EU: ECJ Rules on Denmark’s exit tax rules
The European Court of Justice (ECJ) on 18 July 2013 issued a decision in a case concerning Denmark’s exit tax. The case was brought by the European Commission. At the point where a person leaves Denmark an exit tax is calculated on the person’s
See MoreAustralia: Public disclosure of taxable income & tax payments
According to the provisions of legislation enacted in late June 2013, the Australian tax authorities will have to disclose publicly certain information relating to companies with a “reported total income” of greater than AUS $100 million. The
See MoreArgentina: New investment regime for the oil and gas industry
The Executive power of Argentina issued Decree N° 929/2013 to encourage investments in the oil and gas regime through new system. The Decree was published in the Official Gazette on July 15, 2013. According to the Decree eligible entities of the
See MoreNetherlands: Additional Bill on taxation of rental income passed
The additional Bill on the taxation of rental income for 2013 was published in the Official Gazette on 12 July 2013. Rental income from housing in the regulated sector will become liable to a special levy based on the value of the house. In 2013,
See MoreHong Kong: SAR allows to enter into independent tax information exchange agreements
The Legislative Council of Hong Kong SAR passed the Inland Revenue (Amendment) Bill 2013 on 10 July 2013. The Bill allows Hong Kong to enter into tax information exchange agreements (TIEAs). There is an increasing emphasis by the OECD and other
See MoreSwitzerland: Retain flat tax for foreigners
Switzerland’s Federal Council accepted a resolution rejecting the Swiss people’s initiative calling for an end to the flat tax regime currently benefiting wealthy foreigners in the Confederation on 1 July 2013. Switzerland’s flat tax regime is
See MorePakistan: Supreme Court rules against increase in sales tax
The Supreme Court (SC) ruled on 21 June 2013, that the government was not ratified to impose or increase sales tax from 16% to 17% on the value of taxable supplies by way of declaration under section 3 of the Provisional Collection of Taxes Act 1931
See MoreGermany: Enactment of Cross-border profit allocation rules
Enactment of legislation regarding cross-border profit allocation was published in the Germany federal law gazette on 29 June 2013. Changes with regard to transfer pricing with the transposition into German tax law of article 7 of the OECD Model
See MoreBelgium: Proposes legislative changes to various tax measures
Pursuant to budget control provisions for 2013 and the budget for 2014, the Belgian government has agreed to change certain tax measures during the legislative process. A special contribution of 5% which is known as the “Alternative minimum tax”
See MoreBelgium: Enactment of corporate income tax, individual tax and VAT measures
The Law containing tax and financial measures and measures regarding sustainable development was published on 28 June 2013 in the Belgian Official Gazette. Resident companies and permanent establishments are currently able to deduct 80% of R&D
See MoreIndonesia: Issued regulations on tax rates for Small and Medium Enterprises
The government of Indonesia issued Regulation No. 46/2013 on 12 June 2013 named as The Regulation for Taxation of Small and Medium Enterprises. This will be effective from 1 July 2013. As per the regulation issued a final tax rate of 1% will be
See MoreRussia: Elimination of Cyprus from the ‘Black List’
The Ministry of Finance of the Russian Federation has removed Cyprus from the 'Black List' that applies for the purpose of certain tax provisions and it effects from 1 January 2013. Dividends paid from Cyprus companies to Russian companies will be
See MoreCzech Republic: New Decree on Low Value Adding Services
The General Financial Directorate (D-10) has issued the new Decree related to Low Value Adding Services took into effect on January 1, 2013 and it will relief qualifying taxpayers from preparation of full-phase transfer pricing documentation and
See MoreUK: offshore employment intermediaries
A consultation document has been issued by the UK government proposing measures to deal with issues arising from the use of offshore employers of workers based in the UK to avoid tax and national insurance contributions on wages. The consultation
See MoreUK: Consultation on loan relationships and derivative instruments
The original loan relationships rules issued by the UK government in the 1990s modernized the treatment of debt instruments by aligning the tax treatment more closely with the accounting treatment. However in the meantime the financial world has
See MoreArgentina: New process for determining “tax haven” jurisdictions
Argentina’s tax authority (AFIP) has issued a decree introducing new criteria for when to consider countries as “tax haven” jurisdictions for transfer pricing purposes. This Decree was published on May 30, 2013. The Decree states that the AFIP
See MoreCzech Republic: Proposals on dividends, stock gains and increased R&D
The Czech Republic government has submitted its long-discussed proposals on April, 2013 to “re-codify” the tax laws to the Chamber of Deputies with a proposed effective date of January 1, 2014. The main proposals are summarized below: Dividends,
See MoreLuxembourg’s Corporate Tax Plans made public
The Luxembourg Government has uncovered some details of its future corporate tax plans. Increasing the rate of business tax has been ruled out by the Government. They have however confirmed plans to further simplify and modernize tax procedures for
See More