Denmark: Government publishes a proposal to introduce CbC reporting
The Danish government published a proposal on 18 September 2015 to amend the current tax law, and provide measures that would increase the Danish transfer pricing documentation requirements and include country-by-country (CbC) reporting. The
See MoreIreland: Budget 2016 announced
On 13 October 2015, the Finance Minister of Ireland announced Budget proposals for 2016 in the context of the country being the fastest growing economy in Europe for 2015, with GDP growth at 6.2%. The Minister also published a document
See MoreBulgaria: Draft bill to amend tax laws for 2016
The Council of Ministers has approved the bill for amendments to tax laws for 2016 and submitted the draft on 13th October 2015 to the parliament for consideration. The major improvements are as follows: Dividend withholding tax: Implementation of
See MoreSpain: Council of Ministers approves solar power tax
The Council of Ministers of Spain has approved the controversial solar power tax on October 9, 2015. Tax will be imposed on the self-supply of electricity generated by privately owned solar panels. The tax will be introduced in the next six months
See MoreAustria-Chile income tax treaty enters into force
The income tax treaty between Austria and Chile entered into force on 9 September 2015. The treaty generally applies from 1 January
See MoreDTA between Armenia and Slovak Republic ratified by Armenia
The Income and Capital Tax Treaty (2015) between Armenia and Slovak Republic has been ratified by the Armenian Constitutional Court on 29th September 2015. It needs to be enacted by the President and to be published in the Official Gazette of
See MoreDenmark: Budget for 2016
The Budget for 2016 was presented to the parliament on 6 October 2015. The following main changes are proposed in the Budget: Corporate taxation: Country-by-country reporting for income and taxes paid is introduced for multinational enterprises.
See MoreSlovak Republic: Amendments to income tax, VAT, excise duties and Tax Code approved
The Slovak parliament has approved the amendments to the Income Tax Act, VAT Act, legislation on excise duties and the tax code as proposed by the Finance Ministry. All the amendments have been signed by the president except the VAT Act. The changes
See MoreCzech Republic: Income Tax Law amendment submitted to parliament
It has been reported that the government submitted an amendment to the Income Tax Law to the parliament which presents corporate and individual income tax changes. The bill must be approved by both chambers of the parliament and signed into law by
See MoreSouth Africa-Cyprus amending protocol entered into force
The amending protocol between South Africa and Cyprus regarding income and capital tax treaty entered into force on 18 September, 2015. The protocol was signed on 1 April 2015. Under amending the protocol, withholding tax on dividend payments is 5%
See MoreECJ: Request for preliminary ruling on apportionment of expenses for VAT deduction
Many businesses make some supplies that are VAT exempt and the input tax relating to these supplies cannot be deducted in the VAT return. If a business is making both exempt and taxable supplies the input tax relating to the exempt supplies cannot
See MoreFinland: Government planning to remove sugar tax
The Government of Finland will remove tax on sugary foods from 2017 in response to a ruling by the European Commission. Sugar tax was introduced in Finland in 2011 and applies to sweets, soft drinks, juices and ice cream at the rate of Eur 0.95 per
See MoreUS and Czech Republic: Competent Authority Arrangement (CAA) signed
In accordance with the US and Czech Republic intergovernmental agreement (IGA) for implementing the Foreign Account Tax Compliance Act (FATCA), the competent authority arrangement (CAA) has been signed between the US and Czech Republic on 1st
See MoreSpain: Partial amendments of general tax law
Spain has published the official Gazette regarding partial amendments of general tax law which was amended on 22 September, 2015 as a Law no.34/2015. The Law will enter into force on 12 October 2015 except for the obligation to keep specific
See MoreFrance: Draft Finance Bill 2016
The draft Finance Bill for 2016 has been presented in France. According to the proposals the income tax-exempt threshold will be increased to EUR9,700 (USD10,840). For income above this threshold the income tax rates will be reduced. The tax rates
See MoreLatvia: Government planning to introduce solidarity tax
Latvian Finance Ministry recently declared a draft law regarding a new tax for high earners, to make the nation's flat tax regime more progressive. From 1 January 2016, employees earning over EUR 48 600 a year will pay a 4% solidarity tax on the
See MoreBulgaria and Tunisia: Social Security Agreement signed
A Social Security Agreement between Bulgaria and Tunisia has been signed on 1st October 2015 in
See MoreItaly: Published Legislative Decree on Transfer Pricing Issues in the Official Gazette
Italy Published Legislative decree n. 147 in the official gazette on 22 September 2015 with a view to provide investors with certainty arising from their investment plan. As per the published Legislative decree, expenses relating to the transactions
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