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Tax News - Tax Updates Archive

Tax updates 2023

• Turkey Interest Rate
  Turkey increased on December 21, 2023 the interest rate f40% to 42.5%, the 7th rise within seven months. December 2023.
• U.S November Job Report
  The U.S. economy added 199,000 new jobs in November 2023. The unemployment rate in November 2023 was 3.7% compared to 3.9% in October. December 2023.
• Norway Minimum Tax Bill
  The government presented a new bill aimed to establish a minimum 15% corporate tax rate from January 1, 2024. December 2023.
• UK Luxembourg Tax Agreement
  The 2022 double tax agreement, DTA, between the UK and Luxembourg entered into force on November 22, 2023. December 2023.
• U.s. October Job Report
  The U.S. labor department reported that 150,000 new jobs were added in October 2023, compared to a forecast of 170,000 new jobs. November 2023.
• Ukraine UAE Tax Agreement
  The protocol to the double tax agreement, DTA, between the two countries entered into for on October 19, 2023 applying from January 1, 2024 .November 2023.
• Croatia Cyprus Tax Agreement
  The two countries signed on October 17, 2023 a new double tax agreement replacing the previous 1985 DTA. November 2023.
• Turkey Interest Rate Rise
  Turkey increased on November 23, 2023 the interest rate from 35% to 40%, the second rise within one month. November 2023.
• New Zealand Austria Tax Agreement
  The two countries signed on September 12, 2023 a protocol to the existing 2006 double tax agreement, DTA. The protocol includes reduced tax withholding rates for payments of dividends. October 2023.
• Moldova Netherlands Tax Agreement
  The two countries signed on September 4, 2023 a protocol to the existing 2000 double tax treaty, DTA. The protocol includes reduced tax withholding rates for payments of dividends. October 2023.
• Austria China Tax Agreement
  The two countries signed on September 14 , 2023 a protocol to the existing double tax agreement, DTA. The protocol includes reduced tax withholding rates for payments of dividends. October 2023.
• U.S. September Job Report
  360,000 new jobs were added to the U.S. economy in September 2023, compared to preliminary estimates of 170,000 new jobs. October 2023.
• Switzerland Ethiopia Ta Agreement
  The 2021 double tax agreement, DTA, between the two countries entered into force on August 10, 2023. The DTA includes reduced tax withholding rates for payment of dividends, interest and royalties. September 2023.
• Turkey Interest Rate Rise
  The Turkish central bank raised on September 21, 2023 the interest rate from 25% to 30%, the highest rate in the last 20 years. September 2023.
• U.S. August Job Report
  The U.S. labor department reported that 187,000 new jobs were added in August. The unemployment rate rose from previous 3.5% to 3.8%. September 2023.
• Germany Mexico Tax Agreement
  The updated 2008 double tax agreement, DTA, between Germany and Mexico entered into force on August 6, 2023 applying from January 1, 2024. September 2023.
• Japan Azerbaijan Tax Agreement
  The 2022 double tax agreement, DTA, between the Japan and Azerbaijan entered into force on August 4, 2023 applying from January 1, 2024 in both countries. August 2023.
• Brazil Uruguay Tax Agreement
  The double tax agreement, DTA, between Brazil and Uruguay entered into force on July 21, 2023 applying from January 1, 2024 in both countries. August 2023.
• U.S.A. Credit Rating Downgrade
  Fitch credit rating agency downgraded on August 2 , 2023 the U.S.A. credit rating from AAA to +AA .The second downgrade since 2011. August 2023.
• Italy New Bank Tax
  The Italian cabinet confirmed a new one time 40% banks tax for excess bank's income in 2013. August 2023.
• Hong Kong Mauritius Tax Treaty
  The previous 2022 double tax agreement ,DTA, between the two countries entered into force on June 23, 2023. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. July 2023.
• Netherlands Belgium Tax Treaty
  The two countries signed on June 21, 2023 a new double tax agreement, DTA, replacing the previous 2001 DTA. July 2023.
• U.K. GDP
  According to the U.K. ONS, office for national statistics, the GDP in May 2023 fell by 0.1%, with an annual forecast of 0.4% decline. July 2023.
• U.S.A. Inflation
  The US.A. inflation grew by 0.2% in June, 3% on annual basis compared to 9.1% in June 2022. July 2023.
• UAE Czech Republic Tax Treaty
  The two countries signed on May 24, 2023 a double tax treaty, DTA, which includes reduced tax withholding rates. June 2023.
• Europe Interest Rate Rise
  The European Central Bank raised on 15.6.23 the interest rate on deposits from 3.25% to 3.50%. The interest on euro rose from 3.75% to 4% .June 2023.
• U.K. Interest Rate Rise
  The Bank of England, BOE, raised on 22.6.23 the interest rate by 0.5% to 5%, the highest rate in the last fifteen years. June 2023.
• Turkey Interest Rate Rise
  The Turkish central bank raised on 22.6.23 the interest rate from 8.5% to 15%, the first rise since March 2021 .Last month the inflation in Turkey reached 39.5%. June 2023.
• Finland France Double Tax Agreement
  The two countries signed a double tax agreement, DTA, on April 4, 2023. The DTA includes reduced tax withholding rates for payments of dividends. May 2023.
• Georgia Poland Tax Agreement
  The double tax agreement, DTA, between the two countries entered into force on April 1, 2023 applying from January 1, 2024 .May 2023.
• France Credit Rating Downgrade
  Fitch credit rating agency downgraded France credit rating from AA to AA- with a stable forecast for the future. May 2023.
• U.K. Interest Rate Rise
  The bank of England raised the basic deposit interest rate from 4.25% to 4.5%, the highest interest rate since October 2008. May 2023.
• Belgium 2022 Tax Reports
  The tax office announced new deadlines for individuals filing their 2022 tax reports. There are different deadlines for paper, electronic or complex annual reports. April 2023.
• U.S Inflation 2023
  The March 2023 inflation rose by 0.1%, 5% on annual basis, the lowest inflation in almost two years and the ninth month with decreasing inflation. April 2023.
• U.K. Corporate tax 2023
  Following the U.K. spring budget 2023 starting April 1, 2023 companies with income exceeding GBP 250,000 will pay 25% corporate tax compared to the previous 19% tax. April 2023.
• Israel Interest Rate Rise
  The bank of Israel raised on April 3, 2023 the interest rate by 0.25% to 4.5%, the highest rate in the last 16 Years. April 2023.
• U.S. February Job Reports
  The labor department reported on March 10, 2023 that 311,000 new jobs were added in February 2023, compared to prior estimates of only 225,000 new jobs. March 2023.
• Japan Algeria Tax Agreement
  The two counties signed on February 7, 2023 a double tax agreement, DTA, aimed to boost the economic relations between Japan and Algeria. March 2023.
• Czech Republic Sri Lanka Tax Agreement
  The two countries signed on February 3, 2023 a DTA replacing the 1978 tax agreement. March 2023.
• U.S January Job Report
  In January 2023 517,000 new jobs were added, compared to prior estimates of 187,000 new jobs. The unemployment rate decreased to 3.4%, the lowest since 1969 .February 2023.
• Oman Qatar Tax Treaty
  The double tax agreement, DTA, between the two countries applies from January 1, 2023. The DTA includes reduced tax withholding rates for payments of dividends, royalties and interest. February 2023.
• Hungary Andorra Tax Treaty
  The double tax agreement, DTA, between the two countries applies from January 1, 2023 .The double tax agreement includes reduced tax withholding rates for payments of dividends, interest and royalties. February 2023.
• Greece V.A.T. Update
  Starting January 1, 2023 COVID 19 vaccines and diagnostic tests are subject to a super reduced 6% V.A.T. rate. February 2023.
• U.K. Tax 2023
  Starting April 6, 2013 there will be some changes in the U.K. tax law. The corporate income tax rate in the U.K. will rise from 19% to 25%. January 2023.
• Israel Interest Rate Rise
  The bank of Israel raised on January 2, 2023 the basic interest rate by 0.5%, from3.25% to 3.75%, the 7th rise since 2008. January 2023.
• Croatia Euro Currency
  Starting January 2023 the euro is the official currency in Croatia, the 20th country using the euro. The exchange rate is Kuna 7.5345 to one euro .January 2023.

Tax Updates 2022

• Egypt IMF Loan
  The board of directors of the IMF confirmed a new 3 billion dollar loan to Egypt. At present Egypt's external debt is about 52 billion dollar. December 2022.
• UK interest rate rise
  The bank of England raised in December 15, 2022 the interest rate by 0.5%, from 3.0% to 3.5%, the highest rate in the last 14 years. December 2022.
• Switzerland Japan Tax Agreement
  The double tax agreement, DTA, which was updated in 2021 entered into force on November 30, 2022 applying from January 1, 2023. December 2022.
• Qatar Czech Republic Tax Agreement
  The 2022 double tax agreement, DTA, between the two countries entered into force on October 25, 2022 applying from January 1, 2023 .November 2022.
• U.K Corporate Tax Rise
  The British finance minister decided to raise the corporate income tax rate on gas and petrol companies from 25% to 25%, effective from January 2024 to March 2028, November 2022.
• Norway Brazil Tax Agreement
  The new DTA, double tax agreement signed on November 4, 2022 will replace the existing 1980 DTA. The new DTA includes reduced tax withholding rates for dividends, interest and royalties. November 2022.
• Europe Interest Rate Rise
  The European Central Bank raised on October 27, 2022 the interest rate in the 19 eurozone countries from 1.25% to 2%, the third rise within three months. October 2022.
• IRS 2023 Tax Adjustments
  The IRS announced on October 18, 2023 the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including tax rate tables. October 2022.
• Poland Inheritance and Donation Tax
  Starting October 13, 2022 there are new personal tax exempt scales. Up to PLN 10,434 from a single donor and up to PLN 20,868 from joint donors. October 2022.
• Spain Electronic Invoices
  Following a new law dated September 28, 2022 companies with an annual turnover exceeding EUR 8 million must issue electronic invoiced to companies and sole contractors too. Ocober 2022
• U.S. August Job Report
  The U.S. labor department reported on September 2, 2022 that 315,000 new jobs were added to the U.S. economy in August 2022, higher than the preliminary estimates. September 2022.
• Malta Real Estate Taxes
  Malta extended the temporary reduced 5% tax and 1.5% duty tax by additional nine months. The reduced tax rates relate to transfer of real estate of less than EUR 400,000. September 2022.
• Brazil Colombia Tax Agreement
  Brazil and Colombia signed on August 5, 2022 a double tax agreement, DTA .When in force the DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2022.
• Japan Colombia Tax Agreement
  The 2018 double tax agreement, DTA , between the two countries entered into force on September 4, 2022. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2022.
• Poland VAT Update
  The Polish president extended the application of the temporary reduced VAT rate of 8% and the super reduced VAT rate of 5% by three months till October 30 ,2022. August 2022.
• Greece VAT Update
  The Greek government extended on June 30, 2022 the application of the reduced 6% VAT rate and the super reduced 13% VAT rate by December 31, 2022. August 2022.
• U.S July Job Report
  The U.S. labor department reported on August 5, 2022 that 528,000 new jobs were added in July 2022, compared to preliminary forecasts of only 258,000 new jobs. August 2022.
• U.K. Inflation
  The British inflation in July 2022 rose to 10.1% compared to the previous year. The new inflation is the first double digits rise for four decades. August 2022.
• Europe Interest Rate Rise
  The European Central Bank, ECB, raised on July 21, 2022 the interest rate by 0.5%, the first rise in the last eleven years. July 2022
• China Inflation Rate
  The Chinese statistics office reported on July 9, 2022 that the inflation in June reached 2.5%, compared to 2.1% in May, the highest inflation rate in the last year. July 2022.
• U.S. June Job Report
  The U.S. labor office reported on July 8, 2022 that 372,000 new jobs were added to the American economy in June 2022. Prior forecasts were an addition of only 272,700 new jobs. July 2022.
• Saudi Arabia Tax Amnesty
  The Saudi tax authority announced on June 1, 2022 a tax amnesty. The amnesty relates to various tax debts, including VAT, income tax and real estate taxes. The amnesty applies between June 1, 2022 to November 30, 2022. June 2022.
• Luxembourg U.K. Double Tax Treaty
  Luxembourg and U.K. signed on June 7, 2022 a new double tax agreement ,DTA, replacing the current DTA between the two countries. The new DTA includes certain changes regarding, inter alia, payments of dividends and royalties. June 2022.
• U.S. Interest Rate Rise
  The U.S. federal reserve raised on June 15, 2022 the interest rate by 0.75%, the highest rise for the last 28 years since 1994. The interest rate is expected to reach 3.4% by the end of 2022. June 2022.
• Malta Tax Update
  According to the Maltese ministry of finance deferred tax under the coronavirus relief program can be paid with no interest in the period from June 2022 till December 2024. May 2022.
• Cyprus Tax Update
  The tax office announced that both, companies and self employed, get an extended date for filing their 2021 tax reports by July 31, 2022. May 2022.
• Turkey Inflation Rate
  The inflation rate in April reached 69.97% on annual basis, the highest inflation rate since 2002 and the 11th consecutive monthly rise. May 2022.
• U.K Interest Rate Rise
  The bank of England, BOE, raised on May 5, 2022 the interest rate by 0.25% from 0.75% to 1%, the highest interest rate since 2009. May 2022
• Israel Interest Rate Rise
  The bank of Israel raised on April 11, 2022 the interest rate by 0.25% to 0.35%, the first interest rise since 2018. April 2022.
• UAE Israel Free Trade Agreement
  The UAE and Israel signed on April 1 ,2022 a free trade agreement. The trade in 2021 between the countries reached 900 million dollar.
  The new agreement is expected to further boost the trade between the countries. April 2022.
• Singapore GST Update
  According to Singapore's 2022 budget starting January 1, 2023the GST rate will rise from current 7% to 8%. March 2022.
• U.S. Interest Rate Rise
  The federal reserve raised on March 16, 2022 the interest rate by 0.25%, the first rise since 2018. The rise is aimed to face the rising inflation of around 8%, the highest in the last 40 years. March 2022.
• Belgium V.A.T. on Electricity
  The V.A.T. for consumption of electricity for residential use is reduced from 21% to 6% in the period between March 1, 2022 to June 30, 2022. March 2022.
• OECD Stops Russia's Admission
  The OECD, organization for economic cooperation, decided on February 25, 2022 to stop the process of Russia's admission to the OECD. February 2022.
• Denmark France Tax Agreement
  Denmark and France signed on February 4, 2022 a double tax agreement, DTA. The DTA includes reduced tax withholding rates of 0%/15% for payments of dividends. February 2022.
• UAE Corporate Tax
  The UAE will impose a 9% corporate income tax on corporate profits for the financial years starting June 1, 2023 onwards. February 2022.
• Turkey V.A.T Reduction
  The V.A.T rate on certain food products in Turkey was reduced for six months, from February 1, 2022 to July 31, 2022. February 2022.
• Bahrain V.A.T. Rate Increase
  Starting January 1 , 2022 the V.A.T. rate in Bahrain increased from 5% to 10%. January 2022
• France Colombia Tax Agreement
  The double tax agreement, DTA, between the two countries will enter into force on January 1, 2023. The DTA includes reduced tax withholding rates. January 2022.
• Cyprus Jordan Tax Agreement
  The double tax agreement, DTA, between the two countries was ratified on December 31, 2021.The DTA includes, when in force, reduced tax withholding rates. January 2022.
• Netherlands Corporate Income Tax Rate
  The standard Dutch corporate income tax rate rose, starting January 1, 2022, from 25% to 25.8%. January 2022.

Tax Updates 2021

• Saudi Arabia Taiwan Tax Agreement
  The double tax agreement, DTA, between the two countries entered into force on November 1, 2021 applying from January 1, 2022. December 2021.
• U.K. Interest Rate Rise
  The bank of England, BOE ,raised on December 16, 2021 the interest rate from 0.1% to 0.25%. December 2021.
• U.S. Top Inflation Rate
  The U.S. labor department reported on December 10, 2021 that the inflation rate in November was 6.8% on annual basis, the highest rate for the last 39 years. December 2021.
• Cyprus 2022 Budget
  According to budget presented on December 18, 2021 ,the corporate income tax rate for big firms will rise from 12.5% to 15%. There will also be a reduction/abolish of the special defense contribution for certain dividends and interest income. December 2021.
• Serbia Japan Tax Agreement
  The double tax agreement, DTA, between the two countries will enter into force on December 5, 2021 applying from January 1, 2022, The DTA includes reduced tax withholding rates. November 2021.
• Israel Purchase Tax Rise
  Starting November 28, 2021 investors in the Israeli flats market will have to pay higher purchase tax rates, compared to the previous rates. The new tax rates are 8% and 10%. November 2021.
• Mexico Germany Tax Agreement
  The protocol to the 2008 tax agreement, DTA, between the two countries was signed on October 8, 2021 with reduced tax withholding rates for payments of dividends. November 2021.
• Italy Colombia Tax Agreement
  The two countries ratified the double tax agreement, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. October 2021
• Austria Tax Reform
  The Austrian government presented its plans for a tax reform. The reform will include tax reductions for companies and self employed in the years 2022-2024. October 2021.
• Hungary Andorra Tax Agreement
  The two countries signed on October 8, 2021 a double tax agreement, DTA, aimed to avoid double taxation and boost bilateral cooperation. October 2021.
• Cyprus Tax Filing Extension
  According to a decree dated September 24, 2021 all taxpayers can extend their 2019 reports filing till November 30, 2021 without fines. October 2021.
• Japan Spain Tax Treaty
  The 2018 double tax agreement ,DTA, between Japan and Spain entered into force on May 1. 2021 applying from January 1. 2022. The tax withholding rates for payments of dividends are 0%/5%/10%. For payment of interest the tax withholding rate is 0%/10%. May 2021.
• Switzerland V.A.T. Refund
  According to the Swiss tax office starting April 7, 2021 the refund period for V.A.T payers with a credit balance is shortened to 30 days, compared to the previous 60 days refund period. May 2021.
• U.S. April Job Report
  The U.S. labor department reported on May 7, 2021 that only 266,000 new jobs were added to the American economy in April 2021, far lower than the prior forecasts. The unemployment rate in April was 6.1% compared to 6% in the previous month. May 2021.
• Belarus Spain Tax Treaty
  The updated double tax agreement, DTA , between Belarus and Spain will enter into for on May 9, 2021. April 2021.
• Russia Luxembourg Tax Treaty
  The updated double tax agreement, DTA ,between Russia and Luxembourg entered into force on March 5, 2021 applying from January 1, 2022. April 2021.
• Germany Rent's Freeze
  The German high court ruled on April 15, 2021 that the previous Berlin's federal court regarding rents freeze in Berlin is invalid. April 2021.
• Spain U.K. Tax Treaty
  The tax treaty between Spain and the U.K. regarding Gibraltar entered into force.
  The tax agreement contains various issues including exchange of tax information and double tax. March 2021.
• U.K. Corporate Tax Rise
  The British chancellor Mr. Rishi Sunak announced in his budget speech that the corporate income tax rate will rise from the present 19% rate to 25% in 2023. March 2021.
• U.A.E Tax Shelter
  According to Reuters, based on a report by TJN the U.A.E is now the 10th most popular tax shelters by foreign investors. The first three most popular tax shelters in the list are Virgin Islands, followed by Cayman Islands and Bermuda. March 2021.
• Poland Retail Sales Tax
  Starting January 1, 2021 a new retails sales tax was imposed on firms with monthly sales exceeding PLN 17 million.
  The tax rate is 0.8% on sales below PLN 170 million and 1.4% for sales above PLN 170 million. February 2021.
• Luxembourg Tax Filing Extension
  Individuals can file their 2019 report to March 31, 2021 while for 2020 report both individuals and corporate can file their annual reports to June 30, 2021. February 2021 .
• U.K. Economy 2020
  The British economy slumped by 9.9% in 2020 due to the coronavirus, the worst slump in 300 years since the "great frost" in 1709. February 2021.
• Sweden New Corporate Tax Rate 2021
  Starting January 1, 2021 the corporate income tax rate in Sweden was reduced from 21.4% in 2020 to 20.6% in 2021. February 2021.
• China Economy Growth 2020
  The Chinese economy grew in 2020 by 2.3%, the only big economy with a positive growth. The economy grew in the last quarter of 2020 by 6.5% compared to the same quarter in 2019 and by 4.9% compared to the Q3 2020. January 2021.
• Hungary Tax Exemption
  The Hungarian prime minister Mr. Viktor Orban announced that Hungarian taxpayers aged under 25 years will be exempt from paying income tax for income up to the average salary in Hungary. The exemption will enter in force before January 1, 2020. January 2021.
• Israel Credit Rating
  The credit rating agency Fitch retained on January 13, 2021 the +A credit rating of Israel with a stable outlook. The rating came in spite of the coronavirus crisis and the unexpected new elections in Israel due in March 2021. January 2021.

