Ireland: VAT rate raise from 21% to 23%
The government of Ireland announce an increase of its standard VAT rate from 21% to 23% from January 2012. This increase is an acceleration of plans to raise the VAT rate to 23% by 2014. The government’s main target is to reduce the GDP deficit
See MoreOman and Netherlands DTA will in force from 1 January 2012
It has been reported that the income tax treaty between the Sultanate of Oman and the Kingdom of the Netherlands has been approved by both the Omani and Dutch parliaments. As a result, the treaty will enter into force on January 1, 2012. The treaty
See MoreAutomated Transactions Tax has been approved by the French Senate
The French Senate approved plans to establish a tax on automated transactions in France, on 23 November 2011, to curb the rapid rise in high frequency trading. The new initiative proposes to impose from January 1, 2012, a tax on certain investment
See MoreAustria: Lawmakers approve 2012 Budget
During a third reading, Austria’s National Council recently adopted the country’s 2012 budget, providing for a deficit of 3.2%, as well as for state debt of 74.6% of gross domestic product (GDP). Drawn up under the motto “stable finances for a
See MoreGermany expects additional tax revenues in 2011
The tax estimate unveiled recently by the German finance ministry predicts higher tax revenues both this year and in the coming years, than previously predicted in the May forecast. The German finance ministry confirmed after the meeting in Halle of
See MoreFrance: Increases Targeted VAT
To reduce the country’s deficit next year and to preserve its AAA rating, the French government is considering the idea of increasing the value-added tax (VAT) in France to either 7% or 9% in certain targeted areas from prevailing 5.5% rate and at
See MoreHungary: Focusing to Phase Out ‘Crisis Taxes’ in 2012 Budget
Focusing on the provisions for a gradual phasing out of the crisis taxes levied on the country’s telecommunications, energy and retail sectors since 2010, the Hungarian Economy Ministry has recently submitted 2012 budget bill to the parliament.
See MoreTax deal signed between Switzerland and UK
A landmark tax agreement concerning the taxation of UK investors’ income in Switzerland has been signed in London recently. The British Bank clients’ future investment income and capital gains in Switzerland will be subject to a final
See MoreDTA between Austria and Slovenia
Aiming to further strengthen economic relations with Slovenia, Austria’s Financial State Secretary Andreas Schieder recently signed a revised bilateral double taxation agreement (DTA) between the two countries. Commenting on the signing of the
See MoreSweden: 2012 Budget declared
The Swedish government has declared the details of its 2012 budget. According to it several fiscal measures are taken to offset the effects of the crisis, to improve long-term job and growth prospects and to strengthen welfare of the country. The
See MoreAn attempt of rapprochement on tax between Italy and Switzerland
To unblock the stalled negotiations for a double taxation agreement (DTA) between Italy and Switzerland, an attempt has been made, during a meeting organised by the Italian Senate’s Foreign Affairs Committee. In fact, there has been a
See MoreHungary: VAT rate increases
The Hungarian VAT rate increases 2% to 27% and will be effective from 1 January 2012. This will give Hungary the highest VAT rate in the European Union, and one of the highest in the world. The rise comes as Hungary attempts to bring down its
See MoreFinland: Budget for 2012
Finland’s government unveiled details of its 2012 budget proposal on the 19 September 2011. The budget incorporated fiscal measures aimed at shifting the focus of taxation away from labour and entrepreneurship, towards environmental and
See MoreBudget bill is changed again in Italy
Instead of the previous 5% tax to be levied on annual personal incomes higher than EUR90,000 (USD126,300), now people have to pay 10% on annual incomes over EUR150,000, an additional rate of 3% will now be applied on all personal incomes over
See MoreItaly: VAT rate increases
The Italian Parliament has agreed to an emergency 1% rise of VAT from 17 September 2011. Though the rise was originally submitted in June 2011, and was scheduled for January 2014. But due to instability in the financial market, the government took
See MoreDouble Taxation Convention Signed between UK and Hungary
A new and comprehensive Double Taxation Convention was signed between the UK and the Republic of Hungary in Budapest on the 7 September 2011. The convention replaces the 1977 agreement by the general OECD Model Double Taxation Convention. The latest
See MoreFrance Disclosed 3% Tax on High Income Earners
Despite sluggish economic growth, as part of a package of fiscal measures to meet its ambitious deficit reduction targets, the French Prime Minister has introduced an exceptional tax of 3% imposed on the annual income of the top earners in France.
See MoreFrance: Tax measures for 2011 year-end finance bills announced
The French Prime Minister announced some budget and tax measures that aim to reduce France’s deficit, on 24 August 2011 at a press conference. The French Cabinet will examine some of these proposed measures on 31 August and include in the draft of
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