Ukraine Seeks Tax from Bank Depositors
The Ukrainian Ministry of Finance has announced that it is to introduce a tax on interest received from bank deposits above UAH 100,000. This tax is expected to apply to only 1.5 percent of bank deposits in Ukraine but these deposits account for
See MoreSwitzerland Plans Stricter Rules for Biofuel Tax Breaks
The Swiss Council of States has given its approval to a bill strengthening the provisions on the eligibility of enterprises for biofuel tax breaks. Biofuels may be partly or wholly exempt from mineral oil tax provided that they conform to certain
See MoreSingapore- issues e-Tax Guide on GST Advance Ruling System
An updated e-Tax Guide has been published by the Inland Revenue Authority of Singapore (IRAS) to give guidance on aspects of the Goods and Services Tax (GST) advance ruling system and on the relevant application procedures in connection with the
See MoreRomania: New tax law to conform to EU rules
Romania has passed Law No 8/2014 to bring the tax low into line with EU provisions. The Law provides for new VAT place of supply rules for broadcasting, telecom and electronically supplied services that are similar to EU rules. The Law also reforms
See MorePortugal: Personal Income Tax System Reform
Portugal has appointed an expert committee to consider improvements to the personal tax system. Simplification of the individual income tax could improve social mobility and encourage tax compliance, according to the government. The tax system needs
See MoreLithuania – Tax card for 2014
Lithuania has prepared a “tax card” that provides an easy-to-read overview of the tax system in Lithuania for 2014. This provides a convenient reference for businesses operating in
See MoreLatvia introduces Tax card for 2014
Latvia has prepared a “tax card” that provides an easy-to-read overview of the tax system in Latvia for 2014. This card includes a review of Latvia’s corporate income tax rates and rules, micro-enterprise tax, individual (personal) income tax,
See MoreItalian Red Tape Reduction Could Fund Tax Cuts
At its 15th annual forum the President of Confcommercio, the federation representing small and medium-sized enterprises, professionals and sole traders in Italy, re-asserted his appeal for the Government to link a reduction in public expenditure
See MoreUS – Supreme Court Agrees Severance Pay Is Taxable
In the US the Supreme Court has decided in favor of the IRS in a case involving the tax status of involuntary severance payments made to employees who have been laid off. The Court decided that these payments are subject to the provisions of the
See MoreFrance – Sin Taxes should target health care goals
In France a committee of the Senate has suggested that the behavioral taxes on certain goods such as tobacco and spirits should be more directly linked to government public health targets. These taxes could be renamed public health contributions to
See MoreFrance – Employers demand Corporate Tax Cuts
Anxious to kick-start talks on a reform of corporation tax, the President of the French employers' federation Medef, has called on the Government to lower the corporate social solidarity contribution (C3S) together with the headline rate of
See MoreChinese SAT announces new plans for the future
In a video conference held by the State Administration of Taxation (SAT) on 18 March 2014 the current work on international taxation and future plans were outlined. China has improved the legal framework within which its international tax work takes
See MoreChina relaxes company registration procedure
With effect from 1 March 2014 China’s company law has been updated with the aim of streamlining the registration procedures and making the minimum capital requirements less stringent. China’s Company Law gives considerable discretion to
See MoreChile introduces instructions on modifications included in Law 20.630
Chile issued a Circular on 11 March 2014 giving guidance on modifications to Law 20,630 dealing with international tax issues. A number of tax provisions were amended by the law including a rise in the First Category Tax and a tax on indirect
See MoreUS – IRS Issues Virtual Currency Tax Guidance
The IRS has published guidance in respect of the use of Bitcoin and similar digital currencies. These are to be regarded for federal tax purposes as property rather than currency. This should remove uncertainty about the tax treatment of these
See MoreUK Court of Appeal rules on payment of corporation tax on VAT repayments
In a case concerning an online retail group in the UK the Court of Appeal has determined that the taxpayer must pay corporation tax in respect of VAT repayments received. The consequence of this victory for the tax authority is that many taxpayers
See MoreSpain – New tax measures for corporate debt refinancing and restructuring
Royal Decree Law 4/2014 which is effective from 9 March 2014 contains provisions in respect of corporate debt restructuring. Among the issues covered in the law are the treatment for tax purposes of capital increases through the capitalization of
See MorePhilippines Legislates To Cut Back Income Tax Relief
In the Philippines there is some concern in the Department of Finance (DOF) that tax relief is being granted to applicants without sufficient consideration of their entitlement. The Department is therefore keen for legislation to be passed to
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