Tax Updates 2020

• U.S. November Job Report
  The U.S. labor department reported on December 4, 2020 that only 245,000 new jobs were added to the American market in November 2020, compared to more than 600,000 new jobs in October. December 2020.
• Argentina millionaires' Tax
  Argentina announced a new millionaires' tax on taxpayers with assets worth more than 200 million pesos, about 2.5 million dollars. The new tax which is aimed to fight the coronavirus effects is expected to apply to around 12,000 millionaires. December 2020.
• Saudi Arabia e-invoicing Regulations
  Saudi Arabia decided on December 4, 2020 to introduce e-invoicing regulation in the country starting December 4, 2021.The regulations will apply only to Saudi resident taxpayers. Further details will be supplied within six months December 2020.
• U.S. October Job Report
  The U.S. labor department reported on November 6, 2020 that the American economy added 638,000 new jobs in October .The economists' forecast was only 530,000 new jobs. The unemployment rate in October fell to 6.9% compared to 7.9% in September. November 2020.
• Europe Economy
  According to the European statistics office the GDP of the eurozone in the third quarter of 2020 rose by 12.7% compared to the second quarter of 2020. The analysts' forecast was a rise of only 9.4%. November 2020.
• Israel Credit Rating
  The credit rating agency S&P's retained the AA- credit rating of Israel with a stable outlook. The credit rating is in spite of the fact that Israel does not have yet a state budget and the ongoing political instability. November 2020.
• U.S. September Job Report
  The U.S. labor office reported on October 2,2020 that the American economy added in September 661,000 new jobs compared to a preliminary forecast of 800,000 new jobs. October 2020.
• China Economy Growth
  The Chinese statistics office reported that the Chinese economy grew by 4.9% in the third quarter of 2020.In the first quarter of 2020 the economy fell by 6.8% while the second quarter of 2020 ended by a growth of 3.2%. October 2020.
• U.K. Credit Rating Downgrade
  The credit rating agency Moody's downgraded on October 17,2020 U.K.'s credit rating by one notch from Aa2 to Aa3 with a stable outlook for the British economy. October 2020.
• U.S. August Job Report
  According to a report by the U.S. labor department dated September 4, 2020 1.37 million new jobs were added to the American economy in August 2020 compared to a preliminary forecast of 1.3 million new jobs. September 2020.
• Turkey Economy
  According to a report by the Turkish statistics office the Turkish economy shrank in the second quarter of 2020 by 9.9% compared to the same quarter in 2019 and by 11% compared to the first quarter of 2020. September 2020.
• Israel Purchase Tax
  The Israeli parliament approved on July 28,2020 reducing the real estate purchase tax for investors from previous 8% to 5%.At present investors pay 8% up to a purchase price of IS 5.3 million. July 2020.
• Saudi Arabia Customs Duties
  Saudi Arabia raised on June 10,2020 the customs duties on certain products at the rates of 5%-25%.The rise is aimed to face the corona virus crisis effects. July 2020.
• Czech Republic Tax Update
  The Czech president approved an amendment which will allow Czech firms and individuals to carryback losses backwards to two years up to a ceiling of CZK 30 million. July 2020.
• Cyprus V.A.T. Cut
  The government approved a reduction of the V.A.T. rate from 9% to 5% for certain services related to hotel accommodation ,restaurants etc. The reduction will apply from July 1,2020 to January 10, 2021. July 2020.
• Russia Interest Rate Cut
  The Russian central bank cut on June 19, 2020 the interest rate by 1% to 4.5% the lowest rate since 1991. The present cut follows the previous cut of 0.5% in April. June 2020.
• World Bank Forecast
  The world bank published on June 8.2020 its global forecast. According to the forecast the world economy will shrink by 5.2% in 2020, the sharpest shrink since 1945-1946, post second world war. June 2020.
• U.K. Economy Shrink
  The British statistics office reported on June 12, 2020 that the British economy shrank by 20.4% in April 2020. Analysts prior forecast was a shrink of 18.4%. June 2020.
• Germany Economy Shrink
  The German economy shrank in the first quarter of 2020 by 2.2%, the worst growth since 2009. In the last quarter of 2019 the economy shrank by 0.1%. May 2020.
• Saudi Arabia V.A.T. Rise
  Starting July 1 2020 the Saudi V.A.T. rate which was first introduced only two years ago will rise from 5% to 15% trying to stable the economy facing the corona crisis. May 2020.
• U.S. August Job Report
  According to a report by the U.S. labor department dated September 4, 2020 1.37 million new jobs were added to the American economy in August 2020 compared to a preliminary forecast of 1.3 million new jobs. September 2020.
• Turkey Economy
  According to a report by the Turkish statistics office the Turkish economy shrank in the second quarter of 2020 by 9.9% compared to the same quarter in 2019 and by 11% compared to the first quarter of 2020. September 2020.
• Israel Purchase Tax
  The Israeli parliament approved on July 28,2020 reducing the real estate purchase tax for investors from previous 8% to 5%.At present investors pay 8% up to a purchase price of IS 5.3 million. July 2020.
• Saudi Arabia Customs Duties
  Saudi Arabia raised on June 10,2020 the customs duties on certain products at the rates of 5%-25%.The rise is aimed to face the corona virus crisis effects. July 2020.
• Czech Republic Tax Update
  The Czech president approved an amendment which will allow Czech firms and individuals to carryback losses backwards to two years up to a ceiling of CZK 30 million. July 2020.
• Cyprus V.A.T. Cut
  The government approved a reduction of the V.A.T. rate from 9% to 5% for certain services related to hotel accommodation ,restaurants etc. The reduction will apply from July 1,2020 to January 10, 2021. July 2020.
• Russia Interest Rate Cut
  The Russian central bank cut on June 19, 2020 the interest rate by 1% to 4.5% the lowest rate since 1991. The present cut follows the previous cut of 0.5% in April. June 2020.
• World Bank Forecast
  The world bank published on June 8.2020 its global forecast. According to the forecast the world economy will shrink by 5.2% in 2020, the sharpest shrink since 1945-1946, post second world war. June 2020.
• U.K. Economy Shrink
  The British statistics office reported on June 12, 2020 that the British economy shrank by 20.4% in April 2020. Analysts prior forecast was a shrink of 18.4%. June 2020.
• Germany Economy Shrink
  The German economy shrank in the first quarter of 2020 by 2.2%, the worst growth since 2009. In the last quarter of 2019 the economy shrank by 0.1%. May 2020.
• Saudi Arabia V.A.T. Rise
  Starting July 1 2020 the Saudi V.A.T. rate which was first introduced only two years ago will rise from 5% to 15% trying to stable the economy facing the corona crisis. May 2020.
• Spain Economy Shrink
  The Spanish economy shrank in the first quarter of 2020 by 5.2% due to the corona pandemic. In the last quarter of 2019 the economy grew by 0.4%. May 2020.
• Bulgaria Corona Update
  Due to the corona pandemic all Bulgarian tax payers, companies and individuals can postpone filing their tax reports for 2019 and paying the tax due till June 30, 2020. April 2020.
• China Economy Shrink
  The Chinese economy shrank in the first quarter of 2020 by 6.8%, the first shrink since 1992. In the fourth quarter of 2019 the economy grew by 6% . April 2020.
• Israel Interest Rate Cut
  The Israeli central bank cut on April 6, 2020 the interest rate by 0.15%, from 0.25% to 0.1%, the first cut since March 2015. April 2020.
• Czech Republic Tax Update
  The Czech ministry of finance decided on March 24,2020 that Czech taxpayers will be able to carry back their 2020 losses against reported income from the previous years 2018 and 2019. March 2020.
• Poland Tax Update
  The Polish ministry of finance announced on March 25,2020 that Polish companies will have an extension to file their 2019 tax reports by May 31, 2020. March 2020.
• U.K. Interest Rate Cut
  The bank of England, BOE, cut on Mach 19,2020 the interest rate from 0.25% to 0.1%, the lowest interest rate in 400 years. The new cut follows the interest cut eight days ago. March 2020.
• U.S. Interest Rate Cut
  The federal reserve cut on March 3, 2020 the U.S. interest rate by 0.5% to a range of 1%, the deepest cut since 2008.The cut is aimed to counter the corona virus crisis. March 2020.
• China Growth 2020
  The credit rating agency S&P estimated on February 8, 2020 that the Chinese economy will grow in 2020 by only 5% compared to the previous estimate of 5.7% before the corona virus outbreak. February 2020.
• Germany V.A.T. Update
  Starting January 1, 2020 the V.A.T. on feminine products was reduced from previous 19% to 7%. February 2020.
• Ireland V.A.T. Update
  Starting January 1, 2020 a new reduced V.A.T. rate of 13.5% was introduced in Ireland for certain food supplements. February 2020.
• Hungary V.A.T. Update
  Starting January 1, 2020 the V.A.T. in Hungary on certain accommodation services was reduced from previous 18% rate to 5%. February 2020.
• U.S. December Job Report
  The labor department said that 145,000 new jobs were added to the American economy in December 2019, compared to a preliminary forecast of 160,000 new jobs. January 2020.
• Slovenia V.A.T update 2020
  Starting January 1, 2020 the V.A.T . rate for electronic newspapers and e-books was reduced from 22% to 5%. January 2020.
• Croatia Tax 2020
  Starting January 1, 2020 the corporate income tax rate for companies having annual income of less than HRK 7.5 million is reduced to 12%.January 2020.

Tax Updates 2019

• China Economic Growth
  According to a meeting of the senior leadership held this month in China the growth forecast for 2020 is only 6% compared to a growth target of 6%-6.5% for 2019.December 2019.
• Turkey Interest Cut
  The Turkish central bank cut on December 12, 2019 the interest rate from 14% to 12%.The analysts expected a more moderate cut to 12.5%. December 2019.
• Israel Economic Forecast
  The OECD published on November 21, 2019 its forecast for the second half of 2019. According to the forecast the Israeli economy will grow by 2.9% in the years 2020 and 2021 compared to an annual growth of 3.8% in the last decade. November 2019.
• U.K. 3% Real Estate Tax
  The conservative party reported its plan to impose 3% tax on foreigners buying real estate in the U.K. The tax will be imposed only in England and not in other parts of the U.K. November 2019.
• Czech V.A.T. Cut
  The standard 21% V.A.T. rate in the Czech Republic will be reduced till around April 1,2020. The reduced V.A.T. rate will be reduced from 15% to 10%. October 2019.
• Berlin Rents Freeze
  The Berlin coalition approved on October 18, 2019 freezing of the rents for five years period. The decision is a blow to the landlords in Berlin. October 2019.
• Turkey Interest Rate Cut
  The Turkish central bank cut on October 24,2019 the interest rate by 2.5%, from 16.5% to 14%,deeper than the expected cut to only 15.5%. October 2019.
• U.S. Interest Rate Cut
  The U.S. federal reserve cut on September 18, 2019 from 25%-2.25% to a range of 1.75%-2%. The new cut is the second in 2019. September 2019.
• India Corporate Rate Cut
  The finance minister announced that corporate tax for domestic companies will be cut from 30% to 22% subject to certain terms. The tax rate for industrial companies will be cut from 25% to 15%, subject to terms. September 2019.
• Europe Interest Rate Cut
  The central bank, ECB, decided on September 12, 2019 to cut the deposit interest rate from -0.4% to -0.5%, the first cut since 2016.The interest rate on the euro remains unchanged at 0%. September 2019.
• Israel GDP Growth
  According to an estimate by the statistics office the Israeli GDP rose by only 1% in the second quarter of 2019, compared to 4.7% in the first quarter and 4.2% in the 4th quarter of 2018. August 2019.
• U.K. GDP Drop
  The British GDP contracted in the second quarter of 2019 by 0.2%, the first GDP drop since 2012. In the first quarter of 2019 the GDP rose by 0.5%.August 2019.
• China Currency Devaluation
  China devaluated the yuan currency on August 5, 2019 by 1.4% dropping the exchange rate below 7 yuan per dollar. The devaluation is the first in more than a decade aiming as a counter action in the developing U.S. China trade war. August 2019.
• U.S. Interest Rate Cut
  The federal reserve cut on July 31, 2019 the interest rate by 0.25%, the first cut since 2008. The cut is in line with the market forecasts. August 2019.
• U.S. June Job Report
  The U.S. economy added 224,000 new jobs in June, much higher than the prior estimates of 170,000 new jobs. July 2019
• France to Tax Technology firms
  The French parliament approve a new 3% tax on giant technology U.S. firms such as Google,Facebook, Apple and Amazon. The tax will, be imposed on services provided in France. July 2019.
• South Korea Japan Trade War
  Following Japan's decision to impose new restrictions on sale of certain vital chemicals to Korean giant technology firms Korea reacts back. Services to Japanese cars and services in Korea are now very limited. July 2019
• China GDP Growth
  The Chinese economy grew by 6.2% in the second quarter of 2019, the lowest growth in the last 27 years. The preliminary estimate predicted A growth of 6.3%. July 2019.
• U.S May Job Report
  The labor department issued a disappointing report for May. Only 75,000new jobs were added to the U.S. economy compared to a forecast of 185,000 new jobs. June 2019.
• Turkey Credit Rating Downgrade
  The credit rating agency Moody's downgraded Turkey's credit rating from Ba3 to B1. The previous downgrade was in last August. June 2019.
• U.S. April Job Report
  263,000 new jobs were added to the U.S. economy in April 2019 compared to prior estimates of 212,000 new jobs. The unemployment rate in April fell from 3.8% to 3.6%. May 2019.
• Israel's Budget Deficit
  The Israeli ministry of finance reported on May 6 that the budget deficit in the 12 months till April 2019 rose to 3.8% of the GDP ,mounting to IS 14.1 billion. May 2019.
• U.S.A. China Mobile Ban
  The US FCC, federal communications committee, decided on May 5, 2019 to ban the Chinese company China Mobile from offering communications services in the U.S.A. The U.S.A. believes that the Chinese company which is owned by the government may be a security risk. May 2019.
• U.S. March Job Report
  196,000 new jobs were added to the U.S. economy in March 2019 compared to a lower preliminary estimate. The job report for February was updated from previous 20,000 to 33,ooo new jobs. April 2019.
• Euro 500 notes
  The central banks of Germany and Austria, the two countries having the highest number of Euro 500 notes in use joined on April 26, 2019 the former 2016 decision of the ECB to stop issuing new Euro 500 notes. The notes already in use will remain a legal tender with no time limit. April 2019.
• China GDP Growth
  The Chinese statistical office reported on April 17, 2019 that the GDP growth in the first quarter of 2019 was 6.4% on a year on year basis, the lowest growth in the last twenty years. April 2019.
• Ukraine Space Industry Exemptions
  The cabinet extended on February 13, 2019 the current exemptions of VAT and customs duty for the space industry till January 1, 2013. March 2019.
• Greece Tax 2019
  In 2019 the new corporate income tax rate in Greece is 28% reduced from previous 29% rate. The personal income tax rates for 2019 range from 22% to 45%. March 2019.
• OECD 2019 World Forecast
  The OECD published on March 6, 2019 its interim forecast for 2019 and 2020. The OECD cuts, compared to its November report, the growth for 2019 from 3.5% to 3.3%. The growth for 2020 is expected to fall from 3.5% to 3.4%. March 2019.
• Greece Credit Rating
  The credit rating agency Moody's raised on March 1, 2019 the credit rating for Greece by two notches, from B3 to B1 with a stable outlook. March 2019.
• Israel New Cash Law
  Starting January 1, 2019 a new cash law is in effect in Israel, aiming to restrict the use of black money. February 2019.
• U.K. Growth Forecast
  The bank of England, the central bank, warned on February 7, 2019 that the U.K. will face in 2019 the lowest economic growth for a decade. February 2019.
• Israel Credit Rating
  The credit rating agency S&P's changed on February 4, 2019 Israel's already high –AA credit rating from temporary to constant. The new rating will enable Israel to get loans in the global market in a low interest rate. February 2019.
• U.K. November Job Report
  The office for national statistics reported on January 22, 2019 that 32.53 million people were employed in November 2018, a rise of 328,000 compared to a year earlier. January 2019.
• U.S. December Job Report
  The U.S. labor department reported on January 4, 2019 that 312,000 new jobs were added in December 2018, compared to a preliminary estimate of 184,000 new jobs. January 2019.

Tax Updates 2018

• Bahrain V.A.T. Regime
  Starting January 1, 2019 a 5% V.A.T rate will be imposed in Bahrain. From that date the regime will apply only for businesses with a turnover exceeding BD 5 million. Two other stages for smaller businesses will apply later in 2019. December 2018.
• U.S. Interest Rate Rise
  The U.S. federal reserve raised on December 19, 2018the interest rate by 0.25% to 2.5%. The present rise is the fourth rise in 2018, Two additional rises are expected in 2019. December 2018.
• Israel Share Warrants Taxation
  According to a new circular by the Israeli tax office regarding taxation of share warrants in case of exit or public offering will rise from current 25% to a rate similar to labor taxation, about 50% for senior employees. December 2018.
• Switzerland Pakistan Tax Treaty
  The 2017 double tax treaty, DTA, between the two countries entered into force on November 29, 2018. According to the DTA the tax withholding rates will be 10%/20% for payments of dividends, 10% for payments of royalties and interest. December 2018.
• U.S. October Job Report
  The U.S. labor department reported on November 2, 2018 that 250,000 new jobs were added to the U.S. economy in October, compared to a preliminary forecast of 200,000 new jobs. November 2018.
• Israel Interest Rate Rise
  The Israeli central bank raised on November 26, 2018 the interest rate from 0.1% to 0.25%, the first rise for the last seven years. November 2018.
• U.K. 2018 Budget
  According to the 2018 budget the corporate income tax rate will be reduced from 19% to 17% starting April 1, 2010.A new 2%digital serve tax will be imposed from the same date. November 2018.
• U.S. September Job Report
  The U.S. labor department reported on October 5,2018 that 134,000 new jobs were added to the American economy in September, compared to a forecast of 185,000 new jobs. October 2018.
• Italy Credit Rating Downgrade
  Moody's credit rating agency downgraded on October 19, 2018 Italy's credit rating from Baa2 to Baa3.The agency changed Italy's outlook from negative to stable. October 2018.
• Turkey September Inflation
  According to the Turkish statistical office the consumer price index in September 2018 rose by 24.52% compared to September 2017, the highest rise since August 2003. October 2018.
• Russia V.A.T. Rise
  Starting January 1, 2019 the standard V.A.T. rate will rise from the current 18% rate to 20%. The reduced 10% rate will remain unchanged. October 2018.

