Back from holidays, September has arrived, bringing us a new tax course. When we look behind, we realise that the last year has resulted in plenty of changes in the tax laws, which we have tried to bring to your attention as soon as they have happened.
It is true that many of the recent changes implying an increase in taxes shall apply on a temporary basis, but others will stay there, unless our economy one day permits us to live in a friendly tax jurisdiction, more than a mere popular country to retire.
September has brought us the increase of the VAT rates, as we informed you in a previous post. In addition to it, it arrives with an increase in withholding taxes on payments made to professionals, as per the following breakdown:
– From September 1st 2012 up until December 31st, 2013: 21%.
– From January 1st, 2014: 19%.
– From September 1st, 2012, on payments made to professionals on the year in which they have started their activity and the two subsequent ones: 9%.