Bulgaria confirms that it will keep its 20% VAT rate
The government of Bulgaria has confirmed that it will keep its 20% VAT rate for the foreseeable future as part of its flat tax policy. Bulgaria has one of the lowest VAT rates in the region. Some other countries in central Europe have been
See MoreArgentina: Income tax changes relating to share transfers and dividends
Changes have been made in Argentina to the income tax treatment of securities, the transfer of shares and dividend distributions. On 7 February 2014, Decree 2334 was published in the official gazette. This Decree implements income tax changes as
See MoreGermany: VAT rates on multiple rate supplies
The German Federal Ministry of Finance has clarified the procedures for German VAT rates on a single supply where there are different VAT rates applicable. Where a supplier is offering for a single price goods with multiple VAT rates attached, the
See MoreCroatia ratifies convention on Mutual Administrative Assistance in Tax Matters
On 31 January 2014, the Croatian parliament ratified the multilateral Convention on Mutual Administrative Assistance in Tax Matters, signed on 25 January 1988 and the amending protocol signed on 27 May 2010. This multilateral Convention is seen as
See MoreUnited Kingdom – Supreme Court addresses cross-border group losses
The UK Supreme Court on 19 February 2014 issued its judgment relating to three remaining issues in the Marks & Spencer case—i.e., the case addressing a cross-border group relief claims. The Court found that the conditions for the “no
See MoreSouth Africa: Tax Guide for South African Shareholders Revised
The South African Revenue Service (SARS) has issued a revised edition of its Tax Guide for Share Owners, which provides general guidance on the tax consequences of holding shares as trading stock compared to holding them as capital assets. The Guide
See MoreSingapore – Tax proposals in 2014 budget
Singapore’s 2014 budget statement was presented on 21 February 2014. An initial review of tax measures included in the budget statement reveals there are provisions that would achieve the following changes: The budget if passed into law would
See MoreSouth Africa-selective tax hikes predicted In South African budget
South African Finance Minister present his 2014/15 Budget to Parliament on February 26, the South African Institute of Tax Professionals (SAIT) has predicted that the Minister will have to introduce selective tax increases to make up for a shortfall
See MoreItaly withdraws WHT on inbound payments
An instruction from the Italian Revenue Agency for all Italian banks to withhold a 20 percent tax on all payments from abroad received by Italian individual taxpayers, has been withdrawn with effect from 1 February 2014 as it is being examined by
See MoreFrance – 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 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 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
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