Ireland – Finance Minister Talks Fiscal Policy
According to the Irish Finance Minister the core objective of the Medium Term Economic Strategy (MTES) is full employment by 2020. In connection with this strategy Ireland will continue to prioritize taxation measures that ensure the recovery
See MoreHong Kong – Tax Authority Responds To Fair Value Accounting Case
Following the judgment of Hong Kong's Court of Final Appeal in Nice Cheer Investment Limited v Commissioner of Inland Revenue (CIR), FACV 23/2012, the Inland Revenue Department has been requested, and has agreed, to accept financial statements
See MoreGermany reverses plans on Railway Eco Tax Break Repeal
The German Economy and Energy Minister has reversed plans to strike out the renewable energy tax (EEG-Umlage) rebate for train operators. The EEG-Umlage is intended to finance the transition in Germany towards the use of renewable sources of
See MoreFrance- Transfer Tax hiked
According to the French Tax Administration 66 out of the 101 departments in France have elected to increase their house transfer tax rate from March 1 2014. The house transfer tax is imposed on transactions involving older property. Other expenses
See MoreFrance To Simplify Tax System
The French General Inspectorate of Finance (IGF) has found that 192 taxes in France each yield less than EUR150m (USD208m), and has advocated abolishing two-thirds of them. The report has been prepared by the IGF on behalf of the French Budget
See MoreBelgium’s cdH Pledges Election Tax Cuts
The President of Belgium's Humanist Democratic Center (cdH) has unveiled details of the party's plans to lower taxes for individuals and corporations. The tax reductions would amount to around EUR10bn. The party which is currently a member of the
See MoreAustralian Prime Minister Loses Senate Carbon Tax Vote
The Australian Prime Minister’s plan to abolish Australia's carbon tax regime received a setback when the Senate failed to pass legislation to dismantle the independent Climate Change Authority. The bill was defeated on its second reading by 38
See MoreUAE: No Tax for Individual Income
The UAE Finance Minister has confirmed that, the United Arab Emirates (UAE) does not plan to initiate an income tax for individuals. The country is however exploring the possibility of taxing companies and introducing fees for newly introduced
See MoreSwitzerland: Revised guidance on taxation of principal companies
The Swiss Federal Tax Administration (SFTA) has provided the cantonal tax authorities with revised guidance on how to apply rules that affect the taxation of principal companies, which will impact both existing and new principal company rulings. The
See MoreSpain Slashes Labor Taxes To Create Jobs
Spain has announced plans to significantly lower social security contributions for employers who recruit permanent members of staff. The Prime Minister has suggested that an upwards revision of the growth forecast for this year and next will enable
See MoreSingapore simplifies stamp duty rate regime
The Inland Revenue Authority of Singapore (IRAS) has issued an e-Tax Guide explaining the stamp duty changes introduced in the Government's 2014 Budget on February 21, 2014. In Singapore stamp duty is payable on instruments relating to the
See MoreMexico promises an unchanged tax regime until 2018
Following the completion of tax reforms, the Mexican Government has now signed a Tax Certainty Agreement under which Mexico's tax system is to remain unchanged throughout the remaining period of the current government. This means that the tax regime
See MoreItaly: Prime Minister Explains ‘Double-Digit’ Cut to Italian Taxes
The Italian Prime minister has issued a clarification about a statement made earlier in respect of a double digit reduction in the tax burden. The reduction would amount to tens of billions of Euros and in this respect was a double digit
See MoreItalian Government Empowered To Push Through Tax Overhaul
The Italian parliament has now approved the "Legge Delega," the tax reform law granting special powers to the Government to introduce a series of measures within the next year. The Legge Delega sets out general reform principles, which are to be
See MoreIreland- Announcement of LPT Amnesty
Irish residential property owners who have so far failed to pay their 2012 Household Charge or 2013 and 2014 local property tax (LPT), or have undervalued their property or claimed an exemption they were not entitled to, will be given until March 31
See MoreIndian Government wants tax officials to be more friendly
The Indian Government has requested that tax officials act as "facilitators" rather than "administrators," and ensure that the taxation system is as taxpayer friendly as possible. The Finance Minister has suggested that procedures should be
See MoreHong Kong – Stamp duty change for residential property transactions
Hong Kong’s Legislative Council has passed a bill to amend the stamp duty imposed on residential property transactions. The measures are effective retroactively from 27 October 2012. The new measure includes: Enhanced special stamp duty rates;
See MoreGerman federal state of NRW will issue new tax assessments to taxpayers to clarify their actual tax burden
From March 2014, the German federal state of North Rhine-Westphalia (NRW) will issue new tax assessments to taxpayers to clarify their actual tax burden for 2013, expressed as a percentage of gross income. The tax assessments will provide details of
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