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  • The European Commission has asked Germany to amend inheritance tax legislation that it says results in the discriminatory taxation of legacies to foreign charities. Domestic charities are granted an exemption from inheritance tax. Charities established in other European Union and European Economic Area states may only enjoy this exemption if their state of residence grants […]

  • An estimated €177 billion in VAT revenues was lost due to non-compliance or non-collection in 2012, according to the latest VAT Gap study published by the Commission today. This equates to 16% of total expected VAT revenue of 26 Member States. The VAT Gap study sets out detailed data on the difference between the amount […]

  • A Limavady businessman jailed for fraudulent VAT repayments has been ordered to pay £113,472 or serve a further three years in prison. Mark McAteer, 32, from Gortnarney Road, Limavady, was jailed in May 2013 after he had claimed to be building water purification plants in Basra and Mosul in Iraq. He told suppliers he needed […]

  • AS MANY as 30 companies owe the state about €100m in VAT, according to data revealed by Politis yesterday. Of the 30 legal entities, two of them (or their directors) cannot be traced, while criminal prosecutions are pending against another seven. The data was prepared by tax authorities and handed to parliament at the latter’s […]

  • Monaco has become the 84th jurisdiction to commit to strengthen international tax cooperation through its participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Welcoming the signing by José Badia, Monaco’s Minister for Foreign Affairs and Cooperation, the Organisation for Economic Cooperation and Development’s (OECD’s) Secretary-General, Angel Gurría, said: “Monaco has taken […]

  • NEW DELHI: India and Switzerland have been able to achieve a breakthrough in their deadlock over banking secrecy laws in the European nation that prevented tax authorities from being able to unearth black money, a day-one priority for the Narendra Modi-led NDAgovernment. The agreement will not only let Indian tax authorities keep tabs on their […]

  • A mansion tax will be fair, simple and pay to save the NHS Politics is about choices. And over the coming months the country faces a big choice about the future of our National Health Service. Here in London and across the country our NHS is going backwards: it’s getting harder to see a GP, […]

  • An arbitrary cap on the number of migrants coming to the UK from within the EU would be incompatible with European law, outgoing president Jose Manuel Barroso has warned. He made the remarks in the context of reports that the Prime Minister could limit the number of national insurance numbers issued to low-skilled migrants from […]

  • On 1 July 2014, the Federal Tax Court (BFH) confirmed that the 0.5% monthly interest rate that is applied on tax refunds/payments does not violate German constitutional principles. The taxpayer argued that the interest rate imposed on him while the tax payment was suspended during a court proceeding is not in line with economic reality […]

  • The measures introduced in Budget 2015 today are broadly in line with recent press reports. The good news is overall there are no increases in tax rates. The following are the key tax changes. Income Tax The top rate of income tax has been reduced to 40%.  The standard rate band has been increased to […]

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