EU ministers agreed on the need to establish a common corporate tax base in July 2013. The European Commission presented two directives: a directive establishing a common corporate tax base (CCTB), and a directive on a common consolidated corporate tax base (CCCTB). Both draft directives are still awaiting Council’s agreement. In its resolutions, the European Parliament strongly supported this major reform of corporate taxation and introduced the notion of “digital presence” that would enable member states to tax digital companies. Continue reading
“On 17 June 2015 the Commission presented an action plan to reform the corporate tax system in the EU. It includes a series of initiatives designed to end tax avoidance, ensure the sustainability of revenues and strengthen the internal market for business. Continue reading
The OECD’s Base Erosion and Profit Shifting (BEPS) project started in 2013 amid growing concern of tax planning used by multinational enterprises (MNEs) to artificially reduce taxable income / shift profits to low tax countries by benefitting from discrepancies between country specific tax rules. Continue reading
The Italian Parliament approved on December 23, 2013, the Finance Law for 2014 (so called “Legge di Stabilità” – no. 147/2013). Such a law has provided for the set up of the so called “web tax”.
At a first stage, the web tax should have been both for VAT and corporation income tax perspectives. The VAT aspects of the web tax has now been repealed (please see below). Continue reading
The Malaysian Prime Minister has announced that GST will be implemented in Malaysia on 1 April 2015 at the rate of 6% in his budget speech. The threshold for mandatory registration will be RM 500,000.
Income Tax rate will be reduced between 1 % to 3 %, effective from assessment year 2015. Corporate Tax rate will be reduced by 1% from 25% to 24% (SME rate from 20% to 19%) effective from assessment year 2016. Continue reading