South Africa – VAT changes for short-term insurance
South Africa’s tax authorities have issued a ruling addressing the value added tax (VAT) treatment of supplies made and received by short-term insurers. The following issues are focused in the Ruling. Clarification on the time of supply in the
See MoreNetherlands Welcomes Court Ruling on Business Succession Tax Break
The Netherlands Supreme Court has ruled in recent proceedings that the country's business succession rules, provided for in the inheritance and gift tax law, are not contrary to the principle of equality. Under Dutch business succession regulations,
See MoreSwitzerland: Revise withholding tax regime
It was reported that the Swiss Federal Council has introduce a consultation plans to review the imposing of withholding tax at source on income acquire from “lucrative” activity on 18 December 2013. Plans to modify the federal laws governing the
See MoreBelgium: Documentary proof for intra-community VAT exemption is clarified
The Belgian VAT office is compelled to change its guidance regarding the requirements for the application of the VAT exemption on intra-community supplies. To enable suppliers of goods or services a number of conditions are set out under the EU
See MorePoland’s VAT changes effective in 2014
Poland’s value added tax (VAT) law changes that is effective from 1 January 2014. Changes to the date when VAT liability arises (the tax point); a new definition of the taxable base; new rules for input VAT deductions; new provisions in relation
See MoreRomania: comprehensive VAT deferment scheme to importers
The import VAT abeyance scheme has been extended in Romania under a Order issued by the Ministry of Finance at the end of last month. At present, persons who are owner of the specialized VAT deferment certificates are offered the opportunity to
See MoreBulgaria- Amendments in VAT Act 2014
Amended Bulgarian VAT act have been published by Bulgarian tax office which are in effect since January 1, 2014. The changes are- the reporting point is to be treated as the end of the month for recurring monthly intra-community supplies, free
See MoreVietnam – published an official letters on Investment projects and severance allowances
The Vietnam tax authority’s published an official letters on 15 November 2013 on condition that: Business establishments are not allowed to corporate income tax incentives for an investment project if implementation of the investment project is
See MoreMexico – Tax reform legislation published in official Gazette
Mexico published new tax reform provision in official gazette on 11 December 2013, which is proceeding through the legislative process. The new legislation includes measures that may affect multinational entities with current or planned operations
See MoreIreland: Revenue published details of tax settlements
Ireland's Revenue organization has published data on 88 cases of the settlements arrived at with defaulting taxpayers throughout the last year. The first lists each person upon whom a fine or punishment was forced by a court. The second part covers
See MoreChina: Extends VAT to postal services and railways
An edict recently is issued by the China’s State Council adding postal services and railway transportation to the reform of the existing Chinese Business Tax and VAT systems. This will start on 1 January 2014. The principles of the OECD VAT
See MoreChina: Financial sector faces issues on transition to VAT
In the transition to a value added tax (VAT) system, the financial services sector in China will need to consider certain issues.China’s Ministry of Finance suggests that- to a VAT system in China, modern principles of VAT would be applied. The
See MoreAustralia: The Authority extends review of income tax rules
It was proclaimed by the Assistant Treasurer of Australia that the Australian on 8 November 2013, Board of Taxation will extend its review of income tax rules to permit the board to consider the more extensive tax framework in which private business
See MorePortugal: Gazettes Tax Regularization Decree
Decree-Law number 151-A/2013 is published in the country’s official Gazette. To tighten sanctions, it establishes an exceptional and temporary regime for the regularization of tax debt. From 2014 individuals who committed tax fraud will face
See MoreCroatia: Individual income tax law amended
The Croatian Parliament adopted the amendments to the Individual Income Tax Law on 27 September 2013. Following a decision of the Constitutional Court, the provisions regarding taxation of dividends and profit shares have been amended. The law
See MoreUruguay – Guidance on tax implications of fees paid to foreign companies
The tax administration of Uruguay issued guidance on 29 October 2013 about the applicability of Uruguay’s non-resident income tax and value added tax (VAT) on payments of certain fees paid to foreign companies. According to the guidance foreign
See MoreSpain: Tax ruling expanding capital gains tax to indirect transfer of Spanish real estate by Luxembourg entities
Spanish tax authority recently published a ruling regarding indirect transfer of Spanish real estate by a Luxembourg entity which is taxable in Spain under the provisions of the Luxembourg-Spain tax treaty. Investment funds from real estate and
See MorePortugal: Budget VAT announcements
The draft VAT Bill 2014 of Portugal contains a range of amendments to the Portuguese VAT rules. According to the draft amendments, VAT on irrecoverable debts may only be refunded within two years from the beginning of the fiscal year after the bad
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