France adopts new tax measures to simplify administration
The Council of Ministers of France adopted a bill to implement a new set of measures to simplify administrative procedures for companies on 4 September 2013. The bill will now be subject to parliamentary discussion. The plans of the French
See MoreFinland: Tax Administration published information package on tax havens
On 3 September 2013, the tax administration of Finland published on their website an information package on tax havens. This focuses on the experiences of the Finnish tax administration with tax structures using tax havens, i.e. jurisdictions
See MoreArgentina: Changes to Income Tax and Family Allowances
The Argentine government announced changes to the income taxes. According to the new amendments exemptions from taxes will be offered and the level of non-taxable income for higher earners will be raised. According to Decree 1242/2013, workers with
See MoreAustralia: Changes to unfair dismissal related thresholds
Changes to numerous employment related financial thresholds which are listed every year have been proclaimed by the Australian Government. These are applicable from first July 2013. Both the employer and employee will be required to enter into an
See MoreCanada: New exempt life insurance policy rules proposals
A number of amendments that would implement changes to the elimination test and other life insurance policy holder taxation rules have been published by the Canada’s Finance Department. Again, the proposals would amend the rules applying to the
See MoreChina: Tax exemption for small and micro-sized enterprises
The Chinese Finance Ministry (MOF) and the State Administration of Taxation (SAT) have announced VAT and business tax exemptions for small-sized businesses on 29th July 2013 and the new measure has come into effect from 1st August 2013. This
See MoreFrance announces plans for a Carbon Tax
The government of France has announced to initiate a “climate energy contribution”. The new plans will fall within the framework of finance bill 2014. The Government is expected to put forward further environmental tax initiatives in its
See MoreFrance updates list of tax havens
France has revised its list of tax havens to include Jersey, Bermuda and the British Virgin Islands as tax havens, meaning the three territories will be subject to tougher tax policies applied by France. France has however removed the Philippines
See MoreIndia – Indian government set up its first Tax Administration Reform Commission
The Indian government set up its first Tax Administration Reform Commission on 26 August 2013. The seven-member panel is being given eighteen months to draw up its recommendations. The Commission is likely to put forward proposals for the creation
See MorePortugal: Extraordinary investment tax credit to boost investment is introduced
The Portuguese government introduced an extraordinary investment tax credit with effect from 17 July 2013. The special tax credit will be applicable to investments between 1 July 2013 and 31 December 2013, up to a limit of EUR 5,000,000. The tax
See MoreSouth Africa: Tax consequences of debt reduction transactions
South Africa’s Taxation Laws Amendment Act, 2012, includes provisions that revise the tax treatment of debt reduction transactions entered into on or after 1 January 2013. Since the objective of the new tax reduction rules is to make it easier
See MoreSouth Korea- Planning of Acquisition Tax Cuts
The South Korean Government announced on 30 August 2013 that the tax rates on home purchases would be decreased in order to encourage a rise in transaction numbers. An exemption from property acquisition tax was granted in April 2013, but the
See MoreBelgium: Introduction of “fairness tax” on companies
The Belgian government has introduced a “fairness tax” on companies. Due to compensation for losses or notional interest deductions, if companies dividends are paid and corporate tax is not paid, will be liable to pay this fairness tax. In an
See MoreBrazil: Guidance Issued on the Pricing of Interest Bearing Transactions
The Brazilian Ministry of Finance has issued an ordinance 427/2013, On 2 August 2013, which finally define and clarifies the interest rate spread and that was mentioned but not specified in Law 12.766/2012. Under Ordinance 427/2013 where the
See MoreChina: Eligibility of software enterprises for corporate income tax incentives
To clarify the rules concerning software enterprises that are eligible for certain corporate income tax incentives, China’s State Administration of Taxation has issued guidance on the issues arising in qualifying for these incentives. According
See MoreCroatia: Government proposes amendments to Individual Income Tax Law
The government has proposed amendments to the Individual Income Tax Law on 25 July 2013. Following the constitutional court decision these amendments provide that dividends or participation in profits obtained after 31 December 2000, but paid out
See MoreCyprus: Tax treatment of loan write-off by a financial institution
Recently guidance with respect to the tax treatment of a loan write-off by a financial institution, for the benefit of the borrower, has been issued by the tax authority of Cyprus. According to Circular 2013/14 of 30th May 2013, a partial or
See MoreFrance introduces bill on new tax incentives for entrepreneurs
The government of France introduced a Bill into the National Assembly on 21 August 2013 in relation to tax incentives for entrepreneurs in crafts, trade and small businesses. Accordingly, entrepreneurs are exempt from the additional tax on real
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