European Union: Anti abuse clause added to parent subsidiary directive
On 27 January 2015 the Council of the European Union (EU) amended the parent subsidiary directive to add a binding anti-abuse clause. This is designed to prevent tax avoidance and aggressive tax planning, and to ensure more consistency in the
See MoreEU: sets up new mandate for the Joint Transfer Pricing Forum
As the previous mandate for the EU Joint Transfer pricing Forum had expired, on 26 January 2015 the European Commission issued Commission Decision C (2015) 247 in respect of setting up a new EU Joint Transfer Pricing Forum expert group. The previous
See MoreOECD: report on encouraging entrepreneurship
In December 2014 the OECD published a study entitled “The Missing Entrepreneurs 2014: Policies for Inclusive Entrepreneurship in Europe”. This looks at the possibilities for entrepreneurship and self-employment for groups in Europe that are
See MoreUK: HMRC Seeks Feedback on Tax Penalties
HM Revenue and Customs (HMRC) is asking for views on how it might strengthen the effectiveness of its penalties regime. A discussion document published today is seeking views by 11 May about potential improvements to how HMRC applies penalties for
See MoreUK: HMRC Receives Biggest Digital Self Assessment Ever
HM Revenue and Customs (HMRC) oversaw the biggest digital Self Assessment event ever this year, receiving 10.24 million tax returns by midnight on 31 January, it revealed today. A record 85.5% of these were sent online, with the busiest days for
See MoreSpain: Amendment of Social Security Contribution Rules
Spain amended the social security contribution rules through the Ministerial Order ESS/86/2015 of 30 January 2015. The Order implements the social security contribution rules established in the Budget Law for 2015, including unemployment, protection
See MoreECJ rules in case concerning VAT on letting of immovable property
The European Court of Justice (ECJ) ruled on 22 January 2015 in the case of Regie Communal Autonome du Stade Luc Varenne v Etat Belge. A preliminary question had been put to the ECJ concerning VAT on leasing of immovable property. This case
See MoreThe Tax Information Exchange Agreement (TIEA) between Italy and Jersey Enters into Force
The Tax Information Exchange Agreement (TIEA) between Italy and Jersey has entered into force on January 26, 2015. Tax Information Exchange Agreements (TIEAs) provide for the exchange of information on request relating to a specific criminal or
See MoreDTA between Belgium and the Czech Republic enters into force
The protocol amending the DTA between Belgium and Czech Republic for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income entered into force on January 13, 2015 and will be effective from first
See MoreLatvia: Budget committee approves 9% Microenterprise tax rate
The Parliament Budget and Finance (Taxation) Committee approved in principle a draft bill which sets the micro-enterprise tax rate at 9% in the first three years since the company's registration. As reported, in 2015, the tax rate for
See MoreSpain: Modifies the transfer pricing legislation
In the “Corporate Income Tax Reform 2015” enacted under the Law 27/2014 the following transfer pricing rules are amended; Scope of related-party transactions - The ownership requirement for related parties is increased from 5% (1% in the
See MoreECJ: Advocate General’s opinion on X AB Case
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 22 January 2015 in the case of X AB v Skatteverket. In this case the Supreme Administrative Court of Sweden had asked the ECJ for a preliminary ruling on whether
See MoreFinland: Tax Administration Publishes Guidance On Advance Tax Withheld On Dividend
Finish Tax Administration published guidance, on 26 January 2015, on advance tax withheld on dividends paid to resident natural persons and estates of deceased persons. The guidance named “Guidance No. A14/200/2015 of 22 January 2015” specifies
See MoreRomania: Government Plans To Cut VAT Rate In 2016
The Romanian Government is planning to cut the value-added tax rate by 3% from 2016. The announcement marks a part reversal of the VAT hike introduced in 2010, to 24 percent from 19 percent. Romania’s Prime Minister Victor Ponta said that either
See MorePoland: Taxation of undeclared income approves by parliament
The lower chamber of the parliament has approved a draft law (draft No. 3032) on 16 January 2015 and after publishing the law in the official Gazette it will enter into force on 1 January 2016. According to the law penalty rate will be reduced 55%
See MoreFrance and Austria Seek To Launch FTT In 2016
France and Austria sought to break deadlocked talks with nine other European countries for a financial transaction tax, by proposing a broader financial transaction tax with a lower rate, in an attempt to push forward delayed plans for a European
See MoreSpain: Government Announces New Country-by-Country Reporting Obligations for MNEs
The Spanish government on 20 January 2015 announced that it will issue regulations, expected to be adopted in the first half of 2015, that will require country-by-country reporting by multinationals. The new regulations would enter into force on 1
See MoreSlovak Republic-Guernsey TIEA enters into force
The Tax Information Exchange Agreement (TIEA) between Guernsey and Slovakia has signed and will come into force on 26th January
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