Czech Republic – New BEPS-inspired statement regarding related-party transactions
The tax administration of Czech Republic has initiated a new attachment that will be needed for reporting certain related-party transactions such as the residence of the related parties, the transaction volume, and an overview of the transaction and
See MoreNetherlands has signed a letter of intent with St Maarten and Curacao
On July 9, 2014, the Netherlands has reached an agreement with St Maarten and Curacao on a bilateral arrangement to replace the existing Tax Regulation to prevent double taxation and counteract tax evasion. Representatives of the Netherlands and St.
See MoreCzech Republic: IMF rejects of third Czech VAT rate
The International Monetary Fund (IMF) has recently concerned about the lack of assurance about future fiscal measures in the Czech Republic and the recent initiation of a third value-added tax (VAT) rate. The IMF stated that the Czech Republic has
See MoreBelgium: Value added Tax At-a-glance
The Value Added Tax (VAT) is named in Belgium “Belasting over de Toegevoegde Waarde” (BTW) or “Taxe sur la Valeur Ajoutée” (TVA) and it has been introduced since first January 1971. Value added Tax At-a-glance: Rates: Exemptions 0
See MoreSpain: Plans to introduce bank deposit tax
The government of Spain is planning to levy a 0.03 percent tax on banking deposits, in a move aimed at harmonizing regional tax regimes and generating revenues for the country’s cash-strapped autonomous communities. Spain's Deputy Prime Minister
See MoreKuwait-Slovak Republic DTT details
Details of the Kuwait - Slovak Republic Income Tax Treaty (2012) have become available which was signed on November 13, 2012. The treaty was in the Slovak, Arabic and English languages. It generally follows the UN Model (2001). Based on the treaty,
See MoreUK: May move towards a Single Income Tax by merging social security with Income Tax
It was reported by the Tax Payer’s Alliance (TPA) that Chancellor George Osborne aimed to merge the social security with income tax to move towards a single income tax and he is intended to include it in the Conservative Party's next election
See MorePoland: Proposals for CFC regime
Poland proposed bills to changes to its controlled foreign corporation (CFC) rules and thin capitalization regime. According to the rules tax would be levied on specific income which obtained from some foreign subsidiaries owned by the taxpayers of
See MoreCzech Republic: New 10% reduced VAT rate approves
The Czech government has accepted a new reduced 10% VAT rate from January 1, 2015 andthis rate will be used on medicines, pharmaceuticals, e-books and baby foodstuffs. Under the EU VAT Directive, member states are permitted two reduced VAT rates.
See MoreGuidelines on the France-Portugal Income Tax Treaty
The Tax Administration of France issued on 25 June 2014 guidelines for those workers who work on ships and aircraft in international traffic under the France-Portugal Income Tax Treaty of 1971. Under provision of paragraph 3 of Article 16 of the
See MoreMalaysia-Poland: Ratified the income tax treaty
The income tax treaty between Malaysia and Poland (2013) was released on 23 June 2014 after sanctioned by Malaysia this new treaty will replace the Malaysia-Poland tax treaty of
See MoreUK: Tax credits renewal warning has been issued by HMRC
HM Revenue and Customs (HMRC) have warned the UK residents those Up to 1.5 million tax payer who receive tax credit to renew their claims as the time available to renew is less than one month.If they don’t go for renewal within time, their payment
See MoreSlovenia -United States ratified FATCA agreement 2014 by Slovenia
The Slovenia - United States FATCA Agreement (2014) has been signed on 2 June 2014. Slovenia also approved the Agreement on 19 June 2014 which has been published in the Official Gazette No. 8/14 of 30 June 2014. The approval law becomes effective
See MoreCzech Republic-Singapore DTT protocol ratified
The Czech Republic has ratified the amending protocol to the Czech Republic - Singapore Income Tax Treaty (1997) on June 24, 2014 and it was signed on June 26, 2013. Further details will be reported
See MoreCzech Republic -Ukraine DTT protocol ratified
The Czech Republic has ratified the amending protocol to the Czech Republic - Ukraine Income and Capital Tax Treaty (1997) on June 24, 2014 and it was signed on October 21, 2013. Further details will be reported
See MoreUK :The Retailer’s tax claims has been rejected by the 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 MoreItaly: Withholding tax rate hikes on financial income.
Italian withholding tax rate hike on financial income from 20 percent to 26% has been effective from July 1, 2014. Italian savers has been imposed increased tax rate on interest, dividends and capital gains in the passes of governments which was
See MoreFrance-Signed Protocol to DTA with Switzerland
France and Switzerland has signed a protocol on 25 June 2014 to the agreement of 1966 for the avoidance of double taxation. The protocol would amend the existing agreement by updated provisions on the administrative assistance in tax matters and
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