Italy Ratifies Switzerland, Monaco, Liechtenstein TIEAs

Italy Ratifies Switzerland, Monaco, Liechtenstein TIEAs

Italy’s Cabinet on August 7 approved legislation to ratify the tax agreements signed with Switzerland, Liechtenstein, and Monaco. The protocol to the existing double tax agreement between Italy and Switzerland was signed on February 23, 2015. The Cabinet noted that, once the protocol enters into force following ratification by both sides, its information exchange provisions will apply retrospectively from that

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UK Tax Technicians Criticize New Dividend Allowance

UK Tax Technicians Criticize New Dividend Allowance

The Association of Tax Technicians (ATT) has expressed serious concern that the proposed new UK Dividend Allowance amounts to a tax rise “by the back door.” Chancellor George Osborne’s Summer Budget provided for the replacement of the Dividend Tax Credit with a new Dividend Allowance. The allowance will be available to anyone who has dividend income. According to the Government,

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HMRC Releases Guidance On Dividend Tax Changes

HMRC Releases Guidance On Dividend Tax Changes

UK tax authority HM Revenue and Customs has released a fact sheet on the introduction of a new tax-free Dividend Allowance from April 2016. Chancellor George Osborne’s Summer Budget provided for the replacement of the Dividend Tax Credit with a new Dividend Allowance. The fact sheet explains that the allowance will be available to anyone who has dividend income. It

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Italy Confirms FATCA Data Instructions

Italy Confirms FATCA Data Instructions

The Revenue Agency has confirmed that it has finalized its instructions for Italian financial institutions (FIs) to transmit their data to comply with the Foreign Account Tax Compliance Act (FATCA) inter-governmental agreement (IGA) between Italy and the United States. FATCA, enacted by the US Congress in 2010, is intended to ensure that the US obtains information on accounts held abroad

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Osborne’s Budget To Stick To Election Tax Pledges

Osborne’s Budget To Stick To Election Tax Pledges

UK Chancellor George Osborne has said his upcoming Budget will “deliver the promises upon which the Conservative Government was elected.” Osborne appeared on the BBC’s Andrew Marr Show on July 5, after a week in which high-profile members of the Conservative Party called for the top rate of income tax to be cut. When asked whether he would answer the

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UK’s Cameron Pledges Lower Tax For Workers

UK’s Cameron Pledges Lower Tax For Workers

The UK needs to “move from a low wage, high tax, high welfare society to a higher wage, lower tax, lower welfare society,” Prime Minister David Cameron has said. In a speech, Cameron said that policymakers must deal with the “ridiculous merry-go-round” of the tax credits system, under which “people working on the minimum wage [are] having that money taxed

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HMRC Issues Guidance On Amending MOSS Returns

HMRC Issues Guidance On Amending MOSS Returns

On June 11, HM Revenue and Customs (HMRC) updated its guide on its Mini One Stop Shop (MOSS) scheme to explain how companies can correct VAT MOSS returns. The MOSS was introduced to simplify compliance with the January 1, 2015, change to EU place of supply rules, which have required companies that provide broadcasting, telecommunications, or electronic services to account

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UK To Maintain Tax Competitiveness, Says Gauke

UK To Maintain Tax Competitiveness, Says Gauke

David Gauke, Financial Secretary to the United Kingdom Treasury, has said that the newly elected Conservative Government will maintain a competitive corporate tax regime, although further reductions in the rate of UK corporate tax appear to be off the table. He also confirmed that the Government will continue to tackle aggressive tax avoidance. In a speech at the “Britain, Europe,

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British Firms Urge Gov’t To Avoid Tax Hikes

British Firms Urge Gov’t To Avoid Tax Hikes

UK business leaders think deficit reduction should be achieved primarily through spending cuts rather than tax rises, the Institute of Directors has said. A survey of 1,211 IoD members conducted immediately after the general election revealed that 85 percent supported plans to run a surplus by the end of the 2015-20 Parliament. More than half of respondents strongly opposed increases

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Tory tax plans ease business’s worries, but personal tax path unclear

Tory tax plans ease business’s worries, but personal tax path unclear

The Conservatives will be able to finish what they started after all. It is, by and large, good news for the UK’s businesses, which the party made great play of supporting in the previous government. The Conservatives have campaigned on a largely pro-business platform, and over the last parliament lowered the headline rate of corporation tax to 20% from 28%.

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