Philippine: Welcome ejection from Italian ‘Black List’
The Philippines Government has signed a double taxation agreement (DTA) with Italy to taken off the “black list” of countries that Italy evaluates to be tax havens on 9 December 2013. On December 5, 1980 DTA originally signed between
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 MoreGermany: Proposed coalition agreement
The German Conservatives (CDU/CSU) and their ex-opposition party the Social Democrats (SPD) signed a 185 page agreement on the formation of a “grand coalition” on 27 November 2013 which was resulted from five weeks of strong negotiations. The
See MoreNetherlands – Electronic filing required for VAT returns
It has been reported that entrepreneurs subject to value added tax (VAT) but not “established”―for VAT purposes―in the Netherlands must file their VAT returns / EC sales lists electronically (and not on paper forms) from 1 January
See MoreNetherlands Hails Tax Amnesty A Success
On 13 November 2013 it was reported that the Dutch Financial State Secretary has hailed the Government's temporary relaxed voluntary disclosure scheme as a success. The State Secretary emphasized the fact that since its introduction, almost 500
See MoreLuxembourg: New circular declares VAT exemption for risk management services
“Administration de l’Enregistrement et des Domaines”, the Luxembourg VAT Authorities issued a Circular (Circular n° 723 ter) on 7th November 2013, confirming that risk management services for funds could be VAT exempt. The guidance from the
See MoreLuxembourg wants acceleration of negotiation on Savings Tax
Luxembourg has called on the European Commission (EC) to accelerate negotiations with third party countries, to make sure that progress is made on plans to modify the Savings Tax Directive. The Savings Tax Directive is designed to ensure that income
See MoreLuxembourg Considers Tax Rise
The assessment of current negotiations on the formation of a new Government of Luxembourg is that there is a pledge to redressing the public finances if necessary with recourse to tax measures. However Luxembourg is starting from a favorable
See MoreIreland: Tax hike hits Irish savings
According to one well known financial institution (the Nationwide Building Society), the Irish Finance Minister has decided to raise the Deposit Interest Retention Tax (DIRT) and it represents a very bad news for Irish savers. The extent of
See MoreTechnical services fees under treaty between India and Germany
It was held by the Agra Bench of the Income-tax Appellate Tribunal of India that leather testing charges were taxable as “fees for technical services” under the India-Germany income tax treaty. The treaty allows the source state the right to tax
See MoreHungary Signs OECD Multilateral Tax Assistance Treaty
Hungary has become the 61st jurisdiction to sign the Organization for Economic Cooperation and Development’s multilateral treaty on multilateral tax assistance. This can be considered as a step of Hungary to its fight against cross-border tax
See MoreHungary- Amendments to Corporate Law
Hungary is going to modify its civil code by making significant changes to the corporate law which is likely to become effective from March 2014. According to the amendments, new companies may be permitted to establish their own company guidelines
See MoreRussia–Readjusting the taxable base for transfer pricing purposes may impact on the VAT base
The Russian Ministry of Finance has made public Letter No. 03-01-18/19214 clarifying the rights of tax authorities to readjust the taxable base in the case of selling goods and performing of works or services between related parties. Article 105.3
See MoreFinnish Administrative Supreme Court Order to pay interest on refunds of withholding tax collection
According to the Finnish Supreme Administrative court decision, Finland tax authority must pay interest on refunds of withholding tax collected in contrast to the EU law. The interest rate imposed on withholding tax refunds varies annually. In the
See MoreFrance and the US signed FATCA Intergovernmental Agreement
On 14 November 2013, the US and France signed an Intergovernmental Agreement (IGA), in order to improve international tax compliance and to implement the US Foreign Account Tax Compliance Act. The FATCA legislation aims to ensure that US citizens
See MoreEU: Planning to change the intrastate reporting process
The European Commission is plans to changes the Intrastate reporting process which is the month to month reporting procedure for EU VAT registered businesses. This enables the countries to follow the movement of goods in the free trade
See MoreECJ: Interest payable where VAT credit incorrectly refused
Recently, the European Court of Justice (ECJ) has ruled that member states may not lawfully withhold interest due on VAT credits or refunds. The ECJ held that EU member states cannot block VAT interest and has ruled that tax authorities still have
See MoreFrance – Arm’s length indemnification for unfair termination of contracts
In two court cases of France it was reported on 9 January 2013 that a failure to provide the required notice period with respect to a group restructuring may provide a cause of action for an award of compensation for unfair termination of a
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