Romania enacts new Fiscal Procedure Code
The Romanian tax authority has published the revised Fiscal Procedure Code in the Official Gazette no. 545 dated 23 July 2015. The existing Fiscal Procedure Code is being updated by Law 207/2015 implementing new provisions with respect to tax
See MoreSocial security agreement signed between Finland and South Korea
Finland and Korea (Rep.) signed a social security agreement on 9 September 2015, in Seoul. The agreement mainly focuses on pensions and unemployment insurance and includes regulations regarding the so-called posted employees. Under the agreement,
See MoreCyprus-Ukraine initial protocol to treaty
The governments of Cyprus and Ukraine initialed an amending protocol regarding the Cyprus - Ukraine Income Tax Treaty (2012) on 2 July 2015. A press release was published by the government of Cyprus in this regard on 8 September
See MoreGermany: Ratification of Protocol to OECD Convention on Mutual Administrative Assistance in Tax Matters
Germany deposited its instrument of ratification on 28 August 2015 for the protocol to the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters. It is anticipated that the agreement will enter into force on 1 December
See MoreECJ: decision on time of supply of services for VAT purposes
On 3 September 2015 the European Court of Justice (ECJ) issued a decision in the case of Asparuhovo Lake Investment Company. The case had been referred to the ECJ by the Administrativen sad in Bulgaria and concerned the time of the chargeable event
See MoreECJ: decision in Groupe Steria case on freedom of establishment
On 3 September 2015 the European Court of Justice (ECJ) issued a decision in the Groupe Steria case which concerned the application of the principle of freedom of establishment under EU law. In the relevant years the parent company of the group was
See MoreAustria: Reduced VAT rate increase in 2016
Austrian government announced in the 2016 Budget that the reduced VAT rate will increase to 13% from 10% on the following services: Cultural events, including entrance to public museums and galleries Domestic air travel Sales of certain
See MoreChile and Austria: DTA approved by Chilean Senate
The Income and Capital Tax Treaty (2012) between Chile and Austria has been approved by the Chilean Senate on 1st September
See MoreDTA between Bulgaria and United Kingdom approved by Bulgaria
The Income tax Treaty (DTA; 2015) between Bulgaria and United Kingdom has been approved on 10th July 2015 by the Bulgarian Council of Ministers. After it is in force and effective, this new treaty will replace the previous Income Tax Treaty
See MoreLatvia: Government approves draft budget for 2016
The Latvian government has agreed on a number of tax measures within the framework of the draft Budget for 2016. The most significant matters regarding next year's budget are to increase the minimum wage to EUR 370, to implement the differentiated
See MoreLuxembourg: Proposed Corporate Tax Changes For 2015-2016
Recent amendments was made to the EU Parent-Subsidiary Directive into Luxembourg tax law and published on 5 August 2015. It has already been submitted to the Luxembourg Parliament. The measures include the provisions to modify the domestic
See MoreGreece: Income Tax Law Amendments Published in the Official Gazette
Greece published the amended income tax law in the official Gazette on 14 August 2015. Law 4334/2015 makes amendments which have immediate effect. The 2% discount granted in case of lump-sum payment of personal income tax (including business tax
See MoreGhana: Treaty with Denmark boost Denmark’s investment in Ghana
Statistics from the Ghana Investment Promotion Centre (GIPC) reveal that direct investment from Denmark to Ghana in early 2014 amounted to over US$57.6million. The Finance Committee Report of Parliament also indicated that imports from Denmark to
See MoreTIEA between Bulgaria and Guernsey approved by Bulgaria
The Tax Exchange of Information Agreement (TIEA; 2015) between Bulgaria and Guernsey was approved on 26th August 2015 by the Bulgarian Council of
See MoreUkraine-Ireland income tax treaty enters into force
The income tax treaty between Ukraine and Ireland entered into force on 17 August 2015. The treaty was signed on 19th April 2013. The treaty generally applies from 1 January
See MoreSpain: IMF recommends increasing indirect tax to boost the economy
The IMF has recommended that Spain should expand the indirect tax burden to accelerate the economy and reduce debt. The areas of recommendation set out in the report include increasing excise duties and environmental levies as well as gradually
See MoreBulgaria: Tax reform declared
The Finance Ministry has declared a tax reform through a press release on 22nd August 2015. The proposed tax modification would harmonize Bulgarian law with EU law, with the objective of implementing successful control mechanisms and reducing the
See MoreRomania: Parliament confirmed VAT rate cut to 20% 2016
The Romanian Parliament yesterday agreed the standard VAT rate would be reduced from 24% to 20% on 1 January 2016. The rate would be reduced again to 19% in January 2017. The Government plan to cut VAT rate 19% in 2016 but IMF and EU was opposed to
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