Managing the Global Mobility Function 2012: Now Available
Tag Archive
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... »
European Union: Direct Taxation of Cross-Border Workers to Be Reviewed
On April 2, 2012, the European Commission announced its intention to review direct tax measures imposed by member states on cross-border workers. The Commission will carry out a thorough review of national direct taxes to determine whether they create unfair disadvantages for individuals who live in one member state and work in another. The... »
Portugal Tax Developments
Below we highlight some recent tax developments in Portugal potentially affecting individuals and their multinational employers. Budget Law Enacted Portugal’s 2012 State Budget Law (Lei do Orçamento do Estado para 2012)1 was enacted at the end of December. The main changes to the country’s personal tax system were previously reported (when in the proposal... »
United Kingdom: HMRC Targets Wealthy Individuals with Overseas Property
Her Majesty’s Revenue & Customs (HMRC), the U.K. tax authority, has announced that it has set up an “affluent team,” a new 200-strong team of investigators and specialists who have been tasked with investigating wealthy U.K. individuals who own overseas property. The newly-formed team is using sophisticated “data mining” techniques to obtain details of... »
Czech Republic and Tax Reform Legislation
The Czech government recently submitted to Parliament draft legislation on a single collection point, whereby, from 1 January 2013, the payment of all taxes, customs duties, and social security contributions, state employment policy contributions, general health insurance contributions, and legal injury insurance is expected to be concentrated in a single collection point. The legislation... »
Romania and Fiscal Code Reform
Several changes have been made to all titles of Romania’s Fiscal Code, as well as to legislation on some other financial and tax matters. Among other things, worldwide taxation of the income of individuals who become Romanian residents has been accelerated. Government Ordinance no. 30/2011 amending and supplementing Law no. 571/2003 regarding the Fiscal... »
Vietnam and Withholding for Non-Employees
On 4 August 2011, Vietnam’s Ministry of Finance issued a circular1 (“Circular 113”) which amends several provisions under earlier circulars dealing with withholding rules concerning payments made to employees and non-employees. Circular 113 came into effect from 19 September 2011. Important changes under Circular 113 relate to income paid to individuals that are not... »
Vietnam and Tax Relief Measures
Vietnam’s National Assembly, on 6 August 2011, passed Resolution 08/2011/QH13 granting a number of tax relief measures to certain taxpayers, aimed at helping them overcome difficulties brought on by the challenging economic environment. The Resolution took effect immediately starting 6 August 2011. Among the more notable measures offered to individuals under Resolution 08 are:... »
U.K. Budget Speech Delivered – Changes in Store for Taxing Individuals
George Osborne, the U.K.’s Chancellor of the Exchequer, presented the 2011 Budget speech on 23 March 2011. This year, there has been a departure from the usual approach with much new legislation being published in draft for consultation prior to the Budget. »
India’s Direct Taxes Code Bill, 2010 and Changes for Taxation of Individuals
The Direct Taxes Code Bill, 2009 (“DTC 2009”) was released by the government of India (“GOI”) for public comments, along with a discussion paper, on 12 August 2009. Since then, a number of inputs on the proposals had been received from numerous organizations and individuals. »