EU-Ukraine Deep Comprehensive Free Trade Agreement
The EU-Ukraine Deep Comprehensive Free Trade Agreement came into effect from 1 January 2016. On trade related matters the objective of the agreement is to progressively establish a free trade area within a transitional period of ten years from the
See MoreFrance-New tax and social security changes including mandatory e-filing of tax returns
The French Social Security Financial and Income Tax Bills of 2016 will bring changes to the countries income tax and social security rates and bands. Additionally, e-filing of returns will be mandatory for any individual earning in excess of EUR
See MoreNorway Published a Public Consultation Paper Regarding CbC Reporting for Tax Purposes
Norway has published a public consultation paper regarding country-by country (CbC) reporting for tax purposes. As per the proposal, multinational groups when the ultimate parent company is a resident in Norway would be required to submit country-by
See MoreThe Dutch Parliament approved bill on supplementary transfer pricing documentation requirements
The Dutch Parliament approved the Other Fiscal Measures Bill that includes supplementary transfer pricing documentation requirements in order with the three tiered approach of Action 13 of the OECD Base Erosion and Profit Shifting (BEPS) project, on
See MoreFATCA agreement between Slovak Republic and U.S. entered into force
A FATCA Model 1A (2015) Agreement between the Slovak Republic and the United States entered into force on 9th November
See MoreFrance-Approved Finance Bill 2016 and amended Finance Bill 2015
The French Parliament approved the Finance Bill for 2016 and and the amended Finance Bill for 2015 on 17 December 2015. The Finance Bill enacts the country-by-country (CbC) reporting requirement into the legislation of France. From 1 January 2016
See MoreCountry-by-country reporting is enacted in Ireland
On 22 December 2015, the president of Ireland signed into law Finance Act 2015 that includes rules following the OECD's recommended country-by-country (CbC) reporting requirements. The Finance Act provision closely mirrors the OECD’s recommended
See MoreItaly: Budget for 2016 Approved with Reduction of Corporate Tax Rate and CbC Reporting Requirement
The 2016 budget law that has now been approved includes reduction of corporate tax rate for 2017 and Country-by-Country (CbC) reporting requirements with amendments in Act n. 2111-B. The Law no. 208 of 28 December 2015 provides a reduction of the
See MoreDenmark: Government Passes bill on Country-by-Country Reporting
On 18 December 2015 the Danish Parliament approved the draft Bill introducing Country-by-Country Reporting based on Action 13 of the Organization for Economic Co-operation and Development (OECD) project on Base Erosion and Profit Shifting
See MoreHungary: Tax amendments approved by parliament
The parliament of Hungary approved a bill on 17 November 2015 establishing some additional amendments to the country's current tax system. According to the approved bill a classification system will be introduced and companies will be classified as
See MoreBulgaria: New Accounting Act gazetted
The new Accounting Act implementing the provisions of EU Directive 2013/34/EC was published on 8 December 2015 in the State Gazette and will be effective from 1st January 2016. This Act will give administrative and reporting relief for businesses
See MoreBulgaria: Bill to amend tax laws gazetted
A bill that amends the Corporate Income Tax (CIT), Value Added Tax (VAT), Personal Income Tax, local taxes and fees has been published in the State Gazette on 8th December 2015 and these amendments will be effective from 1st January 2016. This
See MorePartial agreement reached on EU financial transaction tax
On December 8, 2015, 10 EU Member States have issued a joint statement on the proposal to introduce a financial transaction tax (FTT) setting out areas on which agreement has been reached and areas which are not yet agreed. Estonia, which was
See MoreHungary-Proposed bill on reduction to the current bank surtax
The government of Hungary presented to the parliament on 24 November 2015, a bill proposing amendment to the special bank surtax applicable to financial institutions which was introduced in 2010 as a temporary measure and became permanent in
See MoreDTA between Germany and Israel ratified
The Income and Capital Tax Treaty (2014) between Germany and Israel has been ratified by Germany on 20th November 2015, by way of publication in the Official Gazette No. 31 of 26th November 2015. Once in force and effective the new treaty will
See MoreLithuania: Changes to various tax laws
Draft amendments to various tax laws were approved by the parliament in the first reading on 17 November 2015. If adopted by the parliament in the final reading, the amendments will enter into force from January 2016. The modifications are
See MoreSpain: EC requests amendment of taxation of foreign non profit entities
The European Commission has urged Spain to amend its rules on the taxation of certain income obtained by foreign non-profit entities and of certain contributions to such entities. According to the European Commission’s statement foreign
See MoreBulgaria: Bill to amend tax laws for 2016 adopted
The parliament has adopted the bill on 25th November 2015 to amend tax laws for 2016. The draft bill was submitted to the parliament on 13th October
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