#Taxation Archives - Page 5 of 14 - Law firm Finance Business Service: offshore registration, tax planning, legal services

The German parliament approved the reform of inheritance tax

Published: Sergey Panov | 18.10.2016 |

The upper house of the German parliament, the Bundesrat (Federal Council) approved a bill to tighten eligibility criteria for inheritance tax incentives for family businesses. These changes mean that the tax exemption will be abolished inheritance in excess of EUR 90 million (USD 98.7 million). In total, the exemption from inheritance tax will be applied in most cases, but only if the company has been working for at least seven years, and retains the same level of employment. Companies in which five employees are working, or less, will be automatically exempt from inheritance tax without any limitation, as compared to 20 employees in accordance with the existing rules. The new law will be applied retrospectively (ex-post), with the July 1, 2016. Changes in the rules of inheritance tax in Germany, was caused by the decision of the Constitutional Court in 2014, stating that the existing rules violate the principle of fiscal equality. Inheritance tax benefited thousands of family firms, which employ more than 50 percent of the German workforce. However, they also talk about the consolidation of inequality and the accumulation of wealth among a relatively small number of...

Australia produces a third tranche of super tax reforms

Published: Sergey Panov | 17.10.2016 |

The Australian government issued the third tranche of its pension reforms, this time focusing on better targeting tax incentives. Last Exposure Draft reduce annual non-concessional (after tax) contribution limit of AUD180,000 (USD137,165) to AUD100,000. Government still intended to introduce a lifetime limit nepilhovu AUD500,000. In addition, people with superannuation balance over AUD1.6m no longer have the right to make non-concessional contributions from 1 July 2017. Treasurer Scott Morrison said: "The government is on the path to reform measures were introduced to parliament by the end of the year. This will allow taxpayers to confidently make decisions about your seniority." "The introduction of the legislation also provides for pension trustees with the confidence they need to implement these reforms." Consultation on the draft legislation will end on 21 October. Last month, the government published draft legislation which, if adopted, would reduce the limits on concessional contributions AUD25,000 a year, and enter the translation AUD1.6m balance to limit the people who can keep the pension phase. The legislation also reduce the income threshold at which individuals are...

The Irish financial system reduces the tax on workers

Published: Sergey Panov | 13.10.2016 |

Irish Finance Minister Michael Noonan put the budget 2017, which largely focuses on the reform of the income tax system and the competitiveness of the corporate tax regime. The sixth part of the Noonan's budget as Minister of Finance, includes tax reforms to "reduce the burden on taxpayers just under EUR 300 million (USD 330.6 million)." He explained that "these changes include around EUR 500 million in tax cuts, offset by measures to increase tax revenues in the amount of EUR 195 million." As expected, Noonan decided to reduce the Universal social charge (USC), albeit at a slower pace than indicated in the government's pre-election manifesto. Announcing the measures, he said: "Extremely high tax rates act as a brake on employment They distract people from the jobs and divert immigrants from returning home.". Noonan admitted that he had "limited resources to change the situation," but said that it will allocate EUR 335 million to reduce each of the three lower USC rates by 0.5 percent. As a result, these bids will now be 0.5 percent, 2.5 percent and five percent. The ceiling of the band, which decreased 2.5 percentage payable rate will be increased from EUR 18,668 to EUR...

Australia reforming the tax rules of wage funds

Published: Sergey Panov | 12.10.2016 |

Tax rules in Australia classifies financial instruments such as debt (deductible interest) or equity in accordance with their economic content. They also contain rules of integrity to prevent taxpayers from the artificial division of a single scheme for several schemes to achieve favorable tax results. According to the Government, "the integrity of those rules were viewed to be immediate and created considerable practical difficulties for the taxpayers." Therefore, the government issued a draft law that, if implemented, will ensure that a number of schemes are treated as a single scheme only if it accurately reflects the economic and commercial nature of schemes. This is in accordance with the recommendations adopted by the Board of Taxes and Duties. Consultation on the proposals will be closed on November 21. The final legislation will be applied prospectively from the date of establishment, by proclamation, or six months after it receives royal assent, whichever is later. Author: Sergey Panovmanaging partner Finance Business...

Fund of Luxembourg is considering reducing taxes for Britain

Published: Sergey Panov | 11.10.2016 | news

Henderson Diversified investment trust said that it is considering the transfer of its Luxembourg subsidiary of the United Kingdom, referring to the growing fiscal risks in the Grand Duchy. In a statement released to the London Stock Exchange on October 7, Henderson said that some recent developments in tax law and practice of Luxembourg increased the legal risks of operating within the jurisdiction, including the transfer pricing. "The Board of Directors and its advisors continue to review these developments and the recently concluded that the existing structure of the company may include increased complexity and risk," said Henderson. "Accordingly, the Council examining the possibility of simplifying the tax structure by election and joining the UK investment trust tax regime, including changing its place of registration in the United Kingdom," added the firm. Such a move is likely to lead to the liquidation of its subsidiary in Luxembourg and the formation of a new company in the UK, which is expected to reduce its annual operating costs. The company said its investment management arrangements will not be affected by this reorganization. However, he confirmed that it will last...

