Protocol to treaty between Belgium and United Kingdom signed
Belgium and the UK have signed a second protocol to their double tax treaty. The protocol clarifies that certain amendments made by the first protocol to the treaty apply to regional taxes and to the communities. The protocol also confirms that
See MorePoland Announces Six-Year Tax exemption for Shale Industry
The government of Poland has put forward a proposal for an exemption from special taxes for the shale gas industry until the year 2020, and this is now being considered by parliament. This follows a complaint from the Supreme Audit Office that the
See MoreMalta improves late VAT payment regime
Malta’s VAT authority is to lessen fines on late VAT payers, and improve communications with taxable persons looking to bring their non-compliant affairs up-to-date. The daily penalty for late returns and payments of €15 will be scrapped. The
See MoreLuxembourg and Laos sign a DTA
The double taxation agreement (DTA) between Laos and Luxembourg entered into force on March 21, 2014. The agreement which was signed on 4 November 2012 is in line with the OECD Model Tax Convention. The provisions of the agreement will take effect
See MoreLuxembourg and Israel sign a DTA
Luxembourg and Israel signed a new double taxation agreement on 11 March 2014. No further details of this new agreement are currently
See MoreItaly – Details of Italian Tax Cuts Agreed
Italy's new Prime Minister, has provided extra detail on cuts to reduce the tax burden in Italy which that are intended to provide an immediate boost to the country's economy. Resources totaling EUR10bn (USD13.9bn) have been allocated by the
See MoreItalian Tax Cuts Should Favor Employees
In Italy the association of sole traders and small businesses has recommended that measures should aim at reducing Italy's individual income tax (IRPEF) burden. The total tax collections from labor have reached EUR296.4bn, of which almost EUR161.5bn
See MoreItalian Supreme Court rules on tax residence concept
The Italian Supreme Court gave its decision on 17 January 2014 in case No. 1811 concerning the issue of whether the Maltese company should be considered resident in Italy for tax purposes. The case particularly concerned the provision that a company
See MoreIreland – Think Tank considers that income tax cut should benefit all
A think tank has looked at the possible benefits of lowering Ireland’s income tax rates. There is currently a debate in Ireland on reducing either the 41 percent higher rate of the 20 percent basic range of income tax. Reducing the higher 41
See MoreIreland: opportunities for US firms
The Irish Prime Minister has described the 12.5 percent corporate tax rate as a "cornerstone of the offering of attractiveness that Ireland has," telling the US Chamber of Commerce that his country is open for business. Although a few years ago
See MoreGermany: Proposals to adjust personal income tax brackets
The leader of Germany’s Social Democrat party (SPD) has backed proposals to adjust the personal income tax brackets in an effort to undo stealth taxation that has resulted from the effects of inflation. This is considered to have unfairly hit
See MoreGermany and Georgia sign a double taxation agreement
On March 10, 2014, Germany and Georgia signed agreements on financial cooperation and a protocol on amending the agreement on avoidance of double taxation. The amendments in the double taxation avoidance agreement mainly concern the article in
See MoreFrance Urged To Review Social Housing Tax Break
Under the French tax law there is tax relief available in respect of social housing in certain overseas areas, in an effort to increase the supply of low cost residential accommodation. The French Court of Auditors has however called on the
See MoreFrance – VAT on hotel accommodation may be damaging the tourism sector
In the opinion of some commentators the 1 January 2014 increase in VAT on hotel accommodation may be damaging the French tourism sector. The French hotel VAT rate rose from 7% to 10% in 2014 as part of reorganization of all French VAT rates –
See MoreFrance employers and unions considering draft accord
The French trade unions are considering a draft accord that sets out the terms and conditions for a EUR30bn (USD41.6bn) reduction in labor costs. The main employers' associations Medef, the CGPME, and the UPA have drafted the agreement, which urges
See MoreFrance – Introduces new share saving plans
The French Government has published decree number 2014-283 of March 4, 2014, increasing the ceiling for investment in the tax-exempt share savings plan (PEA), and introducing a new share savings plan (PEA-PME) exclusively for investment in small-
See MoreFinland and Chile Sign US FATCA
On March 5 2014 the United States signed intergovernmental agreements (IGAs) with Finland and Chile to implement the Foreign Account Tax Compliance Act (FATCA). A total of twenty four of these IGAs have so far been signed by the US in connection
See MoreExchange of information agreement between Greece and Guernsey enters into force
On 7 March 2014, the Exchange of Information Agreement between Greece and Guernsey entered into force. The agreement generally applies from 7 March 2014. Agreements on the exchange of tax information are seen as an important tool in combating
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