#Taxation Archives - Page 12 of 14 - Law firm Finance Business Service: offshore registration, tax planning, legal services

Scotland, income tax plan

Published: Sergey Panov | 13.04.2016 |

From 6th April 2016 the Scottish Parliament determine their income tax rate, part of the proceeds of the income goes to the coffers of Scotland and the rest to the Britain in the general treasury. Not taxable premium bonds, as well as income in the accounts that are exempt from tax (individual savings accounts, etc.). First Minister of Scotland Nicola Sturgeon announced plans to freeze the income tax rate. However, the British government this offer will only accept within the established framework. The exact level of rates should be set by the Scottish Government every year. However, the Scottish Government believes that their offer is a more balanced approach that will be fair to taxpayers and increase rates at the same time generate additional revenue to be invested in public services in Scotland. Along with the tax proposals First Minister published an analysis of the additional rate which showed that the rate does not increase to the year 2017/18. Instead of offering large tax cuts in the next year the threshold of taxation will be from 43,000 GBP. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

EU, a new VAT plan

Published: Sergey Panov | 12.04.2016 |

The European Commission has issued a VAT Action Plan which sets out plans for the next two years for the modernization of VAT in the European Union. The Commission should propose legislation and to introduce common EU-wide measures to simplify the rules to help small and start-up businesses in e-commerce and streamline audits for companies engaged in this sector by the end of 2016. In addition, the Commission will seek to improve cooperation between tax administrations including countries outside the EU, customs and law enforcement agencies, in order to strengthen the capacity of tax administrations to combat fraud. The Commission will also provide an opportunity to have a lot of freedom for setting rates of value added tax for the states of the European Union. Existing rules on tax rates that have been developed over two decades ago, in order to ensure neutrality, simplicity and adaptability to the VAT system. The Commission has proposed the freedom to establish rates subject to appropriate safeguards to prevent excessive complexity and distortions of competition and that there was no impact on the functioning of the single market. The Commission has put forward two...

United Kingdom, the rules against tax evasion

Published: Sergey Panov | 07.04.2016 | news

The UK government has published a policy paper which explains the introduction of a new trust rules against tax evasion, designed to prevent attempts to use the disguised remuneration schemes. Estimated change was included in the budget 2016 and new rule applies from 16 March 2016. The Government stated that one type of disguised scheme of tax evasion, remuneration avoidance, seeks to exploit weaknesses rules. Currently, section 552Z8 for income tax reduces the amount of charge in a disguised remuneration subject to certain conditions. The Government explained that the new rule will put beyond doubt that this scheme does not work by preventing the relief from being available where there is a connection, direct or indirect, with the mechanism of tax evasion. The Finance Bill 2016, stated that a transitional relief will be charged on investment income after 30 November 2016. Those who used the disguised remuneration scheme prior to the introduction of new rules can get the relief adopted after their settlement. According to the Finance Bill 2016, it will be restricted to the value of disguised remuneration. Any increase in investment on the disguised remuneration will be...

Costa Rica. Tax reform plan

Published: Sergey Panov | 05.04.2016 |

President of Costa Rica, Luis Guillermo Solís, addressed to the deputies to approve plans for tax reform before the end of the year. The head of state said at a press conference that the approval of the tax reform is a top priority. He noted that after a two-year moratorium on the tax increase, the time has come for the implementation of austerity measures. Last year, the tax reform bill was forwarded to the legislature. The bill contains a proposal for the replacement of 13 percent tax on the general sales with a value added tax with an initial rate of 14 percent. The rate will be increased to 15 percent in the second year. The bill also includes an increase of individual income tax rate ranging up to 25 percent. However, the rating agency said that Costa Rica is unlikely to hold significant fiscal reform in the near future due to the country's fragmented Congress and the protracted process for agreeing upon legislation. As a result, the agency expects the general government deficit in Costa Rica will continue to rise and this year will exceed seven percent of the gross domestic product (GDP). The International Monetary Fund said in a statement in March that Costa Rica has...

United Kingdom, reducing taxes on business

Published: Sergey Panov | 04.04.2016 |

Since April 1 entered into force a number of tax reforms "that will support millions of businesses to create more jobs and to enhance their duties," said David Gauke, Financial Secretary of the Treasury. In a statement, the government said: "The changes will help entrepreneurs and businesses create new jobs, it will include measures that will help to reduce labor costs, taking the very smallest businesses out of employer National Insurance contributions (NICs). Will be extending business rates relief ahead of permanent major rates cuts. The following measures have come into force: The Small Business Relief Scheme will be extended for another year, in anticipation of the introduction of business rates cuts in April 2017; NICs will be abolished for apprentices under the age of 25 years; The employment allowance for businesses and charitable organizations, will be increased from 2000 GBP to 3000 pounds, to encourage the hiring of staff; Capital gains tax will be reduced from 28 to 20 percent; The duty on fuel will be frozen for the sixth consecutive year. "The companies are the lifeblood of the economy, so we try to provide them with financial support as the enterprise and...

