Luxembourg: Government announces key fiscal policy agenda
The new Luxembourg government published components of its future fiscal policy on 2 December 2013. The government will focus on structural reforms in three major areas: an examination of public expenditure, measures to promote economic growth, and
See MoreAustria: Special taxes increased
Austria published draft legislation to increase the tax rate for the special bank levy to 0.09% for assets above EUR 1 billion and 0.11% for those above EUR 20 billion. The draft, which has yet to be agreed upon in parliament, also includes other
See MoreEU: Uniform Customs Code effective from 1 May 2016
The European Commission has notified that the substantive provisions of the Uniform Customs Code have entered into force 30 October 2013, and will be effective from 1 May 2016. Until then, the Community Customs Code and its implementing provisions
See MoreEU: Royalties, license fees dutiable from 1 May 2016
The European Commission has pointed out that the process for determining the transaction value would be amended under the Uniform Customs Code (UCC), due to enter into force on 1 May 2016, resulting in royalties being more often included in the
See MoreEU – Forms for customs enforcement of IP rights
The European Commission has issued new forms which should be used from 1 January 2014 in order to ensure customs enforcement of intellectual property rights. The new implementing regulation that introduces such standard forms, and rules for
See MoreEU: Certain reduced duty rates ending in 2015
The European Commission has notified that EU imports of goods originating from China, Ecuador, the Maldives, and Thailand will no longer benefit from a zero or reduced EU customs duty rate from 1 January 2015. These countries have been determined to
See MoreUnited Kingdom: Dispute resolution, CFC financing, investment “white list”
HM Revenue & Customs have updated some key documents regarding resolution of tax disputes, and have provided new guidance on CFCs. The dispute resolution documents are the Code of Governance for resolving tax disputes; and Commentary on the
See MoreItaly: Financial Transaction Tax (FTT) annual return model published
The Italian tax administration has issued the final Financial Transaction Tax (FTT) annual return model and the related instructions under Protocol No. 2013/154577. The FTT return should be filed by 31 March of every year, subject to a de minimis
See MoreBelgium: New tax rules on notional interest, small companies and withholding tax
The Official Gazette issue of 31 December 2013 notifies some new tax rules. The first measure aligns the rules relating to notional interest deductions (NID) with the judgment of the European Court of Justice in the Argenta Spaarbank case. The NID
See MoreAustria: “Provisional” Budget submitted
The Austrian Government has submitted a provisional budget for 2014 to the Austrian National Council; the proposals broadly follow the coalition accord. Tax rises are proposed in the motor vehicle insurance tax and on alcohol and tobacco, and for
See MoreFinland: decree on blacklist countries updated
The Ministry of Finance of Finland published Decree No. 1284/2013 on 31 December 2013. This covers countries where the tax burden differs significantly from that in Finland; the blacklist applies in implementation of the controlled foreign company
See MoreFinland-Panama: TIEA enters into force
The Finland – Panama Exchange of Tax Information Agreement (2012) entered into force on 20 December 2013 and applies from that
See MoreBulgaria: Companies located in “preferential” jurisdictions banned from certain transactions
Bulgaria has enacted a new law, effective from 1 January 2014 which prevents companies located in “preferential tax regime jurisdictions” (and persons related to such companies) from receiving public funds, participating in privatizations in
See MoreNetherlands: Relief, clarifications under FATCA
The Netherlands government has announced completion of a memorandum of understanding (MOU) to provide relief and clarify the intergovernmental agreement (IGA) for automatic exchange of data between the Netherlands Belastingdienst and the US IRS. The
See MoreUK-Netherlands: Protocol to treaty enters into force
The Protocol amending the Double Taxation Agreement (DTA) between the UK and the Netherlands, signed in London on 12 June 2013, has entered into force on 13 December 2013. The Protocol is effective in the UK for any assessment year beginning on or
See MoreBelgium: Rules for “self-billing” for VAT purposes
The Belgian fiscal administration has issued guidance on the application of a “self-billing” system for value added tax (VAT) purposes. The Belgian self-billing rules enable a customer to issue an invoice in respect of the supplier, for supplies
See MoreUK: Coalition Partner indicates preference for Income Tax Allowance Increases
The UK Deputy Prime Minister has said that the personal allowance could be increased beyond the target GBP 10,000 in April 2014 if the Government were to abandon “pet projects” on tax and focus on on a single goal of a high allowance
See MoreUK Chancellor Envisions Permanent Tax Cuts
The UK Chancellor of the Exchequer has reiterated the government’s commitment to continue cutting taxes, especially through spending cuts, and without any extra borrowing. He cited the cuts in income taxes and freezing fuel duty, and the increase
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