Tax Updates 2017

• Hungary August Inflation
  The Hungarian statistical office reported on September 12, 2018 that the consumer price index in August 2018 rose by 3.4% compared to August 2017.In this year motor fuel price rose by 16.3%.September 2018.
• Brazil Argentina Tax Treaty
  The protocol to the 1980 double tax treaty, DTA, between the two countries entered into force on July 29, 2018 applying from January 1, 2019. August 2018.
• U.K. Interest Rate Rise
  The bank of England raised on August the interest rate from 0.5% to 0.75%, the highest interest rate for the last nine years. August 2018.
• Israel's Credit Rating Update
  The credit rating agency S&P's upgraded on August 3, 2018 Israel's credit rating from A- to AA- , the highest rating ever for Israel. August 2018.
• Singapore Kenya Tax Treaty
  Singapore and Kenya signed on June 12, 2018 a double tax treaty, DTA. According to the DTA the tax withholding rates are 5% for dividends and 10% for interest and royalties. July 2018.
• Russia Austria Tax Treaty
  Russia and Austria signed on June 5, 2018 a protocol to the existing 2000 double tax treaty, DTA, between the two countries. According to the DTA the tax withholding rates for payments of dividends are 5% or 15% .July 2018.
• U.S. June Job Report
  The U.S. labor department reported on July 6,2018 that 213,000 new jobs were added to the American economy in June 2018 compared to a preliminary forecast of 195,000 new jobs. The unemployment rate rose to 4% compared to 3.8% in previous month. July 2018.
• China U.S. Trade War
  China announced on July 6, 2018 its plan to impose tariffs on imports from the U.S. .The tariffs would reach $34 billion, the same amount as U.S.'s Tariffs on imports from China. July 2018.
• Hong Kong Belarus Tax Treaty
  The 2017 double tax treaty, DTA, between the two countries entered into force on November 30, 2017. The DTA includes reduced tax withholding rates for payment of dividends, interest and royalties. December 2017.
• Ethiopia Singapore Tax Treaty
  The 2016 double tax treaty, DTA, between the two countries entered into force on December 8, 2017. According to the DTA there will be a flat 5% tax withholding for payment of dividends, interest and royalties. December 2017.
• U.S. November Job Report
  The U.S. labor department reported that 228,000 new jobs were added to the American economy in November 2017, compared to a forecast of 195,000 new jobs. December 2017.
• Latvia V.A.T Update
  Starting January 1, 2018 the threshold for V.A.T registration will be reduced from current EUR 50,000 to EUR 40,000. December 2017.
• Argentina Corporate Income Tax Cut
  According to a bill submitted to Argentina's congress on November 15, 2017 the corporate income tax rate will be reduced from current 35% rate down to 25% in 2020. December 2017.
• U.S. October Job Report
  The U.S. labor department reported on November 3, 2017 that 261,000 new jobs were added to the American economy in October compared to a forecast of 325,000 new jobs. November 2017.
• Switzerland V.A.T. Update
  Starting January 1, 2018 the standard V.A.T. rate in Switzerland will be reduced from the current 8% rate to 7.7%. The special rate will be reduced from 3.8% to 3.7%.November 2017.
• Netherlands Tax Update
  The Dutch government presented on October 10, 2017 its new tax plan. The corporate income tax rates, now 20%/25% will be reduced by 1% each year, down to 16%/21% in 2021. October 2017.
• Israel Economy Growth
  The IMF presented on October 16, 2017 its forecast. The Israeli economy is expected to grow by 3.1% in 2017 and 3.4% in 2018. The former IMF April forecast was lower, 3% in both years 2017 and 2018. October 2017.
• France Tax Reform
  According to the finance bill dated September 27, 2017 the French corporate income tax rate will be reduced to 25% from 2018 to 2022. The wealth tax will be abolished. October 2017.
• U.S. September Job Report
  The U.S. labor department reported on October 6, 2017 that the number of new jobs in September decreased by 33,000 compared to a preliminary forecast of a growth of 80,000 to 90,000 jobs. The decrease is the lowest in the last seven years. October 2017.
• U.S. Tax Reform
  President Trump presented on September 27, 2017 his U.S. tax reform. The reforms includes reducing of the corporate income tax rate from 35% to 20%. Personal income tax rates will now have only three bands, 12%, 25% and 35%, compared to the current seven bands. September 2017.
• Thailand Reduced V.A.T. Rate
  The Thai tax office announced that the current reduced 7% V.A.T. rate, compared to the standard 10% rate, will be extended to another year, till September 31, 2018. September 2017.
• Saudi Arabia Jordan Tax Treaty
  The double tax treaty, DTA, between Saudi Arabia and Jordan entered into force on September 1, 2017 applying from January 1, 2018. September 2017.
• UAE VAT Law
  Starting January 1, 2018 V.A.T will apply in the UAE. The standard rate of 5% will be imposed on goods and services. September 2017.
• Malaysia Tourism Tax
  Starting September 1, 2017 a new tourism tax is imposed in Malaysia. The tax rate is MYR 10 per day per room. September 2017.
• Nigeria Singapore Tax Treaty
  Nigeria and Singapore signed on August 2, 2017 a double tax treaty, DTA. According to the DTA a flat 7.5% tax withholding rate will apply to dividends, interest and royalties. August 2017.
• Switzerland Belgium Tax Treaty
  The 2014 double tax treaty, DTA, between the two countries entered into force on July 19, 2017 applying from January 1, 2018. August 2017.
• Argentina Mexico Tax Treaty
  The 2015 double tax treaty, DTA, between the two countries will enter into force on August 23, 2017 applying from January 1, 2018.The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. August 2017.
• Cyprus Luxembourg Tax Treaty
  Cyprus and Luxembourg signed on May 8, 2017 a double tax treaty, DTA. According to the DTA the tax withholding rate for payment of dividends is 0%/5% depending on the percentage of holding by the recipient. June 2017.
• Turkey Somalia Tax Treaty
  Turkey and Somalia signed on June 3, 2017 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. June 2017.
• Greece EU Loan
  The EU finance ministers and the IMF agreed on June 15,2017 to grant Greece loans of 8.5 billion euros enabling Greece to repay its loan due in July. June 2017.
• U.S. Interest Rate Rise
  The federal reserve raised on June 14, 2017 the short term interest rates from 1% to 1.25%, the third rise since last December. June 2017.
• China Credit Rating Downgrade
  Moody's credit rating agency downgraded on May 24, 2017 China's credit rating by one step, from Aa3 to Ai. China's outlook was raised from negative to stable. May 2017.
• Czech Republic Ghana Tax Treaty
  The two countries signed on April 11, 2017 a double tax treaty, DTA. The tax withholding rates according to the DTA are 6% for dividends, 0%/10% for interest and 8% for royalties. May 2017.
• UAE Slovakia Tax Treaty
  The double tax treaty, DTA, which was signed between the two countries in 2015 entered into force on April 1, 2017 applying from January 1, 2018. May 2017.
• U.S. April Job Report
  The U.S. labor department reported on May 5, 2017 that 211,000 new jobs were added in April compared to a forecast of only 190,000 new jobs. The unemployment rate decreased from 4.5% to 4.4% the lowest since May 2007. May 2017.
• Slovenia Corporate Tax
  Starting January 1, 2017 the new corporate income tax rate is 19% increased from 10% in 2016. April 2017.
• Italy Corporate Tax
  Starting January 1, 2017 the new corporate income tax rate, IRES, is 24% reduced from previous 27.5% rate. April 2017.
• Norway Corporate Tax
  Staring January 1, 2017 the new corporate income tax rate in Norway is 24% reduced from 25% in 2016. The rate is expected to be further reduced to 23% in 2018. April 2017.
• U.S February Job Report
  The U.S. labor department reported on March 10, 2017 that 235,000 new jobs were added in February. The unemployment rate in February decreased from 4.8% to 4.7%. March 2017.
• U.S. Interest Rate Rise
  The federal reserve increased on March 15, 2017 the interest rate by 0.25% to a range of 0.75% to 1.0%. The rise is the first in 2017.
• Romania V.A.T. Cut
  Starting January 1, 2017 the new standard V.A.T. rate in Romania is 19% reduced from 20%. February 2017.
• Hong Kong Pakistan Tax Treaty
  The two countries signed on February 17, 2017 a double tax treaty, DTA. The tax withholding rates are 10% for payments of dividends, interest and royalties. February 2017.
• Slovakia Armenia Tax Treaty
  The 2015 double tax treaty, DTA, between the two countries entered into force on February 1, 2017 applying from January 1, 2018. February 2017.
• U.K. Inflation
  The consumer prices index, CPI, in the U.K. rose by 1.8% in the year to January 2017 compared to 1.6% in the year to December 2016. February 2017.
• U.S. January Job Report
  The labor department reported on February 3, 2017 that 227,000 new jobs were added to the American economy in January compared to a forecast of only 175,000 new jobs. The unemployment rate rose from 4.7% to 4.8%. February 2017.
• Greece Tax Withholding Update
  Starting January 1, 2017the tax withholding rate for payment of dividends to nonresident companies increased from previous 10% rate to 15%. January 2017.
• Colombia Tax Withholding Update
  Starting January 1, 2017 the tax withholding rate for payments of interest and royalties to nonresident companies decreased from previous 33% rate to 15%. January 2017.
• Belgium Tax Withholding Update
  Starting January 1, 2017 the tax withholding rate for payments of dividends, interest and royalties to nonresident companies increased from previous 27% rate to 30%. January 2017.
• Slovakia Corporate Tax
  Starting January 1, 2017 the new corporate income tax rate in Slovakia is 21% reduced from the 2016 rate of 22%.January 2017.
• U.K. Corporate Tax
  The corporate income tax rate in the U.K. will be reduced to 19% compared to the current 20% rate starting April 1, 2017. January 2017.
• Peru Corporate Tax
  Starting January 1, 2017 the new corporate income tax rate in Peru is increased to 29% compared to the current 28% rate. January 2017.
• Israel Corporate Income Tax
  Starting January 1, 2017 the new corporate income tax rate in Israel is 24%, reduced from 25% in 2016. The corporate income tax rate will be further reduced to 23% in 2018. January 2017.

Tax Updates 2016

• Poland Corporate Tax Rate
  Starting January 1, 2017 the corporate income tax rate will be reduced to 15% for new companies and companies having a turnover of less than EUR 1.2 million in the previous year. December 2016.
• Hungary 2017 Tax Update
  Starting January 1, 2017 Hungary will have a flat 9% corporate income tax rate replacing the current 10% and 19% rates. December 2016.
• U.S November Job Report
  The U.S. labor department reported that 178,000 new jobs were added to the U.S. economy in November compared to a prior forecast of 180,000. The unemployment rate in November was 4.6%, a nine year low. December 2016.
• U.S. Interest Rate Rise
  The U.S. federal reserve raised on December 14, 2016 the interest rate by 0.25% to a range of 0.5%-0.75%, the second rise in a decade. December 2016.
• Sweden Saudi Arabia Tax Treaty
  The double tax treaty, DTA, between the two countries entered into force on September 1,2016 applying from January 1, 2017.The DTA includes reduced tax withholding rates. October 2016.
• U.S, September Job Report
  The U.S. labor department reported on October 9, 2016 that 156,000 new jobs were added to the American economy in September. The unemployment rate in September rose to 5%. October 2016.
• Egypt New V.A.T. Law
  Starting September 8, 2016 there is a new V.A.T. regime replacing the previous sales tax. The standard V.A.T. rate is 13% in 2016 and up to June 30, 2017.October 2016.
• Belgium Corporate Tax Rate Cut
  The finance minister announced his plan to reduce the corporate income tax rate, currently 33.99%, to 27% in 2017 and down to 20% in 2019. October 2016.
• Germany Costa Rica Tax Treaty
  The 2014 double tax treaty, DTA, between the two countries entered into force on August 10, 2016.The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2016.
• Italy New White List
  An updated white list was officially published in Italy on August 22, 2016.The updated list includes four new jurisdictions which have signed exchange of tax information agreements with Italy. September 2016.
• Czech Republic Iran Tax Treaty
  The 2015 double tax treaty, DTA, between the two countries entered into force on August 4, 2016.The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2016.
• Ireland Ethiopia Tax Treaty
  The 2014 double tax treaty, DTA , between the two countries entered into force on August 12,2016. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2016.
• Indonesia Tax Amnesty
  Starting July 18,2016 there is a new tax amnesty in Indonesia. Taxpayer will pay taxes of 3%-10% for reporting their offshore accounts. August 2016.
• U.K. Interest Rate Cut
  The bank of England reduced the interest rate by 0.25% from previous 0.5% to 0.25%, the first cut in the last seven years. The cut is aimed to provide additional monetary stimulus. August 2016
• Israel Corporate Tax Cut
  Israel will reduce the corporate income tax rate , currently 25% , in the next two years. The rate will be reduced to 24% in 2017 and 23% in 2018. July 2016.
• U.S. June Job Report
  The labor department reported on July 8, 2016 that 287,000 new jobs were added to the U.S. economy in June, much higher than the prior 175,000 estimate. The unemployment rate in June rose slightly to 4.9%. July 2016.
• U.K. to cut Corporate Tax Rate
  The British chancellor announced on July 4, 2016 that Britain is going to cut the corporate income tax rate from the current 20% rate to a rate below 15%, a measure aimed to attract companies to invest in the U.K. July 2016.
• U.K. Credit Rating Downgrade
  The credit rating agency Standard & Poor's downgraded on June 27, 2016 the British credit rating by two notches, from previous perfect AAA to AA with a negative outlook. June 2016.
• U.S. May Job Report
  The U.S. labor department reported on June 3, 2016 that only 38,000 new jobs were added to the U.S. economy in May, compared to a preliminary forecast of 162,000 new jobs. The unemployment rate in May was 4.7%. June 2016.
• Greece V.A.T. Increase
  Starting June 1, 2016 the new standard V.A.T. rate in Greece is 24% increased from the previous 23% rate. June 2016.
• China Russia Tax Treaty
  The 2015 double tax treaty ,DTA, between the two countries entered into force on April 9, 2016 applying in both countries starting January 1, 2017. May 2016.
• Germany GDP Growth
  The German statistics office reported on May 13, 2016 that the German economy grew sharply by 0.7% in the first quarter of 2016 compared to 0.3% in the fourth quarter of 2015.May 2016.
• Germany China Tax Treaty
  The 2014 double tax treaty, DTA, between the two countries entered into force on April 5, 2016 applying in both countries starting January 1, 2017. May 2016.
• Singapore Tax Update
  From YA 2017 there are three new personal income tax rates in Singapore. Two new rates of 19% and 19.5% and a new top marginal 22% rate which relates to annual income exceeding SGD 320,000. May 2016
• Portugal Senegal Tax Treaty
  The 2014 double tax treaty, DTA, between the two countries entered into force on March 20, 2016 applying from January 1, 2017. The Czech Republic and Turkmenistan signed on March 18, 2016 a double tax treaty, DTA. According to the DTA the withholding rate for dividends, interest and royalties will be 10%. April 2016.
• U.S. March Job Report
  The labor department reported on April 1, 2016 that 215,000 new jobs were added to the American economy in March compared to the forecast of 199,000 new jobs. The unemployment rate was 5%. April 2016.
• Czech Republic Turkmenistan Tax Treaty
  The Czech Republic and Turkmenistan signed on March 18, 2016 a double tax treaty, DTA. According to the DTA the withholding rate for dividends, interest and royalties will be 10%. April 2016.
• World Economic Outlook
  The IMF published on April 12, 2016 its outlook for two years. In 2016 the growth outlook is 3.2%, compared to previous 3.4% outlook. The 2017 growth outlook is 3.5% compared to the previous 3.6% outlook. April 2016.
• UAE Singapore Tax Treaty
  The 2014 protocol of the DTA, double tax treaty, between the two countries entered into force on March 16, 2016 applying from January 1, 2017. April 2016.
• Egypt Currency Devaluation
  The central bank of Egypt devaluated on March 14 the Egyptian pound by nearly 13%, from previous 7.33 per dollar to 8.95 per dollar. March 2016.
• Europe Interest Rate Cut
  Europe Central Bank, ECB, cut on March 10, 2016 the interest rate on deposits by 0.1%, from -0.3% down to – 0.4%.The interest rate on loans granted by the central bank was cut from 0.05% to 0.0%.March 2016.
• U.S. February Job Report
  The labor department reported on March 6, 2016 that 242,000 new jobs were added to the U.S. economy in February compared to economists' estimate of only 190,000 new jobs. March 2016.
• Europe GDP Growth
  Eurostat reported on February 12 that the GDP rose by 0.3% in the fourth quarter of 2015 compared to the previous quarter in the euro zone and the EU28 countries as well. February 2016.
• Germany Economy Growth
  The German GDP grew by 0.3% in the fourth quarter of 2015 .The annual 2015 growth rate was 1.7%. February 2016.
• U.S. January Job Report
  The labor department reported on February 5, 2016 that only 151,000 new jobs were added to the U.S. economy in January, compared to a forecast of 190,000 new jobs. February 2016.
• Romania Reduced Tax Withholding Rate
  Starting January 1, 2016 the new tax withholding rate for payment of dividends is 5% compared to the previous 16% rate. February 2016.
• Japan negative Interest Rate
  The bank of Japan, BOJ, announced on January 29, 2016 that starting February 16, 2016 the interest rate for deposits of banks in the BOJ will be negative, -0.1%. February 2016.
• World Economy Growth 2016
  The IMF updated on January 19, 2016 its global forecast. The world growth in 2016 will be 3.4% compared to the previous 3.6% forecast. The growth in 2017 will be 3.6% compared to the previous 3.8% forecast. January 2016.
• Chile Czech Republic Tax Treaty
  Chile and the Czech Republic signed on December 2, 2015 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for dividends, interest and royalties. January 2016.
• Bulgaria Norway Tax Treaty
  The 2014 double tax treaty, DTA, between the two countries applies from January 1, 2016, including reduced tax withholding rates when in effect. January 2016.
• Switzerland Estonia Tax Treaty
  The 2014 double tax treaty, DTA, between the two countries applies from January 1, 2016 and includes reduced tax withholding rates when in effect. January 2016.
• U.S. December Job Report
  The U.S. labor department reported on January 8, 2016 that 292,000 new jobs were added to the American economy in December, compared to a forecast of only 200,000 jobs. In the year 2015 2.65 million new jobs were added to the U.S. economy .January 2016.

