Netherlands: Simplification of individual tax assessment process proposed
A new tax assessment process is proposed by the Netherlands Ministry of Finance on 6 September. This will simplify and speed up the process to determine tax liabilities. A number of new rules for assessment, a rule for revising final assessments,
See MoreNetherlands to change statute of limitations period
A Bill to change the statute of limitations period and to simplify the electronic exchange of data was presented on 2 September 2013 to the parliament. The Bill is the result of earlier announcements by the government on 12 March 2013. Under the
See MoreItaly: VAT rise may be delayed to 2014
The VAT rise to 22% originally planned in Italy for 2013 may be delayed to 2014. Italy may however fail to meet the 3% budget deficit requirement for 2013 imposed by the European Commission if the VAT rate is not raised. The delay of 3 months is
See MoreItaly: First payment of municipal real estate tax abolished
Law Decree No. 102/2013, providing for urgent measures with regard to the municipal real estate tax (IMU), was published in the Official Gazette No. 204, Ordinary Supplement No. 66 on 31 August 2013. The first payment of the IMU for 2013,
See MoreIndia: New Company Law enacted from 2014
The government of India enacted a new company law on 29 August 2013 which aims to make stronger the rights of shareholders and to increase corporate social responsibility. Companies will also be essential to improve the quality of their financial
See MoreFrance: List of non-cooperative states or territories updated for 2013
The French government published a Ministerial Decree on 28 August 2013 updating the list of non-cooperative states or territories (NCSTs). The list will become effective from 1 January 2013. A major consequence for a country that is on the list of
See MoreFrance rules out plans for tax hikes in 2014
The French government has declared that taxes imposed on companies in France will not rise in 2014. France originally planned to raise an additional 6 billion Euros (5.1 billion pounds) in new taxes next year but acknowledged recently that
See MoreFrance adopts new tax measures to simplify administration
The Council of Ministers of France adopted a bill to implement a new set of measures to simplify administrative procedures for companies on 4 September 2013. The bill will now be subject to parliamentary discussion. The plans of the French
See MoreFinland: Tax Administration published information package on tax havens
On 3 September 2013, the tax administration of Finland published on their website an information package on tax havens. This focuses on the experiences of the Finnish tax administration with tax structures using tax havens, i.e. jurisdictions
See MoreArgentina: Changes to Income Tax and Family Allowances
The Argentine government announced changes to the income taxes. According to the new amendments exemptions from taxes will be offered and the level of non-taxable income for higher earners will be raised. According to Decree 1242/2013, workers with
See MoreAustralia: Changes to unfair dismissal related thresholds
Changes to numerous employment related financial thresholds which are listed every year have been proclaimed by the Australian Government. These are applicable from first July 2013. Both the employer and employee will be required to enter into an
See MoreCanada: New exempt life insurance policy rules proposals
A number of amendments that would implement changes to the elimination test and other life insurance policy holder taxation rules have been published by the Canada’s Finance Department. Again, the proposals would amend the rules applying to the
See MoreChina: Tax exemption for small and micro-sized enterprises
The Chinese Finance Ministry (MOF) and the State Administration of Taxation (SAT) have announced VAT and business tax exemptions for small-sized businesses on 29th July 2013 and the new measure has come into effect from 1st August 2013. This
See MoreFrance announces plans for a Carbon Tax
The government of France has announced to initiate a “climate energy contribution”. The new plans will fall within the framework of finance bill 2014. The Government is expected to put forward further environmental tax initiatives in its
See MoreFrance updates list of tax havens
France has revised its list of tax havens to include Jersey, Bermuda and the British Virgin Islands as tax havens, meaning the three territories will be subject to tougher tax policies applied by France. France has however removed the Philippines
See MoreGermany: Draft regulation for the profit attribution to PEs issued for public discussion
The draft version of a new Regulation on the attribution of profits to permanent establishments (PE Regulation) has been issued on 5 August 2013 by the German Ministry of Finance for public discussion. The main goal of the PE Regulation is to
See MoreIndia – Indian government set up its first Tax Administration Reform Commission
The Indian government set up its first Tax Administration Reform Commission on 26 August 2013. The seven-member panel is being given eighteen months to draw up its recommendations. The Commission is likely to put forward proposals for the creation
See MorePortugal: Extraordinary investment tax credit to boost investment is introduced
The Portuguese government introduced an extraordinary investment tax credit with effect from 17 July 2013. The special tax credit will be applicable to investments between 1 July 2013 and 31 December 2013, up to a limit of EUR 5,000,000. The tax
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