France: Unveils Medium Term Tax Strategy
France’s medium-term economic plan, included in the 2014-2017 Stability Program, involves measures that will help France to reach its public deficit target of 3 percent of gross domestic product (GDP) in 2015. Among the tax measures in the plan is
See MoreEU – UK challenge to financial transaction tax rejected
The Court of Justice of the European Union (CJEU) has rejected a legal action by the UK challenging the legality of the EU Council’s decision to authorize the plan for a financial transaction tax (FTT) through the mechanism of enhanced cooperation
See MoreItaly: Small businesses consider tax cut to be insufficient
In Italy the association representing small and medium-sized enterprises, has suggested that the government’s plan to reduce the regional tax on production activities (IRAP) by 10 percent will only bring a very small measure of assistance to
See MoreItaly: Government reduces IRAP rate and enacts other tax measures
Law Decree no. 66 published in the Official Gazette on 24 April 2014 confirms certain tax changes that were previously announced on 12 March 2014. The measures include a reduction of the regional tax on productive activities (IRAP) from a standard
See MoreExchange of information agreement between Belgium and Cayman Islands
An Exchange of Information Agreement (2014) was signed between Belgium and Cayman Islands on 28 April 2014. This agreement will facilitate the exchange of tax information and thereby help to ensure that it is more difficult for taxpayers to evade
See MoreUK – Tougher Penalties for Offshore Evaders
Offshore tax evaders are likely to face stiffer penalties under measures recently announced in the 2014 UK Budget. The UK government has said that stricter penalties would apply to individuals who hold money in hidden bank accounts in countries that
See MoreSwitzerland – New VAT registration requirements on foreign companies
Switzerland is planning to require non-resident companies that provide services in Switzerland to charge Swiss VAT on the services at a rate of 8%. There is a need for all foreign service providers to comply with this requirement so that Swiss
See MoreSwitzerland: Consults on revised rules for expats
Switzerland is planning changes to the tax deductions to which expatriates are entitled, as a result of recommendations by a working group set up for the purpose. A revision to the legislation would involve changing the definition of an expatriate
See MoreSwitzerland: Expands professional training tax breaks
In Switzerland a federal law in relation to tax deductions for professional development and training costs is to take effect from 1 January 2016. The rules will widen the current tax deduction to encompass virtually all training fees rather than
See MoreSpain Introduces New Tax Measures
Tax reforms published in Spain include a number of changes intended to boost employment and growth. The changes announced on 25 February 2014 include an increase in family allowances and the allowances for older people; an exemption from income tax
See MoreSlovenia – Iran DTA ratified
It is reported that Slovenia on 6 March 2014 ratified the double taxation agreement (DTA) with Iran. The DTA which was originally signed on 20 September 2011 will enter into force when both countries have completed the necessary ratification
See MoreItaly Introduces e-advertising Tax Legislation
Italy has introduced a tax measure under which foreign companies must apply for a VAT number if they intend to engage in the sale of online advertising to enterprises in Italy. This measure is to take effect on 1 July 2014. The delay in carrying out
See MoreItaly: Cabinet Approves Tax Cuts
The Italian government has approved tax cuts that are aimed at lifting some of the tax burden from individuals and at encouraging businesses. The reductions are therefore intended to reduce the high tax burden and to lead to a further improvement in
See MoreFATCA agreement between Belgium and the US
An intergovernmental agreement (IGA) between Belgium and the US is to be signed on 23 April 2014 in relation to the implementation of the US Foreign Account Tax Compliance Act (FATCA). The IGA requires the tax administrations of the two countries to
See MoreEU Joint TP Forum Publishes Member States’ Profiles
The European Union Joint Transfer Pricing Forum (JTPF) has issued descriptions of the transfer pricing systems of European Union (EU) member states in a standardized form, giving relevant information on aspects of the transfer pricing rules and tax
See MoreAustria Focuses on Income Tax Reform
The Austrian Government intends to go ahead with proposals to simplify the income tax system by the second half of 2014, the Finance Minister has announced. He commented that payroll taxes in Austria are too complex and place a compliance burden on
See MoreItaly Consults on FATCA Agreement with US
Italy commenced a consultation on 23 April 2014 on the content of the inter-governmental agreement (IGA), concluded on 10 January 2014, to carry out the requirements of the Foreign Account Tax Compliance Act (FATCA) between Italy and the United
See MoreEU – Refund opportunities for non-EU investment funds
A recent decision of the European Court of Justice (ECJ) may give a chance to some non-EU investment funds to obtain a withholding tax refund. The ECJ decision in Emerging Markets Series of DFA Investment Trust Company, C-190/12 (10 April 2014), was
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