UK: Temporary Non-Residence Regulations 2013
A new statutory instrument SI 2013/1810 has been issued by the UK Government in relation to the temporary Non-Residents (Miscellaneous Amendments). The Government announced its intention to introduce a Statutory Residence Test from 6 April 2013 in
See MoreUK: Regulations for Annual tax on enveloped dwellings
A new statutory instrument named SI 2013/1844 has been issued by HMRC regarding the Annual Tax on Enveloped Dwellings (Returns) 2013. This regulation will come into force on 12 August 2013. Finance Act 2013 introduced an annual tax on enveloped
See MoreSwiss Federal Tax Administration publishes instructions on tax agreements with Austria and UK
The Swiss Federal Tax Administration published on 16 July 2013, the latest version of the instructions on the agreements on cooperation in the area of taxation with other states and the federal international withholding tax act. The Agreements with
See MoreFrance Begins Tax Break Simplification
The French Government has announced a number of tax simplification measures. The aim is to simplify administrative procedures in respect of taxation for both companies and individuals in France, and to reduce state spending on tax breaks. The
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 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 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 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 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 MoreBrazil: Increase in revenue limit to opt for presumed profit method
The government of Brazil has again increased the gross income limit for companies to opt for taxation under the presumed profit regime. Companies electing to use the presumed profit method are taxed on a statutory rate applied to their gross
See MoreBelgium: New tax measures for 2013
Belgium’s Council of Ministers recently reached agreement on new tax measures for 2013. The Belgian government has already confirmed plans to increase the minimum wage and to reduce employer contributions from April 1. These measures are intended
See MoreNorway: Interest deduction limitation proposed
On 11 April 2013 the Norwegian Ministry of Finance published a legislative proposal and invited public submissions on the introduction of an interest deduction limitation for loans between related persons. The proposed limitation applies where there
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