Italy: Detail corporate tax measures mentioned in Budget Law for 2017
The Italian Budget Law for 2017 entered into force on 1 January 2017. From 2017 financial year, the Italian corporate income tax ("CIT") standard rate is reduced from 27.5% to 24 %. However, Banks, parent companies of banking groups, individual
See MoreGreece: Road tax clarifications issued
The Public Revenue Authority has been released a Circular 1014/2017 on 26th January 2017 regarding road tax. It states that road tax administrative acts are not challenged via the administrative appeal procedure, but through an appeal to the
See MoreCyprus: Tax department issues guidance relating to exchange of information with Austria
Recently the Cyprus tax department issued a guidance which is related to the exchange of information with Austria under Directive 2014/107/EU on mandatory automatic exchange of information along with Common Reporting Standard (“CRS”) based
See MoreCyprus: Parliament approves a bill for the payment of overdue taxes by monthly instalments
The Cyprus Parliament has recently approved and voted the bill proposed by parliamentary parties which regulates the payment of overdue taxes in various monthly instalments. Overdue debts under €100,000 can be paid in 54 monthly instalments
See MoreUK, Hong Kong TIEA enters into force
On 31 December 2016, the Tax Information Exchange Agreement (TIEA) between Hong Kong and the United Kingdom was entered into force and that was signed on 19 October 2016. This Agreement provides for the effective exchange of information regarding
See MoreProtocol to treaty between India and Austria signed
India and Austria signed a Protocol amending the existing Convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income on 6 February 2017 in New Delhi. The Protocol was
See MoreIreland: Updates for Implementing EU and OECD Exchange of Information Requirements
On 2 February 2017, Revenue published eBrief 12/17, which explains the updates introduced in the tax and duty manual regarding exchange of information requirements in respect of tax rulings. The key updates are following: Section 1 of the tax and
See MoreBelgium ratifies Social Security Agreement with Turkey
On 23 December 2016, Belgium ratified the Social Security Agreement with Turkey, as published in the Belgian Official Gazette of 2 February 2017. Once in force and effective, the new agreement will replace the existing agreement of
See MoreSingapore, UK TIEA enters into force
On 31 January 2017, the Tax Information Exchange Agreement (TIEA) between Singapore and United Kingdom was entered into force. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities
See MoreSingapore, Ireland TIEA enters into force
On 31 January 2017, the Tax Information Exchange Agreement (TIEA) between Singapore and Ireland was entered into force. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities including
See MoreIrish Revenue publishes Finance Act 2016
Irish Revenue published Finance Act 2016 that contains multiple additions in relation to Finance Bill 2016, on 12 January 2017. The key changes are following: Directors' fees: An exemption is available on certain emoluments not more than EUR 5,000
See MorePortugal ratifies DTA with Andorra
On 26 January 2017, Mr. Marcelo Rebelo de Sousa, the President of Portugal signed a decree ratifying the Double Taxation Agreement (DTA) with Andorra and it still needs to be published in the Official
See MoreTIEA between Singapore and Netherlands enters into force
Competent authority agreement on automatic exchange of information (TIEA) of 2016 between Netherlands and Singapore has been entered into force on 31st January 2017 regarding tax. The agreement is intended to ensure that Netherlands and Singapore
See MoreSerbia: Ministry of Finance issues rulebook for the preparation of 2016 tax return
The Serbian Ministry of Finance issued a rulebook on 16 December, 2016 that is effective 1 January 2017 and applies for purposes of preparing the 2016 tax return. The rulebook is on amendments and changes of the rulebook on the contents of the tax
See MoreIreland: 39% DIRT rate form 2017
Deposit Interest Retention Tax (DIRT), at the rate of 39% (from the 1st January 2017) is deducted at source by deposit takers, e.g. banks, building societies, Credit Unions, Post Office Savings Bank, etc. from interest paid or credited on deposits
See MoreBelgium: Key changes of individual taxation for tax year 2017
The Ministry of Finance (MoF) of Belgium issued the indexed amounts regarding the individual income tax for tax year 2017 and assessment year 2018, on 23 January 2017. Key changes are following: Tax rates Taxable Amount (EUR) Rate (%) Up to
See MoreBelgian parliament approves Protocol to DTA with Ireland
On 2 February 2017, the Belgian parliament approved the amending protocol of Double Taxation Agreement (DTA) with Ireland that was signed on 14 April 2014. The ratification of the protocol is required to further approval by the
See MoreLatvia: Amendments law on Micro-Enterprise tax enters into force
Latvia’s President Raimonds Vejonis has promulgated two legal amendments that the country’s legislature, the Saeima, adopted on December 20, 2016; the changes came into effect on January 1, 2017. The changed laws cover the taxation of
See More