Spain: Cabinet Approves The Tax Treaty With Oman
The Cabinet has approved, on 27 February 2015, the signing "ad referendum" of the Convention between the Kingdom of Spain and the Sultanate of Oman to avoid double taxation and prevention of fiscal evasion with respect to taxes on income and
See MoreECJ to consider scope of the VAT exemption for financial services
The First Tier Tribunal in the UK has referred a question to the European Court of Justice (ECJ) concerning the application of the VAT exemption for financial services in the case of Bookit Ltd (Case C-607/14). The following issues have been
See MoreItaly and Luxembourg: Protocol to DTA
The Protocol to the Double Taxation Agreement (DTA) between Italy and Luxembourg came into force on January 20,
See MoreBahrain and Cyprus: Draft Income Tax Treaty Approved By Bahraini Cabinet
The Bahraini Cabinet approved the draft income tax treaty with Cyprus, on 19th January 2015. This will be the first income tax agreement between the two countries. It will enter into force and apply after it has been finalized, signed, and ratified
See MoreKuwait and Lithuania: Income Tax Treaty Approved
A pending income tax treaty with Lithuania was approved by Kuwait’s National Assembly on January 27, 2015. Both countries apply the credit method to eliminate double taxation. Under the treaty, dividends are taxable at a maximum rate of 5% if the
See MoreMorocco and Belgium: Ratification Of Social Security Agreement
On January 21, 2015 the Moroccan Chamber of Counselors approved laws on ratifying a social security agreement (SSA) with Belgium. After the treaty enters into force, the agreement will replace the existing SSA, which was signed in Rabat on June 2,
See MoreMali-Morocco: Income Tax Treaty Signed
On February 20, 2014 the Mali-Morocco treaty was signed in Bamako. Both countries use the credit method to eliminate double taxation. The treaty provides that dividends will be subject to a maximum withholding tax rate of 5% if the beneficial owner
See MoreOECD makes recommendations to Italy on tax policy
The OECD Economic Survey of Italy released on 19 February 2015 notes that Italy is undertaking ambitious reforms to increase economic growth. In the past reform projects have not reached full implementation but this time Italy is reforming the
See MoreItaly and Liechtenstein: First Move for Tax Information Exchange Agreement (TIEA)
The Ministry of Economy and Finance of Italy announced that a Tax Information Exchange Agreement (TIEA) with Liechtenstein had been initialed on February 13,
See MoreBelgium approves DTA Protocol with Greece
On January 30, 2015, Belgium's Cabinet approved the pending Protocol to the Double Tax Agreement (DTA) signed between Belgium and
See MoreIreland and Marshall Islands: Tax Information Exchange Agreements (TIEA)
On February 10, 2015, the TIEA between Ireland and the Marshall Islands entered into force and effective from that
See MoreCyprus-Lithuania Double Tax Treaty Enters Into Force
The double tax treaty between Cyprus and Lithuania entered into force on 1 January 2015, which was signed on June 2013. Under the treaty the following withholding taxes will apply: Dividend: 0% if the recipient is the beneficial owner of at least
See MoreFinland: Government Issues Proposal To Change Transfer Pricing Rules
The Finnish government issued a draft proposal on 7 January 2015 that would amend the transfer pricing rule in section 31 of the Tax Procedure Act. Comments are due by 20 February 2015. Information on the effective date for the amendment is not
See MoreUK issues VAT instructions following the Skandia judgment
On 10 February 2015 the UK tax authority HMRC issued Revenue and Customs Brief 2 (2015) on VAT grouping rules and the Skandia judgment. Skandia was a US corporation with a branch in Sweden. The branch in Sweden became part of a Swedish VAT group
See MoreRomania: IMF issues preliminary report on economic situation
The IMF has issued a report stating their preliminary findings on the conclusion of a visit to Romania for discussions on the economic situation. The report notes that the Romanian economy has pursued sound economic policies and corrected internal
See MoreFinland: Cabinet Finalizes Supplementary Budget For 2015
The Finnish Government has concluded negotiations for the supplementary budget for 2015 and this will be forwarded to parliament for approval on 12 Feb, 2015. Economic growth is expected to remain sluggish in the current year but growth will be
See MoreECJ Rules in Favor of UK on Cross Border Loss Relief
The European Court of Justice (ECJ) has ruled in favor of the UK on cross border loss relief, rejecting a challenge by the European Commission and generally following the earlier opinion of the Advocate General. The European Commission had suggested
See MoreIreland: VAT Rates on Stock Exchange Fees
The tax authority of Ireland, the Revenue Commissioners, has updated Part 5.69 of its value-added tax (VAT) manual to explain the VAT treatment related to stock exchange fees. The guidance contains fees for firms trading securities on the Irish
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