Slovakia Unveils Special Bank Tax Plans

30 May, 2012

Slovakia’s Prime Minister has recently announced plans to introduce a special windfall tax on banks and to extend the existing tax on banking deposits, as part of government efforts to reduce the budget deficit. The Government plans to introduce a

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Lithuania ratifies the DTA signed with India

29 May, 2012

Lithuania on May 4, 2012 ratified the double taxation agreement (DTA) the nation signed with

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Singapore and Portugal Sign TIE Protocol

26 May, 2012

A protocol to the existing double taxation agreement (DTA) between Singapore and Portugal was signed on May 28, 2012, and will enter into force after the completion of ratification procedures by both countries. The protocol was signed in Singapore

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Austria and Cyprus signed a Protocol to amend their existing DTA

24 May, 2012

According to the Austrian government, Austria and Cyprus signed a Protocol to amend their existing 1990 double taxation agreement (DTA) on May 21,

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Oman and the Czech Republic to begin negotiations towards a bilateral DTA

24 May, 2012

On June 5, 2012, Oman and the Czech Republic will begin negotiations towards a bilateral double taxation agreement (DTA), the Czech Embassy in Riyadh has

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Canada and Poland signed a Protocol to amend the existing DTA

23 May, 2012

On May 14, 2012, Canada and Poland signed a Protocol to amend the existing 1987 double taxation agreement (DTA). The Protocol in particular lowers the rates of withholding tax applicable under the

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TIEA between Czech Republic and Isle of Man entered into force

23 May, 2012

The tax information exchange agreement (TIEA) signed between the Czech Republic and the Isle of Man, entered into force on May 18, 2012, the Manx government has

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Spain- New procedures on CIT and non-residents tax returns (regarding PEs)

22 May, 2012

By Order HAP/1023/2012 of 11 May 2012, the Ministry of Finance and Public Administrations of Spain approved the new forms, procedures and the stipulated periods for the corporate income tax (CIT) and the non-residents income tax returns (regarding

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France Publishes Revised 2012 ‘Black List’

26 April, 2012

It was reported on 26 April 2012 that the French Finance Minister and Budget Minister have recently updated the country’s ‘black list’ of countries deemed to be ‘uncooperative’ in tax matters. The revised 2012 list is confirmed in a

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UK Legislates For Budget Tax Measures

02 April, 2012

The UK government has published the Finance Bill 2012, which legislates for tax measures included in both the 2012 and 2011 Budgets. The Bill provides for an increase in the tax-free personal allowance to GBP 8,105 (USD12, 959) from April, 2012,

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Finland Unveils 2012 Supplementary Budget

28 March, 2012

On 28 March 2012, it was reported that the Finish government has recently unveiled details of its 2012 supplementary budget proposal, revising the tax revenue estimate upwards and providing for an increase in expenditure. It has also published

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UK Budget Delivers Tax Cuts

23 March, 2012

The UK has delivered a Budget that unashamedly backs businesses, slashing the top rate of personal income tax and accelerating corporate tax cuts. Currently charged at 50% on all income over GBP150, 000, from April, 2013 the rate will drop to

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UK Blocks Tax Avoidance Scheme

28 February, 2012

On 28 February 2012 it was reported that the UK has taken steps to close what it calls two highly abusive tax avoidance schemes, disclosed to HM Revenue and Customs (HRMC) by a bank. The aggressive schemes are designed to work around legislation

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Ireland Unveils New Tax Incentives

17 February, 2012

On 17 February 2012 it was reported that tax reform features heavily in Ireland's new Action Plan for Jobs, a package designed to boost job creation and establish Ireland as the best small country in which to do business. Reforms include the

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Italy- Tax Court Renders Decision on “Best Method” Rule

01 February, 2012

Recently Italy’s Regional Tax Court of Lazio has given an important decision regarding the selection of methods for determining inter-company prices. An Italian company acting as toll manufacturer on behalf of a related foreign company, set

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Malta Signs TIEA with Gibraltar

27 January, 2012

On 27 January 2012 it was reported that Malta has welcomed the signing of a Tax Information Exchange Agreement (TIEA) with Gibraltar. Under the agreement both countries will provide tax information on request when there is evidence of fiscal

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France Eyes Tougher Tax Evasion Sanctions

25 January, 2012

It was reported on 25 January 2012 that the, French finance ministry aims to toughen existing sanctions applied in the case of tax evasion to ensure that the provisions in place are sufficiently ‘dissuasive’. The ministry is said to be preparing

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Lithuania- APA

10 January, 2012

The amendment to the Tax Administration Law applicable from 1 January 2012, enables taxpayers to apply for advance transfer pricing agreements with the tax administrator. Agreements between taxpayers and the tax administrator on transfer pricing

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