Tax Updates 2015

• U.S. Interest Rate Rise
  The U.S. federal bank raised on December 17,2015 the interest rate from previous nearly zero rate to 0.25%, the first rise since December 2006. December 2015.
• U.S. Interest Rate Rise
  The U.S. federal bank raised on December 17,2015 the interest rate from previous nearly zero rate to 0.25%, the first rise since December 2006. December 2015.
• Europe Interest Rate Cut
  The European central bank, ECB, cut on December 3, 2015 the deposit interest rate from previous -0.2% to -0.3%. The loans interest rate remained unchanged at 0.05%. December 2015.
• U.S. November Job Report
  The U.S. labor department reported on December 4, 2015 that 211,000 new jobs were added in November, compared to the forecast of only 200,000. The unemployment rate remained unchanged at 5%, the lowest since 2008. December 2015.
• Thailand Corporate Income Tax Cut
  Starting January 1, 2016 the Thai corporate income tax rate will be reduced from 30% to 20%. November 2015.
• India Service Tax
  Starting November 15, 2015 the service which is imposed on certain services increased from 14% to 14.5% due to a new cess aimed to fund cleaning projects in India. November 2015.
• OECD New VAT Guidelines
  The OECD published on November 6, 2015 new guidelines for VAT/GST cross border transactions. The guidelines were endorsed by more than 100 countries. November 2015.
• U.K. Unemployment Rate
  The British office for national statistics, NSO, reported on October 14, 2015 that the unemployment rate for the three months June to August fell to 5.4%, the lowest unemployment rate for seven years. October 2015.
• U.S. September Job Report
  The U.S. labor department released a disappointing report. Only 142,000 new jobs were added in September 2015 compared to the forecast of more than 200,000 new jobs. The unemployment rate reached 5.1% the lowest in seven years. October 2015.
• Israel Tax Cuts
  The Israeli prime minister and finance minister announced on September 3 that the standard VAT rate will be reduced to 17% starting October 1, 2015 ,The corporate income tax rate will be reduced to 25% starting January 1, 2016. September 2015.
• Europe Economy Growth
  The US investment bank Morgan Stanley released a forecast on September 1, 2015 relating to the 2016 growth in the Eurozone. The growth is expected to reach 1.9% compared to the previous 2.2% forecast. September 2015.
• U.S. August Job Report
  The U.S. statistics office reported on September 4, 2015 that only 173,000 new jobs were added in August to the U.S. economy compared to a forecast of 220,000 jobs. September 2015.
• U.K. Zambia Tax Treaty
  The double tax treaty, DTA, which was signed between the two countries in 2014 entered into force on July 20, 2015 applying from January 1, 2016. The DTA includes reduced tax withholding rates. August 2015.
• China Interest Cut
  The Chinese central bank reduced on August 25, 2015 the annual interest rate by 0.25% down to 4.6%. The reduction is the fifth since November 2014. August 2015.
• Israel GDP Growth
  The Israeli statistics office reported on August 16 that the Israeli economy grew in the second quarter of 2015 by only 0.3% compared to a growth of 2% in the first quarter of 2015 and 6% in the fourth quarter of 2014. August 2015.
• U.K. GDP Growth
  The British national statistics office, ONS, announced on July 28, 2015 that the growth in the second quarter of 2015 was 0.7% , similar to the growth rates of 2008 before the crisis. July 2015.
• Nigeria Spain Tax Treaty
  The 2009 double tax treaty, DTA, between the two countries entered into force on June 5, 2015 applying from the same date. The DTA includes reduced tax withholding rates for payments of dividends, royalties and interest. July 2015.
• Latvia Qatar Tax Treaty
  The 2014 double tax treaty, DTA, between the two countries entered into force on June 1, 2015 applying from January 1, 2016. The DTA includes reduced tax withholding rates for payments of dividends, royalties and interest. July 2015.
• U.S. June Job Report
  The U.S. economy added 223,000 new jobs in June 2015 compared to the preliminary forecast of 230,000 new jobs. The unemployment rate in June was 5.3% down from 5.5% in May. July 2015.
• Israel Purchase Tax Rise
  The Israeli government approved a rise of real estate purchase tax for investors owning more than one flat. The tax will rise to 8% for flats valued less than IS 4.8 million and to 10% for flats above IS 4.8 million. June 2015.
• Hungary Saudi Arabia Tax Treaty
  Hungary and Saudi Arabia signed on May 1, 2015 a new double tax treaty, DTA. The DTA which includes reduced tax withholding rates will apply starting January 1, 2016. June 2015.
• Iceland Georgia Tax Treaty
  Iceland and Georgia signed on May 13, 2015 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. June 2015.
• U.S. May Job Report
  The U.S. labor department reported on June 5 that 280,000 new jobs were added to the American economy in May 2015 compared to a prior forecast of 225,000 new jobs. June 2015.
• Greece IMF Debt
  The Greek interior minister announced on May 24 that Greece is unable to repay its debt of 1.6 billion euro to the IMF due in June 2015. May 2015.
• Georgia Cyprus Tax Treaty
  Georgia and Cyprus signed on May 18, 2015 a double tax treaty, DTA. The DTA will enter into force on January 1, 2016. May 2015.
• South Africa Cyprus Tax Treaty
  South Africa and Cyprus signed on April 1, 2015 a new protocol amending the 1991 tax treaty between the two countries. May 2015.
• Hong Kong Annual Tax Returns
  The inland revenue department sent on May 4, 2015 2.48 million tax returns reminding taxpayers to file the returns by June 4, or by August 4 for unincorporated businesses. May 2015.
• Cyprus Bahrain Tax Treaty
  Cyprus and Bahrain signed on March 3, 2015 a double tax treaty, DTA. The DTA which is in line with the OECD model agreement will enter into force on January 1, 2016. May 2015.
• Malta V.A.T. on Electronic Books
  The V.A.T. on electronic books was reduced from 18% to 5%, the same as on paper books. The new rate applies retroactively from January 1, 2015. April 2015.
• U.K. Corporate Income Tax
  Starting April 1, 2015 the main corporate income tax rate is reduced from 21% to 20%. A new 25% diverted profits tax is imposed on profits shifted offshore. April 2015.
• U.S March Jobs
  The U.S. labor department reported on April 3, 2015 that 126,000 new jobs were added to the American economy in March 2015. The March growth is the lowest since December 2013. April 2015.
• Malaysia GST
  Starting April 1, 2015 a 6% goods and services tax, GST, applies in Malaysia. The GST replaces the sales tax, ranging 5%-10% and the 6% service tax. April 2015.
• Japan Corporate Income Tax Rate
  Starting April 1, 2015 the new national corporate income tax rate in Japan is 23.9% compared to the previous 25.5% rate. April 2015.
• Greece Credit Rating Downgrade
  Fitch credit rating Agency downgraded on March 27,2015 Greece's credit rating from B to CCC. The forecast for the 2015 growth was lowered from 1.5% to 0.5%. March 2015.
• India Croatia Tax Treaty
  The 2014 double tax treaty, DTA, between the two countries entered into force on February 11, 2015. The DTA will apply in Croatia from January 1, 2016 and from April 1, 2016 in India. March 2015.
• Qatar Japan Tax Treaty
  Qatar and Japan signed on February 20, 2015 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. March 2015.
• Egypt Mauritius Tax Treaty
  The 2012 tax treaty, DTA, between the two countries entered into force on March 10, 2015.The DTA applies in Egypt from January 1, 2015 and from July 1, 2015 in Mauritius. March 2015.
• U.S. Unemployment Rate
  The U.S. labor department reported on March 3, 2015 that the unemployment rate fell in February 2015 to 5.5% compared to 5.7% in January. March 2015.
• Singapore 2015 Budget
  According to the 2015 budget the top marginal personal income tax rate will rise in 2017 from 20% to 22%. March 2015.
• Norway Germany Tax Treaty
  The 2013 double tax treaty, DTA, between the two countries entered into force on February 3, 2015 applying from January 1, 2015. March 2015.
• Singapore Uruguay Tax Treaty
  Singapore and Uruguay signed on January 15, 2015 a double tax treaty, DTA. When in effect the DTA will include reduced tax withholding rates for payments between the two countries. February 2015.
• Israel Credit Rating
  The credit rating agency S&P's kept on February 15, 2015 Israel's A+ credit rating unchanged with a stable outlook. The agency forecasts a growth of 3% in Israel. February 2015.
• France Singapore Tax Treaty
  France and Singapore signed on January 15, 2015 a double tax treaty, DTA, replacing the existing 1974 tax treaty between the two countries. February 2015.
• Croatia U.K. Tax Treaty
  Croatia and the U.K. signed on January 15, 2015 a new double tax treaty, DTA, replacing the previous 1981 tax treaty between the U.K. and the former Yugoslavia. February 2015.
• Estonia Income Tax Rate
  Starting January 1, 2015 the corporate and personal income tax rate is reduced to 20%. January 2015.
• Iceland Reduced V.A.T. Rate
  Starting January 1, 2015 the standard V.A.T. rate is reduced from 25.5% to 24%. January 2015.
• Denmark Corporate Income Tax Rate
  Starting January 1, 2015 the Danish corporate income tax rate is reduced from 24.5% to 23.5%. January 2015.
• Luxembourg V.A.T. Update
  Starting January 1, 2015 the new standard V.A.T rate is increased from 15% to 17%.The previous 12% rate is increased to 14% and the previous 6% rate is increased to 8%. January 2015
• Cyprus U.S. IGA Agreement
  Cyprus and the U.S. signed on December 2, 2014 an IGA, inter government agreement ,applying the FATCA aimed to force financial institutes to report money owned by American citizens. January 2015.
• Russia Credit Rating Downgrade
  The credit rating agency Fitch downgraded on January 10, 2015 Russia's credit rating from BBB to BBB- one step above junk level retaining the agency's negative outlook for Russia. January 2015.
• Lithuania Euro Introduction
  Lithuania adopted on January 1, 2015 the Euro as its official currency. There is a fixed exchange rate of 1 Euro equals LT 3.4528. Lithuania is now the 19th member of the Euro zone. January 2015.

Tax Updates 2014

• Thailand Investment Incentives
  The Thai board of investment approved on November 25, 2014 a new investment plan valid for seven years starting January 1, 2015. December 2014.
• Russia Interest Rate Rise
  The Russian central bank raised on December 16, 2014 the interest rate from previous 10.5% to 17%, the sixth rise since the beginning of the year. December 2014.
• Albania Tax Withholding Rates
  Starting January 1, 2015 the Albanian tax withholding rate for payments of dividends, interest and royalties will rise from the current 10% rate to 15%. December 2014.
• U.S. November Unemployment Rate
  The U.S. labor department reported on December 5, 2014 that the November unemployment rate fell to 5.8%. 321,000 new jobs were added to the American market, about 40% higher than the forecast. December 2014.
• China Becomes the Biggest Economy
  According to a recent release by the IMF China is now the world biggest economy surpassing the US. The IMF estimates that China's GDP is $ 17.6tn compared to US's $ 17.4tn. December 2014.
• Israel Monthly Salary Rise
  The Israeli minimum monthly salary will rise from current IS 4,300 to IS 5,000. The minimum salary will rise in 3 phases starting April 1, 2015 and ending on January 1, 2017. December 2014.
• China Interest Rate Cut
  The Chinese central bank cut on November 21, 2014 the one year loan rate by 0.4% down to 5.6%. The new interest cut is the first since July 2012. November 2014.
• Japan Economy Shrink
  The Japanese GDP shrank in the third quarter of 2014 by 1.6% following a decrease of 7.3% in the second quarter of 2014. November 2014.
• Germany GDP up 0.1%
  The German statistical office announced on November 14, 2014 that the GDP rose by 0.1% in the third quarter of 2014. On a year on year comparison the German economy rose by 1.2% compared to the third quarter of 2013. November 2014.
• France GDP Rise
  The French national statistics office announced on November 14, 2014 that the GDP in the third quarter of 2014 rose by 0.3% .Analysts previous forecasts anticipated a 0.1% rise. November 2014.
• China Stock Market Update
  The Chinese authorities announced on November 10, 2014 that next week the trade in Hong Kong stock exchange will be linked to Shanghai stock exchange. The new regulation will allow foreign investors to buy domestic Chinese stocks estimated at a value of & 4.2 trillion. November 2014.
• Brazil France Social Security Agreement
  The social security agreement between Brazil and France entered into force on September 1, 2014. The agreement is aimed, inter alia, to avoid double social security payments by individuals working in the other country. October 2014.
• U.K. V.A.T. on Digital Services
  The HMRC announced that starting October 20, 2014 suppliers of digital services to EU countries will be able to register to a new V.A.T. online service, MOSS, Mini One Stop Shop. October 2014.
• Russia Czech Republic Social Security Agreement
  The social security agreement between the two countries will enter into force on November 1, 2014 replacing the previous 1959 agreement. October 2014.
• Colombia New Tax Heavens List
  The Colombian ministry of treasury released a new annual list of tax heavens. Ten countries and jurisdictions were excluded from the previous tax heaven list. October 2014.
• U.S. September Unemployment Rate
  According to a release by the labor department dated October 3 the U.S. unemployment rate in September 2014 fell to 5.9%, the lowest rate since 2008. October 2014.
• Spain France Social Security Agreement
  The social security agreement which was signed in December 2011 between Spain and France entered into force on September 1, 2014. September 2014.
• Germany Israel Double Tax Treaty
  Germany and Israel signed on August 21, 2014 a new double tax treaty, DTA, replacing the previous 1962 DTA which was amended in 1977. September 2014.
• Saudi Arabia Luxembourg Tax Treaty
  The 2013 double tax treaty, DTA, between Saudi Arabia and Germany entered into force on September 1, 2014 applying from January 1, 2015. The DTA includes reduced tax withholding rates for payments of dividends and royalties. September 2014.
• Israel Interest Cut
  The bank of Israel cut on August 25, 2014 the interest rate from 0.5% to 0.25%. September 2014.
• Europe Interest Cut
  The European Central Bank, ECB, cut on September 4, 2014 the European interest rate from previous 0.15% down to 0.05%. September 2014.
• U.S. Streamline Filing Procedure
  A review of filing procedures required for U.S. citizens who are living outside the U.S. September 2014.
• Korea Hong Kong Tax Treaty
  Korea and Hong Kong signed on July 8, 2014 a double tax treaty. The withholding rates according to the treaty will be 10%/15% on dividends and 10% on interest and royalties. August 2014.
• Estonia Luxembourg Tax Treaty
  Estonia and Luxembourg signed on July 7, 2014 a new double tax treaty replacing the existing 2006 treaty between the two countries. August 2014.
• Mexico UAE Tax Treaty
  The 2012 double tax treaty, DTA, between the two countries entered into force on July 9, 2014 applying January 1, 2015. The withholding rates are 0% on dividend, 4.9%/10% on interest and 10% on royalties. August 2014.
• Singapore Seychelles Tax Treaty
  The two countries signed on July 9, 2014 a double tax treaty, DTA, The tax withholding rates will be 12% on interest and 8% on royalties. August 2014.
• Iceland Switzerland Tax Treaty
  The two countries signed on July 10, 2014 a new protocol replacing the existing 1988 tax treaty, DTA. August 2014.
• Poland Slovakia Tax Treaty
  The 2013 protocol to the existing 1994 tax treaty, DTA, between the two countries entered into force on August 1, 2014 applying January 1, 2015. August 2014.
• Ireland Botswana Tax Treaty
  Ireland and Botswana signed on June 10, 2014 a double tax treaty which includes reduced tax withholding rates on payments of dividend, interest and royalties. July 2014.
• Poland Bosnia and Herzegovina Tax Treaty
  The two countries signed on June 4, 2014 a new double tax treaty replacing the previous 1985 double tax treaty. July 2014.
• China Reduced 3% VAT Rate
  Starting July 1, 2014 the former V.A.T. rates of 4% and 6% are reduced to a uniform 3% rate. July 2014.
• Italy New Tax Withholding Rates
  Starting July 1, 2014 the new tax withholding rates for payments of interest, dividend and capital gains are increased from 20% to 26%. July 2014.
• Georgia EU Free Trade Agreement
  Georgia signed on June 27, 2014 a free trade and political cooperation agreement with the EU. July 2014.
• Finland Construction Works Reports
  Starting July 1, 2014 companies and self employed that commission construction works must collect worksite specific information on their construction contracts. July 2014.
• China Switzerland TFA
  The free trade agreement, FTA, which was signed between the two countries on July 7, 2013 will enter into force on July 1, 2013. June 2014.
• Albania EU Accession
  Starting June 24,2014 Albania is an official candidate to join the EU with its existing members. June 2014.
• Ukraine EU FTA
  Ukraine's president signed on June 27, 2014 a historical free trade agreement with the EU shifting from the previous ties with Russia. June 2014.
• Estonia Average Salary
  According to a release by Statistics Estonia dated 12.6.2014 the average monthly salary in 2013 was EUR 900 higher than the 2012 average. June 2014.
• Eurozone Interest Cut
  The European Central Bank, ECB, cut on June 5, 2014 the eurozone refinancing rate from 0.25% to 0.15% and the deposit rate from 0% to -0.1%. June 2014.
• Brazil bitcoins Taxation
  According to the latest Brazilian tax office guidelines bitcoins are treated as financial assets subject to 15% capital gain tax. May 2014.
• Japan Consumer Tax
  Starting April 1, 2014 the consumer tax in Japan is increased to 8% compared to the previous 5% rate. The rate will increase to 10% in October 2015. May 2014.
• Singapore Barbados Tax Treaty
  The 2013 double tax treaty between the two countries entered into force on April 25, 2014 after being ratified by both countries. May 2014.
• Israel Intel's Investment
  Intel Corp reported on April 30, 2014 its plan to invest additional $ 6 billion in enlarging the existing plant in southern Israel. May 2014.
• Russia Credit Rating Downgrade
  The credit rating agency Standard & Poor's downgraded on April 25, 2014 Russia's credit rating from previous BBB to BBB-. May 2014.
• Ukraine Tax Update
  Starting April 1, 2014 the standard V.A.T. rate in Ukraine is 20%. There is a reduced 7% rate relating to medical supplies. April 2014.
• Jamaica Business Tax
  Starting April 1, 2014 a new business tax is imposed on certain companies and individuals in Jamaica. The tax is paid twice a year. April 2014.
• U.S Unemployment Rate
  The labor department reported on April 4, 2014 that the U.S. economy added 192,000 jobs in March. The unemployment rate remained unchanged at 6.7%. April 2014.
• U.K GDP Growth
  According to the release of the office for national statistics on March 28, 2014 the British economy grew in 2013 by 1.7% compared to 2012. The growth rate is lower than the previous estimates. March 2014.
• Israel Credit Rating
  The rating agency S&P's reaffirmed on March 28,2014 Israel's A+ credit rating with a stable outlook. March 2014.
• U.K. 2014 Budget
  The 2014 budget which was delivered on March 19, 2014 includes a decrease of the corporate income tax rate to 21% starting April 1, 2014. March 2014.
• Russia Credit Rating Downgrade
  The credit rating agency Fitch downgraded on March 21, 2014 Russia's economic outlook. A similar downgrade was released by S&P's earlier reflecting worries about the effect of the sanctions imposed on Russia. March 2014.
• Singapore Poland Tax Treaty
  The 2012 double tax treaty, DTA, which was signed by the two countries entered into force on February 6, 2014, The double tax treaty will apply starting January 1, 2015.
• Malta India Tax Treaty
  The 2013 double tax treaty between the two countries entered into force on February 7, 2014. The treaty will apply in India starting April 1, 2014 and in Malta starting January 1, 2015. March 2014.
• Peru Mexico Tax Treaty
  The 2011 double tax treaty signed by the two countries entered into force on February 19, 2014 .The tax treaty will apply in both countries starting January 1, 2015 . March 2014.
• Slovakia Tax Update
  The Slovakian corporate income tax rate was reduced starting 1.1.2014 from the previous 23% rate down to 22%. Tax losses are carried forward only for a four years period compared to the previous seven years period. February 2014.
• Albania U.K. Tax Treaty
  The double tax treaty which was signed by the two countries in 2013 entered into force on December 30, 2013.The tax treaty applies in Albania starting 1.1.2014 and in the U.K. starting 1.4.2014. February 2014.
• Oman Japan Tax Treaty
  Oman and Japan signed on January 9, 2014 a double tax treaty. The tax treaty includes reduced tax withholding rates for payments of dividend, interest and royalties. February 2014.
• India Algeria Tax Treaty
  The double tax treaty, DTA, which was signed by both countries in 2013 entered into force on December 4, 2013 and applies in Algeria starting January 1, 2014. February 2014.
• Hong Kong Qatar Tax Treaty
  The double tax treaty, DTA, which was signed in 2013 entered into force on December 5, 2013 applying in Qatar starting January 1, 2014. February 2014.
• China Belgium Tax Treaty
  The double tax treaty which was signed by both countries in 2009 entered into force on January 4, 2014. February 2014.
• Ukraine Credit Rating Downgrade
  The credit rating agency Moody's downgraded on January 31, 2014 Ukraine's government bond rating from Caa1 to Caa2 with a negative outlook. February 2014.
• France VAT Increase
  Starting January 1, 2014 the new standard VAT rate in France is 20% compared to the previous 19.6% rate. The new reduced VAT rate is 10% compared to the previous 7% rate. February 2014.
• World 2014 Growth Forecast
  According to the world bank estimate the world growth rate in 2014 will reach 3.2% compared to 2.4% in 2013. January 2014.
• Denmark Corporate Income Tax
  Starting January 1, 2014 the new corporate income tax rate in Denmark is 24.5% compared to the previous 25% rate. January 2014.
• Ukraine Taxes 2014
  Starting January 1, 2014 the corporate income tax rate is reduced from the previous 19% rate down to 18%. The new standard VAT rate is 17% compared to the previous 20% rate. January 2014.
• Vietnam Corporate Income Tax Rate
  The corporate income tax rate in Vietnam was reduced on January 1, 2014 from the previous 25% rate to 22%. January 2014.
• France Unemployment Rate
  The French unemployment rate rose 0.5% in November 2013 reaching 3,293,000 unemployed people. January 2014.
• Latvia Euro Adoption
  Latvia adopted on January 1, 2014 the euro as its official currency. Latvia is now the 18th eurozone member. January 2014.

