Managing the Global Mobility Function 2012: Now Available
Tag Archive
United Kingdom: Budget for 2013/2014 Is Announced
George Osborne, the U.K.’s Chancellor of the Exchequer, presented the 2013 Budget speech on 20 March 2013. The Finance Bill 2013 is due to be published on 28 March 2013, and an update will follow at that time. Below, we highlight some of the important measures that may impact employees – including those on... »
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... »
Slovakia: Multi-level Tax Rates Implemented and Filing Extensions Limited
On 19 December 2012, the amendment to the Slovak Income Tax Act was published in the Collection of Laws1, introducing several changes to the country’s tax rules.2 Most of the measures are effective as of 1 January 2013, and are aimed at raising tax revenue. The most significant change in the personal taxation area... »
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... »
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... »
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... »
Barbados: Budget Speech Contains Measures Affecting Individuals
The Honorable Christopher Sinckler, the Minister of Finance and Economic Affairs for Barbados, delivered the Financial Statements and Budgetary Proposals of the government of Barbados on June 26, 2012.1 Highlights of Measures in the Budget Speech Affecting Individuals • Income Tax Rates/Thresholds: A change to tax brackets with an increase in the income tax... »
United Kingdom: Budget Legislation Promulgated with Royal Assent
The U.K. Finance Bill completed its stages through the House of Lords and received Royal Assent on 17 July 2012, thereby becoming the Finance Act 2012.1 Some of the important measures affecting individuals and their employers are highlighted below. • A new £50,000 Remittance Basis Charge (RBC) for non-U.K.-domiciled individuals who have been resident... »
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... »
Malta: New Budget Law Introduces Changes to Personal Taxation
Malta’s Budget Measures Implementation Act, 2012, published on 14 May 2012, introduced several important changes to the Income Tax Act, including the much-anticipated parental tax rates and a reduced rate of tax for highly-qualified returning migrants. We highlight below the important changes impacting individuals and their multinational employers. • Individuals who were ordinarily resident... »