Hungary dismisses OECD Tax Advice
The Hungarian government has rejected OECD proposals for major tax reforms, covering a new property tax as well as energy, environmental, inheritance and wealth taxes. The Minister of Economic Strategy has said that tax reform is complete and no
See MoreChina: Shanghai Free Trade Zone implemented
The China (Shanghai) Pilot Free Trade Zone (SFTZ) is an important milestone in economic policy and may lead to broader financial and economic reforms. The SFTZ is geared towards services industries and promotes not only trading but also investment.
See MoreArgentina: New income tax on specific exports
Argentina issued Resolución General N°3577/2013 on 7 January 2014 that establishes a new income tax (Impuesto a las Ganancias) on transactions where goods are exported to a foreign jurisdiction other than the jurisdiction billed for the
See MoreUnited States: trust residency regulations
The US Treasury Department and the Internal Revenue Service (IRS) have requested comments on the existing final regulations (TD 8813) that provide guidance on determining the residence of a trust for US tax under section 7701 of the US Internal
See MoreUkraine: Transfer pricing report
The Ministry of Taxes and Charges has issued the official form for the transfer pricing report under Ukrainian law, and has clarified the procedures for completion. The documents were approved by Ministry of Taxes and Charges Order No.
See MoreCanada: New Anti-Avoidance Program
The Canada Revenue Agency (CRA) has announced the Offshore Tax Informant Program (OFTP) that offers financial rewards for information that helps address major international tax non-compliance. Rewards will be paid to individuals for evidence with
See MoreAustria: Tax Reform Working Group
The Austrian Government has set up a working group for tax reform, with a view to submit reform recommendations by the end of 2014. The specific reform objectives have already been set out in the coalition agreement, and the planned reforms will
See MoreAustria: draft 2014 bill amending Tax Acts
The Austrian Ministry of Finance, published the 2014 Tax Amendment Act (Abgabenänderungsgesetz 2014; AbgÄG 2014), on 9 January 2014. This amending law will make changes to certain Austrian Tax Acts, as follows: Limiting tax deductibility of
See MoreDenmark: Updated guide on expatriate regime
The Danish tax administration has published, on 15 January 2014, an update of the guide for taxation of foreign researchers and key employees. This provides the amounts and rates applicable in
See MoreRussia: Ministry of Finance clarifies patent system taxation issues
The Ministry of Finance published Letter No. 03-11-09/55604 on 17 December 2013 which sets out the maximum and minimum thresholds of potential annual income to apply with regard to the patent system of taxation. The MoF also clarified that under
See MoreLuxembourg: Government announces key fiscal policy agenda
The new Luxembourg government published components of its future fiscal policy on 2 December 2013. The government will focus on structural reforms in three major areas: an examination of public expenditure, measures to promote economic growth, and
See MoreAzerbaijan: 2013 Tax Revenues
Azerbaijan’s Ministry of Taxes has reported 2013 tax receipts to be AZN6.66bn, an increase from the AZN6.025bn collected in 2012. The greatest contribution came from profit tax (AZN2.37bn), followed by value-added tax (AZN1.72bn), while individual
See MoreKenya: National Social Security Fund Act 2013 enacted
The National Social Security Fund (NSSF) Act was passed by Parliament on 24 December 2013 and applies from 10 January 2014. The NSSF Act will increase the social security contributions by both the employer and the employee, with a goal to increase
See MoreTurkey: Special consumption tax changes for 2014
Turkey’s Council of Ministers have issued Resolution 2013/5761, that revises and/or specifies the special consumption tax (SCT) rates and amounts to be applied effective from 1 January 2014. These revise the SCT rates for vehicles, for beer and
See MoreFinland: decree on blacklist countries updated
The Ministry of Finance of Finland published Decree No. 1284/2013 on 31 December 2013. This covers countries where the tax burden differs significantly from that in Finland; the blacklist applies in implementation of the controlled foreign company
See MoreNetherlands: Relief, clarifications under FATCA
The Netherlands government has announced completion of a memorandum of understanding (MOU) to provide relief and clarify the intergovernmental agreement (IGA) for automatic exchange of data between the Netherlands Belastingdienst and the US IRS. The
See MoreBelgium: Rules for “self-billing” for VAT purposes
The Belgian fiscal administration has issued guidance on the application of a “self-billing” system for value added tax (VAT) purposes. The Belgian self-billing rules enable a customer to issue an invoice in respect of the supplier, for supplies
See MoreUK Chancellor Envisions Permanent Tax Cuts
The UK Chancellor of the Exchequer has reiterated the government’s commitment to continue cutting taxes, especially through spending cuts, and without any extra borrowing. He cited the cuts in income taxes and freezing fuel duty, and the increase
See More