Tax Updates 2013

• US Deadline for Swiss Banks
  The US department of justice reminds Swiss banks the violated the US tax laws that 31.12.13 is the deadline for submitting a letter of intent .December 2013.
• France 2014 Social Security Ceilings
  The French government published the 2014 social security ceilings, The ceilings relate to monthly, weekly and daily salaries. December 2013.
• EU Credit Rating Downgrade
  S&P downgraded on December 21, 2013 the EU credit rating from the previous perfect AAA to AA+. December 2013.
• UK Unemployment Rate
  The unemployment rate in the UK fell to 7.4%, the lowest rate since 2009. December 2013.
• Cyprus Credit Rating Upgrade
  The credit rating agency S&P upgraded on 29.11.13 Cyprus' credit rating by one step to B-. November 2013.
• Spain Economic Outlook Update
  S&P updated on 29.11.13 Spain's economic outlook from negative to positive. November 2013.
• Netherlands Credit Rating Downgrade
  S&P downgraded on 29.11.13 Netherlands' credit rating from the previous perfect AAA to AA+. November 2013.
• Israel Personal Tax Update
  The Israeli finance minister announced on November 25 ,2013 that the planned increase of the personal income tax rate starting January 1, 2014 is abolished. November 2013.
• Italy Film Industry Incentives
  According to a decree published on October 8, 2013 the tax incentives for investors in Italian film production and distribution will be in effect permanently starting January 1, 2014. November 2013.
• Colombia Tax Heavens Listing
  The finance ministry issued on October 7, 2013 a new list of tax heavens. There are negotiations for signing exchange of tax information treaties with seven countries. These countries are temporarily excluded from the tax heaven list. November 2013.
• Ireland 2014 Budget
  According to the 2014 budget which was presented to the Irish parliament on October 15 , 2013 the corporate income tax rate will remain at 12.5%. The reduced V.A.T rate will remain at 9%. November 2013.
• France Credit Rating Downgrade
  The credit rating agency S&P downgraded on November 8, 2013 France credit rating from the previous AA+ to AA with a stable outlook. November 2013.
• Bahrain China Tax Treaty
  Bahrain and China signed on September 16, 2013 a new double tax treaty replacing the existing 2002 tax treaty between the two countries. The new treaty includes a reduced tax withholding rate for payments of dividends. October 2013.
• Tajikistan Finland Tax Treaty
  Tajikistan and Finland tax treaty entered into force on September 5, 2013 applying from January 1, 2014.The tax treaty includes reduced tax withholding rates for payments of dividends, interest and royalties. October 2013.
• Germany Philippines Tax Treaty
  The two countries signed on September 9, 2013 a new tax treaty replacing the existing 1983 tax treaty. The treaty includes reduced tax withholding rates for payments of dividends, interest and royalties. October 2013.
• Hungary Switzerland Tax Treaty
  The two countries signed on September 12, 2013 a new tax treaty replacing the existing 1981 tax treaty. October 2013.
• Switzerland China Tax Treaty
  The two countries signed on September 25, 2013 a new tax treaty replacing the existing 1990 tax treaty between the countries .October 2013.
• U.K. Minimum Wage Rates
  Starting October 1, 2013 there are new increased minimum wage rates for employees aged under 18, aged 18-20 and those aged 21 or more .The names of employers failing to pay the minimum wage may go public. October 2013.
• Bahamas to Introduce V.A.T.
  Bahamas will introduce a V.A.T. regime starting July 1, 2014.
  The standard V.A.T. rate will be 15% with a reduced 10% rate for hotel services. The threshold for V.A.T. registration will be an annual turnover of BDS 50,000 or more. September 2013.
• Cyprus Portugal Tax Treaty
  The double tax treaty between Cyprus and Portugal entered into force on August 16, 2013 applying from January 1, 2014. September 2013.
• Slovakia Poland Tax Treaty
  Slovakia and Poland signed on August 1, 2013 a double tax treaty. The tax treaty includes reduced tax withholding rates for payments of dividend and interest. September 2013.
• Vietnam New Zealand Tax Treaty
  Vietnam and New Zealand signed on August 5, 2013 a new double tax treaty. The tax treaty includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2013.
• Luxembourg Poland Tax Treaty
  The double tax treaty of 2012 between Luxembourg and Poland entered into force on July 25, 2013. August 2013.
• Poland Malaysia Double Tax Treaty
  Poland and Malaysia signed on July 8, 2013 a new double tax treaty replacing the existing 1977 treaty.
  The new treaty includes reduced tax withholding rates for payments of dividend, interest and royalties. August 2013.
• Jersey Hong Kong Double Tax Treaty
  The 2012 double tax treaty between Jersey and Hong Kong entered into force on July 3, 2013.
  The treaty includes zero tax withholding on payments of dividends and interest and 4% withholding on royalties. August 2013.
• Portugal Japan Double Tax Treaty
  The 2011 double tax treaty between Portugal and Japan entered into force on July 28, 2013.
  The tax treaty includes reduced tax withholding rates for payments of dividends, interest and royalties. August 2013.
• Colombia Mexico Double Tax Treaty
  The 2009 double tax treaty between Colombia and Mexico entered into force on July 11, 2013 .August 2013.
• Gibraltar Border Tax
  The tension between Spain and Gibraltar grew after exposing a Spanish plan to impose a new EUR 50 border crossing tax on people crossing each side of the Spain Gibraltar border. August 2013.
• Kuwait Spain Tax Treaty
  The 2008 double tax treaty between the two countries entered into force on July 19, 2013 including reduced tax withholding rates. July 2013.
• Vietnam Serbia Tax Treaty
  The double tax treaty between Vietnam and Serbia entered into force on June 3, 2013 including reduced tax withholding rates for payments of dividends, royalties and interest. July 2013.
• France Credit Rating Downgrade
  Fitch credit rating agency downgraded on July 12, 2013 France credit rating from the previous perfect AAA rating down to AA+ while the outlook remains stable. July 2013.
• Montenegro V.A.T Rise
  Starting July 1, 2013 the new standard V.A.T rate in Montenegro increased to 19% compared to the previous 17% rate. July 2013.
• Slovenia Tax Rates 2013
  A summary of the 2013 Slovenian tax system including corporate and personal income tax rates, social security and the new increased V.A.T. rates. July 2013.
• U.K. Netherlands Double Tax Treaties
  The U.K. and the Netherlands signed on June 12, 2013 a new bank taxes double tax treaty.
  In addition the two countries signed a protocol updating the existing 2008 tax treaty between the countries. July 2013.
• Netherlands China Tax Treaty
  The Netherlands and China signed on May 31, 2013 a new double tax treaty replacing the previous existing 1987 tax treaty between the two countries. The new tax treaty has yet to be ratified by both countries. June 2013.
• UAE Japan Double Tax Treaty
  The United Arab Emirates and Japan signed on May 2, 2013 a double tax treaty. The tax treaty includes an exchange of tax information clause and reduced withholding rates for payments between the two countries. June 2013.
• Jersey Singapore Tax Treaty
  The double tax treaty between Jersey and Singapore which was signed in 2012 entered into force on May 2, 2013 applying from January 1, 2013 .June 2013.
• Barbados Annual Returns Deadline
  The Barbados inland revenue reminds companies that the deadline for filing annual tax returns is June 15, 2013.Adelay carries fines. June 2013.
• Slovenia V.A.T. Rise
  Starting July 1, 2013 the standard V.A.T. rate would rise to 22%. The reduced V.A.T. rate would rise to 9.5%. June 2013.
• France Referral to EU Court
  France was referred on May 30, 2013 to the EU court, CJEU, regarding grant of accelerated depreciation to certain residential real estate in France. June 2013.
• Bermuda Tax Information Exchange
  Bermuda signed in May a tax information exchange agreement with the U.K. and several other European countries. June 2013.
• Isle of Man Argentina tax treaty
  The tax information exchange agreement between the two countries which was signed in December 2012 entered into force on May 4, 2013. June 2013.
• Qatar Hong Kong Tax Treaty
  Qatar and Hong Kong signed on May 13, 2013 a tax treaty avoiding paying double taxation. June 2013.
• Israel New 18% V.A.T. Rate
  Starting June 2, 2013 the new standard V.A.T. rate in Israel is 18% compared to the previous 17% rate. June 2013.
• Belgium Tax Returns Deadline
  The tax office extended the deadline for filing electronic income tax returns to October 1. June 2013.
• Australia's 2013 Budget
  Australia's 2013 budget delivered on May 14, 2013 includes several tax measures aimed to finance social reform programs. June 2013.
• New Zealand GST of Bodies Corporate
  The New Zealand inland revenue release an issue paper regarding the GST treatment of bodies corporate carrying taxable activities. June 2013.
• OECD World Growth Estimate
  According to a release on May 29 by the OECD the world economy will grow by 3.1% in 2013 and by 4% in 2014. June 2013.
• Norway Tax Measures
  The government plans to reduce the corporate income tax rate from 28% to 27% starting January 1, 2014. May 2013.
• Israel budget Approved
  The Israeli cabinet approved on May 14 the 2013-14 budget by a majority of 21voting in favor and one against. The budget has yet to be approved by the Israeli parliament. May 2013.
• Europe Interest Rate Cut
  The European Central Bank cut on May 2 its benchmark interest rate by 0.25% to 0.5% ,the first cut in the last 10months. May 2013.
• U.S. April Job Rise
  165,000 new jobs were added to the U.S. economy in April 2013. The unemployment rate decreased to 7.5% the lowest rate for four years. May 2013.
• Japan Turkey Nuclear Plant Deal
  A Japanese French consortium signed a $ 22 billion deal to build Turkey's second nuclear plant along the black sea. May 2013.
• Spain Unemployment Rate
  Spain's unemployment rose to a record 27.16% rate in the first quarter of 2013 compared to 26.02% in the previous quarter. April 2013.
• Kazakhstan Singapore Tax Treaty
  Kazakhstan and Singapore signed on April 9 a new protocol amending the existing 2006 double tax treaty between the countries. April 2013.
• Canada Consumer Price Index
  According to statistics Canada the consumer price index, CPI, for the year ending March 2013 rose 1.0%. April 2013.
• Canada Annual Tax Returns2012
  The Canada Revenue Agency, CRA, reminds Canadians about the near deadline filing date of their 2012 tax returns. April 2013.
• Finland 20% Corporate Income Tax Rate
  The Finnish government plans to adopt new tax measures for the years 2014-2017 including reduction of the corporate income tax rate from the current 24.5% to 20% in 2014. April 2013.
• U.K. Personal Income Tax Rates 2013-14
  The HMRC released new rates and thresholds for employers in the tax year 2013-14 starting on April 5 2013 . April 2013.
• Cyprus 1.3% Inflation Rate
  The Cyprus inflation rate decreased in March 2013 to 1.3% compared to 1.8% in February 2013 and 3.5% in March 2012 . April 2013.
• U.S. March Job Rise
  Only 88,000 new jobs were added to the American economy in March 2013 compared to economists' forecast of about 200,000 new jobs. April 2013.
• India Interest Rate Cut
  The Indian central bank cut on March 19, 2013 the interest rate for the second time this year from 7.75% down to 7.5%. March 2013.
• Cyprus Credit Rating Downgrade
  S&P downgraded on March 21, 2013 Cyprus credit rating from previous CCC+ to CCC with a negative outlook. March 2013.
• Italy Credit Rating Downgrade
  Fitch downgraded on March 8, 2013 Italy's credit rating by one step, from previous A- to BBB+ with a negative outlook. March 2013.
• U.S. February Job Rise
  236,000 new jobs were added to the American economy in February compared to economists' forecast of 160,000 jobs. March 3013.
• Denmark Corporate Income Tax Cut
  The Danish government plans to reduce the corporate income tax by 1% in each of the years starting 2014 down to 22% in 2016. March 2013.
• Europe Retail Sales Rise
  The retail sales in the 17 eurozone countries rose sharp0ly in January 2013 by 1.2% compared to a decline of 0,8% in December 2012. March 2013.
• Mexico Latvia Double Tax Treaty
  The DTA between the two countries entered into force on March 2, 2013 and will apply from January 1, 2014. March 2013.
• China New Real Estate Rules
  China decided to impose new dramatic rules to control the rising real estate market including a new20% tax on sales of homes. March 2013.
• France New 65% Income Tax Rate
  France plans to impose a new 65%-66% tax on households with annual income exceeding EUR 2 million. March 2013.
• Morocco Latvia Tax Treaty
  The double tax treaty, DTA, which entered into force in September 2012 applies from January 1, 2013. February 2013.
• U.K. Credit Rating Downgrade
  Moody's downgraded U.K. credit rating by one notch. From the previous perfect AAA rating down to AA1. February 2013.
• Panama Ireland Tax Treaty
  The double tax treaty, DTA, which was signed between the two countries in 2011 applies from January 1, 2013. February 2013.
• Lithuania V.A.T. Update
  Starting January 2013 new products and services are added to the reduced and super reduced V.A.T. rate. February 2013.
• France GDP Decline
  The French GDP declined in the 4th quarter of 2012 by 0.3% compared to a rise of 0.1% in the 3rd quarter. February 2013.
• Germany GDP Decline
  The German GDP declined in the 4th quarter of 2012 by 0.6% compared to a rise of 0.2% in the 3rd quarter. February 2013.
• Spain U.S. Tax Treaty
  Spain and the U.S. signed on January 14 a new protocol amending the existing double tax treaty between the two countries. February 2013.
• U.S January Job Rise
  Only 157,000 new jobs were added to the American market in January compared to a preliminary estimate of 185,000 jobs. February 2013.
• Ukraine Corporate Income Tax Rate
  Starting January 2013 the new corporate income tax rate in Ukraine is 19% compared to the previous 21% rate. January 2013.
• Czech V.A.T. Increase
  Starting January 2013 the new standard V.A.T. rate is 21% compared to the previous 20% rate. The new reduced rate is 15%. January 2013.
• Serbia 15% Corporate Income Tax Rate
  Starting January 2013 the corporate income tax rate is increased to 15% from the previous 10% rate. January 2013.
• Slovakia Corporate Income Tax Rate
  Starting January 2013 the corporate income tax rate is increased to 23% compared to the previous 19% rate. January 2013.
• Slovenia Corporate Income Tax Rate
  Starting January 2013 the corporate income tax rate is reduced to 17% compared to the previous 18% rate. January 2013.
• Sweden Corporate Income Tax Rate
  Starting January 2013the corporate income tax rate is reduced to 22% compared to the previous 26.3%rate. January 2013.
• Israel Personal Income Tax Rates Increase
  Starting January 2013 there is a new top 50% income tax rate which is imposed on individual's annual income exceeding IS 811,560. January 2013.
• Finland V.A.T. Increase
  Starting January 2013 the new standard V.A.T. rate in Finland is 24% compared to the previous 23% rate. The reduced V.A.T. rates are 14% and 10%. January 2013.
• Eurozone Unemployment Rate
  The eurozone unemployment rate in November was 11.8% the worst rate since 1995. January 2013.
• Cyprus V.A.T. Rise
  Starting January 14, 2013 the standard V.A.T. rate in Cyprus will increase from the current 17% rate to 18%. A further increase will take place on January 13, 2014. January 2013.
• U.S. Fiscal Cliff Deal
  The U.S. congress approved on January 1 the fiscal cliff deal. About 77% of the U.S. households are expected to pay more tax in 2013 compared to 2012. January 2013.

