UK: Regulations for Annual tax on enveloped dwellings
A new statutory instrument named SI 2013/1844 has been issued by HMRC regarding the Annual Tax on Enveloped Dwellings (Returns) 2013. This regulation will come into force on 12 August 2013. Finance Act 2013 introduced an annual tax on enveloped
See MoreUK: HMRC guidance on creative industry tax relief
HMRC has issued guidance on access to the creative industry tax relief. In addition to Film Tax Relief introduced in 2007 the UK has now introduced tax relief for animation and high end television with effect from 1 April 2013. Tax relief for video
See MoreUK: Finance Act 2013 receives the Royal Assent
The 2013 Finance Act became law on 17 July 2013. The main provisions include a reduction of the corporate tax rate from 22% to 21% in 2014/15 and to 20% in 2015/16. The Act also includes the legislation introducing the General Anti Abuse Rule
See MorePoland: Amendments on transfer pricing guidelines come into force
The amendment of the Transfer Pricing Ordinance was published in the Official Journal No. 768/2013 on 3 July 2013, in a decree of Poland’s Ministry of Finance.The decree implements the provisions of the 2010 OECD Transfer Pricing Guidelines for
See MoreNew Tax Treaty between China and Netherlands
The People’s Republic of China and the Netherlands signed a new tax treaty on 31 March 2013, which is expected to replace the current tax treaty of 1987. Under the new treaty, a building site, or construction, assembly or installation project or
See MoreNetherlands: Guidance on application of bonus deprecation rules (2013)
The Dutch tax authorities have given a clarification and cases showing examples of the new rules on “free depreciation” (or bonus depreciation) for businesses making new investments between 1 July and 31 December
See MoreTax treaty signed between Malta and Macau
The governments of Malta and Macau recently signed an agreement to work together to prevent tax evasion and tax avoidance. Macau is a part of the People’s Republic of China but operates as a separate jurisdiction for some purposes. It is expected
See MoreLuxembourg’s AIFM Directive-Bill adopted
The European Union’s Alternative Investment Fund Managers Directive has been amended by the draft legislation into Luxembourg law which was approved by the grand duchy’s Chamber of Deputies on Wednesday July 10, 2013. Luxembourg has become one
See MoreFrance: Greater transfer pricing documentation burden on taxpayers
The government of France has introduced a new bill with an effort to prevent tax evasion. The bill is expected to bring a greater compliance burden to taxpayers. According to the draft law companies are required to submit and file their
See MoreFrance: Carbon tax to be included in budget 2014
The committee for ecological taxation (CFE) of France emphasized that a carbon tax is an effective instrument to modify production and consumption behavior. The CFE suggested that the rate of the tax should be progressively increased until
See MoreFrance is looking to review transfer pricing provisions
A report published by the Inspectorate General for Finance (IGF) on 6 June indicates that France is looking to review transfer pricing aspects of its tax code in order to better impose the arm’s-length principle. The French sanctions and
See MoreFrance Begins Tax Break Simplification
The French Government has announced a number of tax simplification measures. The aim is to simplify administrative procedures in respect of taxation for both companies and individuals in France, and to reduce state spending on tax breaks. The
See MoreMalta and US FATCA negotiations oncluded
Recently negotiations concerning an Intergovernmental Agreement (IGA) relating to US FATCA regulations (FATCA) have been concluded between Malta and the US. Financial institutions must comply with certain prescribed reporting obligations for the
See MoreECJ: Decision on state aid and Finland’s tax loss carry forward rules
A case was brought before the European Court of Justice (ECJ) concerning the question of whether Finland’s rules for carrying forward tax losses were contrary to the state aid provisions in Article 107 of the Treaty on the Functioning of the
See MoreEU: ECJ Rules on Denmark’s exit tax rules
The European Court of Justice (ECJ) on 18 July 2013 issued a decision in a case concerning Denmark’s exit tax. The case was brought by the European Commission. At the point where a person leaves Denmark an exit tax is calculated on the person’s
See MoreUK: VAT changes for telecommunications, broadcasting and e-services
The UK tax authority HMRC has issued a briefing on changes to the VAT place of supply rules affecting telecommunications, broadcasting and e-services from 1 January 2015. From that date where these services are supplied from a business established
See MorePortugal: Madeira’s International Business Center regime transfer pricing deadline
Among other tax incentives, the new Madeira International Business Centre (MIBC) regime introduced by Portugal provides reduced corporate income tax rates of 4% (in 2012) and 5% between 2013 and 2020. Under the new regime companies are required to
See MoreNetherlands: Increased depreciation allowed for second half of 2013
In Netherlands an amendment to the depreciation rules is effective from 1 July 2013 allowing entrepreneurs to immediately deduct from tax up to half of the amount of corporate investments in new assets. The temporary “bonus” depreciation rules
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