France – Creation of new program for APAs and MAPs
The French tax authorities have announced the creation of a new program—Mission d’expertise juridique et économique internationale (MEJEI) - which will be responsible for both advance pricing arrangements (APAs) and mutual agreement procedures
See MoreBelgian Finance Minister Preserves Savings Tax Perk
The Belgian Finance Minister has clarified that the 15 percent favorable rate of withholding tax, levied on income derived from regulated savings deposits, is to remain in place despite a recent ruling from the country's Constitutional Court,
See MorePhilippines Business Requests Elimination of Aviation Fuel Tax
The Joint Foreign Chambers of the Philippines (JFC) have requested that the Government cuts the excise tax on aviation fuel for international carriers, after a Supreme Court (SC) decision to cancel refunds had effectively imposed higher taxation. In
See MoreIndia: Finance Minister presents the Interim Budget
India’s Finance Minister presented the Interim Budget for 2014-15 in Parliament on 17 February 2014. In keeping with the convention in presenting an interim budget, amendments have not been proposed to the income tax laws. There have however been
See MoreCanada: Tax provisions in British Columbia’s 2014 budget
On 18 February 2014, British Columbia’s Finance Minister delivered the province’s 2014 budget. The British Columbia 2014 budget: Does not propose any general corporate or individual (personal) income tax rate changes; Would extend the
See MoreSwitzerland – fiscal policy framework
The Swiss Federal Council has set out the fiscal policy framework that will be followed in the next budget process. The financial plan for 2015-2017 has been updated based on the 2013 fiscal results and new macroeconomic figures. Although the
See MorePhilippines: Stock Exchange Presses For Tax Reform on REITs
The Philippines Stock Exchanges (PSE) will attempt to persuade the Government to loosen up regulations, most importantly the tax rules that apply to real-estate investment trusts. The tax rules in relation to real-estate investment trusts (REITs)
See MoreBelgium changes Film Tax Shelter
Following consultation with business and parliamentary discussions the Belgian Council of Ministers has approved plans to modify the tax regime benefiting the film industry. Production companies in Belgium are required under the current regime to
See MoreUS: IRS Apologizes To Taxpayers for Poor Service
With its funding restricted within the 2014 Appropriations Bill, the United States Internal Revenue Service (IRS) Commissioner has indicated that taxpayers will have to exercise patience when trying to contact the agency. Among other problems the
See MoreUS Lawmakers Plead for Sales Tax Deduction Renewal
A bipartisan group of 57 Members has, in a letter to the House of Representatives Ways and Means Committee, sought a renewal of the United States state and local sales tax deduction, which expired on January 1, 2014. The state and local sales tax
See MoreSwiss Finance Directors Request Corporate Tax Reform
The Swiss Conference of Cantonal Finance Directors (FDK) has emphasized on the importance of reforming the corporate tax system, making some preliminary recommendations. The FDK believes that some tax measures should be implemented quickly within
See MoreSpanish capital gains tax rules found to be discriminatory by Supreme Court
In a decision on 25 October 2013 in the Brambles France case (appeal No 1374/2011), Spain's Supreme Court ruled that the capital gains tax on non-residents may be discriminatory in some cases. The case involved a French company that sold its shares
See MoreSouth Korea: reducing stock option taxation
South Korea announced measures on 5 February 2014 to ease the tax burden on stock options for the venture capital and start-up sector. Early this year, the Government finalized a range of tax incentives, which were first announced in May 2013, to
See MoreRomania: Prime Minister considers tax breaks for reinvested profits
Romania's Prime Minister has said that he hopes to have details ready on a planned tax break on reinvested profits in time for the next International Monetary Fund (IMF) visit to the country in April. The Deputy Prime Minister and Finance Minister
See MorePortugal: Collection of Food Security Tax being enforced
The Portuguese Government is finally taking action to enforce payment of the country's food security tax from operators of large supermarket chains. Portugal's State Secretary for Food said that 107 cases are currently before the administrative and
See MoreNetherlands amends the preliminary tax assessment procedure
The amendments to article 23(2) of the Implementing Regulations of the 1994 General Tax Law relating to the issuance of preliminary tax assessments were published in the Official Gazette, No. 2405 . The amendments are summarized below. Under the
See MoreMalaysia: New Public Ruling on Withholding Tax on Special Classes of Income
The Inland Revenue Board of Malaysia issued Public Ruling No. 1/2014 (PR No. 1/2014) on Withholding Tax on Special Classes of Income on 23 January 2014. The special classes of income covered by the public ruling include amounts paid in consideration
See MoreFrance: Reduced VAT rate on digital newspapers and magazines
The French government is about to propose a VAT reduction for digital newspapers and magazines. The intention behind this move is to provide a level playing field for different forms of publication. The government wants to give the digital versions
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