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Sean Foley

Beyonce tax: Putting the curve in curveball

As global communications become more efficient, developing countries are fast-tracking their progress to becoming global economies – with VAT and excise tax reforms a crucial part of that process. Meredith McBride speaks with indirect tax leaders to pinpoint the issues that will have taxpayers and their advisers scratching their heads in 2015.

Joe Stanley-Smith analyses how new attitudes and initiatives from tax authorities in key jurisdictions will influence the national and international tax dispute landscape in 2015.

Read this month's special features on Germany

Italy is following a wider trend of raising VAT rates Italy's VAT rate is likely to increase to 24% in 2016, and could rise as high as 25.5% by 2018, under Budget Law 190/2014. The reduced rate will also increase 20%, from 10% to 12%, in 2016 and could rise a further percentage point the following year. The super-reduced rate of 4%, on essentials such as food and drink, will remain unchanged.

First things first, a belated Happy New Year to all our readers!

Accounting and tax law specialist Damerys Silva has joined Venezuelan firm Hoet Pelaez Castillo & Duque’s (HPCD) tax department as counsel.

Abenomics to take off in 2015 From April 1, Japan is cutting its famously high effective corporate tax rate by 2.51 percentage points down to 32.1%, with further increases scheduled for 2016. The government has also approved a reduction on loss write-offs and improved tax incentive schemes as Abenomics takes off in 2015. The tax amendment was approved on December 30 by newly re-elected Prime Minister Shinzo Abe's coalition, comprising his own Liberal Democratic Party (LDP) and the New Komeito party. Abe has expressed hope the corporate tax cuts will encourage businesses to increase wages, therefore bolstering consumer spending. In 2014, Abe announced his intention to eventually drop this rate under 30%.

Peter Dachs With effect from January 1 2015 certain limitations will be imposed on the deduction of interest incurred, inter alia, by debtors in the following instances: