Belgium confirms withholding tax rate changes
Belgium has decided to reduce the rate of withholding tax levied on small- and medium-sized enterprise (SME) dividends from 25 percent to 15 percent; and it is a confirmation from The Belgian Prime Minister. In order to encourage entrepreneurs to
See MoreInterest income under the income tax treaty between Vietnam and France
The income tax treaty between Vietnam and France does not provide any provisions for the taxation of interest derived from transactions of loans. Recently Vietnam has provided guidelines on certain tax provisions of the treaty. According to the
See MoreUnited Kingdom: UK High Court decision on portfolio dividend tax
UK High Court decision concerns the portfolio dividend tax (holdings of less than 10%) under the previous tax law which provided double tax relief for foreign withholding taxes paid on the dividends and no relief for any underlying tax. UK has moved
See MoreTax Devolution process for Wales has been confirmed by the UK Government
The UK Prime Minister has confirmed in a press release on 7 November 2013 that the Government intends to devolve the power to set Landfill Tax and Stamp Duty rates in Wales, and to hold a referendum on devolving the income tax rate. It was announced
See MoreRomania: Amendment of income tax rate for severance payments
Romania now limits the individual income tax rate of 85% with respect to only particular severance payment. Previously it was imposed on employees who were in management position or to the members of a board of directors under an Ordinance
See MorePortugal: Gazettes Tax Regularization Decree
Decree-Law number 151-A/2013 is published in the country’s official Gazette. To tighten sanctions, it establishes an exceptional and temporary regime for the regularization of tax debt. From 2014 individuals who committed tax fraud will face
See MorePortuguese: New VAT measures in Finance Bill
A range of changes to the Portuguese VAT regime has been presented in the latest Finance Bill which would come into effect on 1 January 2014. According to the upcoming changes, taxpayers will now have the option to forgo the VAT exemption on
See MoreIncome tax treaty between Luxembourg and Laos
An income and capital tax treaty between Luxembourg and Laos has been ratified, and awaiting the exchange of instruments of ratification before the treaty can enter into force. The Luxembourg and Laos income tax treaty provides withholding tax rates
See MoreLatvia: Parliament amends the Micro-enterprise tax law
According to the amendments a natural or legal person who is a member of a partnership can’t be a micro-enterprise tax payer. The proposal will come into force from July 1, 2014 so that a partnership member can withdraw his/her membership within
See MoreLatvian Parliament approves the State budget for 2014
The Latvian Parliament approved the Law on the State Budget for 2014, the Law on Medium-Term Budget Framework for 2014–2016 and amendments to 37 budget-related laws on November 7, 2013. Next year, Payments made from the Maintenance Guarantee Fund
See MoreItaly: Extension of 2012 VAT returns submission
A further extension has been made to the deadline for filing of the annual 2012 Italian VAT filing. The new filing date is 31 January 2014. Italian VAT registered companies will be able to file these returns through the Entratel or Finconline
See MoreItaly: The confirmation of reduced tax burden in Budget
The Italian Minister of Finance and the Economy has felt to counter some comments being made in criticism on the 2014 proposed Budget by the government Budget and has re-assured that the budget has been planned to reduce tax burdens. The Minister
See MoreIreland: Opportunities to claim R&D tax credits
It is clear that in Ireland the research and development tax credit is not limited to research in the laboratory. A company may consider the day to day activity like developing a new product, devising or making improvements to a production process,
See MoreBank of Ireland estimates cost of new levy
The presentation of an annual banking levy will cost it EUR40m (USD53.9m) a year for the following three years. This is estimation made by the Bank of Ireland Group. Provisions for the introduction of a levy on the banking sector are made in the
See MoreIreland: Small businesses’ reporting burden
The Irish tax authority on 10 November 2013 announced that- the scope of the simplified reporting regime for small businesses in respect of value added tax (VAT) will be expanded, Pay As You Earn (PAYE)/ Pay Related Social Insurance (PRSI) and
See MoreFrench Assembly Passes Tax Evasion Bill
The French National Assembly has definitively adopted the Government's anti-tax evasion and major economic and financial crime bill. The legislation was passed by 358 votes to 198. The bill is designed to considerably strengthen the capacities of
See MoreFrance – Update on proposed tax legislation
The proposed tax changes contained in the legislation are expecting to execute the package of Finance Bill 2014 of France. According to the proposed legislation pending before the French Parliament the surcharge on corporate income tax would be
See MoreFrance – Additional reporting requirements for companies
The national assembly of France passed a legislation related to reporting requirements on 5 November 2013. The legislation consists of new reporting requirements in addition to transfer pricing documentation for companies. Companies which will fall
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