Italy: VAT rate will rise to 22% from 1 October 2013
The move to delay the Italian VAT rise to 22% until 1 January 2014 has failed. This means that the Italian VAT rate will rise to 22% from 1 October 2013. Registered businesses should therefore ensure that all necessary procedures are in place to
See MoreItaly-Introduction of daily VAT filings opportunity
To reduce the number of VAT filings, the Italian VAT authorities are set to offer Italian VAT registered businesses the choice of submitting daily VAT declarations. Companies taking this option will not have to complete additional reports such as
See MoreFrench: Corporate Tax Plans
On 27 September 2013 the French Government announced plans to introduce a "contribution on the gross operating surplus" of a company, within the framework of its 2014 finance bill. Marking an important change to corporate taxation, the Government
See MoreFrance -Presents Finance Bill 2014
The French Finance Minister and Budget Minister presented the country’s 2014 finance bill to the Council of Ministers on 29 September 2013, providing for a number of tax measures designed to increase employment and to modernize and preserve
See MoreFrance: Considers EU Data Transfer Tax
Reports suggest that France aims to put forward the idea of a tax to be imposed on data transfers outside of the European Union (EU) at the upcoming European summit meeting due to be held on October 24 and 25. Together with Germany and the UK,
See MoreUK: Judicial decisions on capital allowances
The Upper Tribunal rejected an appeal from HMRC against a capital allowance claim in a recent decision involving Lloyds TSB Equipment Leasing. The claim related to finance leases in relation to two liquid natural gas (LNG) vessels that were leased
See MoreIncome and Capital Tax Treaty between Luxembourg and Tajikistan entered into force
The Income and Capital Tax Treaty between Luxembourg and Tajikistan entered into force on 27 July 2013. The treaty will applicable from 1 January
See MoreIncome and Capital Tax Treaty between Luxembourg and Seychelles entered into force
Income and Capital Tax Treaty between Luxembourg and Seychelles entered into force on 19 August 2013. The treaty will applicable from 1 January
See MoreNew Income and Capital Tax Treaty between Hungary and Switzerland
The Income and Capital Tax Treaty between Hungary and Switzerland was signed on 12 September 2013. After entering into force and becoming effective the new treaty will replace the existing Hungary – Switzerland Income and Capital Tax Treaty of
See MorePortugal: Corporate income tax proposals for 2014
Currently, Portugal thinking to take initiatives that would reform the corporate income tax law. The Corporate Income Tax (“CIT”) 2014 Reform Proposal, which is currently under public consultation. The main measures contained in the proposals
See MoreItaly: Update on new VAT declaration
Italy has provided detailed requirements for the new Italian VAT declaration (Spesometro) providing detailed analysis of VAT transactions above €3,600. The Spesometro VAT return which was first proposed in 2010 is the latest effort by the Italian
See MoreNetherlands: Voluntary disclosure relief system relaxed
The Dutch Finance Ministry has announced plans that for those taxpayers who have undeclared assets disclosure system between September 2, 2013, and July 1, 2014 is going to be relaxed. If two-year period is expired, generally a voluntary disclosure
See MoreNetherlands: Tax Plan 2014
The Tax Plan 2014 will be presented to the Lower House of parliament (Tweede Kamer) by the Minister of Finance on 17 September
See MoreItaly: VAT registration threshold has been raised for SME
Governing body of the member states’ VAT system, the EU VAT Directive has offered the scope for countries to increase the threshold of VAT registration for resident companies to up to Euro 100,000. This offers the opportunity for countries to
See MoreGreece: New tax crime sheet
A new tax crime sheet was introduced on 12th September 2013, aimed at streamlining fines enforced by tax agencies. For non-issuance of tax papers like invoices, retail receipts, etc in respect of purchases or services rendered of up to €5,000,
See MoreFrench Tax Bills for 2014 announced
On 11 September 2013 the French Finance Ministry finalized its 2014 finance bill. The tax burden on the wealthiest individuals in particular will continue to rise, despite the Government's pledge to stabilize taxes next year. The French Government
See MoreCyprus amends Property Tax
The Government of Cyprus has declared details plans to amend the country’s Immovable Property Tax (IPT), exempting the lowest-valued properties. At present, the property tax in Cyprus is based on valuations made on 1 January 1980. If the
See MoreIncome Tax Treaty between Belgium and Uruguay signed
The Income Tax Treaty between Belgium and Uruguay was signed on 23 August 2013. Under the treaty the definition of a permanent establishment includes a building site, construction or installation project that continues for six months. The definition
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