UK: publishes draft legislation to eliminate stamp duty and stamp duty reserve tax on Exchange Traded Funds (ETFs)
HMRC has published for consultation a draft Statutory Instrument and a Tax Information and Impact Note on 17 February 2014. It was intended to abolish of stamp duty and stamp duty reserve tax on transfers of interests in Exchange Traded Funds
See MoreDTA between UK and Albania entered into force
The Double Taxation Agreement (DTA) between UK and Albania has entered into force on December 30, 2013. The agreement follows the OECD Model Convention. It sets out reduced withholding tax rates as follows: 5 percent on dividends for companies
See MoreUK refuses to reduce tourism VAT rate
The UK Government has refused to reduce tourism VAT rate with an argument that there is no connection between tax subsidies and the number of tourist. The Members of Parliament who supported the proposal of reducing VAT on tourism have said that the
See MoreSpain: National court decides intra-group debt transaction as fraud of law
The Spanish National Court decides the case of Sabic Innovative against the tax administration (Appeal 367/2010) as fraud of law. The Court ruled that the intra-group debt transaction is usually tax-driven and did not have an economic or business
See MoreSlovak Republic: plans to raise its tax revenue by 0.3% of GDP in 2014
Slovak Republic has planned to raise its tax revenue in 2014 than previous year forecast. The government forecast to collect 189 million Euros ($259 million) or about 0.3 percent of GDP which is more than it forecast in the budget as the government
See MoreSaudi Arabian Cabinet authorizes DTA with Sweden and Egypt
On 10 February 2014, the Saudi Arabia Finance Minister was authorized to sign draft double taxation agreements with Egypt and
See MoreOman and Spain sign DTA
The double taxation agreement (DTA) signed between Oman and Spain was submitted to the Economic and Financial Committee of Oman's lower house of parliament on February 11,
See MoreNetherlands: Important changes in the treatment of VAT offences
From 1 January 2014, the eventual submission of a correct VAT return in the Netherlands will no longer prevent prosecution where the return has been filed late. Prior to 1 January 2014, the late, or non-filing of VAT returns was classified as a
See MoreUnited Kingdom and Anguilla sign protocol to TIEA
An exchange of letters and amending protocol to the Anguilla - United Kingdom Exchange of Information Agreement (2009) was signed between Anguilla and the United Kingdom on 13 December 2013 in London and on 20 December 2013 in Anguilla. The
See MoreMalta intends to amend taxation rules
Malta is intending to amend the rules relating to the taxation (and withholding tax) on amounts distributed by corporations from profits. One of the amendments will change the definition of a recipient in respect of withholding tax on distributions
See MoreLithuania : Loss carry forward limitations, extended incentives and reduced VAT rates
Losses carry forward limitations: Beginning in 2014, the ability of corporations in Lithuania to carry forward tax losses, for corporate income tax purposes, is limited. In calculating their corporate income tax for 2014 and subsequent tax periods,
See MoreIndia and Croatia Sign bilateral DTA
India and Croatia signed a Double Tax Agreement on 12 February 2014. This move is seen as an important step in the strengthening of the two countries’ economic cooperation. No further details of the agreement are currently
See MoreGreece ratifies DTA with UAE
On February 4, 2014, Greece completed its domestic ratification procedures, in respect of the double taxation agreement (DTA) signed with the United Arab Emirates, publishing a notice in its Official
See MoreGermany and Costa Rica signed a DTA
Costa Rica has signed an agreement for the avoidance of double taxation with Germany. The agreement aims to eliminate situations of conflicting double taxation between the two jurisdictions to provide greater legal certainty for investors in making
See MoreGerman Association of Taxpayers urges Government to lower electricity tax
The German Association of Taxpayers (BdSt) has urged the Government to lower electricity tax in Germany. The government’s plans to reform the country's renewable energy law (EEG) do not go far enough in the view of the association to curb
See MoreEU Seeks to resume talks on a Deep and Comprehensive Free Trade Agreement with Egypt
The EU remains willing to re-launch talks with Egypt on concluding a Deep and Comprehensive Free Trade Agreement (FTA). The EU ambassador confirmed that the European Union aims to begin negotiations with Egypt on widening the free trade agreement
See MoreEU – Court Rules on Hungarian Retail Tax
The European Court of Justice (ECJ) has ruled that Hungary's retail tax, which imposes a rate based on "consolidated turnover," is disadvantageous to companies that are part of a group of "linked" businesses and discriminatory if in practice applies
See MoreEuropean Commission reports on administrative cooperation and combating fraud in the field of VAT
On 12 February 2014, the European Commission adopted two reports related to fighting Value Added Tax (VAT) fraud within the EU. The reports outline possible ways of improving procedures for dealing with this problem. The first report looks at VAT
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