Managing the Global Mobility Function 2012: Now Available
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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.... »
Paraguay: New Personal Income Tax Rules Finally Take Effect
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... »
Spain: Royal Decree Amends Rules on Personal Income Taxation, VAT
A new Royal Decree-Law in Spain modifies the Personal Income Tax Law in ways that will increase the tax burden of many individuals. In particular, the Decree-Law amends the rules governing the tax relief related to the purchase of a principal residence and the rates of withholding tax on certain earnings. Also, the Decree-Law... »
France: New Draft Corrective Finance Law
On 8 February 2012, the French government meeting in the Council of Ministers adopted a proposal for the Corrective Finance Law for 2012 (Projet de Loi de Finances rectificative pour 2012, or “PLFR”). The PLFR is to be submitted to the Parliament for debate and a vote. This draft law comes on the heels... »
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... »
France and Corrective Finance Law for 2011, 2012 Finance Law Measures
The French Supreme Court (Conseil Constitutionnel) late last month validated the tax measures contained in the fourth Amended Finance Law for 2011 (Loi de finances rectificative pour 2011) including a number of targeted tax increases announced by French Prime Minister François Fillon on 7 November 2011. The Amended Finance Law embodies and supplements the... »
France: Tax Developments
Some proposed measures in France’s draft Corrective Finance Law for 2011 could impact individuals and their multinational employers. Among these are proposed “freezes” in the rates and brackets for personal income tax and inheritance and gift taxes, an increase in the flat-rate tax on dividends and interest, and changes to the value-added tax. In... »
Greece’s Modified Compliance Measures for Late Filers
Greece’s Law 4002/2011 (ΦΕΚ 180 Ά/22.08.2011)1 was recently promulgated. In this Flash International Executive Alert we summarize some of the key points of the law which may impact individuals and their employers. Filing of Income Tax Returns Taxpayers who had not filed income tax returns for income earned up to 31 December 2009 or... »
Spain: Re-establishes Rules on Applying Reduction on Stock Option Income
Spain’s Sustainable Economy Law 2/2011 (Ley 2/2011 de Economía Sostenible1) was published in the official gazette (Boletín Oficial del Estado) on 5 March 2011, following its approval on 4 March. This Law re-establishes, with retroactive effect, a rule requiring that in order to apply the 40-percent reduction on irregular income derived from stock options,... »
Serbia and Amendments to Income Tax Law
On 23 March 2010, the Serbian Parliament adopted amendments to the Personal Income Tax Law. These amendments have been published in the Official Gazette (“Službeni glasnik Republike Srbije”) of Serbia no. 18/2010, dated 26 March 2010. They became effective on 27 March 2010. »