Belgium: VAT rate change in 2014
Belgium has suggested that it plans to raise its standard VAT rate from the current rate of 21% to fund cuts to the labour tax regime. The Finance Minister has stated that the rise would be agreed after May’s general election. The amount of the
See MoreBelgium: Reform of taxation after the May elections
Belgium's main political parties have agreed that a reform of taxation must be carried out after the May elections, to modernize and simplify the country's tax law. The Belgian Finance Minister has underlined the need to reduce the number of tax
See MoreBelgium and Jersey signed a TIEA
On 13 March 2014, Belgium and Jersey signed a tax information exchange agreement (TIEA) in London. Jersey has recent concluded a number of agreements on the exchange of tax information as part of its commitment to international standards of
See MoreRomania: Information regarding late penalty payment provisions
After arising from 1st March 2014, the late tax payment penalty relating to liabilities is 0.03% per day of delay in addition to the payment of interest at the applicable
See MoreUS: DTA Protocols between the United States and various countries
The US Senate Committee on Foreign Relations held talks on February 26, 2014, on the double taxation agreement (DTA) Protocols between the United States and Switzerland and Luxembourg, and DTAs with Hungary and Chile, as part of the nation's
See MoreUS: Finland and Chile Sign FATCA Pacts
On March 5, 2014 the United States signed intergovernmental agreements (IGAs) with Finland and Chile to implement the Foreign Account Tax Compliance Act (FATCA). To date, twenty four of these bilateral agreements have been signed between the US and
See MoreSwitzerland urged to approve IHT agreement with France
The French Finance Minister has informed Switzerland that France will not renegotiate the revised inheritance tax (IHT) agreement the two countries have drafted if it is rejected by Swiss lawmakers. The revised Franco-Swiss IHT accord was signed in
See MoreSpain – Refund opportunity for retail sales tax on hydrocarbons
The Court of Justice for the European Union (CJEU) in late February 2014 issued a judgment, finding that Spain’s tax on retail sales of certain hydrocarbons is contrary to EU law. The CJEU rejected a request of the Spanish tax authorities that
See MoreRomania: no abrupt change in fiscal policies this year
The Romanian Prime Minister has confirmed that there will be no abrupt change in the government’s fiscal policies this year, rejecting speculation that an incremental income tax could be introduced. The 16 per cent flat tax was introduced in
See MoreMalta seeks to attract Small Businesses
Malta’s Finance Minister has stated that the country wants to ensure that the country's taxation system is as business friendly and streamlined as possible to facilitate and attract investment. The statement was made at the MIM Malta International
See MoreLuxembourg –VAT shortfall
In the recent Luxembourg budget, it was announced that the estimated annual VAT shortfall following the changes will total €600m to €1.1bn. This amounts to between 4.9% and 9.1% of the current annual VAT take. Due to the significance of this
See MoreLuxembourg – No VAT rise in the 2014 Budget
Luxembourg's Finance Minister has presented the 2014 Budget to the Chamber of Deputies. The 2014 budget does not include plans to raise value-added tax (VAT) in 2014 as had initially been predicted. The Finance Minister has however indicated that
See MoreLithuania: Increase in excise duty on alcohol
Lithuania's Prime Minister has confirmed that the only tax change currently planned is a change to excise duty on alcohol, which will be phased in over three years. The proposal was recently supported by the ruling coalition's Political Council, to
See MoreDTA between Laos and Luxembourg enters into force
According to preliminary media reports, the double taxation agreement (DTA) signed between Laos and Luxembourg will enter into force on March 21, 2014. The agreement, which was originally signed on 14 June 2013, will take effect from 1 January
See MoreItaly – Italian Football Clubs Renew Tax Protocol
The Italian Revenue Agency has signed a protocol with the Italian national soccer federation (FIGC), which will renew regulation and control over the tax affairs and fiscal compliance of the professional clubs that come within the federation’s
See MoreItaly: new rules on taxation of digital economy services partially repealed
Law Decree No. 16/2014 was published in the Official Gazette No. 54. Under article 2(1)(a) of the Law Decree, some of the new rules on taxation of digital economy services have been repealed. These rules required advertising services purchased
See MoreIrish coalition honoring tax promises
The Irish Prime Minister has suggested that Ireland has now implemented more than 90 percent of the tax measures and spending cuts needed to bring its public finances under control. Ireland’s 12.5 percent corporate tax rate has played a central
See MoreIreland – Finance Minister Talks Fiscal Policy
According to the Irish Finance Minister the core objective of the Medium Term Economic Strategy (MTES) is full employment by 2020. In connection with this strategy Ireland will continue to prioritize taxation measures that ensure the recovery
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