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International Tax »

EU Value-Added Tax Reforms Closing The VAT Gap

The European Commission has published its latest VAT Gap study, which shows that an estimated EUR177bn (USD223.9bn) in value-added tax revenues was lost due to non-collection or non-compliance in 2012 – a figure equal to 16 percent of expected VAT revenues. Continue Reading »

International Law »

Czech Lawmakers Approve New Reduced VAT Rate

The Czech Senate on October 22, 2014, approved a draft bill to introduce a third value-added tax rate of ten percent. Continue Reading »

Politics & Economics »

Sweden Proposes Tax Hikes In 2015 Budget

Sweden's Finance Minister, Magdalena Andersson, on October 23, 2014, presented the 2015 Budget containing a number of tax increases. Continue Reading »

Offshore »

Italian Voluntary Disclosure Law Passes First Parliamentary Hurdle

By the wide margin of a 250-76 vote on October 16, the Chamber of Deputies of the Italian Parliament passed a decree law to introduce a voluntary disclosure program for undeclared assets and funds held abroad or in Italy. Continue Reading »

Business »

Ireland Publishes 2014 Finance Bill

Irish Finance Minister Michael Noonan has published the 2014 Finance Bill, which gives effect to the tax reforms announced in his Budget and introduces a number of new anti-avoidance measures. Continue Reading »

E-Commerce »

Short-term Extension For US Internet Tax Moratorium

The United States House of Representatives and the Senate have agreed a short-term extension to the Internet Tax Freedom Act until December 11, 2014. Continue Reading »

Aviation »

Taiwanese Special Scheme For Foreign Firms Time Limited

The Ministry of Finance has reminded foreign companies engaged in certain industries in Taiwan that there is a time limit on the availability of the percentage expenses deduction allowed under Article 25 of the country's Income Tax Act. Continue Reading »

Marine »

Canada, South Korea Sign Landmark Free Trade Deal

Nine years after negotiations began, Canada and South Korea have signed a free trade agreement that will eliminate duties on nearly all tariff lines. Continue Reading »

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