Sweden: Tax hikes in proposed budget for 2015
Finance Minister of Sweden, Magdalena Andersson presented the 2015 budget on October 23, 2014 with the increase of taxes on the personal income tax, alcohol and tobacco. The Government of Sweden has also declared to increase personal income tax on
See MoreSouth Africa: Finance Minister is Looking At Tax Rises Next Year
When presenting the Medium-Term Budget Policy Statement on 22 October 2014 South Africa's Finance Minister gave a warning that, with decreasing tax collections this year, further revenue raising measures will be required in the budget for 2015. The
See MoreUK: Tax avoidance demands top £250m
HM Revenue and Customs has sent notices to tax avoidance scheme users to pay over £250 million of disputed tax under the Accelerated Payments regime introduced in this year’s Finance Act. Accelerated Payments are changing the economics of
See MoreEcuador: Imposition of electronic invoices on tax registered business
Tax registered business in Ecuador are obliged to maintain electronic invoices. This measure is imposed to reduce VAT fraud in Ecuador and came into force from the month of October 2014. Tax authorities have access to online portal of all customers
See MoreLuxembourg: New tax measures take place for corporation and individual effective from 1 January 2015
The Parliament of Luxembourg published its bill 6720 & 6722 on 15 October 2014 regarding new tax measures for corporation and individual which will be effective from 1 January 2015. The Proposed new tax measures for 2015 are as
See MoreNew report publishes on EU tax policy Changes in 2014
A new tax report on key tax reforms implemented by the European Union member states during 2014 was published by the European Commission. The report point out that EU tax burden on labor is relatively high. It suggest the member states to reduce
See MoreSwitzerland- EU: Signed an agreement on tax reform
Switzerland and EU have signed an agreement on 14 October 2014 in order to eliminate disputed corporation tax regimes. According to the agreements the Swiss Federal Council will eliminate five corporate tax regimes and these areas- the cantonal
See MoreMalaysian Prime Minister Defends the Introduction of a Goods And Services Tax
The Malaysian Prime Minister has defended the introduction of a goods and services tax (GST) in Malaysia with effect from April 2015. The Government has stated that it will bring 300,000 taxpayers out of the income tax base with revenues which will
See MoreIreland: Changes of tax rules in Budget 2015
The Ireland’s Ministry of Finance announced tax rules changes on 14 October 2014 with the plan to attract foreign investment through creating a competitive environment. The summary of the changes are as follows: Elimination of maximum
See MoreIreland: 2015 budget amendments and revocation of “double Irish” structure
Ireland presents 2015 budget on October 14, 2014 with some proposals concerning amendments of provisions for business and corporate taxpayers. The summary of the amendments are as follows: No change of 12.5% corporate tax rate; The residency
See MoreKorea: Announces Tax Revision Proposal for 2015
The 2015 Tax Revision Proposal which was announced in August 2014 by the Ministry of Strategy and Finance, again updated and published on 18 September 2014 with some minor changes. According to the proposal the main points are summarized
See MoreUK: Amended corporation tax regulations enters into force
According to the corporation tax regulations SI 2014/2409, from 1 April 2015 all companies will be subject to the 15% rate. The small profits rate and the marginal relief will no longer be applicable, except for companies with ring-fenced profits
See MoreDenmark: Ministry of Taxation publishes its law programme for 2014-2015
The Ministry of Taxation published its law programme for 2014 and 2015 on 7 October 2014 and the main measures of the law programme are summarized below: Corporate taxation: Amending the tonnage tax regime by including more ship types within its
See MoreVietnam: Modifications to personal income tax, VAT declaration and calculation
The Ministry of Finance in order to simplify the tax administrative procedures recently issued Circular No. 119/2014/TT-BTC (Circular No. 119) on 25 August 2014 to change some current circulars on tax administration, value added tax (VAT),
See MoreAustria: Published draft version of 2nd Tax Law Amendment Act 2014
The Ministry of Finance published a draft version of the 2nd Tax Law Amendment Act 2014 on 1 October 2014, and submitted it for professional review. The 2nd Tax Law Amendment Act 2014 is the introduction of the Law on Mutual Assistance in Fiscal
See MoreBelgium: New Coalition government agreed on proposed tax changes
A proposed tax changes has been agreed by the members of Belgium’s new coalition government. They have come to a consensus on changes of corporate tax, VAT and excise tax, Individual Income tax and other taxes. It was proposed that an additional
See MoreIceland: Released draft regulation on transfer pricing documentation
The Icelandic Ministry of Finance released the draft regulation on transfer pricing on 13 October 2014. According to the draft regulation outlining detailed transfer pricing rules was released on 13 October 2014 and when finalized this will apply
See MoreColombia: Issues tax heaven countries list
The Ministry of Treasury and Public Credit of Colombia issued Decree 1966 of 2014 on 6 October 2014 with a list of tax heaven countries, jurisdictions, domains, associated states and territories. Forty four (44) jurisdictions were listed as tax
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