France: Increases Targeted VAT
To reduce the country’s deficit next year and to preserve its AAA rating, the French government is considering the idea of increasing the value-added tax (VAT) in France to either 7% or 9% in certain targeted areas from prevailing 5.5% rate and at
See MoreHungary: Focusing to Phase Out ‘Crisis Taxes’ in 2012 Budget
Focusing on the provisions for a gradual phasing out of the crisis taxes levied on the country’s telecommunications, energy and retail sectors since 2010, the Hungarian Economy Ministry has recently submitted 2012 budget bill to the parliament.
See MoreTax deal signed between Switzerland and UK
A landmark tax agreement concerning the taxation of UK investors’ income in Switzerland has been signed in London recently. The British Bank clients’ future investment income and capital gains in Switzerland will be subject to a final
See MoreDTA between Austria and Slovenia
Aiming to further strengthen economic relations with Slovenia, Austria’s Financial State Secretary Andreas Schieder recently signed a revised bilateral double taxation agreement (DTA) between the two countries. Commenting on the signing of the
See MoreSweden: 2012 Budget declared
The Swedish government has declared the details of its 2012 budget. According to it several fiscal measures are taken to offset the effects of the crisis, to improve long-term job and growth prospects and to strengthen welfare of the country. The
See MoreAn attempt of rapprochement on tax between Italy and Switzerland
To unblock the stalled negotiations for a double taxation agreement (DTA) between Italy and Switzerland, an attempt has been made, during a meeting organised by the Italian Senate’s Foreign Affairs Committee. In fact, there has been a
See MoreHungary: VAT rate increases
The Hungarian VAT rate increases 2% to 27% and will be effective from 1 January 2012. This will give Hungary the highest VAT rate in the European Union, and one of the highest in the world. The rise comes as Hungary attempts to bring down its
See MoreFinland: Budget for 2012
Finland’s government unveiled details of its 2012 budget proposal on the 19 September 2011. The budget incorporated fiscal measures aimed at shifting the focus of taxation away from labour and entrepreneurship, towards environmental and
See MoreBudget bill is changed again in Italy
Instead of the previous 5% tax to be levied on annual personal incomes higher than EUR90,000 (USD126,300), now people have to pay 10% on annual incomes over EUR150,000, an additional rate of 3% will now be applied on all personal incomes over
See MoreItaly: VAT rate increases
The Italian Parliament has agreed to an emergency 1% rise of VAT from 17 September 2011. Though the rise was originally submitted in June 2011, and was scheduled for January 2014. But due to instability in the financial market, the government took
See MoreDouble Taxation Convention Signed between UK and Hungary
A new and comprehensive Double Taxation Convention was signed between the UK and the Republic of Hungary in Budapest on the 7 September 2011. The convention replaces the 1977 agreement by the general OECD Model Double Taxation Convention. The latest
See MoreFrance Disclosed 3% Tax on High Income Earners
Despite sluggish economic growth, as part of a package of fiscal measures to meet its ambitious deficit reduction targets, the French Prime Minister has introduced an exceptional tax of 3% imposed on the annual income of the top earners in France.
See MoreFrance: Tax measures for 2011 year-end finance bills announced
The French Prime Minister announced some budget and tax measures that aim to reduce France’s deficit, on 24 August 2011 at a press conference. The French Cabinet will examine some of these proposed measures on 31 August and include in the draft of
See MoreLuxembourg and Hong Kong DTA Protocol Enters Into Force
On 26 August 2011 the Hong Kong government announced the coming into effect of the Protocol to the bilateral agreement for the avoidance of double taxation with Luxembourg signed in November 2010. The Protocol had been ratified by Hong Kong on July
See MoreVAT cuts on new houses in Spain
The Spanish government has announced to reduce the rate at which the sales tax is applied to the sale of new housing. The intention behind this reduction is to stimulate the country’s stagnant housing market and support the construction
See MoreIncome tax cuts suspended in Sweden
Due to the uncertainty surrounding the euro zone the Swedish government set aside on hold the planned tax cuts. According to the government declaration two measures announced in the November 2010 budget will be put on hold. One is tax cuts for
See MoreUK-Belize Tax Information Exchange Agreement entered into force
From the 1 August 2011, a Tax Information Exchange Agreement between the UK and Belize entered into force. The agreement was signed in London on 25 March
See MoreTax Simplification Projects Announced in UK
In order to improve and simplify the tax system, the government of UK declared two new projects as part of its ongoing work, to review pensioner taxation and employee share schemes. On 13 July 2011 the government has confirmed that the UK’s Office
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