Tax Updates 2012

• France Proposed VAT Rise
  Starting January 1, 2014 France plans to raise its standard VAT rate from 19% to 20%. The reduced VAT rate is expected to rise from 7% to 10%. December 2012.
• Israel Interest Rate Cut by 0.25%
  The bank of Israel cut the interest rate down by 0.25% to 1.75%, the first cut below 2% since September 2010. December 2012.
• Greece Credit Rating Upgrade
  Standard & Poor's upgraded on December 19, 2012 Greece's credit rating to B- with a stable outlook compared to the previous selective default outlook. December 2012.
• Luxembourg V.A.T. Update
  Starting January 1, 2013 transactions exceeding EUR 112,000 must be filed electronically to the V.A.T. office. December 2012.
• Israel Panama Double Tax Treaty
  Israel and Panama signed on November 8, 2012 a new double tax treaty, DTA. The new DTA includes inter-alia reduced tax withholding rates for dividends, royalties and interest. December 2012.
• Spain's Catalonia Tourist Tax
  Starting November 1, 2012 a new tourist tax is imposed on adults staying in Barcelona and the rest Catalonia hotels. There are different rates for five star hotels, four star hotels and hotels with lower star rating. December 2012.
• Spain New Reporting Rules
  Spanish resident entities and individuals are obliged to file a new annual report on their overseas assets and rights from tax year 2012 onwards. December 2012.
• Latvia to Adopt Euro in 2014
  The Latvian government approved a draft law introducing the Euro as its official currency starting January 1, 2014. December 2012.
• Finland Cyprus Tax Treaty
  Finland and Cyprus signed on November 15, 2012 a DTA, double tax treaty including tax withholding rules for payments between the two countries. November 2012.
• Germany Spain DTA Entry into Force
  The double tax treaty, DTA, between Germany and Spain signed in 2011 entered into force on October 18, 2012. The DTA will generally apply from January 1, 2013. November 2012.
• Argentina Russia DTA Entry into Force
  The double tax treaty, DTA, between the two countries entered into force on October 16, 2012 after being ratified by both countries. November 2012.
• China PMI Increase
  The manufacturing managers index, PMI, increased in October to 50.2 points compared to 49.8 points in September. November 2012.
• Korea China New Social Security Treaty
  The Republic of Korea and China signed on October 29, 2012 a new social security treaty replacing the previous 2003 treaty. November 2012.
• Luxembourg 2013 Budget
  Luxembourg 2013 budget includes some tax amendments effecting both individuals and companies in 2013. October 2012.
• Italy V.A.T. Increase
  Starting July 1, 2013 the standard V.A.T. rate in Italy will increase from the current 21% rate to 22%. The reduced rate will increase from the current 10% rate to 11%. October 2012.
• Serbia VAT Increase
  Starting October 1, 2012 the standard VAT rate in Serbia increased from previous 18% rate to 20%. October 2012.
• France New 75% Income Tax Rate
  According to the 2013 finance bill starting January 1, 2013 a new 75% income tax rate will be imposed on annual income exceeding EUR 1 million. October 2012.
• U.S. 7.8% Unemployment Rate
  The American unemployment rate dropped to 7.8% in September. New 114,000 were added to the U.S. economy. October 2012.
• South Korea GDP Growth
  The GDP in Korea increased in the second quarter of 2012 by 0.3% compared to a growth of 0.9% in the first quarter. September 2012.
• Turkey GDP Growth
  The GDP in Turkey increased in the second quarter of 2012 by 1.8% the same growth as registered in China for that quarter. September 2012.
• Switzerland Slovenia Revised Tax Treaty
  Switzerland and Slovenia signed on September 7, 2012 a new protocol amending the existing double tax treaty between the two countries. September 2012.
• Czech Republic Switzerland Revised Tax Treaty
  The Czech Republic and Switzerland signed on September 11, 2012 a new protocol amending the existing double tax treaty between the two countries. September 2012.
• Montenegro Consumer Price Index
  The consumer price index in Montenegro increased in July 2012 by 0.2%. On annual basis the CPI increased by 4.4%. September 2012.
• China PMI Decrease
  The Chinese manufacturing purchasing managers index, PMI, fell in August 2012 to 49,2 points, the lowest in the last nine months. September 2012.
• Serbia Consumer Price Index
  According to the Serbian statistics office the CPI increased in July 2012 by 0.1% compared to June 2012. September 2012.
• Finland Budget 2013
  The Finnish budget proposal for 2013 published on August 8, 2012 includes some tax amendments effecting individuals and companies. August 2012.
• Ukraine Foreign Currency Restrictions
  Starting August 23, 2012 there are new restrictions instructing importers to purchase foreign currency via only one bank for each transaction with non- residents. August 2012.
• Israel GDP Rise
  The Israeli GDP increased in the second quarter of 2012 by 3.2% on Annual basis, far above the 2.5% preliminary estimate. August 2012.
• Portugal July Inflation Rate
  Portugal's consumer price index, CPI, increased in July 2012 to 2.8% on annual basis compared to 2.7% in June. August 2012.
• St. Lucia to Introduce VAT
  Saint Lucia located in the eastern Caribbean sea is going to introduce a VAT regime starting October 1, 2012 with a standard 15% rate. August 2012.
• Israel 17% V.A.T. Rate
  Starting September 1, 2012 the V.A.T. rate in Israel would increase from the current 16% rate to 17%. August 2012.
• Switzerland Portugal Revised DTA
  Switzerland and Portugal signed on June 25, 2012 a protocol amending the existing 1974 double tax agreement, DTA, between the two countries. The new treaty will enter into force after being ratified by both countries. July 2012.
• Estonia Special E-mail for Non -Residents
  The Estonian tax and custom board created a new special e-mail address for non-residents having tax inquiries. July 2012.
• Estonia June cpi
  According to Statistica Estonia the Estonian consumer price index, CPI, increased in June 2012 by 0.1% compared to May 2012 and by 3.9% compared to June 2011 July. 2012.
• Bulgaria Inflation Rate
  The Bulgarian inflation in June 2012 decreased by 1% compared to May 2012. The inflation increased by 0.5% from December 2011 to June 2012. July 2012.
• Italy Credit Rating Downgrade
  Moody's downgraded on July 13, 2012 Italy's bond rating by two steps from previous A3 down to Baa2. July 2012.
• Hungary 5.6% Inflation Rate
  The inflation in June 2012 increased by 5.6% compared to June 2011 and by 0.1% compared to May 2012. July 2012.
• Spain VAT Rise
  The Spanish prime minister presented new budget cuts including increase of the VAT rate from the current 18% rate to 21%. July 2012.
• Australia Interest Rate
  Australia's central bank kept on July 3, 2012 the interest rate unchanged after a cut of 0.75% in the previous two months. July 2012.
• Hong Kong Portugal DTA
  The double tax treaty, DTA, between Hong Kong and Portugal entered into force on June 3, 2012 including reduced tax withholding rates from payments of dividends, interest and royalties. July 2012.
• China New Interest Rate Cut
  The Chinese central bank cut on July 5, 2012 the interest rate on deposits by 0.25%. The lending interest rate was cut by 0.31% down to 6.0%. July 2012.
• Eurozone Unemployment Rise
  According to Eurostat release on July 2, 2012 the unemployment of the 17 countries of the eurozone increased to 11.1% in May compared to 11% unemployment in April. May's unemployment rate is the highest since 1999. The number of unemployed people in May 2012 was 17.6 million. July 2012.
• Slovenia New Personal Tax Rates
  Starting January 1, 2013 a new 50% rate will be imposed on annual income exceeding EUR 69,313. The lower tax rates are unchanged but the tax brackets are higher. June 2012.
• Ukraine EFTA Free Trade Agreement
  The free trade agreement, FTA, between Ukraine and EFTA entered into force on June 1, 2012. June 2012.
• Denmark China New Tax Treaty
  Denmark and China signed on June 16, 2012 a new protocol to the existing 1986 tax treaty between the two countries. June 2012.
• Poland Luxembourg Tax Treaty
  Poland and Luxembourg signed on June 7, 2012 a protocol amending the existing 1995 tax treaty between the countries. June 2012.
• Norway Portugal DTA Entry Into Force
  The DTA, double tax treaty, which replaces the existing 1970 tax treaty entered into force on June 15, 2012 applying from January 1, 2013. June 2012.
• Cyprus Credit Rating Downgrade
  Fitch credit rating agency downgraded on June 25 , 2012 Cyprus credit rating to "junk", from BBB to BB+. June 2012.
• Netherlands VAT Increase
  The Dutch government has decided to increase the VAT rate from the current 19% rate to 21% starting October 1, 2012. June 2012.
• China 0.25% Interest Cut
  The Chinese central bank cut on June 7 ,2012 the lending rate by 0.25% down to 6.31%. June 2012.
• Latvia Tax Cuts
  Starting July 1, 2012 the standard Latvian VAT rate will be reduced from 22% to 21%. Personal income tax rates will be reduced in the next three years down to 20% in 2015. June 2012.
• Poland GDP Up 0.8%
  According to the statistics office estimate the Polish GDP increased in the first quarter of 2012 by 0.8% compared to the last quarter of 2011. June 2012.
• Slovenia 18% Corporate Tax Rate
  The Slovenian corporate income tax rate for 2012 was reduced on April 27,2012 from the previous 20% rate to 18%. May 2012.
• Turkey Credit Rating Downgrade
  S&P downgrade on May 3, 2012 Turkey's long term rating from positive to stable expressing concern about the Turkish government debt. May 2012.
• Vietnam Minimum Wage Increase
  Starting May 1, 2012 the minimum wage in Vietnam is VND 1,050,000 compared to the previous minimum of VND 830,000. May 2012.
• Vietnam Delayed VAT Filing
  The Vietnamese government announced that VAT filing for April, May and June would be delayed for six months. May 2012.
• Singapore Employment Q1
  The employment in Singapore is estimated to have grown by 27,400 in the first quarter of 2012, lower than the increase of 37,600 in the fourth quarter of 2011. May 2012.
• Ireland Production Data
  According to the Irish statistics office the industrial production in March 2012 decreased by 2.5% compared to February 2012 and by 5.6% compared to March 2011 . May 2012
• Hong Kong Hot Real Estate Market
  According to CNBC Hong Kong is the second hottest real estate market. The price of the real estate market increased by 93.7% in the last five years. China tops the list with a price increase of 110.9% in the same period. April 2012.
• Czech 2017 Euro Adoption
  The year 2017 is the closest real date for the Czech Republic's adoption of the Euro. The first serious debates about entering the eurozone may start in 2014 or 2015 .April 2012.
• IRS Tax Returns Tips
  The IRS released on April 16, 2012 tips aimed to avoid common errors when filing annual tax returns. April 2012.
• Sony's Annual Loss
  Sony corporation announced on April 10, 2012 that the forecast for the net loss for the year ending in March 31, 2012 is about & 6.4 billion, the worst result in the last 22 years. April 2012.
• Japan's New Reduced Corporate Tax Rate
  Starting April 1, 2012 the new corporate income tax rate in Japan is 25.5% compared to the previous 30% rate. April 2012.
• France 1.1% Industry Growth
  In January 2012 the French turnover of the manufacturing industry increased by 1.1%. The turnover in December 2011 decreased by 2.2%. April 2012.
• Portugal's Madeira New V.A.T. Rates
  Starting 1.4.2012 there are new increased V.A.T. rates in Madeira. The standard V.A.T. rate is 22%, the medium V.A.T. rate is 12% and the new reduced rate is 5%. April 2012.
• U.K. New 24% Corporate Income Tax Rate
  Starting April1, 2012 the new corporate income tax rate in the UK is 24% compared to the previous 26% rate. The tax rate would be further reduced to 23% starting April 1, 2013. April 2012.
• Poland Cyprus New Double Tax Treaty
  Poland and Cyprus signed on March 22, 2012 a new protocol amending the existing 1992 double tax treaty, DTA, between the two countries. The agreement has to be ratified by both countries. April 2012
• UAE Latvia Double Tax Treaty
  The UAE and Latvia signed on March 11,2012 a double tax treaty. For the UAE the new treaty is its 61st DTA so far. March 2012.
• Brazil February Inflation
  According to the Brazilian statistics office the consumer price index in February was 0.45% compared to 0.56% in January 2012. March 2012.
• Cyprus 3.1% Inflation
  The February inflation in Cyprus was 3.1% , the same as in January 2012 and February 2011. March 2012.
• U.K. Online V.A.T. Filing
  Starting April 1, 2012 most of the businesses in the U.K. will have to submit the V.A.T. returns online and pay the V.A.T. due electronically. March 2012.
• Latvia Tax Withholding Update
  Starting 1.1.2013 payment of dividends to non-residents will be exempt from tax withholding. March 2012.
• Cyprus New 17% V.A.T. Rate
  As from March 1, 2012 the new standard V.A.T. rate in Cyprus is 17% compared to the previous 15% rate. There is no change in the reduced V.A.T. rates of 8% and 5%. March 2012.
• U.S. 3% Economy Growth
  The U.S. economy grew in the last quarter of 2011 by 3% at annual rate, faster than the previous 2.8% forecast. March 2012.
• Mexico to Increase Its IMF Contribution
  The Mexican senate voted to increase Mexico's contribution to the IMF to around $ 14 billion. March 2012.
• Netherlands' 2011 Deficit
  Preliminary data for 2011 show a budget deficit of 4.8% of the Dutch gross domestic product. February 2012.
• Lithuania Immovable Property Tax
  Starting January 1 2012 Lithuanian individuals pay annual 1% tax on immovable property with value exceeding Lt. 1 million. February 2012.
• U.K. Interest Rate Unchanged
  The bank of England decided on February 9 the keep the official interest rate paid on bank reserves at0.5%. February 2012.
• China 4.5% Interest Rate
  The annual inflation in China accelerated to 4.5% in January 2012 compared to 4.1% in December, above the analysts' forecast of 4.0%. February 2012.
• China Banned Paying Carbon tax
  China banned its domestic airlines from paying the EU carbon tax to flights to or from EU countries. February 2012.
• Belarus New 18% Corporate Tax Rate
  Starting January 1, 2012 the new corporate income tax rate in Belarus is 18% compared to the previous 24% rate. February 2012.
• Switzerland Ireland Revised Tax Treaty
  Switzerland and Ireland signed on January 26 2012 a new protocol amending the 1966 double tax treaty between the two countries. February 2012.
• Austria Bosnia and Herzegovina DTA
  The double tax treaty between the two countries which was signed on December 16 2010 entered into force on January 1 2011. February 2012.
• Luxembourg Online VAT Filing
  Starting January 1, 2013 all Luxembourg VAT payers will have to file their VAT returns online. January 2012.
• Croatia Inflation Rates
  The consumer price index in December 2011 decreased by 0.4% compared to November 2011 but increased by 2.1% compared to December 2010. January 2012.
• Spain Personal Tax Rates 2012
  Starting January 1, 2012 there is an additional 0.75%- 7% tax resulting in a new top marginal 52% tax rate for income exceeding EUR 300,000. January 2012.
• South Africa Annual Inflation
  According to Statistics South Africa the annual inflation in December 2011 was 6.1%. The prices increased by 0.2% in December 2011 compared to November. January 2012.
• Finland Tax Rates 2012
  The personal income tax rates vary from 6.5% up to 29.75% for income exceeding EUR 70,300. The municipal tax rates vary from 16.25% to 21.75%. January 2012.
• European Rescue Fund Downgrade
  S&P downgraded on January 16 the credit rating of Europe's rescue fund ,EFSF, by one notch from previous AAA to AA+ .January 2012.
• Israel Azerbaijan Customs Agreement
  Israel and Azerbaijan signed an agreement on customs mutual assistance between the two countries. January 2012.
• Saudi Arabia Malta Double Tax Treaty
  Saudi Arabia and Malta signed on January 4 a treaty for prevention of double taxation between the countries. January 2012.
• Azerbaijan Oil Export 2011
  Azerbaijan's oil export for the eleven months ending November 2011 totaled 34.99 million tons. January 2012.
• India Opens Stock Markets to Foreigners
  India opens its stock markets to foreign individuals who would be able to directly buy and sell starting January 15. January 2012.
• Tbilisi Quality of Living Low Ranking
  According to the 2011 quality of living Survey by Mercer Tbilisi has a very low ranking, 214, out of 221 cities surveyed. January 2012.

