Hungary considering 35% luxury VAT rate
In connection with drafting the 2014 budget, Hungary is still considering introducing a super VAT rate of 35% on luxury goods. This would raise more money for the government without having any effect on the price of essential goods or services. A
See MoreGermany: Additional administrative burden for VAT reporting for cross-border, intra-EU supplies
A new document has been introduced in Germany that increases the administrative burden with respect to intra-EU supplies (the cross-border transport of goods) within the European Union. Suppliers can apply a value added tax (VAT) rate of 0% for
See MoreFrance: Mandatory Online Tax Reporting Threshold
The French Finance Ministry announced on 17 October 2013 a reduction in the threshold for application of the mandatory on-line reporting obligations, for companies in France not subject to corporation tax (IS) in 2013-2014. From October 1, 2013,
See MoreThe Exchange of information agreement between United Kingdom and Uruguay was signed in London
The Exchange of Information Agreement between United Kingdom and Uruguay was signed in London on 14 October 2013. The exchange of tax information between the two countries will now be up to international standards. Uruguay is now categorized by the
See MoreEU: New incentive limits for all European Union (EU) member states
The European Commission (EC) wants a new incentive limits for all European Union (EU) member states from 1 July 2014. These limits exist to guarantee that no extreme unreasonable incentives are given by an EU member state to businesses. Incentives
See MoreEU & Canada Free Trade Agreement
After more than four years of negotiations, the European Union (EU) and Canada have reached a political agreement on a Comprehensive Economic and Trade Agreement (CETA). When the agreement will enter into force, a larger part of obligations will be
See MoreDTT between Hungary and Kosovo
The government of Hungary and Kosovo signed an agreement on 3 October 2013 for the avoidance of double taxation and fiscal evasion with respect to taxes on income and capital. The agreement follows a previous agreement on customs cooperation and an
See MoreCzech Republic: Tax rates for investment funds proposed
In Czech Republic, pending legislation has approved by the Senate would give the following tax rates for investment funds: On investment funds -5% corporate income tax rates On payment of profit shares -15% withholding tax rates Investors which
See MoreCzech Republic: Income Tax Law amendment has approved
The Senate of Czech Republic has approved a special law measure on October 10, 2013 which includes a long discussed Income Tax Law amendment. To be enacted it must be accepted by a new Chamber of Deputies on its first session. Under the new
See MoreCyprus and Ukraine finalize the procedures to bring new treaty into force
The Inland Revenue Department of the Ministry of Finance of Cyprus issued Circular No. 2013/16 on 23 September 2013, expressing that Cyprus and Ukraine have both completed all the procedures required to bring into force the new Double Tax Treaty
See MoreCroatia: Constitutional Court decision
The Constitutional Court gave its final decision and repealed article 16(3) of the Law on the amendments to the individual income tax law on 18 September 2013. This article retroactively enforced taxation on income from dividends and participation
See MoreBelgium: Transition regime related to VAT
A transition regime in relation to VAT is being extended by the Belgian authorities during 2014. The regime permits taxpayer an opportunity to apply new rules for deciding the point in time when VAT is chargeable on invoices issued in advance of
See MoreKazakhstan-Luxembourg DTT approved by Kazakhstan
Kazakhstan’s Lower House of Parliament has approved the Kazakhstan – Luxembourg Income and Capital Tax Treaty (2008) on September 25, 2013 which was signed on June 26, 2008, and the amended protocol was signed on May 3, 2012. The treaty and
See MorePortugal: Extraordinary tax on electricity producers
The Ministry of Environment and Energy of Portugal has affirmed arrangements to impose an “extraordinary contribution” in 2014, to empower the nation to reach its ambitious deficit reduction target next year. It is expected that the draft budget
See MoreGreece: Current transfer pricing legislation changes
Recently, major transfer pricing regulation changes have taken place in Greece. A bill was approved on 29 August 2013 by the Greek Parliament to expand the deadline for disclosing to the tax authority the inter-company transactions within a group
See MoreFrance: New 1% tax on EBITDA repealed
The French Minister of Economy officially announced on 6 October 2013 that the new 1% tax on Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) will be repealed and a new temporary surtax on the corporate income tax will be
See MoreFrance -Revision to VAT rates
The government of France is planning to raise the current standard VAT rate from 19% to 20 % and to increase the intermediate rate of VAT from 7% to 10% from 2014. This will increase the fiscal burden on households in France by around EUR 6bn
See MoreBulgaria- Cash Accounting in VAT
Due to recent cases in tax field Bulgaria plans to initiate some changes to the Value Added Tax regime to match its tax code with the EU VAT Directive in future. The above changes will come into effect on January 1, 2014, once approved. The changes
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