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.... »
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... »
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 States: Individual Income Tax Tables, Other Adjusted Amounts for 2013
The U.S. Internal Revenue Service has released an advance copy of Rev. Proc. 2013-151 providing the tax rate tables for individual taxpayers for 2013 as modified by the American Taxpayer Relief Act of 2012 and includes: • the 39.6-percent income tax bracket amounts;2 • the beginning income levels for the limitation on certain itemized... »
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... »
United States: Revised Revenue Procedure on 2013 Individual Income Tax Tables, Etc.
On January 15, 2013, the U.S. Internal Revenue Service released a revised Rev. Proc 2013-151, making some corrections to the advance copy of Rev. Proc. 2013-15,2 which was released on January 11. The Rev. Proc. provides the tax rate tables for individual taxpayers for 2013 as modified by the American Taxpayer Relief Act of... »
Ireland: Spotlight on Changes to Individual Taxation in Budget 2013
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,... »
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... »
Portugal: Additional Tax Measures Announced for Unearned Income
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 changes related to the flat rates entered into force on October 30, 2012, changes related... »