Tax Updates 2011

• Mexico Hungary Double Tax Treaty
  The double tax treaty, DTA, between the two countries will enter into force on December 31, 2011 and apply from January 1, 2012. December 2011.
• Uzbekistan Czech Republic Double Tax Treaty
  Uzbekistan and the Czech Republic signed on December 8 a new protocol to the existing 2000 tax treaty between the two countries. December 2011.
• Luxembourg Russia New DTA
  Luxembourg and Russia signed on November 21 a new protocol amending the existing 1993 double tax treaty. December 2011.
• Hungary Tax Updates 2012
  Starting January 1, 2012the standard VAT rate in Hungary would increase from 25% to 27%.Some income tax changes would apply too. December 2011.
• UAE to Establish a Mortgage Entity
  The UAE ministry of finance is checking the option of establishing a new entity for registration of mortgages of small and medium firms having assets which may use as a guaranty. December 2011.
• UK HMRC Reminder For Online Filing
  HMRC is reminding taxpayers filing their tax returns online for the first time to get registered in good time before the filing deadline of January 31, 2012. December 2011.
• Australia's Credit Rating Downgrade
  Standard & Poor's downgraded on December 2 Australia's credit rating by one notch, from AA to AA- .December 2011.
• China's Bank Reserve Ratio Cut
  The Chinese central bank cut from December 5 the reserve ratio for Chinese banks by 0.5%, the first cut since 2008. December 2011.
• Hungary's Credit Rating Downgrade
  Moody's downgraded on November 24 Hungary's credit rating from Baa3 to Ba1.November 2011.
• Belgium's Credit Rating Downgrade
  Standard & Poor's downgraded on November 25 Belgium's long term sovereign credit rating from AA+ to AA. November 2011.
• France New 5% Corporate Surcharge
  The French prime minister proposed to impose 5% surcharge on companies with turnover exceeding EUR 250 million. November 2011.
• Thai Reduced Corporate Tax Approved
  The Thai cabinet approved reduction of the corporate tax rate from 30% to 23% in 2012 and 23% from January 1, 2013 onwards. November 2011.
• Cyprus Removed From Portugal's Black List
  Cyprus was removed on November 8 from Portugal's black list of tax heavens. November 2011.
• ECB Cut Interest Rate
  The European Central Bank, ECB, cut on November 3 its interest rate by 0.25%, from 1.5% to 1.25%. November 2011.
• Israel's New 25% Corporate Tax
  The Israel government approved on October 30 some significant tax changes including, inter alia, increase of the corporate income tax rate to 25%. November 2011.
• Netherlands Switzerland DTA entry Into Force
  The double tax treaty, DTA , between the two countries signed on February 26, 2010 will enter into force on November 9, 2011 and apply from January 1, 2012. November 2011.
• Vietnam Foreign Currency Fines
  The Vietnamese government increased dramatically fines on businesses quoting prices in foreign currency instead of the local currency, Vietnam dong. November 2011.
• Barbados Spain Double Tax Treaty
  The double tax treaty, DTA, signed on December 1, 2010 entered into force and applies from October 14, 2011. October 2011.
• UAE's VAT Introduction Postponed
  The UAE government expects that introducing a VAT system in the UAE will take about three years. October 2011.
• Mexico Extends Export Tax Breaks
  Mexico extends certain tax breaks granted to export manufacturing plants till December 31, 2013. October 2011.
• Mexico's Industrial Output Drop
  The Mexican industrial output dropped sharply by 1.1% in August compared to July, the biggest drop in the last two years. October 2011.
• Italy's Credit Rating Downgrade
  Fitch downgraded on October 7 Italy's credit rating from AA- to A+ with a negative outlook. October 2011.
• Spain's Credit Rating Downgrade
  Fitch downgraded on October 7 Spain's long term sovereign debt rating by two notches with a negative outlook. October 2011.
• Portugal's New 3.5% Surtax
  There is a new 3.5% surtax for individuals having an annual income exceeding EUR 6,790. October 2011.
• France's New 2% Hotel Tax
  Starting November 1 a new 2% tax will be imposed on hotel services exceeding EUR 200 per night. October 2011.
• U.S. September Job Rise
  The U.S. economy added 103,000 new jobs in September, compared to the preliminary forecast of 55,000 jobs. October 2011.
• Denmark's New Fat Tax
  Denmark has introduced a new fat tax. The tax is imposed on food containing more than 2.3% saturated fat. October 2011.
• India Estonia Double Tax Agreement
  The Dutch economy grew by 0.1% in the second quarter of 2011 compared to the first quarter of 2011. August 2011.
• France Banned Shares Short-Selling
  France banned for 15 days short-selling of certain shares from the banking and insurance sector. August 2011.
• Russian Banks' Earnings Up
  The Russian banks' earnings for January-July increased by 60% compared to the same period in the previous year. August 2011.
• Cyprus Credit Rating Downgrade
  Fithch downgraded on August 10 Cyprus's long term currency rating to BBB with a negative outlook. August 2011.
• Switzerland Spain New DTA
  Switzerland and Spain signed a new protocol amending the existing double tax treaty between the two countries. August 2011.
• Malta Israel New DTA
  Malta and Israel signed on July 29 a new double tax treaty between the two countries .Malta's exports to Israel in 2010 improved by 58% compared to the previous year. August 2011.
• Russia's New Transfer Pricing Law
  Russia's new transfer pricing law has been signed by the president. The new law includes major changes. August 2011.
• U.S. Credit Rating Downgrade
  Standard & Poor's downgraded on August 6 the U.S. credit rating from AAA to AA+ for the first time. August 2011.
• Georgia Switzerland DTA Entry into Force
  The double tax treaty between the two countries entered into force and will apply to tax withheld on or after January 1, 2012. August 2011.
• Colombia Switzerland DTA Entry into Force
  The DTA which was signed in 2007 has been approved by both countries and will be applicable from January 1, 2012. July 2011.
• South Africa Jersey New TIEA
  South Africa and Jersey signed on July 12 a new TIEA, Tax Information Exchange Agreement. July 2011.
• Australia Inflation up 0.9%
  The Australian consumer price index rose 0.9% in the 2nd quarter of 2011, compared with a rise of 1.6% in the 1st quarter. July 2011.
• Armenia Ireland New Double Tax Treaty
  Armenia and Ireland signed on July 14 a new double tax treaty between the two countries. July 2011.
• U.K. V.A.T. Amnesty
  HMRC announced an amnesty for businesses not registered yet who would register with HMRC before September 30. July 2011.
• China U.K. New DTA
  China and the U.K. signed a new double tax treaty amending the existing DTA between the two countries. July 2011.
• Singapore Saudi Arabia DTA Entry into Force
  The double tax treaty between the two countries which was signed in May 2010 entered into force on July 1 2011. July 2011.
• Canada's New Provincial Tax Rates
  Starting July 1 there are certain changes in the lower rate or upper rate of the provincial tax rates for Canadian corporations. July 2011.
• Ireland's Credit Rating Downgrade
  Moody's downgraded Ireland's bond credit rating from Baa3 to Ba1 With a negative outlook. July 2011.
• UAE Kenya DTA
  The UAE and Kenya signed on July 5 a double tax treaty, DTA, to avoid double taxation on income. July 2011.
• Guernsey Mexico New TIEA
  Guernsey and Mexico signed a TIEA, tax information exchange agreement. The new TIEA brings the total TIEAs signed by Guernsey to 24. July 2011.
• U.S. Unemployment Rise to 9.2%
  The American unemployment rate rose to 9.2% in June compared to 9.1% in May, a net increase of 18,000 jobs. July 2011.
• France Panama Double Tax Treaty
  France and Panama signed on 29.6.2011 a new double tax treaty. For Panama the DTA is its 12th treaty within 16 months. July 2011.
• Portugal's Credit Rating Downgraded to Junk
  Moody's downgraded on July 5 Portugal's credit rating by four notches, from Baa1 to Ba2. July 2011.
• Norway Turkey DTA Entry into Force
  The double tax treaty, DTA, between Norway and Turkey entered into force on July 15. The DTA will apply from January 1, 2012. June 2011.
• China's Bank Reserve Ratio Rise
  The Chinese central bank raised the banks' reserve ratio by 0.5% to 21.5% effective June 20 . The rise is the sixth rise since the beginning of this year .June 2011.
• U.K. Ethiopia DTA
  The U.K. and Ethiopia signed on June 9 a new double tax treaty. The treaty generally follows the OECD model on exchange of information . June 2011.
• Ireland Reduced 9% V.A.T. Rate
  Ireland is going to introduce a new reduced 9% V.A.T. rate for certain services. The new rate will be introduced from 1.7.2011 to 31.12.2013. June 2011.
• Czech Republic Hong Kong DTA
  The Czech Republic and Hong Kong signed on June 6 a new double tax treaty. The DTA will come into force after ratifications by both countries. June 2011.
• Singapore's Millionaire Households
  According to the Boston Consulting Group Singapore has the world highest percentage of millionaire households, 15.5%, compared to Switzerland having 9.9%. June 2011.
• Canada Turkey DTA Entry Into Force
  The 2009 double tax treaty signed between Canada and Turkey entered into force on May 4, 2011. May 2011.
• Ukraine 23% Corporate Tax Rate
  Starting April 1 the new corporate income tax rate in Ukraine is 23% , compared to the previous 25% rate. May 2011.
• OECD Global Economic Forecast
  According to the OECDs release on May 25 the world GDP is projected to increase by 4.2% in 2011 and by 4.6% in2012. May 2011.
• Jersey GST Increase
  Starting June 1st the GST in Jersey would increase from the current 3% rate to 5%. May 2011.
• U.K. April Inflation Rate
  According to the British office for national statistics the annual CPI for April was 4.5% up from 4% in March, the highest hike since October 2008. May 2011.
• Canada Revenue Agency Tax Tips
  The Canada Revenue Agency, CRA, released tax tips relating to taxpayers unable to make a full tax payment. May 2011.
• Japan's Downgrade by S&P
  Standard& Poor's downgraded on April 27 Japan's sovereign rating from stable to negative. April 2011.
• Ireland Singapore DTA
  The double tax treaty between the two countries entered into force on April 8 with retroactive effect from January 1. April 2011.
• Singapore Spain Double Tax Agreement
  The two countries signed on April 13 a double tax agreement. The DTA will enter into force after ratification by both countries. April 2011.
• Hong Kong Spain Double Tax Treaty
  Foreign enterprises which are taxpayers of indirect taxes in China must pay these two additional surcharges. April 2011.
• U.S. Credit Ranking Downgrade.
  S&P downgraded on April 18 the American credit outlook to negative. April 2011.
• China's Interest Rate Rise
  The Chinese central bank raised on April 6 the interest lending rate from 6.03% to 6.31%. April 2011.
• Luxembourg Removed from Brazil's grey list
  Luxembourg's holding companies were removed on March 28 from the Brazilian grey list of privileged tax regimes. April 2011.
• Italy's Economic Indicators
  The Italian statistics office, Istat, released data about the producer price index which increased in February 2011 by 0.5% compared to January 2011 and by 5.3% compared to February 2010. April 2011.
• Italy's 10% Financial Sector Tax
  The Italian tax office issued a circular clarifying issues relating to the 10% extra tax in the financial sector. April 2011.
• Israel's Economic Forecast 2011
  The bank of Israel's forecast for 2011shows a 4.5% GDP growth The unemployment rate forecast for 2011 is 6.1%. March 2011.
• Turkey's Tax Amnesty
  Turkish taxpayers can enjoy a tax amnesty for the years 2006-2009 without being exposed to further tax audit. March 2011.
• Dutch Interest for Delayed VAT Refunds
  Many Dutch companies are going to get interest from the tax office due to delayed filing of VAT refund from other EU countries. March 2011.
• Israel's Corporate Tax Rate
  Starting January 1, 2011 the new corporate tax rate in Israel is 24% compared to 25% in 2010. March 2011.
• Romania's GDP 2010
  According to the Romanian Institute of Statistics, INS, the GDP in 2010 decreased in real terms by 1.3% compared to 2009. March 2011.
• Peru's New 18% V.A.T. Rate
  Starting 1.3.2011the new V.A.T. rate in Peru is 18%, reduced from the previous 19% rate. March 2011.
• Europe Annual Inflation
  According to Eurostat the annual inflation of the Euro zone was 2.3% in January 2011. February 2011.
• Poland's Labor Market
  The Polish unemployment rate was 13% in January 2011 compared to 12.3% in December 2010. February 2011.
• Bulgarian V.A.T. on Hotel Accommodation
  Starting April 1, 2011 the Bulgarian V.A.T. on hotel accommodation will increase from 7% to 9%. February 2011.
• BP's Oil and Gas Indian Partnership
  BP and Reliance Industries signed a historic partnership relating to 23 oil and gas blocks in India. February 2011.
• Finland's Salary Indices
  Finland's salaries in the fourth quarter of 2010 increased by 4% compared to the same period in 2009. February 2011.
• Bulgaria's Average Salary
  The average Bulgarian monthly salary in the 4th quarter of 2010 was 669 Levs, an increase of 4.9% compared to the 3rd quarter of 2010. February 2011.
• Iceland New Corporate Tax Rate
  Iceland raised the corporate income tax rate from the previous 18% to 20%. February 2011.
• Switzerland's New V.A.T. Rates
  The Swiss new standard V.A.T. rate is 8% compared to the previous 7.6% rate. The new reduced rate is 2.5%. The super reduced V.A.T. rate is 3.8%.
• Poland's New V.A.T. Rate
  The Polish standard V.A.T. rate for 2011 is 23%, compared to 22% in 2010. The reduced V.A.T. rates are 8% and 5%. February 2011.
• Cyprus Huge Gas Reserves Potential
  According to a Cypriot newspaper Cyprus has a potential of huge gas fields in the seabed between Cyprus and Greece. February 2011.
• Cyprus 5% V.A.T. Rate on Food and Medicines
  Cyprus raised the V.A.T. rate on food and medicines from 0% to 5%. January 2011.
• Serbia Raised Interest Rate to 12%
  The Serbian central bank increased the interest rate by 0.5 per cent to 12%, Europe's highest interest rate. January 2011.
• Brazil Warns of Trade War
  The Brazilian finance minister warned against currency devaluation by certain countries which may lead to a trade war. January 2011.
• Singapore Cools Real Estate Market
  Singapore adopted new tax measures aimed to cool the soaring real estate market. In addition flat owners will be allowed to get a maximum 60% loan of their property value. January 2011.
• Greece Downgraded by Fitch
  Fitch credit rating agency downgraded Greece's sovereign debt to junk, from BBB- to BB+ .January 2011.
• Greece's V.A.T. Update
  Starting 1.1.2011 Greece's reduced V.A.T. rate increased from 11% to 13%. The super reduced V.A.T rate increased from 5.5% to 6.5%. January 2011.
• Canada's 16.5% Corporate Tax Rate
  Starting 1.1.2011 the Canadian federal corporate income tax rate is 16.5% compared to the previous 18% rate. January 2011.
• Qatar's GDP Growth
  Qatar's GDP of the third quarter of 2010 increased by 21.1% compared to the same quarter of 2009. January 2011.
• Latvia New 22% V.A.T. Rate
  Starting 1.1.2011 Latvia's new standard V.A.T rate is 22% compared to the previous 21% rate. The reduced V.A.T rate also increased from 10% to 12%. January 2011.
• Portugal's New 23% V.A.T. Rate
  Starting 1.1.2011 the new standard V.A.T. rate in Portugal is 23% compared to the previous 21% rate. The standard V.A.T. rate in Madeira and Azores increased to 16%. January 2011.
• U.K. New 20% V.A.T. Rate
  Starting 4.1.2011 the new standard V.A.T. rate in the U.K. is 20%, compared to the previous 17.5% rate. January 2011.
• Estonia Joined the Euro Zone
  Estonia joined the Euro Zone on January 1,2011 as the seventeenth member adopting the Euro currency. January 2011.

Tax Updates 2010

• Hungary's Credit Rating Downgraded
  Fitch credit rating agency downgraded Hungary's long term foreign currency credit rating by one notch. December 2010.
• Japan's Trade Surplus Narrowed
  Japan's November export increased by 9.1%. The import increased by 14.2% resulting in a decline of 55.4% in the trade surplus. December 2010.
• Israel Residential Real Estate Taxes
  Israel tries to fight the soaring real estate prices by imposing higher purchase tax on non-primary residential property. December 2010.
• Portugal Downgrade Worry by Moody's
  Moody's published a statement expressing worry about a possible downgrade of Portugal's long term rating. December 2010.
• Belgium Downgrade Worry
  Standard and Poor's is worried that Belgium's credit rating could be downgraded due to the political situation. December 2010.
• Japan's Corporate Tax Reduction
  The Japanese prime minister ordered a 5% reduction of the corporate tax rate to create an attractive environment for investors. December 2010.
• U.S. Trade Deficit Narrows
  U.S. exports increased 3.2% in October, the highest level for monthly exports since August 2008. December 2010.
• China Inflation Up 5.1%
  China's inflation went up by 5.1%in November, well above the official 3% target. December 2010.
• U.K. to Increase Beer Tax
  The U.K. will impose additional tax on beer having more than 7.5% by volume strength. December 2010.
• Barbados V.A.T. Hike
  Barbados increased on December 1, 2010 the V.A.T. rate from 15% to 17.5%. December 2010.
• Hong Kong New Stamp Duty
  Kong government announced on November 19, 2010 a new special stamp duty, SSD, on residential properties to curb speculation. November 2010.
• Iberia British Airways Merger Approved
  The shareholders of Iberia and British Airways approved on November 29, 2010 a $ 8.9 billion merger between the two airlines creating the world third biggest airline. November 2010.
• U.K. Mobile Phones Taping Rules
  The British financial services authority published a new policy statement regarding taping of mobile phones provided by certain financial firms to employees. November 2010.
• Greece Switzerland Revised DTA
  Greece and Switzerland signed on November 4, 2010 a revised double tax Agreement in the area of taxes on income and capital. November 2010.
• China Credit Rating Upgraded
  Moody's credit rating agency upgraded on November 11, 2010 China's government bond rating from A1 to Aa3 with a positive outlook. November 2010.
• New Zealand New 15% GST
  The GST, Goods and Services tax in New Zealand increased from 12.5% to 15% starting October 1, 2010. November 2010.
• Malta VAT Rise
  The VAT rate on accommodation services will rise from 5% to 7% starting January 1, 2011. November 2010.
• Switzerland New Social Security Rates
  Starting January 1, 2011 there are some new/increased social security rates in Switzerland. November 2010.
• Ireland Taxpayers Email Scam
  The Irish tax authorities warn taxpayers from scam emails granting Irish taxpayers a tax refund. November 2010.
• Portugal V.A.T. Rise
  Portugal intends to increase the V.A.T. rate from the current 21% rate to 23% effective January 1, 2011. October 2010.
• Brazil New 4% Financial Transactions Tax
  The Brazilian government increased the financial transaction tax, IOF, from the previous 2% to a new 4% rate effective from 5/10/10. October 2010.
• Japan's Cigarettes Tax Hike
  Japan imposed on October 1, 2010 a record 40% tax on cigarettes aimed to encourage Japanese to quit smoking. October 2010.
• France 2011 Budget
  According to the proposed French budget the public deficit will be reduced from the current 7.7% of the GDP down to 6% of the GDP in 2011. September 2010.
• Slovakia V.A.T Rise
  The Slovak V.A.T. rate would increase from the current 19% to 20% effective 1.1.2011. September 2010.
• Ireland GDP Decline 1.2%
  The Irish GDP for the second quarter declined by 1.2%. The GNP for the same period declined by 0.3%. September 2010.
• Global Competitiveness Report
  According to the Global Competitiveness Report released by the World Economic Forum Switzerland tops the overall ranking. September 2010.
• Hong Kong's 1,500,000th company
  According to a press release by the Hong Kong companies registry the 1,500,000th company was registered. September 2010.
• Netherlands Japan New DTA
  The Netherlands and Japan signed a new double tax treaty. The treaty provides reduction or exemption of withholding tax. September 2010.
• Cyprus Off the Italian Blacklist
  Cyprus was removed from the Italian CFC blacklist effective 4.8.2010. September 2010
• Bahrain Credit Rating Downgraded
  Moody's credit rating agency downgraded Bahrain's credit rating from A2 to A3. August 2010.
• Finland Increased VAT Rate
  The Finnish standard and reduced VAT rates increased by one percent effective from 1.7.2010. August 2010.
• Greece Second VAT Increase
  The Greek standard and reduced VAT rates were increased from 1.7.2010 following a previous increase on March 15, 2010. August 2010.
• Poland to Increase V.A.T. Rate
  The Polish government plans to increase the standard V.A.T. rate from 22% to 23% effective from 1.1.2011. August 2010.
• IRS Tax Tips
  The U.S. IRS has published a set of important tax tips For U.S. taxpayers. August 2010.
• Hungary 10% Corporate Tax Rate
  The Hungarian corporate tax rate was reduced from 19% to 10% for income below HUF 250 million. July 2010.
• Tunisia Saudi Arabia DTA
  Tunisia and Saudi Arabia signed on July 8, 2010 a double tax treaty boosting trade relations between the two countries. July 2010.
• Ireland's Credit Rating Downgraded
  Moody's credit rating agency downgraded the Irish credit rating by one step, from Aa1 to Aa2. July 2010.
• Bulgaria Tax Evaders
  About 60%-80% of the retailers and shop owners in Bulgaria evade reporting their real turnover.July 2010.
• Estonia Euro Adoption
  Estonia will adopt the Euro as its officaial currency starting 1.1.2011.The exchange rate will be 15.6466 Estonian Kroon to one Euro. July 2010.
• Portugal's Credit Rating Downgraded
  Moody's credit rating agency cut on July 13, 2010 Portugal's credit rating by two steps. July 2010.
• Panama Tax Update 2010
  There are significant changes in Panama's V.A.T. and income tax rates. July 2010.
• Georgia Singapore DTA Comes into Force
  The double tax agreement between Geogria and Singapore came into force on June 28, 2010.July 2010.
• Hong Kong Ireland DTA
  Hong Kong and Ireland signed on June 22, 2010 a double tax treaty. The treaty follows another DTA signed with the U.K. a day before. June 2010.
• Tajikistan Switzerland DTA
  Tajikistan and Switzerland signed on June 23, 2010 a new double tax treaty, DTA, entering into force after ratification by both countries. June 2010.
• UAE Venezuela Double Tax Treaty
  The UAE and Venezuela signed on June 7, 2010 a new double tax treaty. The treaty is the first DTA signed by the UAE with a Latin American country. June 2010.
• Taiwan Cuts Corporate Tax Rate
  The Taiwan corporate income tax rate was cut to 17% compared to the previous 20% rate with retroactive effect from 1.1.2010. June 2010.
• Japan Switzerland Revised DTA
  Japan and Switzerland signed on May 21, 2010 a new protocol amending the existing DTA, double tax agreement, between the two countries. May 2010.
• New Zealand Budget
  The second budget includes reductions of the corporate and personal income tax rates. on the other hand the GST rate will increase from 12.5% to 15%. May 2010.
• Romania Austerity Plan
  Romania plans to cut publc sector wages by 25% and unemployment and pension benefits by 15% in order to reduce the public deficit. May 2010.
• Singapore Saudi Arabia DTA
  Singapore and Saudi Arabia signed on 3/5/2010 a new double tax treaty, DTA, between the two countries. May 2010.
• Nigeria to Increase VAT Rate
  Nigeria is expected to pass a bill soon doubling the VAT rate from the current 5% to 10%. May 2010.
• Poland Switzerland New Protocol to DTA
  Poland and Switzerland signed a new protocol amending the existing double tax agreement, DTA, between the two countries. May 2010.
• German GDP up 0.2%
  The German GDP rose by 0.2% in the fourth quarter of 2010 compared to the same period in 2009. May 2010.
• Spain's GDP Decreased by 1.3%
  The Spanish GDP decreased by 1.3% in the first quarter of 2010, as compared to the same period in 2009. May 2010
• China's Real Estate Prices up 12.8%
  China's real estate prices in the biggest 70 cities increased by 12.8% in April and 11.7% in March. May 2010.
• EU Rescue Package
  The EU will contribute EUR 500bn while additional EUR 250bn will be contributed by the IMF in a rescue package to help Greece's economy and the Euro currency. May 2010.
• Australia Turkey Double Tax Treaty
  Australia and Turkey signed on 28/4/2010 the first DTA between the two countries. May 2010.
• Israel to Join the OECD
  Israel, together with Estonia and Slovenia were invited to join the OECD which will now count 34 member states, 2010 .May 2010.
• Portugal's Personal Income Tax Rates
  The Portugese parilment approved the tax rates for 2010.The tax rates are the same as in 2009, with slight changes in the brackets. May 2010.
• Serbia Personal Tax Update
  Capital gains tax decreased from 20% to 10% effective from 27/3/2010. May 2010.
• Greece to Increase Taxes
  Greece will increase V.A.T rate from 21% to 23% and impose10% excise taxes on alcohol, tobacco and fuel. May 2010.
• Spain's Credit Ranking Downgraded
  The credit rating agency Standard & Poor's downgraded on April 28, 2010 Spain's credit rating one step, from the previous AA+ to AA April 2010.
• Greece's Credit Ranking Downgraded
  Standard and Poor's downgraded Greece's credit rating from the previous BBB+ to BB+. April 2010.
• Saudi Arabia Vietnam Double Tax Treaty
  Saudi Arabia and Vietnam signed a double tax agreement,together with 2 additional agreements. April 2010.
• Bahrain Malta Double Taxation Treaty
  The two countries signed on April 12, 2010 a new DTA in line with the OECD model. April 2010.
• France GDP up 0.6%
  The French GDP increased by 0.6% in the fourth quarter of 2009. March 2010.
• Israeli Banks to Close U.S. Residents Investment Accounts
  Israeli banks are urging U.S residents to liquidate their investment accounts in Israel. March 2010.
• U.K. GDP up 0.4%
  The GDP for the fourth quarter of 2009 increased in 0.4%, compared to the previous 0.3% estimate. March 2010.
• Hungary 2010 Tax Rates
  The new Hungarian corporate tax rate is 19%, compared to the previous 16% rate. The new personal income tax rates are 17% and 32%. March 2010.
• Hong Kong 3 New DTAs
  Hong Kong signed three new double taxation agreements with Brunei, the Netherlands and Indonesia. March 2010.
• Portugal's Credit Rating Downgraded
  Fitch credit agency downgraded Portugal's credit ranking from AA to AA-. March 2010.
• Singapore's New DTA Protocols
  Two protocols to the standing DTAs with Norway and the Netherlands will enter into force soon. Mach 2010.
• Ukraine Film Production Bebefits
  V.A.T. exemption is granted to film producers in Ukraine for six years ending on 1.1.2016. February 2010.
• U.S. Chile Income Tax Treaty
  The U.S. and Chile signed the first income tax treaty between both countries. February 2010.
• Russia New Insurance Contributions Law
  From 1.1.2010 the UST , Unified Social Tax, is replaced by new insurance payments to four separate funds. February 2010.
• U.S. Hungary New DTA
  The U.S. and Hungary signed on 4.2.2010 a new double taxation treaty replacing the previous DTA. February 2010.
• Spain New V.A.T Rate
  According to the Budget Law the standard V.A.T rate of 16% would be raised to 18% from 1.7.2010. February 2010.
• Belgium V.A.T on Sale of Land
  Starting 1.1.2011 V.A.T is due on sale of land combined to sale of a new building. February 2010.
• Israel Three New DTAs
  On 1.1.2010 three new double taxation agreements entered into force. The agreements are with Vietnam, Estonia and Taiwan .February 2010.
• Taiwan Israel Double Taxation Treaty
  According to the treaty there is a maximum 10% tax on dividends, interest and royalties. February 2010.
• Czech Republc Cyprus New DTA
  The new double taxation treaty which was signed on 28/4/2009 entered into force on 1/1/2010. January 2010
• Malaysia Real Propery Gains Tax
  From 1.1.2010 gains from sale of real estate held for less than five years is subject to 5% real property gains tax. January 2010
• Israel Tax Rates 2010
  From 1.1.2010 there are new reduced income tax and V.A.T. rates in Israel. January 2010.
• U.K. 17.5% V.A.T Rate
  From 1.1.2010 the standard V.A.T. rate in the U.K. is 17.5%, compared to the previous 15% rate. January 2010.

