Greece’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
See MorePortugal: Tax Burden Rises In 2013
The organization Statistics Portugal has reported that the tax burden went up by 8.1 percent in 2013 compared to 2012. This was in large part because of an increase in direct taxes although some of the rise was also due to a tax amnesty. Indirect
See MorePortugal’s Socialist Party Would Restore Hospitality Reduced Rate
Portugal's Opposition Socialist Party (PS) leader, has promised to return the value-added tax (VAT) rate on the restaurant and catering industry to the lower rate of 13 percent if it wins the elections due to be held in 2015. The tariff was
See MoreLuxembourg: Rules Out Top Tax Rate Rise
The Luxembourg government is planning to raise more revenue in the next few years by putting together a package that will include some tax rises. The Finance Minister has recently clarified however that the highest rate of income tax is not to be
See MoreLithuania: IMF Looks At New Revenue Sources
Lithuania’s tax revenue as a percentage of GDP is currently one of the lowest in Europe. The IMF considers that Lithuania could increase government revenues by making improvements to tax on wealth and capital and by broadening the scope of value
See MoreLatvia: IMF Backs Retention of Flat Tax Rate
According to a statement by the International Monetary Fund (IMF) Latvia should not change the flat rate of personal income tax. As in previous years the IMF has recommended that Latvia should adjust the tax thresholds rather than change the rate.
See MoreIrish Personal Income Tax Cuts may be Needed
The American Chamber of Commerce Ireland has suggested that the high marginal individual income tax rates in Ireland combined with the low threshold for the highest rate create an obstacle to attracting key personnel. This also causes a cost burden
See MoreGreece: OECD Report Considers Streamlined VAT Obligations
The Organization for Economic Cooperation and Development (OECD) has proposed changes that would assist taxpayers in complying with the value added tax (VAT) rules. The compliance burden for taxpayers could be reduced by establishing a clear
See MoreGermany: OECD Report Suggests Lower Labor Taxes
The Organisation for Economic Co-operation and Development (OECD) has stressed the need for Germany to implement economic reforms to achieve sustainable growth. The priorities include making the tax system more equitable and environmentally
See MoreGerman Transition to Electronic Payroll Tax Platform Successful
The introduction of an electronic income tax tracking system, ELStAM, has been carried out without any problems, as is shown by the figures to 7 April 2014. This new system has been introduced to deal with tax on wages and more than two million
See MoreGerman States Agree Tougher Tax Regularization Rules
German federal state finance ministers have discussed improvements to the tax system and have decided on action to strengthen the “declaration of non-compliance” that permits residents to regularize their tax affairs without the possibility of
See MoreGerman Bill Revises Energy Tax Concessions for Industry
The Cabinet has given the go-ahead to a Bill to amend the provisions of the renewable energy law. This ensures that the tax concessions given to energy intensive companies are not contrary to EU law, while preserving the competitive nature of energy
See MoreFrench Local Tax Reforms Have Cut Tax Burden
A report issued by the Board of Compulsory Levies (CPO) in France suggests that small and medium enterprises have benefited by the introduction of the local economic contribution in place of the local business tax. This contribution is the most
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