ey-global-tax-policy-outlook-for-2015

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Greece 2.3 Tax policy outlook for 2015 — summary Corporate income tax burden X Lower No change Higher Personal income tax burden X Lower No change Higher VAT/GST/sales tax burden X Lower No change Higher 2.4 Tax policy outlook for 2015 — detail Corporate income taxes • 2015. The election was held earlier than scheduled due to 300 seats, 2 seats short of an absolute majority. The new government was formed on the 26th of January between SYRIZA and ANEL, while the policies and working program of the newly elected government have not been announced yet and are expected shortly. Taxes on wages and employment • VAT, GST and sales taxes • The Prime Minister has also stated his intention to proceed with legislating indirect ways in view of enhancing competitiveness of SMEs, such as the restriction of the VAT obligation. 2.5 Fiscal stimulus in 2015 If Very or Somewhat likely, which tax measures do you think will most likely be included (select all that apply) 2.6 Political landscape • the early national election in late January 2015, forced the former government was negotiating an early exit from 90 | The outlook for global tax policy in 2015
Greece 2.7 Current tax policy and tax administration leaders • Yanis Varoufakis was appointed New Minister of Finance. 2.8 Key tax policy changes in 2014 • tax code (ITC) and procedural code on 1 January 2014. The • and the code provides the conditions when an individual is the place of establishment, incorporation, registered seat or the place of effective management. Furthermore, the guidelines. • The new measures also introduced a general limitation for interest deductibility. The amount of net interest (interest on debt minus interest income) paid by a company is now not tax deductible to the extent it exceeds 25% of the earnings before interest, taxes, depreciation and amortization • Under the new legislation , transfer pricing provisions have has been extended. Moreover, the concept of “business restructurings” was also introduced in the new law, which the transfer pricing aspects of business restructurings. • Furthermore, in light of the new ITC and procedures code, mandatory new transfer pricing documentation requirements were introduced, adopting the two-tier Master File and Local File approach. The additions to the previous mandatory documentation content aim to capture the “big picture” of BEPS initiative. • Provisions regarding mergers and spin-offs, transfers of assets for shares and exchanges of shares were introduced, the common system of taxation applicable to mergers, spinoffs, transfers of assets and exchanges of shares concerning companies of different Member States. • The new code also includes a general anti-abuse rule which covers all kinds of transactions that are now embedded in lost if it is found that the principal objective, or at least one of the principal objectives, behind such transaction(s) was tax avoidance and, thus, the corresponding transaction was not motivated by sound commercial reasons. • CFC rules were also introduced into Greek tax legislation. The taxable income of a tax payer with tax residence in Greece shall be increased by the “undistributed” income of a foreign company, provided that the conditions of “control” as set in domestic law are cumulatively met. • Alongside the ITC, a Tax Procedures Code also provides a long-awaited compilation of procedural provisions that were previously scattered in several different pieces of legislation. This tax legislation is ultimately aimed at setting the basis for 2.9 Country position on OECD Base Erosion and Prot Shifting (BEPS) Action Plan • The new Tax Procedures Code introduces a general tax rule, whose application scope seems rather broad, seeks structures without any underlying commercial substance and that have been implemented for tax avoidance purposes and lead to the generation of tax advantages. • tax authorities may impose taxes while disregarding the • Indicative criteria in order for an arrangement to be such as arrangements that are not in line with ordinary proportionate to the risks assumed. • Furthermore, regarding the transfer pricing documentation requirements, the two-tier approach, with a Master File and and additions to the previous mandatory documentation content have been introduced, aiming to capture the “big picture” of the group’s supply and value chain in line with the 2.10 Pending tax proposals • None 2.11 Consultations opened/closed • years beginning from 1 January 2015. The new law of books and records, replacing the current Tax Transactions Reporting Code (TTRC). The outlook for global tax policy in 2015 | 91
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The outlook for global tax policy i
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Tax twists and turns For more than
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where cuts in VAT rates were initia
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What were the highlights of 2014 fo
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Forecast of tax policy trends for 2
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The strong focus on the tax treatme
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in the formation of tax policy in 2
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Italy Japan 6/2 of the 29 countries
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to understand; if governments are g
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Messages for business We are now we
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This is probably going to turn out
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Actions for business to consider Ag
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Connect with us The outlook for glo
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Americas Tax policy Tax controversy
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Tax policy Tax controversy New Zeal
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EMEIA Tax policy Tax controversy Eu
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EMEIA Tax policy Tax controversy Sl
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Country outlooks The outlook for gl
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The outlook for global tax policy i
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Australia The following election go
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Page 45 and 46: Brazil 2.2 Fiscal consolidation vs.
