#Taxation Archives - Page 10 of 14 - Law firm Finance Business Service: offshore registration, tax planning, legal services

Tax talks between Switzerland and India

Published: Sergey Panov | 10.06.2016 |

Switzerland's and Indian government expressed their decision to take actions against tax fraud and tax avoidances. Swiss President, Johann N. Schneider-Ammann invited Indian Prime Minister Narenda Modi for an official meeting on June 6. Speaking after talks Modi said that fighting against with danger of black money and tax avoidances is on the first place now. We discuss need the early exchange of information for to take to justify tax offenders. The early start of talks about automatic exchange of information agreement will be important right now, added Schneider-Ammann stressed that the desire of Switzerland to make more stronger efforts for free trade agreement. He hopes that visit to India on this week Switzerland's State Secretariat for Economic Affairs will be a step toward the resumption of negotiations. Modi said that India "has affirmed its readiness to resume FTA talks with EFTA." Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Singapore and France, double taxation avoidance agreement enters into force

Published: Sergey Panov | 08.06.2016 | news

Ddouble taxation avoidance agreement between this countries entered into force on June 1,2016 Under this agreement tax withholding capped 15 percent in general and 5 percent where the beneficial owners is a companies owned at least 10 percent from all capital of company. Withholding will arise rate of 10 percent. Then, agreement provides that royalties arising in beneficial company will be taxable only in that country.However royalties had getting like award for using or taking rights for using any copyrights of literary or artistic work, including cinematograph films and tapes for television or broadcasting, or for information concerning commercial experience may be taxed in accordance with the law of the country in which they arise. Treaty also includes provisions to prevent treaty abuse. Also exchange tax information between tax administration of both countries. The new provisions of this agreements will be enter into force from January 1, 2017. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Suspension of tax increases in Japan

Published: Sergey Panov | 07.06.2016 |

Moody’s said that the prime minister of Japane was delay raising of consumption tax rate. Eight percent of rate in Japane programmed special for incrising to 10 percent in October 2015. Also Moody’s said that In a statement, Moody's commented that "the combined move is credit negative as it raises further questions over the Government's ability and willingness to meet its stated fiscal consolidation goals. By delaying the tax hike, we estimate the administration will forego additional revenues worth around one percent of gross domestic product per year. The stimulus will constitute a further unknown cost." In Flitch Ratings also reported to have expressed some concern over the delay to the tax rate increase, as it could erode confidence in the Government's dedication to its fiscal consolidation targets. On the other hand, in an interview with CNBC, Kim Eng Tan, Senior Director of Sovereign Ratings at S&P Global Ratings, was more understanding of Abe's decision to postpone the tax rate increase. He said it "doesn't spell the end of efforts by the Government at fiscal consolidation," as the hike will still occur when Japanese economic conditions have improved. Until then,...

Shorten said that the process of cutting income tax is difficult

Published: Sergey Panov | 02.06.2016 | Без категории

The leader of labor party, Bill Shorten has said that his party would like to reduce Australia's marginal rates of taxation, but if only the budget can afford it. Shorten was quizzed according their position at «nearly 50%» top marginal income tax rate during a doorstop interview on the campaign trail in Cairns. Shorten replied that it would be great to cut marginal rates of taxation, but you can do it only if you can pay for it. Shorten said that the Prime Minister Malcolm Turnbull were returned to Government, all earning more than AUD1m (USD726,337) a year would "get a AUD17,000 tax cut." He argued that it is a bad idea...when you will cut benefits payments for people on AUD60,000 a year." Shorten also added: "Each one percent income for the very rich people to not well-off between AUD6bn and AUD7bn a year off the bottom line Author: Sergey Panovmanaging partner Finance Business...

Puerto Rico’s VAT plans was declined by lawmakers

Published: Sergey Panov | 31.05.2016 | Без категории

Puerto Rico will no longer accept the value added tax, after lawmakers in the Senate voted in favor of the overthrow of the attempts of the governor of Puerto Rico, Alejandro Garcia Padilla, to veto the previously adopted law on the abolition. Puerto Rico was to introduce value added tax at the point of sales and use tax from 1 of June The Senate of Puerto Rico, May 5, 2016, unanimously supported the earlier legislation with the support of the lower house of Parliament on 2 May to prevent value-added tax from being introduced.. The governor then vetoed the legislation. However, the legislation is only necessary to collect two-thirds support to override this veto. May 26, 2016, the Senate voted to abandon plans for VAT 21 votes to 1. Author: Sergey Panovmanaging partner Finance Business...

