Norway: Interest deduction limitation proposed
On 11 April 2013 the Norwegian Ministry of Finance published a legislative proposal and invited public submissions on the introduction of an interest deduction limitation for loans between related persons. The proposed limitation applies where there
See MoreSouth Africa: Tax measures included in 2013 budget
Certain tax proposals presented on 27 February 2013 in South Africa’s annual budget are summarized below: There were no tax increases but there was a substantial increase in fuel levies of 23 cents from April 2013. There was no specific mention of
See MoreJapan: 2013 tax reform bill has been passed
Japan’s 2013 tax reform bill passed on 29 March 2013 and the key changes are related to corporate taxation. They include the introduction of a tax credit for increased salaries paid to employees; the introduction of a tax credit / special
See MoreFinland: Government’s 3-Year Tax Plan
The Finnish government has formed a new 3-year spending plan to respond to the current decline in the Finnish economy. The plan covers the years from 2014-2017. The main key points of the plan are as follows: • Corporate income tax will be
See MoreKorean government releases revised tax reforms enforcement ordinance
The Ministry of Strategy and Finance (MOSF) on 17 January 2013 announced that the revised tax reforms enforcement decree would be released in mid-February. This decree will provide for the enforcement of amendments made to a number of tax laws,
See MoreColombian Tax Reform
The Colombian tax system is reformed by the Law No. 1607 of 2012 and it took effect from 2013. The major changes are as below: The reform introduces a new minimum tax (IMAN) that is a progressive flat tax based on the amount of income derived. The
See MoreUkraine: Proposed amendments to the Tax Code
The following proposed tax rates will be increased: excise tax, vehicle registration charges, payment for subsoil use (if with a purpose other than extraction of minerals), ecological tax and charges for the use of radio frequency resources. The
See MoreNew plan for tax exemption for Argentina
Argentina's President Cristina Fernandez de Kirchner has taken some initiatives to increase the tax-exempt personal income tax threshold. According to the new plan, taxpayers with a gross monthly salary of up to ARS25,000 (USD5,215) will be
See MoreNetherlands Bill Softens Exit Tax Rules
It was reported on 17 December 2012 that the Dutch Second Chamber has recently approved a bill submitted by the Financial State Secretary amending existing legislation pertaining to exit tax. The bill provides companies electing to relocate abroad
See MoreItalian Law Decree aims at incentives for start-up companies
The Italian Government has approved Law Decree, No. 179 of 18 October 2012, which has been published in Official Gazette No. 194. The Decree introduces incentives for innovative start-up companies, to encourage economic growth. For the first time
See MoreKenya Increasing Taxes to Cover Budget Shortfall
On 10 October 2012 it was reported that, according to Kenya’s Finance Minister, the government needs to find KES40bn of additional tax revenue or spending cuts to fill a hole in its 2012/13 Budget, which has been largely caused by the recent pay
See MoreIndia: Reduces tax rate on foreign borrowings
The Indian government has lowered the taxes charged on money borrowed by Indian companies in foreign currency. The changes are included in Finance Act 2012, which amends section 115A of the Income Tax Act and inserts a new section, 194LC, in the
See MoreAustralian Parliament Passes Fund Manager Tax Reforms
The Australian government has loosened the tax requirements on the financial services industry in an effort to remove any barriers to the use of Australian fund managers by international investors. The Tax Laws Amendment (Investment Manager Regime)
See MoreThailand to Keep VAT at 7%
It has been published on 10 August 2012 that Thailand’s government has decided to postpone the planned increase in the value added tax (VAT) rate by two years to help stimulate the consumer spending and private sector investment, which are
See MorePhilippines pushes for increased 2013 revenue with no new taxes
As President Benigno Aquino’s government abides by his original promise not to introduce any new taxes in the first three years of his administration, the Philippines’ Bureau of Internal Revenue (BIR) will have to rely on improved tax compliance
See MoreRussia: Polymetal Loses Transfer Pricing Dispute
On 1 August 2012 it was published that the Supreme Arbitration Court of Russia has recently ordered Polymetal International, a Russian gold and silver producer, to pay RUB883m in additional taxes, penalties and interest as part of a transfer pricing
See MoreFrench Senators Axe Tax Break for Overtime Hours
It has been published on 30 July 2012 that, within the framework of its examination of the country’s second 2012 supplementary finance bill, the French Senate has abolished the tax exemption applicable to overtime hours in France, a measure
See MoreChina and Hong Kong Special Administrative Region (SAR) update
According to an announcement made in October 2011, a Value-Added Tax (VAT) pilot program will be introduced in Shanghai in January 2012, replacing the business tax in selected industrial sectors. Following the early success of that pilot, it looks
See More