Belgium: Tax Rates Increased for Equity Based Stock Options and Dividends
Belgium’s prolonged budgetary discussions resulted in an increase in tax on equity based payments particularly stock options and dividends where most taxable benefits on stock options granted will be increased to 18% from the current 15%.Peruvian Government Likely to Introduce New Personal Data Protection Law
The Peruvian Government plans to introduce a new Personal Data Protection Law to protect personal data in private and public databases within Peru.Canada Budget Cuts Affect Scientific R&D and Overseas Employment Tax Credits
A conservative budget plan for 2012 in Canada proposes to gradually phase out the Overseas Employment Tax Credit (OETC) from the 2013 tax year onwards and reduces the Scientific Research and Experimental Development Program (SR&ED) investment tax credit from 20% to 15%.India Transfer Pricing Update for Distributors
In the case of Mastek Ltd., India’s Income Tax Appellate Tribunal (ITAT) upheld that Mastek’s (the taxpayer) UK subsidiary was not undertaking merely distributing activities and should be classified as a marketing service provider.China Issues New Rules on SAFE Registration Process for Stocks & Share Plans
Chinese authorities have released an updated guidance on the registration process for share plans with the State Administration of Foreign Exchange (SAFE), broadening the scope to cover most types of share plans.Income Tax Deadlines for UK Employers
Chinese authorities have released an updated guidance on the registration process for share plans with the State Administration of Foreign Exchange (SAFE), broadening the scope to cover most types of share plans.Germany - Non-Resident Companies Can Obtain Tax Relief After Amendments to Anti-Treaty-Shopping Rule
The German Federal Council’s amendment of the German anti-treaty-shopping (ATS) rule no longer requires a non-German resident company to generate more than 10% of its gross revenues through its own business activities.UK VAT Returns, Intrastat Declaration Deadlines
Businesses whose accounting year starts on or after April 1, 2012 are required to file VAT returns online including VAT due to HM Revenue & Customs (HMRC).UK Budget 2012 Announces Income Tax Cuts and Raises Capital Allowances for Businesses
UK’s annual budget revealed a string of tax measures including a reduction in business tax to 24% with further 1% cuts announced until 2014, while the top personal income tax rate will be reduced to 45% from 50% in 2013.Portugal Issues Revised Withholding Tax Rates for 2012
The Portuguese Tax and Custom Administration issued a circular listing the revised withholding tax rates on salaries and pensions for resident individuals in Portuguese Mainland, on 13 February 2012.