Czech Republic-Switzerland tax treaty protocol enter into force
The protocol to the agreement regarding the avoidance of double taxation between Czech Republic and Switzerland has entered into force on October 11, 2013 and the real double taxation agreement was signed on December 4, 1995. The protocol covers
See MorePortugal: Temporary tax regularization regime unveiled
For the regularization of tax debt, Portugal’s Council of Ministers has approved an “exceptional and temporary regime”. For those taxpayers who choose to regularize their tax debts by 20 December 2013, the regime accords exemption from the
See MorePortugal and Spain Strengthen Mutual Tax Assistance
Portugal and Spain recently signed agreements aimed at developing and strengthening mutual assistance in tax matters, and at permitting a direct exchange of tax information between the two countries. This is important as part of the worldwide
See MoreNetherlands: Second draft Bill on other fiscal measures
A second draft Bill (No. 33753, No. 8) to amend the original Bill on other fiscal measures was published on 18 October 2013. The draft Bill provides among other measures for the implementation of the decision of the Court of Justice of the European
See MoreLithuania – Regulation for VAT on credit, debit documents
An observation has been issued concerning provisions under Lithuania’s value added tax (VAT) law regarding credit notes and debit documents. The guidance describes as when: a condition to issue a credit VAT letter or a debit certificate
See MoreLithuania: Government permitted draft budget law for 2014
Recently, the Lithuanian Government permitted the draft budget law for 2014 as well as the law draft related to the budget of the municipalities and other related law drafts. According to the draft budget law for 2014, the financial autonomy of
See MoreLatvia adopts 2014 budget project in the first reading
On October 17, 2013 the Latvian parliament adopted the draft of the 2014 budget, a draft of the medium-term budget for 2014-2016 and 38 related amendments in the first reading. Next year’s budget revenue is planned at EUR 7 billion, and expenses
See MoreLatvian Government approves the national 2014 budget
On 1st October 2013 the Latvian government approved the national budget for 2014 with the budget deficit planned at up to 0.9 percent of GDP. Revenues to the central government consolidated budget next year are planned at 7.004 billion Euros and
See MoreBudget for 2014 has been approved by the Italian Government
The budget for 2014 has been approved by the Italian government on 15 October 2013 aiming on spending and tax cuts at Italy’s economy to growth and bringing it under the EU budget deficit ceiling. The budget includes “a significant cutback in
See MoreFinance (No. 2) Bill 2013 published in Ireland
The government published the Finance (No. 2) Bill 2013 on 24 October 2013. Some of the main measures included in the Bill which were not originally announced in the Budget proposals of 15 October 2013. Primarily the Bill designs to implement the tax
See MoreIreland introduces construction VAT relief
The Irish Ministry of Finance has published the Finance (No. 2) Bill 2013 giving force to measures announced in the 2014 Budget, and bringing forward the introduction of the value-added tax incentive for home renovations. VAT relief is being granted
See MoreGuernsey Signs TIEAs with Gibraltar and Slovakia
Guernsey's Chief Minister signed a Tax Information Exchange Agreement with his Gibraltar counterpart, on October 22, 2013. The agreement demonstrates that post-G8 Guernsey has maintained its momentum on greater tax transparency. The agreement was
See MoreUK: Exchange of Letters signed to update tax information agreements
The UK government has recently been updating the arrangements for the exchange of tax information with some of its territories. An Exchange of Letters with the Isle of Man updated the 1955 agreement between the UK and the Isle of Man. An Exchange of
See MoreExchange of information agreement between Finland and Niue signed
According to media reports, Niue has recently signed tax information exchange agreements with a number of countries, including New Zealand and some Nordic countries. On 16 October 2013, Niue signed exchange of information agreements relating to tax
See MoreEU: Standard VAT return proposed
The European Commission announced on 23 October a proposal for a standard value added tax (VAT) return. As indicated by the new rules, the VAT return would have a uniform set of prerequisites for businesses when documenting their VAT returns.
See MoreECJ: Advocate General opines on VAT exemption for transferable cards
A Court in the Netherlands had referred to the European Court of Justice (ECJ) the question of whether it was possible to exempt from VAT the issue and sale of transferable cards that can be used to pay for goods or services. The advocate general
See MoreECJ: Advocate General opines on consortium relief issue
The advocate general has issued an opinion on a consortium relief issue referred to the European Court of Justice (ECJ) by the First Tier Tribunal (Tax Chamber) in the UK. The issue concerned a residence requirement imposed on the link company as
See MoreBelgium: Rules to calculate the notional interest deduction
The Belgian tax law is going to be amended to revise to the method of calculation of the notional interest deduction. Responding a judgment of the Court of Justice of the European Union (CJEU), the Belgian tax rules are being amended. This judgment
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