Croatia: Individual income tax law amended
The Croatian Parliament adopted the amendments to the Individual Income Tax Law on 27 September 2013. Following a decision of the Constitutional Court, the provisions regarding taxation of dividends and profit shares have been amended. The law
See MoreA ‘FATCA’-type Agreement has been signed by Cayman and the UK
A bilateral governmental agreement has been signed by The Cayman Islands with the United Kingdom on November 05, 2013 which set the foundation for the automatic exchange of financial information about UK taxpayers who hold accounts in the Cayman
See MoreBulgaria releases tax withheld on specific EU traded bond interest
The Bulgarian Corporate Income Tax Act amendments will take into effect on January 1, 2014. No tax at source will be deducted on interest from bonds or other debt instruments issued by a Bulgarian entity and traded on an EU regulated market,
See MoreBelgium: EC investigates R&D incentives, tax exemption
An “in-depth investigation” is launched which will determine whether Belgium’s implementation of a system of support for innovative companies i.e., research and development (R&D) incentives is consistent with the EU rules on state aid. It
See MoreLuxembourg – Income tax treaty with Seychelles
The income and capital tax treaty between Seychelles and Luxembourg entered into force on August 19, 2013, and which will effective from beginning of January 2014. The Seychelles concluded one of the first treaty with Luxembourg. This treaty
See MoreJapan: Amendments of Tax Treaty Protocol with Sweden has been Signed
It has been published on 5 December 2013 that the governments of Japan and Sweden have signed a Protocol amending the current tax treaty between the two countries. The main amendments are as follows: ・Expansion of the scope of exemption of
See MoreSpanish Supreme Court allows domestic tax credit to transfer of shares by EU residents
The Spanish Supreme Court has approved the application of a tax credit to elude double taxation to capital gains derived by EU (European Union) resident entities from the transfer of shares in Spanish entities. The decision has been taken after the
See MoreSpain: Transactions exceeding €1 million need to report
Companies holding balances or conducting transactions during 2013 with foreign companies that exceed €1 million is required to report. This new reporting requirement impact companies in Spain as well as international multinational entities with
See MoreECJ decision on the taxable amount for VAT
A decision of the European Court of Justice (ECJ) on 5 December 2013 related to the question of whether a Portuguese tax known as the screening tax should be included within the taxable amount when computing the amount of VAT payable on the relevant
See MoreSpain execute EU CRD IV and provides for monetization of certain deferred tax assets
Under the Spain’s implementation, the European Union (EU) Capital Requirements Directive 2013/36/EU (CRD IV) includes provisions that allow Spanish corporate to earn certain deferred tax assets by turning them into a refundable tax credit, subject
See MoreItaly: Duration of advance payment of income tax extends
The Government of Italy increased the advance income tax payment due for fiscal year 2013 and delayed the deadline for the payment of the second installment via Law Decree 133/2013 dated 30 November 2013. The increase of overall advance payment due
See MoreItaly: No effect on inflation due to rise in VAT
The Continued fall of the last month Retail prices in spite of rise in Italy’s VAT to 22% on 1 October 2013. It was published in the Italian statistical institute on 27 November 2013 regarding pricing information for Oct-Nov 2013 which shows
See MoreIreland -Switzerland: Protocol tax treaty signed
The Protocol to the double tax agreement (DTA) initialed between Switzerland and Ireland will be effective in Ireland from January 1, 2014, which entered into force on November 14,
See MoreNetherlands Reveals 2013 Tax Take Figures
The Dutch Finance Ministry has announced that state revenue and expenditure levels for 2013 are in line with the prognosis contained in the 2014 Budget. Confirming that total income from taxes and contributions will amount to around EUR225.8bn this
See MoreItaly and Switzerland closer to resolving tax disputes
A further round of bilateral negotiations was held between Italy and Switzerland in Rome which aimed at resolving important tax issues between the two countries. Italy and Switzerland agreed to find a solution to a number of major points of tax
See MoreItaly: Changes to 2014 Budget has been approved by Senate
A “maxi-amendment” has been approved by The Italian Senate on November 26 by means of a confidence vote completely replacing the proposals initially made by the Government in its draft 2014 Budget in October. The changes made to the
See MoreCyprus and India held negotiations towards a revision of DTA
Cyprus and India held negotiations towards a revision to the countries’ double taxation agreement (DTA), to incorporate provisions on tax information exchange. The discussions continued over three days concluding on November 28,
See MoreUK Considering Tax For Foreign Property-Buyers
The UK Chancellor of the Exchequer refused to confirm reports that the Government is considering moves to impose Capital Gain tax on foreign investors for property sales in Britain, as a measure to control property prices in London. At present,
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