UK Tax Changes in 2016

Published: Sergey Panov | 29.03.2016 |

The UK government has introduced legislation on March 28, 2016 to implement a number of fiscal measures including changes in the corporate tax. Finance bill will reduce the lower income tax rate to 17 percent by 2020. Earlier it was planned to be reduced to 18 percent. Currently, the rate is 20 percent. In addition, the legislation will alter the oil and gas tax regimes. It will be twice the additional fee has been reduced which is paid to gas companies from 20 percent to 10 as well as tax on profits from oil and gas production from 35 percent to zero rate. The bill also contains a number of measures to combat tax evasion. The new rules will solve the hybrid mismatch arrangements and ensure that the payments for the use of intellectual property abroad are subject to taxation. The bill assumes that the profits from property development in Britain should always be taxed and focused on evasion of value added tax foreign sellers and online trade. Provided the growth of the personal allowance without paying taxes since 2017. In addition, the legislation increases the threshold for a "higher" tax rate (40 percent) from 42.382 pounds to 45,000 pounds. Financial Secretary of the...

Scotland, tax issues

Published: Sergey Panov | 28.03.2016 |

Institute of Chartered Accountants of Scotland published an article that explains the problems facing the country before the devolution of tax powers. The document, prepared by the Tax Committee, calls for the publication of five-year RoadMap which explains the purpose of the Scottish fiscal policy. Currently, the Scottish Parliament is responsible for the Scottish income tax rate applicable to the April 6, 2016. The UK government will deduct £ 0.10 from three British income tax rates. The Scottish Parliament will be able to charge a Scottish rate that will apply equally across these bands. The rate will be set at 10 percent which means that there will be no change in the level of tax for individuals pay. But in April 2017, the Scottish Parliament will be able to set the rate over income tax bands. According to the Tax Committee, "if the income tax rate will deviate from the British then it needed for clear explanations and instructions to reassure taxpayers." Furthermore, from 2019-20 Scottish Government will assigned a decrease in the standard rate from 0.10 pounds to 0.25 pounds. Tax Committee said that "the purpose of assignment of VAT is to harmonize the tax revenue...

Changes to the tax base in Poland

Published: Sergey Panov | 25.03.2016 | Без категории

The new government of Poland will require higher tax revenue for the planned economic reforms, said the Organization for Economic Cooperation and Development (OECD). OECD Economic Survey of Poland said that the Polish authorities should remove the value added tax (VAT) exemptions and reduced rates that were more than 2.5% of gross domestic product (GDP). This should bring higher revenues than planned increase taxes on banks and retail and will simplify the tax system. The report recommended an increase in property taxes to make them on the basis of market value. Green taxes can also increase revenue, in particular, it is recommended to remove the exemption from taxes on fuel use, increase taxes on air and water pollution, as well as to increase the tax on emissions by vehicles. These measures could bring additional revenue equivalent to nearly 1.5% of GDP in 2025. The report said that the government's plan to focus on improving tax compliance for the creation of additional income is appropriate. VAT evasion has increased considerably over the past few years. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Canadian Budget focuses on tax compliance

Published: Sergey Panov | 24.03.2016 | Без категории

The budget was provided by the Minister of Finance Bill Morneau on March 22, 2016. The government has invested about 339.6 million dollars to the Canadian Revenue Agency. The measures included in the budget: The Government will undertake a review of the tax system in the next year in order to eliminate inefficient tax measures. To postpone any further reduction in the tax rate on business income. Introduce an exemption from income tax in respect of capital gains on certain private equity or real estate corporations, where receipts are donated by a registered charity within 30 days. Canada Revenue Agency will lead the fight against tax evasion. The money will be used to hire additional auditors and experts to develop robust business intelligence infrastructure. It will also be invested in improving the ability to collect outstanding tax debts. The Government will implement a number of recommendations made by the Organization for Economic Cooperation and Development. New legislation to strengthen the transfer pricing documentation, demanding accountability from large multinational corporations will be presented. Author: Sergey Panovmanaging partner Finance Business...

UK published Tax Planning RoadMap

Published: Sergey Panov | 23.03.2016 | news

RoadMap includes at least two proposals, which contain the measures to combat tax evasion, namely, methods for solving hybrid mismatch arrangements and measures that limit the deductibility of corporate interest. In addition, RoadMap includes specific changes to enhance tax regime for royalty payments. RoadMap states that the government will present in April 2017, a fixed rule limiting the deductibility of interest for the largest companies, to 30 percent of UK income. Next, RoadMap includes plans for the elimination of tax benefits arising from the use of hybrid mismatch arrangements involving permanent establishments (PEs). This measure is aimed at complex structures that allow some multinational corporations to avoid paying any taxes. Finally, RoadMap states that the government will seek to expand the tax lien so that the payments for the use of intangible assets such as trademarks, trade names, made to overseas persons will be subject to withholding tax. Chancellor George Osborne said that the RoadMap "establish a low tax regime which will attract multinational companies that we want to see in the UK, but we want to make sure that the taxes they pay here....

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