Italy: Cabinet Approves Tax Cuts
The Italian government has approved tax cuts that are aimed at lifting some of the tax burden from individuals and at encouraging businesses. The reductions are therefore intended to reduce the high tax burden and to lead to a further improvement in
See MoreFATCA agreement between Belgium and the US
An intergovernmental agreement (IGA) between Belgium and the US is to be signed on 23 April 2014 in relation to the implementation of the US Foreign Account Tax Compliance Act (FATCA). The IGA requires the tax administrations of the two countries to
See MoreEU Joint TP Forum Publishes Member States’ Profiles
The European Union Joint Transfer Pricing Forum (JTPF) has issued descriptions of the transfer pricing systems of European Union (EU) member states in a standardized form, giving relevant information on aspects of the transfer pricing rules and tax
See MoreAustria Focuses on Income Tax Reform
The Austrian Government intends to go ahead with proposals to simplify the income tax system by the second half of 2014, the Finance Minister has announced. He commented that payroll taxes in Austria are too complex and place a compliance burden on
See MoreItaly Consults on FATCA Agreement with US
Italy commenced a consultation on 23 April 2014 on the content of the inter-governmental agreement (IGA), concluded on 10 January 2014, to carry out the requirements of the Foreign Account Tax Compliance Act (FATCA) between Italy and the United
See MoreEU – Refund opportunities for non-EU investment funds
A recent decision of the European Court of Justice (ECJ) may give a chance to some non-EU investment funds to obtain a withholding tax refund. The ECJ decision in Emerging Markets Series of DFA Investment Trust Company, C-190/12 (10 April 2014), was
See MoreBulgaria’s Cabinet approves the signing of a new DTA with Romania
Bulgaria’s Cabinet has agreed to a proposal to amend the double taxation agreement (DTA) with Romania, to apply in place of the current DTA that was signed in 1994. The Cabinet has authorized the Finance Minister to negotiate the new DTA. This
See MoreEuropean Union: JTPF presents transfer pricing profiles of EU Member States
The EU Joint Transfer Pricing Forum (JTPF) has presented the transfer pricing profiles of all EU Member States. The profiles contain information about domestic transfer pricing frameworks, competent authorities’ contact details and other useful
See MoreEU Parliament Considers Change to EU Funding
The members of the European Parliament have given their support to planned measures to lower the share of VAT receipts of member states that go towards the funding of EU projects. According to plans adopted on 16 April 2014, the amount of funds
See MoreUK – Spain DTA to Enter into Force
HM Revenue and Customs (HMRC) has announced that the new convention for the avoidance of double taxation (DTA) signed between the United Kingdom and Spain will enter into force on June 12, 2014. The agreement provides for a 10 percent maximum
See MorePoland – Belgium DTA
Poland and Belgium concluded a double taxation agreement (DTA) on April 14, 2014. No further details of the agreement are currently
See MoreEU – Directive on pension rights
The European Parliament has given its approval to an EU Directive that aims to improve the arrangements relating to the maintenance of supplementary pension rights. The existing EU regulations only permit individuals to transfer their statutory
See MoreSpanish Tax Cuts to Favor Low Income Workers
The Spanish government has emphasized its intention to lower the personal income tax for all individuals and in particular for lower income groups. The Spanish government is to raise the tax incentives in respect of savings and investment and will
See MoreProtocol to treaty between Belgium and Switzerland signed
On 10 April 2014, Belgium and Switzerland signed an amending protocol to the double taxation treaty originally concluded between the two countries in 1978. No further details of the Protocol are currently
See MoreLuxembourg – Real Estate CGT Deferral Abolished
Luxembourg has issued draft legislation to scrap the regime permitting the deferral of the taxation of real estate capital gains provided that these are reinvested in another property within Luxembourg. The draft legislation takes account of the
See MoreLuxembourg set for bigger losses on 2015 EU electronic VAT rule change
Luxembourg considers that it could lose €800 million per year as a result of the change in the rules used to determine the place of supply of consumer electronic services. This change in the EU VAT regulations is due to take effect from 1 January
See MoreLuxembourg Lowers Shipping Registration Levy
Luxembourg has issued a draft regulation that would reduce shipping registration duties. The duties are computed by reference to a vessel’s tonnage, determined when the ship is first registered in Luxembourg. Although Luxembourg is a landlocked
See MoreItaly: New Risk-based System of Tax Enforcement
The Italian Revenue Agency is attaching great importance to its examination of taxpayers in certain areas under a newly devised risk-based system. The risk-based approach is designed to take into account the area of the country where the taxpayer
See More