US: IRS has new online tool for “Lower-Paid Taxpayers”
As part of its effort to improve service to taxpayers, the United States Internal Revenue Service (IRS) has announced the availability of a new online tool to help taxpayers to find more easily a location for volunteer tax preparation
See MoreHong Kong Reduces Taxes to Support Growth
On 2 February 2012 Hong Kong’s Financial Secretary unveiled a 2012/13 Budget which proposes a wide range of tax concessions aimed at supporting businesses and individuals, who face a possible global economic slowdown. The Financial Secretary said
See MoreItaly- Tax Court Renders Decision on “Best Method” Rule
Recently Italy’s Regional Tax Court of Lazio has given an important decision regarding the selection of methods for determining inter-company prices. An Italian company acting as toll manufacturer on behalf of a related foreign company, set
See MoreSettlement of Small Tax Debts by 120,000 Italians
120,000 taxpayers have taken the opportunity to settle their small tax debts with the Revenue Agency In accordance with the tax administration provisions of the Italian budget approved in July 2011. From July, by immediately paying the tax due,
See MoreBudget deficit is shrinking in Canada
According to the latest Fiscal Monitor published by the Canadian Ministry of Finance the Canadian monthly budgetary deficit has fallen remarkably per annum. According to them the revenue increased by 8.1% each year as a result of higher personal
See MoreAustria – Mulls wealth-related taxes in EUR10bn package
Austrian Chancellor Werner Faymann and Vice Chancellor Michael Spindelegger recently united on plans for a five-year budgetary consolidation package, amounting to a total volume of around EUR10bn (USD13bn), to be agreed by the end of February
See More2012 Budget issued by the Japanese government
The Government of Japan has approved and submitted a JPY90.3 trillion budget for the next fiscal year, beginning on April 1, 2012. The proposed budget will be presented to the country’s parliament early in 2012. The Japanese government has
See More“Save Italy” Budget is approved
The Italian government has finally approved the "Save Italy" budget with few modifications, except for those previously agreed by the government. Despite continued opposition from different groups, especially, the trade union to the pension reforms
See More2012 Budget has been restored by the French Deputies
In order to achieve its ambitious deficit reduction targets, the French National Assembly has essentially restored the initial bill proposed by the government, which contains a raft of targeted tax rises and cuts in public spending. Certain
See MoreLuxembourg: Crisis contribution repealed
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 MoreChina’s pilot scheme on VAT in Shanghai
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 MoreAutomated Transactions Tax has been approved by the French Senate
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 MoreAustria: Lawmakers approve 2012 Budget
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 MoreAnnulment of contractors’ tax by US
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 MoreChina plans VAT and Service tax reform in Shanghai
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 MoreGermany expects additional tax revenues in 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 MoreBrazil: Auto Tax is Suspended by Court
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 MoreHungary: Focusing to Phase Out ‘Crisis Taxes’ in 2012 Budget
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.
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