Tax Devolution process for Wales has been confirmed by the UK Government
The UK Prime Minister has confirmed in a press release on 7 November 2013 that the Government intends to devolve the power to set Landfill Tax and Stamp Duty rates in Wales, and to hold a referendum on devolving the income tax rate. It was announced
See MoreRussian President commands more tax intermission for LNG
Russian President has called for tax intermissions to be prolonged to more gas deposits that produce the Novatek-controlled liquefied natural gas program in the Yamal peninsula and it should also cover the neighboring Gydan peninsula. The tax
See MoreAustralia: Plan to address tax policy backlog
The Australian Government proclaimed arrangements on 6 November 2013 to address the extensive backlog of Australia's previous tax and superannuation policy decisions which had been published but not implemented. The Australian government will enact
See MoreVenezuela – Foreign currency rules regarding import objectives
The decree regardingthe share of foreign currency used for import activities has published in official gazette N° 40.259 and will be effective from September 26, 2013. This contains changes to the rules and authorization procedures for gaining
See MorePortugal: Lower tax burden in 2015
The Finance Minister of Portugal has indicated that the Government is aiming to reduce the tax burden on workers in Portugal within the framework of the 2015 State Budget (OE 2015). The State Budget 2014 of Portugal is designed to redress the public
See MoreOman: Clarification of tax rules
The Oman government has clarified that the tax rules in Oman require the following: Within three months from the date of incorporation or commencement of activities, taxpayers must be registered with the Omani tax authorities and if there is any
See MoreJapan: tax reform outline announced
The Japanese government has officially decided to increase the rate of consumption tax from the current 5% to 8% with effect from 1 April 2014. It has also delivered a five-trillion yen (US$50B) economic stimulus policy that aims to alleviate
See MoreAzerbaijan has declared the tax Policy Priorities
Azerbaijan has declared its tax policy priorities for the next 3 years which are presently being considered by the Azerbaijani parliament. The country intends to improve the tax system by introducing 7 new types of taxes, along with a real estate
See MorePortugal: Temporary tax regularization regime unveiled
For the regularization of tax debt, Portugal’s Council of Ministers has approved an “exceptional and temporary regime”. For those taxpayers who choose to regularize their tax debts by 20 December 2013, the regime accords exemption from the
See MoreUkraine withdraws VAT cut plans
Ukraine had previously planned to decrease its VAT rate along with lowering its corporation tax rate. However since Ukraine is struggling with a weak economy, the government is now considering shelving plans to cut corporate tax and VAT next year to
See MoreSpain: New Law to Support Entrepreneurs
The government of Spain recently enacted a law which is commonly known as the “Entrepreneurs Law.” The main objective of the law is to promote self-employed business owners and small to medium enterprises (SMEs) to expand their business
See MorePortugal: Approves Corporate Tax Reform
The Portuguese Council of Ministers sent to parliament proposed reforms of the corporate tax system on 13 October 2013, which will aim to improve Portugal’s tax competitiveness and encourage investment. The proposed reforms would reduce the
See MoreNorway: New government publishes its tax plans
The leaders of Norway's new minority government announced a common general tax platform for the next 4 years, on 7 October 2013. The main plans are summarized below. Individual taxation The new government plans to reduce the tax burden on
See MoreLuxembourg: Legislative changes to implement mandatory automatic exchange of information
The Luxembourg Council of Ministers approved the legislative changes required to implement the mandatory automatic exchange of information system on 4 October 2013 required by article 8 of the Mutual Assistance Directive on administrative
See MoreNetherlands: Bill on Various Tax Amendments approved by Lower House
On 19 September 2013, the Netherlands Lower House of parliament approved a Bill on Various Tax Amendments 2013. The Bill provides that a person who has reached the age of 60 but is not yet 64 at the commencement of the calendar year and earns income
See MoreThailand Scraps Luxury-Goods Tax
The government of Thailand had announced to eliminate import duties on luxury watches, clothes and cosmetics. Accordingly by the end of the year the duty on some luxury goods will be cut from 30% to
See MoreItaly: Update on new VAT declaration
Italy has provided detailed requirements for the new Italian VAT declaration (Spesometro) providing detailed analysis of VAT transactions above €3,600. The Spesometro VAT return which was first proposed in 2010 is the latest effort by the Italian
See MoreNetherlands: Voluntary disclosure relief system relaxed
The Dutch Finance Ministry has announced plans that for those taxpayers who have undeclared assets disclosure system between September 2, 2013, and July 1, 2014 is going to be relaxed. If two-year period is expired, generally a voluntary disclosure
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