Tax

On 5 December 2012, the Irish government released details of the country’s budget for the 2013 tax year. While many of the changes have been anticipated for several weeks, the budget announcement has confirmed some revised rules that will take effect, in most cases from 1 January 2013. (For coverage of the previous budget,...

Following several years of controversy and lack of implementation, Paraguay’s personal income tax (PIT) finally took effect starting in August 20121 after Congress enacted, on July 23, 2012, Law 4673/2012 and a related executive decree and Finance ministry general resolution were issued.2 The imposition of the personal income tax will have important implications for...

Four significant new pieces of tax legislation were recently released in South Africa. This Flash International Executive Alert considers the Tax Administration Act, effective 1 October 2012, the newly gazetted rates and monetary thresholds for 2012, a...

The U.S. Internal Revenue Service (IRS) has announced a number of measures targeted at providing tax relief for victims of Hurricane Sandy. These measures include the following: • Qualified disaster relief payments made to individuals by their employ...

New tax measures have recently been introduced by the government in Portugal for 2012 that will raise taxation on certain unearned income.1 We briefly describe below the main changes to Portugal’s personal income tax rules. Note that while the change...

Belgium’s tax authorities recently released a new “frequently asked questions” (FAQ) about the calculation of the benefit-in-kind of a company car.1 New rules governing the calculation of the benefit-in-kind resulting from the personal use of a c...

On 15 September 2012, a long-awaited decree was published1 that clarifies the obligation placed on trust administrators2 (i.e., trustees) to disclose information on trusts where such trusts have a “French connection.” This is one of the many recent...

Highlight here are two recent tax developments that will impact employees and employers. Employer’s Levy on Top Salaries Recently, the Bill on the Implementation of Tax Measures Budget Agreement 20131 passed the Netherlands’ legislature introducing...

Just days after announcing that a new payroll tax on expatriates would be introduced, the Cayman Islands government dropped those plans. It is understood that various spending cuts and revenue raising measures – some of which have yet to be revealed ...

The Honorable Christopher Sinckler, the Minister of Finance and Economic Affairs for Barbados, delivered the Financial Statements and Budgetary Proposals of the government of Barbados on June 26, 2012.1 Highlights of Measures in the Budget Speech Affec...