Page 47 and 48: Brazil 2.5 Fiscal stimulus in 2015
Page 49 and 50: Canada 2 | 2015 tax policy outlook
Page 51 and 52: Canada 2.3 Tax policy outlook for 2
Page 53 and 54: Canada 2.9 Country position on OECD
Page 55 and 56: Chile 2.2 Fiscal consolidation vs.
Page 57 and 58: Chile Taxes on wages and employment
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Page 61 and 62: China 2 | 2015 tax policy outlook
Page 63 and 64: China • • Top marginal persona
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Page 69 and 70: Czech Republic 2 | 2015 tax policy
Page 71 and 72: Czech Republic 2.5 Fiscal stimulus
Page 73 and 74: Denmark 2.2 Fiscal consolidation vs
Page 75 and 76: Denmark 2.7 Current tax policy and
Page 77 and 78: Finland 2.2 Fiscal consolidation vs
Page 79 and 80: Finland 2.8 Key tax policy changes
Page 81 and 82: France 2.2 Fiscal consolidation vs.
Page 83 and 84: France exceeds €1 million. Remune
Page 85 and 86: Germany 2 | 2015 tax policy outlook
Page 87 and 88: Germany 2.4 Tax policy outlook for
Page 89 and 90: Germany 2.9 Country position on OEC
Page 91: Greece 2.2 Fiscal consolidation vs.
Page 95 and 96: Hungary 2.2 Fiscal consolidation vs
Page 97 and 98: Hungary 2.5 Fiscal stimulus in 2015
Page 99 and 100: India 2 | 2015 tax policy outlook 2
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Page 103 and 104: India • Action 8 • The Indian t
Page 105 and 106: Ireland 2.2 Fiscal consolidation vs
Page 107 and 108: Ireland 2.8 Key tax policy changes
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Page 111 and 112: Italy 2 | 2014 tax policy outlook 2
Page 113 and 114: Italy 2.7 Current tax policy and ta
Page 115 and 116: Japan 2.2 Fiscal consolidation vs.
Page 117 and 118: Japan • • for each stock owne
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Page 121 and 122: Luxembourg 2 | 2015 tax policy outl
Page 123 and 124: Luxembourg 2.4 Tax policy outlook f
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Page 127 and 128: Malaysia 2 | 2015 tax policy outloo
Page 129 and 130: Malaysia 2.3 Tax policy outlook for
Page 131 and 132: Malaysia 2.9 Country position on OE
Page 133 and 134: Mexico 2.2 Fiscal consolidation vs.
Page 135 and 136: Mexico 2.7 Current tax policy and t
Page 137 and 138: Netherlands • Additionally, the C
Page 139 and 140: Netherlands 2.4 Tax policy outlook
Page 141 and 142: Netherlands exemption, the tax tre
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New Zealand 2.2 Fiscal consolidatio
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New Zealand 2.6 Political landscape
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Poland 2.2 Fiscal consolidation vs.
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Poland 2.5 Fiscal stimulus in 2015
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Portugal 2 | 2015 tax policy outloo
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Portugal 2.4 Tax policy outlook for
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Russia 2 | 2015 tax policy outlook
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Russia 2.4 Tax policy outlook for 2
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Russia 2.9 Country position on OECD
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Slovak Republic 2.2 Fiscal consolid
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Slovak Republic VAT, GST and sales
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South Africa 2.2 Fiscal consolidati
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South Africa 2.8 Key tax policy cha
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South Korea 2.2 Fiscal consolidatio
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South Korea 2.6 Political landscape
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Spain 2.2 Fiscal consolidation vs.
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Spain 2.5 Fiscal stimulus in 2015
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Switzerland 2.2 Fiscal consolidatio
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Switzerland 2.5 Fiscal stimulus in
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Thailand • Continued sluggish eco
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Thailand 2.4 Tax policy outlook for
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Thailand 2.10 Pending tax proposals
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United Kingdom 2.2 Fiscal consolida
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United Kingdom 2.5 Fiscal stimulus
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United Kingdom 2.11 Consultations o
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United States • There is a desire
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United States 2.4 Tax policy outloo
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United States • Committee • C
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EY | Assurance | Tax | Transactions
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