Norway Budget for 2014 – amendments
On 8 November 2013 the new Government presented its amendments to the Budget Bill for 2014. In general, the new Government is reducing taxes, whereas the former Government increased them. The amended Budget for 2014 contained the following
See MoreNorway and EFTA- changes in respect of customs credit for EEA businesses registered in Norway for VAT purposes
It was published on 26 December 2013 that, due to a reasoned opinion from the EFTA Surveillance Authority dated 19 September 2012, the Norwegian VAT representative scheme has already been changed. The changes relate to the removal of the requirement
See MoreSwitzerland: The Federal Council recommend to simplified VAT
The Federal Council has published of the total regulatory burden on 25 December 2013 are CHF10bn, CHF1.8bn on business which are directly related to VAT. The Federal Council clarified the VAT system with a uniform tax rate. Switzerland imposes three
See MoreRussia: Taxable base for corporate property tax
The Russian Ministry of Finance published on 11 December 2013 details of the application of the corporate property tax for immovable property located in Russia and held by a non-resident company, which does not have a permanent establishment in
See MoreIndia signs DTA with Macedonia to prevent income tax evasion
India signed a Double Taxation Avoidance Agreement (DTAA) with Macedonia on Dec 17, 2013, to prevent income tax evasion by entities in both the countries, a move that is also expected to increase economic cooperation. The agreement provides
See MoreHungary-VAT Act changes of 2014
Most of the changes to the VAT rules of Hungary are designed to bring Hungarian VAT further in line with the EU VAT Directive. According to the changes to the VAT rule the reverse charge mechanism will be extended to include property construction.
See MoreEU: Tax Mandate Adopted by Switzerland
It was reported that the Swiss Federal Council has adopted the instruction for negotiations on 20 December 2013 regarding a reconsideration of the tax savings agreement with the European Union. The EU ensures that the changes of this agreement are
See MoreSwitzerland released report on Corporate Tax Reform
The Swiss Federal Council has released a final report of corporate tax reform III on 19 December 2013. The Swiss federal government proposes to replace the holding, domiciliary, and mixed company regime in the next five to seven years and to enact a
See MoreSwitzerland: Ruled against the replacement of VAT with Energy Levy
Value-added tax (VAT) in Switzerland to be replaced with a tax on energy has been rejected by The Swiss Federal Council. The council argued that in order to replacement of VAT because the rate of the energy tax will be very high and abolishing VAT
See MoreSwitzerland: Proposals on Multiple Tax Agreements has been Adopted
A number of double tax treaties proposal on tax information exchange has been adopted by the Swiss Federal Council. The Double tax agreements are with Australia, Hungary, and China, currently valid agreements, and containing administrative
See MoreRussia-Amendments in Import, Export Procedures
The termination of agreement between Russia and the national guaranteeing association for TIR operations has ensured by Russia’s customs service on December 1, 2013. The TIR carnet, customs transit document, exhibits the presence of an
See MoreNorway releases 2014 Budget
On 14 October 2013 Norway released the 2014 Budget with proposals on new interest deductibility restrictions and reduction of the corporate income tax rate. The Budget includes proposed significant restrictions on the deduction of interest paid to
See MoreSwitzerland: Revise withholding tax regime
It was reported that the Swiss Federal Council has introduce a consultation plans to review the imposing of withholding tax at source on income acquire from “lucrative” activity on 18 December 2013. Plans to modify the federal laws governing the
See MoreMalta: VAT 2014 changes approved
It was reported on 18 December 2013 that the Maltese budget for 2014 has been approved by Parliament. It includes a small number of changes to the VAT penalties and compliance regime, including: There will be no penalties for late filings of
See MoreHungary- Extension to Family Tax Break
The tax incentive regime for employers of parents with small children has been extended in Hungary. The Employment Minister has announced plans regarding this. According to the new plan an employer of parent having at least three small children will
See MoreNorway ratifies protocol to tax agreement between Norway and Germany
According to media reports, Norway’s parliament approved a law on December 5, 2013 to ratifying the Protocol to the double taxation agreement signed with
See MoreUnited States and Malta sign FATCA Bilateral Agreement
The United States and Government of Malta signed an intergovernmental agreement on 16 December 2013 to implement the FATCA provisions that apply to certain financial institutions and funds under U.S. law. The aim of the FATCA agreement is to
See MoreEU: Tackling VAT fraud with Russia and Norway
It was reported on 15 December that, in efforts to continue to contain the spread of EU VAT fraud further afield, the European Commission will commence discussions early in 2014 on fiscal co-operation with Norway and Russia. The head of the EU’s
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