Lithuania-UAE: DTA approved by UAE
The United Arab Emirates' cabinet has allowed the Lithuania - United Arab Emirates Income Tax Treaty on June 9,
See MoreLuxemburg: Corporate exit tax rules has been revised and effective from 8 June 2014
Exit tax provisions for corporate entities has been amended by the Luxembourg Parliament on May 13, 2014 and approved by the law bill 6556. The law will not be compliant with European Union (EU) law. The amendment gives rise an option for a taxpayer
See MoreCyprus and UAE Tax treaty entered into force
The income tax treaty between Cyprus and UAE became effective as of 1 January 2014. The treaty was signed on April 02, 2013. Under the treaty, there is no withholding tax on interest, royalties and dividends. Capital gains from the disposal of
See MoreCyprus: Tax Benefits for Holding Company
Cyprus has the most favourable tax system for the companies incorporated or registered under any Cyprus law, and any foreign company which carries on business or has an office or place of business (permanent establishment) in Cyprus. Now at 12.5%
See MoreItaly: New anti-avoidance rules
The Italian Parliament approved the Law no. 23 of 2014 in March 2014 empowering the government to enact a partial reform of the Italian fiscal system. The government will adopt legislative decrees for the amendment of the Italian abuse of law and
See MoreTax Treaty Between Cyprus And Spain Enters Into Force
The Income Tax Treaty between Cyprus and Spain entered into force on 28 May 2014 and its provisions will come into effect on 1 January 2015. Under the treaty, the following withholding taxes will apply: Dividends: 0% if the beneficial owner is a
See MorePoland: Recommended to revise the tax breaks
The EC (European Commission) suggested Poland to revise its value added tax because of Poland’s "extensive system" of decreasing rates, which provided huge gap of VAT in the European Union. The EC also advise to modify its tax incentives for
See MoreFrance: Draft guidelines on deduction of interest paid between related companies
The French tax authorities have issued draft guidelines regarding the interest deduction limitation. The draft guidelines rejects the deductibility of the interest paid to the lending company in the case when tax on the interest paid is lower than
See MoreRomania holds over progressive personal income tax rates
Due to several technical issues relating to tax submission and payments, the Romanian Government will not yet implement a progressive income tax regime for individuals, Romania's Finance Minister, Ioana Petrescu, has said. The current income tax in
See MoreCzech Republic- Andorra TIEA enters into force
The Czech Republic -Andorra Exchange of Information Agreement (2013) will enter into force on June 5, 2014. The agreement normally applies from January 1,
See MoreThe Retailer’s tax claims has been rejected by the UK Tribunal
It was welcomed by the HM Revenue and Customs (HMRC) the dismissal of a multi-million pound tax allowance claimed by one of the UK's largest clothing retailers by the higher Tribunal's. The claim of Next Distribution Limited, part of Next Group Plc
See MoreUK: RTI meets tax credits
The Real Time Information (RTI) reporting is showing employed claimants’ earnings of the renewals notices sent to tax credits claimants. The instruction for claimants is given to check whether the details are correct and communicate the matters
See MoreGreece’s Prime Minister has promised to slash taxes
It has been promised by the Greece's Prime Minister, Antonis Samaras to cut taxes "everywhere” to substantiate the Government's goal as to reduce the corporation tax to 15 percent, the highest rate of income tax to 33 percent and slash the rate of
See MoreCzech Republic: Small business supports income tax plans of government
Small businesses in the Czech Republic have said that they allow Government plans to change the Income Tax Act as part of the country's new Convergence Program during the period 2014-17.The proposals include a CZK1.2m (USD59,500) cap on flat-rate
See MoreDenmark: Government announces several tax measures
The government published its Growth Plan for 2014 which aims at firming the competitive position of Denmark. Following tax measures are includes: To create and run an easier business in Denmark by reducing the administrative burden; Modifying
See MoreUK – Spain DTA to Enter into Force
The UK’s tax authority has confirmed that the double taxation agreement (DTA) signed with Spain in 14 March 2013 will enter into force on June 12, 2014. The agreement will apply to corporation tax in the UK from 1 April 2015; to
See MoreSpain Fined Over State Aid in Basque Provinces
Spain has been ordered by the European Court of Justice to pay a penalty amounting to EUR 30 million for failing to recover state aid granted by three Basque Provinces and ruled to be contrary to EU law. The state aid provisions of EU law are
See MoreRomania: Higher Taxes Expected From Oil and Gas Review
Recently the energy industry consulting firm Global Data issued a report according to which royalties on oil and gas in Romania are likely to increase by around ten percent on average from 2015. Windfall taxes on the industry are about to expire but
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