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ITALY: High Court Rules 10% Tax on Bankers’ Bonuses Is Valid

By Ben Tibber

The Italian Constitutional Court has ruled that the 10-percent tax on banking bonuses is not contrary to the Italian constitution. The 10-percent levy applies to senior executives in the financial services sector on their variable compensation paid as a bonus or stock options which exceed a certain ratio of fixed remuneration paid out from... »

AUSTRALIA: Legislation Enacted with New Levy Impacting Tax Liabilities

By Ben Tibber

Australia’s so-called “temporary budget repair levy” of 2 percent, raising the tax burden for certain individuals, has been enacted. On 25 June 2014, the package of 15 Temporary Budget Repair Levy bills received Royal Assent. The additional income tax rate on annual taxable income exceeding A$180,000, will apply from 1 July 2014 to 30... »

Australia: Government Unveils 2013/14 Budget with Few Measures for Individuals

By train

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... »

France: Major Changes in the Collection of Tax on Passive Income

By train

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... »

The Netherlands: Tax Developments Affecting Employers and Employees

By admin

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 a one-off employer’s levy on top salaries. In 2013, employers will have to pay a one-off 16-percent levy on... »

Ireland: Parking Levy imposed

By admin

The Government has announced that the long delayed €200 annual car parking levy will finally be phased into operation in the current tax year ending 31 December 2010, almost two years after it was first announced in the Budget of October 2008. Initially it will be introduced on a pilot basis in Dublin 1,... »

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