Belgium: Parliament has approved five DTA protocols
The Belgian parliament has approved five protocols to double taxation agreements signed between Belgium and Luxembourg, Denmark, France, the United Kingdom and France, as part of the country's ratification
See MoreDouble Taxation Convention between UK and Liechtenstein
A first-time comprehensive Double Taxation Convention between the UK and the Principality of Liechtenstein was signed in London on 11 June 2012 by the Exchequer Secretary to the UK Treasury and the Prime Minister of Liechtenstein. Together with the
See MoreUK: Tax Calculator App Launched
On 30 May 2012 it was reported that a new mobile phone application launched by HM Revenue and Customs (HMRC) will allow UK taxpayers to calculate how much tax they pay and how the government spends it. The app hints at the type of information which
See MoreUK Legislates For Budget Tax Measures
The UK government has published the Finance Bill 2012, which legislates for tax measures included in both the 2012 and 2011 Budgets. The Bill provides for an increase in the tax-free personal allowance to GBP 8,105 (USD12, 959) from April, 2012,
See MoreUK Budget Delivers Tax Cuts
The UK has delivered a Budget that unashamedly backs businesses, slashing the top rate of personal income tax and accelerating corporate tax cuts. Currently charged at 50% on all income over GBP150, 000, from April, 2013 the rate will drop to
See MoreUK Blocks Tax Avoidance Scheme
On 28 February 2012 it was reported that the UK has taken steps to close what it calls two highly abusive tax avoidance schemes, disclosed to HM Revenue and Customs (HRMC) by a bank. The aggressive schemes are designed to work around legislation
See MoreUK: Latest Transfer Pricing Statistics Released
HM Revenue and Customs (HMRC) settled the UK’s Transfer Pricing rules such a way that the pricing of transactions between connected can result into an increased revenue yield. The internationally recognized ‘arm’s length principle’ is
See MoreTIEA between UK and Dominica in forced
A Tax Information Exchange Agreement between the United Kingdom and Dominica entered into force on 23 December 2011. The agreement was signed in London on 31 March
See MoreUK: VAT registration threshold drops for foreign businesses
Following a recent European Court of Justice Case, Schmez C 97/09, the Value Added Tax registration threshold for foreign businesses has been forced to be withdrawn by the UK. The change will be effective from the end of 2012. According to this
See MoreTax deal signed between Switzerland and UK
A landmark tax agreement concerning the taxation of UK investors’ income in Switzerland has been signed in London recently. The British Bank clients’ future investment income and capital gains in Switzerland will be subject to a final
See MoreDouble Taxation Convention Signed between UK and Hungary
A new and comprehensive Double Taxation Convention was signed between the UK and the Republic of Hungary in Budapest on the 7 September 2011. The convention replaces the 1977 agreement by the general OECD Model Double Taxation Convention. The latest
See MoreUK-Belize Tax Information Exchange Agreement entered into force
From the 1 August 2011, a Tax Information Exchange Agreement between the UK and Belize entered into force. The agreement was signed in London on 25 March
See MoreTax Simplification Projects Announced in UK
In order to improve and simplify the tax system, the government of UK declared two new projects as part of its ongoing work, to review pensioner taxation and employee share schemes. On 13 July 2011 the government has confirmed that the UK’s Office
See MoreVAT Amnesty Launched in UK
UK is continuing its concentrated efforts to solve the issue of tax evasion. In this regard, UK is launching a new campaign focusing on those trading above the current value-added tax threshold, but who have not registered themselves for the
See MoreNew CFC Rules Released in UK
The UK government has published its proposals for the reform of the Controlled Foreign Company (CFC) regime through a press release on 4 July 2011. The government intends to modernize the CFC regime in 2012, which it expects will better reflect the
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