Spain recently enacted a law which is commonly known as the “Entrepreneurs Law.” The main objective of the law is to promote self-employed business owners and small to medium enterprises (SMEs) to expand their business
See MoreSlovak Republic: Changes to Tax Procedure Code
On the basis of the recent amendments to the Tax Procedure Code, new rules related to the communication and submission of documents to the tax authorities will be applicable in the Slovak Republic and this will be effective from January 1, 2014. By
See MoreTax Certificates for residence issued by Czech tax authorities should have an apostille
The Russian Ministry of Finance has published Letter No. ОА-4-13/7891 on October 14, 2013, issued on April 29, 2013, clarifying the requirements for certificates of tax residence issued by the Czech tax authorities for the purposes of application
See MoreRussia: Deductibility of taxes, duties and other charges paid by Russian taxpayers in other states
The Russian Ministry of Finance has issued a Letter No. N 03-03-06/2/41278 regarding the deductibility of taxes, duties and other charges paid by Russian taxpayers in other states. By this letter, the Ministry of Finance confirms its new position
See MorePortugal: Approves Corporate Tax Reform
The Portuguese Council of Ministers sent to parliament proposed reforms of the corporate tax system on 13 October 2013, which will aim to improve Portugal’s tax competitiveness and encourage investment. The proposed reforms would reduce the
See MorePortugal: Amendments to exit tax to conform to EU principles proposed
Legislative authorization to amend the exit taxation rules to conform to EU principles is provided by 2013 Budget Law of Portugal. A significant change to the exit taxation regime was proposed the tax reform submitted to Parliament on 15 October
See MoreNorway: New government publishes its tax plans
The leaders of Norway's new minority government announced a common general tax platform for the next 4 years, on 7 October 2013. The main plans are summarized below. Individual taxation The new government plans to reduce the tax burden on
See MoreBudget for Norway- 2014 presented to parliament
The Budget for 2014 was presented to parliament on 14 October 2013. Details of the Budget in respect of direct taxation, which will generally apply as from 1 January 2014, if adopted, are summarized below. Corporate taxation The proposals
See MoreAmended Budget for Netherlands 2014 presented
Amended Budget for Netherlands 2014 presented On 11 October 2013, the Netherlands government presented an overview of the amended Budget for 2014. The amended Budget includes amendments to some of the tax measures previously announced on 17
See MoreMalaysia – GST implementation to be delayed beyond 2014
The Malaysian Budget for 2014 which may be presented to Parliament in the near future is unlikely to include details of the GST, which is due to replace the existing Sales Tax and Service Tax of 10% and 6% respectively. Plans to introduce a Goods
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