Italian Government Empowered To Push Through Tax Overhaul
The Italian parliament has now approved the "Legge Delega," the tax reform law granting special powers to the Government to introduce a series of measures within the next year. The Legge Delega sets out general reform principles, which are to be
See MoreItalian Government Introduces Withholding Tax on Inbound Wire Transfers
Italy has recently introduced legislation instructing banks to withhold 20% on certain inbound wire transfers. The inbound wire transfers affected by this measure include income earned from foreign investments, financial gains, interest, dividends
See MoreIreland- Announcement of LPT Amnesty
Irish residential property owners who have so far failed to pay their 2012 Household Charge or 2013 and 2014 local property tax (LPT), or have undervalued their property or claimed an exemption they were not entitled to, will be given until March 31
See MoreHungary and Bahrain sign a DTA
On 24 February 2014, Hungary and Bahrain signed a Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income. A number of agreements pertaining to the economic and technical co-operation
See MoreGerman federal state of NRW will issue new tax assessments to taxpayers to clarify their actual tax burden
From March 2014, the German federal state of North Rhine-Westphalia (NRW) will issue new tax assessments to taxpayers to clarify their actual tax burden for 2013, expressed as a percentage of gross income. The tax assessments will provide details of
See MoreFrance- Bank Account Regularization Requests
Almost 16,000 residents with undeclared foreign bank accounts have elected to regularize their tax situation in the last eight months, through a voluntary declaration of non-compliance. As of February 7, 2014 the tax authorities had received 15,813
See MoreFrance and Germany to cooperate on tax projects
France and Germany have jointly declared that they will cooperate on key tax agendas in Europe and internationally. A working group is to be set up and the group will consider how to harmonize regulations on incoming and outgoing cross-border
See MoreEU – Irish Opposition Questions EU on Corporate Tax Probe
Ireland's Fianna Fáil party has expressed its concern over the slow progress being made by the European Commission in its preliminary probe of the country's corporate tax regime. Six months after the report of the preliminary probe the European
See MoreEU: Mercosur-EU FTA Close To Completion
The Latin American economic bloc Mercosur is close to concluding a free trade agreement with the European Union (EU). Mercosur, which consists of Argentina, Brazil, Paraguay, Uruguay, and Venezuela, has been negotiating the deal with the EU for
See MoreEU: Parliament Backs Standard VAT Return
The EU Commissioner for Taxation has welcomed the European Parliament's strong support, expressed on February 26, 2014, for a Standard VAT Return. The Standard VAT Return is one of the Commission's key proposals to reduce the burden of compliance
See MoreDTA signed between Cyprus and Norway
The Government of Cyprus confirmed the signing of a double taxation agreement (DTA) with Norway on February 24,
See MoreDTA between India and Malta enters into force
The new Income Tax Treaty and protocol between India and Malta entered into force on 7 February 2014 and will apply in India as from 1 April 2014 and as from 1 January 2015 in Malta. The new treaty was signed on 8 April 2013 and replaces the old
See MoreCyprus – Tax guide 2014
A tax guide for 2014 has been published in Cyprus. The Tax Guide aims to provide a comprehensive introduction on the main aspects of the Cyprus Tax System for non-resident investors and corporations. The guide is of use to potential investors in
See MoreCyprus to cut tax appeal waiting time
Cyprus's Justice Minister has promised that a new Administrative Court due to open in September will cut the waiting time for tax appeals. Tax cases currently take two years to process in the Supreme Court, but the time required to hear a case will
See MoreBelgium – Resident companies must file their corporate tax returns electronically
On 14 February 2014 a royal decree was published requiring resident companies to file their corporate tax returns electronically as from tax year 2014. E-filing will be mandatory for nonresident companies as from tax year 2015. An exception will
See MoreBelgium requires foreign public transporters to register for VAT
Belgium is to require foreign public transport companies to register for VAT, and charge a proportion of Belgian VAT on the price of their tickets. From 1 January, non-Belgian coach and taxi drivers transporting paying passengers across Belgium
See MoreAustria: Tax Increases
The National Council of Austria has adopted with minor changes the Government's Tax Amendment Act, providing for a number of tax increases. The Tax Amendment Act increases the standard consumption tax, the motor vehicle tax, and the tobacco tax. The
See MoreAustria: Information regarding intangible property and financial services
From 1st March 2014, interest and royalty payments to certain related parties are not deductible for tax purposes if the recipient corporation is not subject to tax due to an exemption; is subject to a nominal or specific tax rate of less than 10%
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