Managing the Global Mobility Function 2012: Now Available
Tag Archive
Australia: Government Unveils 2013/14 Budget with Few Measures for Individuals
On 14 May 2013, the Commonwealth Treasurer, the Honourable Wayne Swan MP, delivered the Australian Federal Budget 2013-14.1 In addition, on 13 May 2013, the Treasurer and the Minister for Disability Reform, Jenny Macklin, released draft legislation to enact the proposed increase of the Medicare Levy to fund DisabilityCare Australia, the government’s National Disability... »
Romania: New Rules on Taxing Resident Assignees Overseas
Government Ordinance no. 8/20131 (G.O. no. 8/2013 ) recently modified the Romanian Fiscal Code, significantly impacting Romanian companies with employees assigned abroad. The changes under G.O. no. 8/2013 effectively provide a cash-flow advantage for Romanian companies, making it potentially easier to implement tax equalization policies. Background Before G.O. no. 8/2013 came into force, resident... »
Spain: New Rules Affecting Personal Taxation Promulgated End of 2012
Law 16/2012 of 27 December1 Timing Imputation Rule A new rule is in effect as of 1 January 2013, in cases where there is a loss of residence due to a move to a European Union (EU) country intended to comply with the European Court of Justice’s sentence of 12 July 2012, Case 269/092.... »
France: Major Changes in the Collection of Tax on Passive Income
Major changes are being implemented in France concerning the collection of income tax on passive income that will impact nearly all assignees.1 The French government introduced a compulsory levy (so-called “Prélèvement Obligatoire Non Libératoire”(PONL)) to avoid an “air pocket” of many millions of euros in the collection of its tax revenue. This is further... »
Greece: New Tax Laws Aim to Raise More Revenue
In Greece two new tax laws have come into force. Tax Law No. 4110 amends provisions of the country’s income tax code,1 while Law No. 4111 imposes new measures.2 Together these laws raise tax rates, lower thresholds, restrict tax reliefs, and generally raise the burden of taxation on individuals. We summarize below the main... »
Colombia: Reform Law Alters Residency and Tax Regime for Individuals
With Act 1607 of 2012, promulgated on December 26, 2012, the Colombian Congress, among other changes, has reformed the country’s tax rules applicable to individuals.1 Below we highlight some of the important changes impacting individuals. Residency Determination One of the main changes is the determination of residency for tax purposes and its implications for... »
South Korea: Enacted Tax Law Changes Affect Individuals
South Korea’s National Assembly passed into law the government’s tax law revision bill on January 1, 2013.1 The new law will take effect from January 2013, unless specified otherwise. Below is a summary of the main items of the revised tax laws as they relate to international assignees. Flat Tax Extended and Tax Rate... »
United Kingdom: Recommendations Made on Unapproved Share Plans
The Office of Tax Simplification (OTS) in the U.K. issued its final report on its review of unapproved share plans on 16 January 20132. The final report included a number of recommendations relating to internationally mobile employees as well as other proposed changes to U.K. tax law and administration concerning unapproved share plans. Recommendations... »
Poland: Changes to the Income Tax Act for 2013
For 2013, some changes to the Polish income tax regulations have come into force.1 Although the tax rates remain unchanged, certain reliefs and deductions have been amended. The changes for 2013 do not significantly alter the income tax regime in Poland. The basic rate of 18 percent on annual income up to PLN 85,528... »
France: New Fiscal Acts in Force with Measures Affecting Individuals
The past few months have seen various proposals for new tax legislation aimed largely at replenishing state coffers. The passage through parliament of France’s Finance Act for 20131 (“the Act”) was challenging. (For prior coverage, see the following issues of Flash International Executive Alert: 2012-180 (October 5, 2012) and 2012-208 (November 21, 2012).) The... »