DTA between Czech Republic and Senegal initialed
After completing a successful 3rd round of negotiations held in Prague, the Income Tax Treaty between Czech Republic and Senegal has been initialed on 13th August 2015. Further details of the treaty will be reported
See MoreUK Summer Budget 2015 Reduces Corporate Tax Rate for Future
UK summer budget 2015 announced on 7 July 2015 has reduced corporate tax rate from the current rate of 20% to 19%, effective from 1 April 2017, and to 18% effective from 1 April 2020. The rate reductions will be included as part of Finance Bill
See MoreSlovak Republic: VAT rate on meat products reduced
Slovakia cut 10% VAT rate on fresh meat products from the standard rate of 20%. Hopefully, this new rate will entry into force from 1st January
See MoreUK: HMRC comments on reduced VAT rate for installation of energy saving materials
On 31 July 2015 the UK tax authority HMRC published Revenue and Customs Brief 13 (2015) on the reduced rate of VAT on the installation of energy saving materials. The European Commission commenced proceedings in the European Court of Justice as in
See MoreCyprus and Iran sign Income Tax Treaty
The Republic of Cyprus and the Government of Iran signed an Income Tax Treaty on August 4, 2015 for the Avoidance of Double Taxation. The treaty will come into force after the two countries exchange ratification instruments. Under the treaty, the
See MorePoland: Amending bill adopted by government
The Council of Ministers adopted a bill amending the Corporate Income Tax Law and Individual Income Tax Law on 21 July 2015.The amending bill requires a taxpayer that is part of a multinational corporate group with annual income or expenses of at
See MoreECJ: Advocate General’s opinion on whether units of a municipality can be taxable persons
The Advocate General of the European Court of Justice (ECJ) has delivered an opinion in the case of Gmina Wroclaw. The municipality of Wroclaw applied to the Polish Finance Minister on the issue of whether a budgetary unit of a municipality could be
See MoreRomania: Government approved the FATCA agreement with US
The Government approved the draft law for the ratification of the Agreement between Romania and the United States to improve international tax compliance and implementation of FATCA on 10 June 2015. The agreement was signed in Bucharest on 28 May
See MoreItaly and Turkey: Social Security Agreement comes into effect
The Social Security Agreement between Italy and Turkey will come into force on 1st August 2015. The agreement was signed in 2012. According to new provisions in the agreement, employees allotted between Italy and Turkey may stay in their home
See MoreChanges to social security agreement between Chile and Netherlands
The amendments to the Social Security Agreement (1996) between Chile and the Netherlands were ratified by the Netherlands on 1st July 2015AA. The agreement was signed on 15th June 2005. It has been published in official Gazette No. 316 on 28th
See MoreDenmark: National Tax Tribunal Decision on foreign exchange losses on sale of shares
The Customs and Tax Administration published National Tax Tribunal Case No. 122-0208149 on 30 June 2015. The Tribunal held that foreign exchange losses realized on the sale of shares of a subsidiary resident in another Member State are not
See MoreUkraine: Electronic VAT administration begins from August 2015
The President of Ukraine signed the Law on Amendments to the Tax Code of Ukraine concerning improvement of the administration of value added tax 643-VIII on July 28, 2015. The new electronic system will enter into force on August 1, 2015. The
See MoreProtocol to treaty between Austria and Belgium approved by Belgium
On 5 June 2015 the Belgian Council of Ministers approved the amending protocol, signed on 10 September 2009, to the Austria - Belgium Income and Capital Tax Treaty (1971). The protocol will be subject to the approval of the parliaments of the
See MoreAustria: Parliament and Federal Council approve Tax Reform Act 2015/16
The parliament (Nationalrat) and Federal Council (Bundesrat) approved the “Tax Reform Act 2015/16 (Steuerreformgesetz 2015/16)” with minor changes on 23 July
See MoreSpain: BEPS country by country reporting provisions enacted
The Spanish Ministry of Finance published Royal Decree 634/2015 of 10 July 2015 in the Official Gazette on 11 July, 2015. The Decree contains corporate income tax regulations including (BEPS) country by country reporting requirements in line
See MoreGreece: tax authorities issue circular to clarify transfer pricing regulations
The Greek tax authorities issued circular no. POL 1142/02.07.2015 dated July 2, 2015 to explain transfer pricing (TP) documentation issues raised in light of the new Income Tax Law no. L. 4172/2013 and Tax Procedures Code no. L. 4174/2013. The
See MoreCzech Republic: VAT reverse charge extended
The VAT reverse charge for a range of agricultural crops has been extended by the tax office. The local reverse charge mechanism is a tool used to help prevent so-called missing trader VAT fraud. This is a fraud whereby criminals target the EU
See MoreGermany plans to adopt BEPS guidance on transfer pricing documentation and CbC reporting requirement
The German government has announced plans to incorporate guidance on transfer pricing documentation and country-by-country (CbC) reporting) in line with the OECD’s Base Erosion and Profit Shifting (BEPS) project into local legislation. The
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