• Income Tax Hike for Dormant Companies in Italy
  Dormant companies in Italy will be paying a higher corporate tax rate in 2012 as per the new Italian tax law. Companies that can be considered ‘dormant’ will have to pay 38% corporate income tax (IRES) tax rate next year compared to the current rate of 27.5%.
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• Reserve Bank of India Reduces Validity Period for Checks
  The Reserve Bank of India has decided to reduce the validity period for checks, drafts, pay orders and banker's checks from six months to three months from April 1, 2012.
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• UK VAT- Intrastat Declarations to Be Submitted Online
  HM Revenue & Customs (HMRC) intend to make electronic submission of Intrastat declarations mandatory. HMRC plans to amend the UK Intrastat legislation to withdraw the option to submit Intrastat declaration by paper. This measure is likely to take effect on April 1, 2012.
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• United Kingdom Likely to Increase Intrastat Arrivals Threshold
  The United Kingdom’s tax authority, Her Majesty's Revenue and Customs (HMRC), via a draft legislation, has proposed to increase the intrastat arrivals threshold from £600,000 to £1,200,000. The new Intrastat arrivals threshold is expected to take effect from January 1, 2014.
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