A double tax treaty between Portugal and Senegal signed
A double tax treaty between Portugal and Senegal signed in Lisbon, on 13 June 2014, for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreGreece: Guidance for transfer pricing documentation requirements
On 9 April 2014, the Minister of Finance of Greece issued a ministerial decision that provides guidance regarding the following transfer pricing documentation requirements: The ministerial decision set out the detailed requirements in respect of the
See MoreCroatia: Order to Non-resident transporters to register for VAT
After joining the EU countries Croatia requires for VAT registration to the foreign passengers foe carrying fare-paying within the country. Croatia force to foreign passengers’ transporters to register for VAT and must apply for a VAT number. VAT
See MoreSweden: Tax reform recommendations relating to financing activities of corporate taxpayers
The committee for the recommendations on corporate tax reform to the Swedish government has issued its third and last report regarding financing activities of corporate taxpayers. The committee proposes a new system for corporate taxation, in two
See MoreAustria: Government adopts draft bill modifying the Fiscal Criminal Act
The Government approved a draft bill modifying the Fiscal Criminal Act 2014 on 11 June 2014, and submitted it for legislative consultations. The draft bill relating to changes the voluntary disclosure rules, and purposes to completion the practice
See MoreUAE – Lithuania: DTA approved
The Cabinet of United Arab Emirates has approved the Double Taxation Agreement (DTA) with Lithuania on June 9,
See MoreLithuania-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
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