Archive
Slovenia: amendments to Corporate Income Tax Law proposed
October 22, 2012. Tags: corporate tax, income tax, law, Slovenia, tax amendments
On 27 September 2012, the Government proposed amendments to the Corporate Income Tax Law. The key elements of the proposed amendments are listed below. Limitation on …
Consumers’ spending power comes to the rescue, as UK recovery takes hold in second half of the year
October 19, 2012. Tags: economic crisis, financial reporting, United Kingdom
The UK will return to growth in the second half of the year, according to the latest economic forecast from the Ernst & Young ITEM Club.
Netherlands: draft decree concerning restriction of interest deductibility for participations
October 19, 2012. Tags: interest, tax deductions, tax policy, The Netherlands, transfer of shares
On 12 October 2012, a draft decree concerning the restriction of interest deductibility for participations was presented to Parliament. The most important aspects of the decree, …
Germany: Federal Cabinet adopts draft bill on simplification of company taxation and the tax treatment of travel expenses
October 19, 2012. Tags: corporate tax, Germany, tax policy
In September 2012, the Federal Cabinet (Bundesregierung) adopted a draft bill on the simplification of company taxation and the tax treatment of travel expenses (Gesetz …
Hungary: tax package for 2013 – presented
October 19, 2012. Tags: corporate tax, Hungary, income tax, social security, tax policy
On 12 October 2012, the Minister of National Economy submitted a bill introducing the 2013 tax package to the Parliament. The bill is designed to: Streamline …
Spain approves new tax measures [TAX ALERT]
October 18, 2012. Tags: corporate tax, income tax, personal tax, Spain, tax amendments
A draft bill in Parliament, expected to come into force 1 January 2013, contains the following amendments to Spanish corporate income tax, nonresidents’ tax, personal …
United States: IRS Chief Counsel issues memorandum on ETI exclusion for purposes of subpart F income
October 18, 2012. Tags: income, income tax, individual tax, tax policy, United States of America
The Chief Counsel of the US Internal Revenue Service (IRS) has issued a memorandum that discusses the extraterritorial income (ETI) exclusion under repealed section 114(b) …
Netherlands and BES Islands: tax amendments for BES Islands announced
October 18, 2012. Tags: excise duty, real estate, tax amendments, tax policy, The Netherlands
In a press release of 11 October 2012, the Dutch Ministry of Finance has indicated that various tax amendments will be introduced in Bonaire, Saba …
Croatia: law on investments enacted
October 18, 2012. Tags: Croatia, investment, law
On 21 September 2012, the Parliament approved the Law on Investment Promotion and Improvement of the Investment Environment. The law entered into force on 10 October …
India includes comments in draft UN Practical Manual on Transfer Pricing Issues for Developing Countries [TAX ALERT]
October 17, 2012. Tags: India, tax administration, transfer pricing, United Nations
The draft UN Practical Manual provides that the United Nations (UN) Tax Committee formed a subcommittee on Transfer Pricing at its fifth annual session in …
Senior Vice-President for Taxation at TD Bank Group explains their attitude toward risk
October 17, 2012. Tags: bank tax, globalization, tax function, tax planning, tax risk
“Risk is relative,” says van Dijk. “What might be too risky for some will be acceptable for others.”
Italy: new package of measures presented – financial stability decree (legge di stabilità)
October 17, 2012. Tags: emergency measure, income tax, individual tax, Italy, VAT
On 10 October 2012, the Government presented the financial stability package. The most important measures are summarized below: Reduction of the rates of individual income tax …
India: Expert Committee issues its draft report on indirect transfer
October 17, 2012. Tags: anti-avoidance, India, indirect, transfer tax
On 13 July 2012, the Indian Government established an Expert Committee on General Anti-Avoidance Rules (the Committee) to undertake stakeholder consultations and finalize the general …
Nigeria: Budget for 2013 – details
October 17, 2012. Tags: budget, direct tax, indirect tax, Nigeria, tax policy
The Budget for 2013 was presented to the Joint Session of the National Assembly by the President on 10 October 2012. Details of the Budget, which …
Eurozone uncertainty: the legal steps companies should take
October 16, 2012. Tags: currency controls, European Union, finance transformation, globalization
Multinational enterprises have to consider the consequences of one or more countries leaving the currency union.
Ireland: exemption from withholding tax on interest – eBrief
October 16, 2012. Tags: income tax, interest, Ireland, tax exemption, withholding tax
On 3 October 2012, the Revenue issued an eBrief No. 43/12 on interest payments under section 246(3)(h)(I) of the Taxes Consolidation Act 1997. Under this section, …
United States: IRS issues guidance for foreign insurance companies for 2011
October 16, 2012. Tags: corporate tax, foreign, Insurance, United States of America
The Internal Revenue Service (IRS) has issued Revenue Procedure 2012-40 with guidance necessary for foreign insurance companies to compute their minimum effectively connected US net …
European Union: 11 EU Member States on board for a financial transactions tax via enhanced cooperation
October 16, 2012. Tags: economic cooperation, European Commission, European Union, transaction tax
On 9 October 2012, during the 3189th meeting of EU finance ministers (ECOFIN) in Luxembourg, the Council of the European Union was informed by the …
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