Mali-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
See MoreEuropean 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 More