Germany is preparing to publish the tax cuts

Published: Sergey Panov | 10.10.2016 |

The German government is expected to soon announce the details of the reduction in the amount of tax in excess of EUR 6 billion (USD 6.7 billion), both in 2017 and in 2018. According to "Handelsblatt", a political agreement on the details of the proposed tax cuts was reached between the two main parties in the ruling coalition, paving the way for the tax reduction. Chancellor Angela Merkel also confirmed that the government has given permission for moderate tax benefits in 2017 and 2018 during a performance of business leaders on 6 October. Outlining the federal government's budget plan for 2017 in the Bundestag, the lower house of the German Parliament, 6 September, Finance Minister Wolfgang Schaeuble said that the tax cuts mainly comes from the weakening effect "bit transition", as a result, income tax It keeps pace with inflation, wages, so pushing people on relatively modest incomes in higher tax framework. Schaeuble also said that payroll taxes would be cut, despite the fact that more data is still awaited. Author: Sergey Panovmanaging partner Finance Business...

Planned new amendments to the IRC

Published: Dmitriy Batrakov | 03.10.2016 | blog

What to expect from the bill on amendments to the IRC of Ukraine Ministry of Finance 23/09/2016 on the official website has once again published a preliminary version of the draft law envisaging amendments to the Internal Revenue Code of Ukraine (hereinafter - IRC), with the aim of public discussion. These changes in the Ministry of Finance published the IRC is not the first time, subject to adjustment several times and will likely still remain unchanged, but the latest version of their merit. Changes in the IRC have been developed within the framework of the reform of the tax system as a whole, as well as the reform of the State Fiscal Service of Ukraine, which take place on the basis of the Cabinet of Ministers of Ukraine # 418-r dated 27.05.2016 year. The main goal of changes in the IRC is to improve the investment climate in Ukraine by simplifying the tax system and tax administration. In addition, it is expected that these changes will affect economic growth, attract new investment and create new jobs. Next, we see more focus on specific parts of the Tax Code of Ukraine, in which it is planned to make changes, namely: Such changes are expected in the part of the...

Kenny Ireland seeks to 12.5 percent CIT rate

Published: Sergey Panov | 28.09.2016 |

Irish Prime Minister Enda Kenny confirmed its commitment to the 12.5 per cent rate of corporate tax "from the visual point of tax certainty." In his speech to the American Chamber of Commerce of Ireland (AmCham Ireland), Kenny noted that the rate will not change, and acknowledged that "this is an important element to consider with US investors to come here in Ireland." Bob Savage, president of the American Chamber of Commerce of Ireland, welcomes the statement by Kenny. According to him, the Chamber "deeply appreciates the unequivocal declaration of the Prime Minister that his government will firmly defend our reputation as a blood pro-Corporate Business of the country, which is determined by justice and the determination processing." In his pre-budget problem, of AmCham Ireland Ireland stressed the need "to evolve a corporate tax regime in response to the post-OPP landscape, to remain competitive." Comments Kenny later duplicated Finance Minister Michael Noonan. "We could almost put it on the flag right now, because everyone knows at the international level, that the figure is 12.5 per cent. In fact, when entrepreneurs are thinking about Ireland, they automatically think of 12.5...

Switzerland amends for keeping tax resolution

Published: Sergey Panov | 27.09.2016 |

Swiss Federal Council proposed an amendment to the tax deduction management, maintenance is easier finance group. The Council noted that the group created in Switzerland often carry out targeted measures to finance overseas, thus avoiding any deductions that would be related to funding issues, conducted by a group of companies established in Switzerland. The Council added that the Swiss economy as "pass some of the value added in this sector." The proposed amendment to the Retention Tax Resolution can affect groups in which the Swiss group companies (guarantor) provides a guarantee for bonds of foreign companies and groups (the issuer), belonging to the same group. According to the amendment, interest payments within the group made Swiss guarantee will no longer be subjected to withholding taxes. In December 2014, the Federal Council proposed move to a paid agent of the system under which the debtor will transfer all worth paying agent (usually a bank). Implementation of the proposals but has been suspended pending the results of the referendum on popular initiative. Federal Council announced that its 2014 proposal would solve the issue of improving the financing of the group,...

BHP defends its position in the Australian tax dispute

Published: Sergey Panov | 23.09.2016 | news

The company BHP Billiton said its tax dispute with the Australian tax authorities (ATO) is a matter of assessment and does not entail tax evasion. BHP Billiton Annual Report for 2016 shows that at present it has a transfer pricing dispute with the ATO for the amount of tax payable as a result of sales of Australian products in our marketing business since 2003. According to the report, the dispute relates to the price at which products were sold to an Australian. The report notes that BHP Billiton has made a partial payment for these corrected estimates of 50 percent of the basic tax. She added that the assessment of the dispute is essential for calculating the amount of responsibility for the now defunct useful resources rental tax (MRRT). The company has received refined assessment MRRT total. The report said that BHP Billiton disagree with the position of ATO and object of the corrected estimates. The Company intends to continue to defend its position and will initiate legal action if necessary. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

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