China canceled the income tax and established VAT

Published: Sergey Panov | 27.05.2016 | news

The taxpayers will pay VAT instead of tax on profits and that will reduce the burden on enterprises. The Chinese government has made certain changes in the procedure for taxation of companies: now companies are exempted from the need to pay income tax, but they will be required to pay value added tax. Tax reform is accompanied by the spread of the circular of the State Council and shall enter into force on 1 May 2016. For effective implementation of the new program administrations must interpreted new tax rules correctly. In turn, the companies are required to pay prescribed amounts of tax on time, refraining from evasion. According to preliminary data, the transition to the new system will affect about 10 million taxpayers who will be required to pay VAT (mostly working in construction and real estate, finance and the service sector). The authors of the bill believe that the innovation will facilitate the tax burden on many businesses. Li Keqiang, Premier Wu Yi said that the ongoing reform will have a positive impact on the profitability of companies by reducing the size of obligatory deductions to the treasury (more than 500 billion yuan for the whole of the current year)...

Japan-Panama, the tax information exchange

Published: Sergey Panov | 25.05.2016 |

Japan and Panama have agreed to conclude an agreement on the exchange of tax information. Negotiations for this agreement were launched after the Japan-Panama summit meeting which took place on April 20 this year between Prime Minister Shinzo Abe and President of Panama Juan Carlos Varela. The two leaders shared the view that Japan and Panama must immediately begin formal negotiations on an agreement on the exchange of tax information. Currently it is likely that Japan will become the first country to sign an agreement on the exchange of tax information with Panama after the leak "Panama Papers" earlier this year. The agreement will include the rules in accordance with the general standard of the automatic exchange of tax information between countries created by the Organization for Economic Cooperation and Development. Author: Sergey Panovmanaging partner Finance Business...

US corporate tax reform

Published: Sergey Panov | 23.05.2016 |

Chairman of the Senate Finance Committee Orrin Hatch held a hearing on the question of integrating the new corporate tax reform. The reforms will allow US corporations to deduct dividends paid from their tax calculations. Hatch said that "under the current system the income obtained only once on behalf of the shareholders is taxed twice because of fiction created by the law which considers the business and its owners as two separate taxpayers. In particular, the income is taxed at a rate of 35 percent. " Hatch is also noted that "the current system of double taxation has led to a number of unpredictable economic distortions which might not exist in a more integrated system" - including the bias in the selection of a business entity in relation to the corporate model. There are two main ways to integrate corporate and individual tax code to allow shareholders for the corporate tax credit or allow corporations to deduct dividends. One of the reasons why Hatch chose to follow the latter option is that it will allow companies to reduce their own effective tax rates. It is also necessary to establish the relationship between debt and equity which may help with certain...

Is it possible to get away from double taxation?

Published: Sergey Panov | 18.05.2016 | blog

In our article today we will try to found an answer for a popular question - how multinational companies of innovation technologies avoid a taxation? Also we will talk about one of the biggest international company nowadays. This company started with з producing PC in 1998 and pocket music player with rigid disk in 2001, this company has been developed technologies what we used to use in our daily life. Not even creative and challenging character helped them to get a success but also clever way in questions with taxation. Parliament proceeding on 2014 was announce that in period from 2009 to 2012 they could cover more than USD 44bn. Even do not pay attention that the general director said that they had any violations by their side. With that this occasion was beginning of a lot revolts as in the USA as in other countries, where this company have has an essential profit and pay misery tax. Fundamental in international taxation is based on such principle of "all income should be taxed only once." In other words, the rules relating to international taxation should not only allow to avoid double taxation, but also to avoid double tax evasion. After a short analysis of the tax...

Australian taxation reforms

Published: Sergey Panov | 18.05.2016 |

In their pre-election debate the leaders of Australian’s main parties proposed their own positions to taxation. In his opening statement to the leaders' debate in Sydney, Malcolm Turnbull, Prime Minister of the current Coalition Government, said that he want that their tax system can support our business. In near feature the small business company tax rate will be cut from 28.5 percent to 27.5 percent from July 1, 2016. The turnover threshold for access to the rate will be increased from AUD2m (USD1.5m) to AUD10m. The unincorporated tax discount will be increased from five percent to eight percent from July 1, 2016 and hope that the discount will be increased to 16 percent on July 1, 2026. Turnbull also said that while the Government believes in lower business taxes, "paying tax is not optional." He added that it is the way how they introduce a diverted profits tax (DTP). Bill Shorten, leader of the opposition Labor Party, thinks that is not a suitable time to provide tax cuts to large companies, also he thinks that their small business has billion dollars' turnover. Also he said that someone who earns a million dollars a year, courtesy of this Government, will pay AUD17,000...

Tag: #Taxation