Spain: Budget for 2016 contains important tax measures
The Spanish government gazetted the details of the Budget for 2016 on 30 October 2015, addressing some significant income tax measures. Corporate income tax Companies whose total annual income does not exceed EUR 75,000 and whose exempt annual
See MoreRomania and Isle of Man sign TIEA agreement
A tax information exchange agreement (TIEA) was signed between Romania and Isle of Man on November 4,
See MoreCroatia: Reduced interest rate for related-party loans
National Bank of Croatia has recently reduced bank interest rate from 7% to 3% per annum and was effective from 31 October 2015. This rate will be also decrease for the purposes of corporate profit tax law. The tax rate reduced from 7% to 3% per
See MoreRomania: Late payment interest and penalties concessions
Romania’s government in October 2015 issued an “emergency ordinance” that allows for the “cancellation” of penalties and interest imposed for the late payment of taxes. The Emergency Ordinance no. 44/2015 supports the general interest of
See MoreSlovak Republic: Concept of ‘company in crisis’ in introduced into Commercial Code
The amendment to the Slovakian Commercial Code introduces the concept of a “company in crisis”. It will be effective from 1st January 2016. A company is regarded ‘in crisis’ if it is: Bankrupt; or The share of its equity and
See MoreDenmark publishes a draft bill to relax the taxation of outbound and inbound dividends
The Danish Minister of Taxation published a draft bill on 5 October 2015. This draft bill planned to relax the taxation of certain categories of outbound and inbound dividends in order to comply with European Union (EU) law. However, the proposals
See MoreGreece: Public Revenue Authority Published Clarification on Transactions of Real Estate Companies and Comparables
Public Revenue Authority of Greece published clarification on transactions of real estate companies and comparables data. The Public Revenue Authority issued document ΔΕΑΦΒ 1136663 ΕΞ 2015/21.10.2015 to clarify that the transfer pricing
See MoreUK Explains VAT Changes Following the Skandia Decision
The UK has issued Revenue and Customs Brief 18 (2005) explaining VAT grouping rules and the Skandia judgment. The VAT changes in the UK effective from 1 January 2016 result from the Skandia decision of the European Court of Justice (ECJ). The
See MoreDTA between Czech Republic and Pakistan enters into force
The Income Tax Treaty (2014) between Czech Republic and Pakistan entered into force on 30th October 2015 and it generally applies for the Czech Republic from 1st January 2016 and from 1st July 2016 for
See MoreBulgaria: Budget for 2016 published
The Finance Ministry (MoF) has published the Budget for 2016 on 26th October 2015. The MoF included the following measures in this budget: The income tax rate, withholding tax rate, and VAT rate will remain unchanged for 2016 through
See MoreLuxembourg: Electronic filing for company income tax return
Electronic filing is now available for Luxembourg resident company. On 29 October 2015, the Finance Minister declared a new e-filing tool for company income tax return, municipal business and net worth tax return. Initially e-filing process is
See MorePoland: The President of Republic amends rules on transfer pricing documentation
The President of Republic of Poland signed an Act amending the Corporate Income Tax (CIT) Act, the Personal Income Tax (PIT) Act on 27 October 2015. The Act initiated important changes related to transfer pricing (TP) documentation. As per the
See MoreGreece: Enacted Rules on Transfer Pricing Penalties and Issued Guidance on TP Documentation
Greece enacted changes to the applicable transfer pricing (TP) documentation rules based on Law 4337/17.10.2015 on 17 October 2015 and issues guidance. Based on the new Law 4337/17.10.2015, the following changes are introduced to the penalties
See MoreHungary: Draft bill for tax law changes in 2016
The government of Hungary recently presented to the Parliament a draft bill with proposals for tax law changes which would take effect as from 2016. The proposed draft bill creates a classification system for taxpayers based on the level of risk
See MoreRomania: Government planning to cut VAT on water supplies
The Romanian Government approved an urgent order on 27 October, 2015, aimed to enforce a reduction of value-added tax (VAT) for the supply of drinking water and water for irrigation. According to the Act, the VAT rate on supplies of water will be
See MoreRomania: Proposed reduction of dividend tax from 2016
The Romanian government is planning to cut dividend tax from 2016. At present dividend payments are taxed at 16%. This rate will be reduced to five percent from January 1, 2016, rather than from January 1, 2017 as previously planned. The
See MoreDTA between Chile and Italy signed
A Tax Treaty between Chile and Italy has been signed on 23rd October
See MoreItaly: Published Legislative Decree to Implement Tax Measures
Italy has Published Legislative Decree No. 147 of 14 September 2015 to Implement Tax Measures. The following issues are the main corporate tax measures as per the Legislative Decree: As per article 3 of the Legislative Decree, Dividends directly
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