Japan: 2014 tax changes
Some changes to Japan’s tax law announced on 1 October 2013 were passed on 20 March 2014. The “attributed income principle” in respect of the profits of permanent establishment, as set out in the authorized OECD approach, will be adopted. The
See MoreItaly: Italian 2012 Tax Returns Suggest Compliance Gap
Italian statistics in respect of tax returns suggest that Italians on average declared income of around EUR19,750 (USD27,200) in the 2012 fiscal year. Although the government has been encouraging more tax compliance, the number of taxpayers sending
See MoreIreland: IBEC calls for Tax Cuts to Support recovery
Ireland’s business and employers’ confederation IBEC has requested a reduction in the marginal individual income tax rate to bring it below 50 percent and has suggested that the income level at which the top rate of tax begins should also be
See MoreHong Kong considers how to maintain Low-Tax Regime
According to a recently published report by the Working Group on Long-Term Fiscal Planning the government will need to find additional tax revenue at some point in the future to close a gap in the finances. The government has emphasized that fiscal
See MoreFrance – Study Backs Real Estate Tax Review
The French housing association CGL has pointed out that there are large differences between rates of residence tax in different parts of France. The residence tax is due from the owners or tenants of residential property on the basis of the notional
See MoreFrance – President offers Token Tax Cut for Households
The French is to announce some tax cuts for families in France, according to reports, but the amount of the tax cuts has not been decided and may depend on further reductions in government expenditure. The President also plans to lower labor costs
See MoreFinland decides against VAT increase as taxes rise
On 25 March 2014 Finland is to put through some tax rises and benefits cuts in an attempt to lower the budget deficit. Other Scandinavian countries have VAT rates as high as 25%, and Finland has for some time been considering an increase in VAT.
See MoreGermany: Finance Minister Indicates Tax Cuts Will Come
The German Finance Minister has suggested that tax cuts could be made in the next few years. Various commentators have pointed out that the personal income tax thresholds have not increased in line with inflation, leading to the phenomenon of
See MoreEU Approves UK Video Game Tax Break
The European Commission has approved the new UK tax relief for video game as being in line with EU state aid rules. The videos games tax relief is designed to give an incentive to developers of video game developers to design products that meet
See MoreIndia releases revised Direct Taxes Code 2013
The Indian Finance Minister has issued a discussion draft of the Direct Tax Code (DTC), 2013. This draft contains proposals for extra taxes on high net worth individuals, a lower threshold than earlier proposed for imposing tax on the offshore sale
See MoreAustralian Taxation Office Launches Offshore Tax Amnesty
The Australian Taxation Office (ATO) is conducting another initiative to urge taxpayers to declare understated offshore income and to revise claims for tax deductions where these are overstated. Disclosures of income are to be regarded as
See MoreUS – IRS Issues Revised Guidance on Business Expenses
The IRS has published a revised version of Publication 535 that gives guidance to taxpayers on claiming a tax deduction for business expenses. The publication contains instructions in respect of the years 2013 and 2014. This may be important for
See MoreUkraine Seeks Tax from Bank Depositors
The Ukrainian Ministry of Finance has announced that it is to introduce a tax on interest received from bank deposits above UAH 100,000. This tax is expected to apply to only 1.5 percent of bank deposits in Ukraine but these deposits account for
See MoreUK – Budget Supports Businesses to Deliver Growth
The UK budget announcements include measures in support of business. The research and development tax credit available to small businesses is to be increased from 11 percent to 14 percent. The Seed Enterprise Investment Scheme that gives tax relief
See MoreSwitzerland Plans Stricter Rules for Biofuel Tax Breaks
The Swiss Council of States has given its approval to a bill strengthening the provisions on the eligibility of enterprises for biofuel tax breaks. Biofuels may be partly or wholly exempt from mineral oil tax provided that they conform to certain
See MoreSpain- Industry Comments on Tax Reform Proposals
The Spanish Confederation of Business Organizations (CEOE) has given a mixed response to the tax overhaul proposed by Spain's Expert Committee on Tax Reform. Its recommendations focused on lowering direct tax rates by cutting back on the number of
See MoreSingapore- issues e-Tax Guide on GST Advance Ruling System
An updated e-Tax Guide has been published by the Inland Revenue Authority of Singapore (IRAS) to give guidance on aspects of the Goods and Services Tax (GST) advance ruling system and on the relevant application procedures in connection with the
See MoreRomania: New tax law to conform to EU rules
Romania has passed Law No 8/2014 to bring the tax low into line with EU provisions. The Law provides for new VAT place of supply rules for broadcasting, telecom and electronically supplied services that are similar to EU rules. The Law also reforms
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