Tax Updates 2009

• Azerbaijan Reduced Profit Tax
  From 1.1.2010 there is a new reduced 20% profit tax. January 2010.
• France Bank Bonuses Tax
  France joins the U.K., planning to impose tax on bonuses paid by French banks to employees. December 2009.
• U.K. 2009 Pre Budget Report
  The U.K. pre budget report includes some significant tax changes for next year. December 2009.
• Argentina San Marino TIEA
  Argentina and San Marino signed a Tax Information Exchange Agreement. December 2009.
• Argentina Bahamas TIEA
  Argentina and the Bahamas signed a new TIEA, Tax Information Exchange Agreement, between the two countries. December 2009.
Isle of Man New Immigration System
The immigration office introduced a new points based system. December 2009.
• U.K. Voluntary offshore Disclosure
  The HMRC announced extended deadlines for voluntary disclosure on offshore accounts and assets. December 2009.
• Spain 43% Tax Rate on Footballers
  The Spanish government plans to raise the tax rate for foreign footballers from the current 24% rate to 43%. November 2009.
• Qatar Reduced Corporate Tax Rate
  Qatar plans to cut the corporate tax rate in 2010 to 10%, compared to the current 35%. November 2009.
• Moldova Tax on Reinvested Profits
  The Moldovan government plans to impose a 10% tax on reinvested profits and increase excise duties by 20%. November 2009.
• Isle Of Man Malta DTA
  The Isle Of Man signed a new double taxation treaty with Malta,in line with the OECD standards on exchange of informatrion. October 2009.
• Bermuda France TIEA
  Bermuda signed with France its 16th bilateral TIEA, Tax Information Exchange Agreement. October 2009.
• Croatia Tax Updates
  From 1.8.2009 the new standard V.A.T. rate in Croatia is 23%. There is also a new crisis tax for individuals at rates of 2% or 4%. October 2009.
• Mexico Singapore Double Tax Treaty
  Mexico and Singapore signed a new protocol including exchange of information agreement according to international standards .October 2009.
• Italy Tax Amnesty
  The Italian parliment approved amnesty for tax evaders, who will pay a final 5% tax rate for illegal funds abroad, mainly in Switzerland and Luxembourg. October 2009.
• Malaysia U.K. Double Taxation Treaty
  Malaysia and the U.K. signed a new protocol updating the existing DTA between the two countries. September 2009.
• Mexico 2010 Tax Reform
  The corporate income tax rate and the top marginal tax rate for individuals would rise to 30% in the years 2010-2012. September 2009.
• Israel Online Tax Returns Filing
  From 20/10/2009 individuals filing their tax return for 2008 and for future years must submit it online only. September 2009.
• Switzerland U.K. Revised DTA
  Switzerland and the U.K. signed a new protocol amending the existing double taxation treaty between the two countries. September 2009.
• Malta Tax Amnesty
  Defaulters in Malta can now enjoy a 90% tax reduction on interest and fines for taxes due from 1998 onwards. September 2009.
• Norway Switzerland Revised DTA
  Norway and Switzerland signed a protocol amending the double taxation agreement between the two countries. September 2009.
• Vietnam Israel Double Taxation Treaty
  Vietnam and Israel signed a double taxation treaty regarding taxes on income and capital gains. August 2009.
• Singapore Denmark Double Taxation Treaty
  Singapore and Denmark signed a new treaty for exchange of tax information .August 2009.
• Cooperative in the Netherlands
  Features of the Netherlands cooperative company. benefits and legal features .By Balthazar Tax Consultants. August 2009.
• Netherlands Holding BV
  Learn how to benefit from the Netherlands Holding BV.By Balthazar Tax Consultants. August 2009.
• Israel Social Security Ceilng Doubled
  The monthly ceilng for social security payments was doubled from the previous IS 38,415 to IS 76,830. August 2009.
• Hungary Tax Update
  Increased higher V.A.T rate of 25%, a new reduced V.A.T. rate of 18%, reduction of social security contribution from 29% to 26%. July 2009.
• Estonia Increased V.A.T. Rate
  From 1.7.2009 the standard V.A.T. rate in Esonia is 20%, compared to the previous 18% rate. July 2009.
• Belgium Australia new Tax Treaty
  Belgium and Australia signed a new protocol allowing full exchange of tax information between the two countries. July 2009.
• Turkey Taxes
  An article about Turkey taxes by "Independent Accountants" firm. July 2009.
• Cyprus Italy new Tax Treaty
  A new protocol signed in June 2009 removes Cyprus from the Italian CFC blacklist. June 2009
• France Australia Double Taxation Treaty
  The treaty signed in June 2006 is effective, starting June 1, 2009 .June 2009.
• Turkey new Incentive Package
  Reduced corporate income tax rates, ranging from 10% to 2% in the new incentive plan unveiled by Turkey PM, Erdogan .June 2009.
• Serbia Dividend Income
  The tax base for dividend income is now 80%, replacing the previous 50% tax base. June 2009.
• U.S. Luxembourg Tax Information Treaty
  The two countries signed a new protocol regardind tax information exchange .June 2009
• EU, Latvia V.A.T. on Land for Construction
  The European Commission requested Latvia to stop exempting from V.A.T transactions involving land for construction. May 2009.
• Azerbaijan Reduced Profit Tax Rate
  The Azerbaijan corporate profit tax will be reduced from 22% to 20%. May 2009.
Canada, Ontario new HST
From 1.7.2010 Ontario will introduce a new 13% HST, Harmonized Sales Tax. May 2009.
• Netherlands Quarterly V.A.T Filing
  From 1.7.2009 all V.A.T payers can file and pay on a quarterly basis. May 2009.
• Luxembourg UAE Double Taxation Treaty
  The Luxembourg parliment ratified the double taxation treaty with the UAE. May 2009.
• Israel Budget 2009-2010
  Standard V.A.T rate rise from 15.5% to 16.5%, Reduction of corporate tax rate from 26% to 25% and more. May 2009.
• Hungary V.A.T. Update
  The standard V.A.T would be raised from the current 20% to 25%. A new reduced V.A.T rate of 18% would be introduced .May 2009
• Russia Cyprus Double Taxation Treaty
  According to the new protocol Cyprus will be removed from the Russian "Blacklist". May 2009.
• Czech Republic Tax Rates 2009
  Reduction of corporate income tax rate and employee's social security contribution .April 2009
• EU Agreement on Reduced V.A.T. Rates.
  ECOFIN agreed on reduced V.A.T. rates in some sectors. April 2009.
• U.S. Gibraltar TIEA agreement
  The U.S. and Gibraltar signed in London a new tax information exchange agreement, TIEA, April 2009
• U.K. New Penalty Regime
  HMRC has introduced a new one penalty system replacing the previous wide variety of penalties. April 2009
• U.K. New Penalty Regime
  HMRC has introduced a new one penalty system replacing the previous wide variety of penalties. April 2009
• China Business Tax Update
  In 2009 services supplied outside China are liable to business tax. April 2009
Greece New Tax Levy for Rich Taxpayers
A new tax levy of EUR 1,000 -EUR 5,000 will be imposed on rich taxpayers. March 2009
• U.S. Tax on bonuses to AIG Employees
  90% tax would be imposed on bonuses to senior AIG employees. March 2009.
• U.S.Tax Credit for First Time House Buyers
  A tax credit of up to $ 8,000 for first time house buyers. March 2009.
• U.K. Reduced HMRC Interest Rates
  New reduced HMRC interest rates for unpaid and overpaid corporate tax. February 2009.
• Lithuania Tax Rates 2009
  Some significant changes in Lithuania income tax and V.A.T. rates. February 2009.
• Australia Chile Free Trade Agreement
  Australia and Chile signed FTA, coming into force on March 6, 2009. February 2009.
• Canada Budget 2009
  Overview of certain tax measures in the proposed Canadian budget. February 2009.
• Slovakia V.A.T Refund for Foreign Persons
  The Slovak tax administration published information relating to refund of V.A.T. to foreign persons. January 2009.
• India Albania Double Taxation Treaty
  The Indian government approved a double taxation treaty with Albania. January 2009.
• U.S. - France income tax treaty 2009
  The U.S. and France signed a protocol updating the current 1994 income tax treaty. January 2009.
• Poland Tax updates 2009
  New personal income tax rates of 18% and 32% replace the 2008 rates. Corporate tax rate and V.A.T rates are unchanged. January 2009.
• Israel new Tax Rates 2009
  From 1.1.2009 the new corporate tax rate is 26%. The top marginal tax rate for individuals is reduced to 46%. January 2009.
• Latvia New V.A.T rates
  From 1.1.2009 the new standard V.A.T rate in Latvia is 21%. As of January 2009.

Tax Updates 2008

• Israel New V.A.T regulations
  Israeli confirmed new V.A.T. regulations regarding service suppliers.
  As of December 2008.
• Hong Kong Vietnam Double Taxation Treaty
  According to the treaty any tax paid in Hong Kong by Vietnam residents\companies would be credited against tax payable in Vietnam. As of December 2008
• U.S. Liechtenstein Tax Information Exchange Agreement
  U.S. and Liechtenstein signed an agreement to allow exchange of information of tax matters. As of December 2008
• U.S. and New Zealand Tax Treaty
  The U.S and New Zealand signed a new protocol updating the tax current tax treaty between the two countries. As of December 2008
• UK New Reduced V.A.T Rate 2008
  From 1.12.2008 the U.K. V.A.T rate has been reduced from the previous 17.5% rate to 15% - As of December 2008
• Israel updated figures regarding donations
  The Israeli tax authority published updated figures regarding donations to public non-profit organisations. As of December 2008
  
  
• Netherlands's Budjet 2009
  The Dutch cabinet presented on September 16 the Netherlands budget for 2009. As of November 2008
  
  
• Malta's Budget 2009
  Malta's finance minister presented on November 3, 2008 the 2009 budget. As of November 2008
  
  
• Ireland's Budget 2009
  Ireland's finance minister presented on October 14 the Irish budget for 2009. As of October 2008.
  
  
• Hungary Corporate Tax Rate Update
  The government proposed to change the corporate tax rate from 16% to 18% and abolish the 4% solidarity tax. As of September 2008.
  
  
• Greece Tax Rates 2009
  Greece corporate tax rate would be reduced in the years 2010-2014 from 25% to 20%. Dividend payments by Greek companies would be subject to 10% tax withholding - As of September 2008
  
  
• U.S. Malta new Tax Treaty
  The U.S. and Malta signed a new tax treaty on August 8, 2008 .The treaty deals with withholding tax rates for dividends, royalties and interest payments.The treaty has to be ratified by both countries - As of August 2008
  
  
• US Tax Rates 2008
  U.S. 2008 tax rates and tax laws at a glance. Corporate and Individual 2008 tax rates, AMT, Alternative Minimum Tax, Capital Gains Tax, Sales Tax, Social Security and more - As of July 2008
  
  
• Ireland Tax News 2008
  New VAT Rules for Construction Services - As of June 2008
  
  
• Israel Tax News 2008
  Israel to reduce Income Tax Rates - As of June 2008
  
  
• Luxembourg Tax News 2008
  Luxembourg Corporate Tax Reduction - As of May 2008
  
  
• Netherlands Tax News 2008
  Netherlands's 2008 Tax Rates - As of March 2008
  
  
• UK Tax Rates 2008
  UK corporarte tax, Personal tax, Tax Deductions and credits - As of March 2008
  
  
• Poland proposed Flat IncomeTax Rate
  A new 19% flat tax income rate is planned in 2010-2011 - as of February 2008
  
  
• India Tax News 2008
  India's 2008 tax rates - As of February 2008
  
  
• Canada Tax News 2008
  Canada's 2008 tax rates - As of February 2008
  
  
• From 1.1.2008 the new Czech corporate tax rate is 21%, replacing the 2007 corporate tax rate of 24%.
  Czech Republic Tax News 2008 - as of January 2008
  
  

Tax Updates 2007

• Israeli parliment approved a new negative income tax reform
  Israel Tax News 2007 - as of December 2007
  
  
• Vietnam Double Taxation Prevention Treaties
  Double Taxation Agreements: List of Countries - as of December 2007
  
  
• Italy Unemployment Rates
  Italy 2000-2006 business indicators in our site - as of December 2007
  
  
• China Tax News 2007: V.A.T Refund
  From 1.7.2007 there is a major reduction of export VAT for 2,268 products - as of September 2007
  
  
• Romania Tax News 2007: Social Security
  From 1.8.2007 employees in Romania would pay social security contribution according to their full gross salary - as of August 2007
  
  
• Czech Republic: Czech Corporate Tax Cut
  The parliment voted for a reduction of the Czech corporate tax, from the current 2007 24% tax rate to 19% in 2010 - as of August 2007
  
  
• Gibraltar Tax News 2007
  New Reduced Corporate Tax Rate - as of July 2007
  
  
• New Zealand: Budget 2007/8
  According to New Zealand's budget for the year 2007/8 there are some significant changes - as of May 2007
  
  
• Russia: Tax Amnesty
  On 1.3.2007 Russia declared the first tax amnesty for individuals - as of March 2007
  
  
• China: New Unified Corporate Tax
  A new 25% unified corporate tax is expected from 1.1.2008 - as of March 2007
  
  
• Slovakia: Income Taxes
  In 2007 Slovakia's tax rates for companies and individuals remain the same as in 2006 - as of January 2007
  
  

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