Japan and the European Union Plan FTA By 2015
Japan and the EU are to conduct a one year review with the intention of concluding a free trade agreement. This proposed FTA will be an important part of plans to strengthen the economic relationship between the EU and Japan. The FTA is to deal with
See MoreIreland: Retailers Call for Personal Income Tax Cuts
The retail industry body Retail Ireland is confident that the retail sector will experience a significant recovery in 2014 and has requested individual income tax cuts to increase the spending power of the public and ensure that the public has more
See MoreIreland Reports Resurgent Tax Receipts
Revenue collections to the end of April have risen by comparison to the same period in the previous year. The increased tax collection has helped to reduce Ireland’s fiscal deficit. The income tax collection has increased in 2014, mainly as a
See MoreIreland Eases Rules for LPT Concessions
Certain relief from Ireland’s Local Property Tax (LPT) is available for some disabled individuals. The Finance Minister has now announced that the scope of these reliefs is to be extended. The exemptions relate to property that are built or
See MoreGuernsey signs a TIEA with Belgium
On May 7, 2014 Guernsey signed a tax information exchange agreement (TIEA) with Belgium. The agreement had already been approved by Belgium and signed on April 24, 2014. Agreements on the exchange of tax information allow the tax authorities of both
See MoreGermany: Draft guidance amending corporate tax loss limitation rules
Germany has issued draft guidance to replace prior advice on the corporate tax loss limitation rules. The current guidance was issued in 2008 and although there have not been any changes to the basic provisions in this area the new guidance aims to
See MoreGermany strengthens VAT penalties
Germany is to impose stronger value added tax (VAT) penalties in relation to cases where the taxpayer has voluntarily disclosed incorrect amounts on the return. Companies detecting and correcting errors in their VAT returns has tended to be treated
See MoreEU – Update on financial transaction tax
The ECOFIN Council, consisting of economic and finance ministers of EU countries, has looked at a proposal for a financial transaction tax (FTT) directive. The member states involved in the measure want to implement a revised version of their
See MoreEU – European Bankers Warn Of FTT Fallout
The European Banking Federation (EBF) considers that the introduction of a financial transaction tax (FTT) by some European Union member states will create uncertainty for business in the whole EU. Even if the FTT is implemented by only some of the
See MoreEU To Reduce Bureaucracy for Trade Sanctions
The European parliament has given its approval to new rules that will permit a rise in customs duties on the EU’s trading partners by means of an executive decision. This will enable the Commission to more efficiently enforce EU rights under
See MoreEU Member States Criticized for Lack of Transparency in FTT
At the EU’s ECOFIN meeting of economic and financial ministers on 6 May 2014 a joint statement was issued by ten of the member states that are going ahead with the financial transactions tax (FTT) In all, eleven EU member states have decided to
See MoreEU Emissions Trading Changes Extended To EFTA
A new regulation has been inserted into the European Free Trade Association (EFTA) agreement to incorporate changes already made under the EU’s Emissions Trading Scheme. The changes were originally put through by the EU in April 2013 to ensure
See MoreEU: CJEU dismisses UK’s challenge to EU Financial Transaction Tax
The Court of Justice of the European Union (CJEU) has dismissed an attempt by the UK to challenge the legality of the Council decision of 22 January 2013 in respect of enhanced cooperation by a group of EU member states to introduce a financial
See MoreUS May Close Door on Russian FATCA IGA Talks
Talks with Russia on an intergovernmental agreement (IGA) in connection with the FATCA legislation have been suspended by the US. The aim of the agreement if reached would be to enable foreign financial institutions (FFIs) in Russia to comply with
See MoreEstonia: Announces the corporate income tax rate
The government has announced its intention to reduce the corporate tax rate to 20% in
See MoreUK:HMRC challenged on VAT default surcharge
The victory of a newspaper group in a legal action against HMRC in relation to a large VAT penalty shows the importance of the proportionality principle of EU law. The large fine related to a late VAT return and the judgment illustrates that
See MoreSpain Adopts Stability Program Confirming Future Tax Reform
Spain is to publish its plans for reform of the individual income tax system in June 2014. The reform would aim to simplify the tax system to reduce the amount of compliance costs currently incurred by Spanish companies. The reforms are likely to
See MoreRomania’s Government approves tax exemption on reinvested profit
Under an emergency ordinance an exemption from tax on reinvested profits is to be put in place in July 2014 and remain until December 2015. The measure aims to increase the amount of company profits that are ploughed back into the business in the
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