#Taxation Archives - Page 6 of 14 - Law firm Finance Business Service: offshore registration, tax planning, legal services

US Treasury limits the foreign tax credits

Published: Sergey Panov | 20.09.2016 | news

The US Treasury and the Internal Revenue Service (IRS) issued a notice 2016-52, which declares its intention not to allow the US multinational, which has been the subject of foreign-initiated adjustment of the tax the use of foreign tax credits with no corresponding income repatriation. The notice was issued subsequent retroactive studies by the European Commission (EC), against US tax practices of transnational corporations, state aid, since a claim against Apple in the amount of up to EUR13 billion (USD14.5 billion), plus interest. Treasury Secretary Jack Lew has recently pointed out that the EC 'actions also threaten to undermine the corporate tax base of the United States. US companies can claim foreign tax credits to the account of the United States tax for any tax-related payments to the Member States." IRS will negate any attempt to divide the affected company additional taxes payable of related income, and thereby reduce their US tax bills. Separation of probable foreign taxes from the corresponding revenues will now be prevented, as a rule, putting the right to request loans is income not included in the taxable income of the United States. New rules in the...

Ireland follows the existing tax regulations

Published: Sergey Panov | 19.09.2016 |

The Irish Government has proposed that the tax authorities carried out a full review of tax decisions every five years. In a statement to the Dáil Éireann, the lower house of Parliament on 7 September 2016, Finance Minister Michael Noonan said that the tax authorities will amend the relevant guidance and regulations that will ensure that tax regulations are to remain in force for five years without a full review. Noonan added that the income will be published in its annual report the number of inmates each year, so as to fully ensure the confidentiality of the taxpayer. The announcement was made shortly after the conclusion of the European Commission have been made that the two tax rulings issued by Apple Ireland significantly and artificially lowered the taxes paid by Apple in Ireland since 1991. Irish Parliament endorsed the government's motion to appeal against the Commission's decision - 14 of September. In a statement, Noonan said that "a reaction to the decision of the Commission has, at times, an outdated and unfair caricature the position of Irish tax. It is a caricature that is contrary to the evidence in recent years. The facts show our constructive engagement of the...

Wales has delegated land tax deal

Published: Sergey Panov | 16.09.2016 |

Wales Government introduced legislation to replace the UK stamp duty land tax (SDLT), together with the land transaction tax (LTT), from April 2018. LTT will be payable on the purchase or lease of the building or land in Wales at a certain price. It will broadly mirror the UK SDLT, to ensure consistency and stability for businesses and home buyers. Nevertheless, some changes will be made taking into account the Welsh circumstances and priorities. LTT mode will include a comprehensive general rule against tax evasion (Gaar) and targeted generally against tax evasion (Taar), which will be applied to all reliefs. This would eliminate the existing two British relief relating to the demutualization of insurance companies and building societies, as well as change other reliefs in order to make them more relevant to Welsh circumstances. A small part of new residential leases will be exempted from tax in accordance with the LTT, as well as rules relating to the lease, will be simplified. The government will announce LTT strip prices closer to the date of implementation in April 2018. The Minister of Finance Mark Drakeford said: "This is a tax that affects many of us, replacing the...

UK tax changes for non-residents

Published: Sergey Panov | 15.09.2016 |

The UK government may lose significant tax revenue, if his proposed new rules for nonresidents prompt too many rich people to leave the country, warns the international law firm Pinsent. According to Pinsent, British residents contributed GBP6.57bn (USD8.67bn) income tax in 2014-15, respectively. He explained that this figure is an average of GBP56,589 for the year, compared with an average of GBP5,152 per person in the general population. Expert tax investigation Fiona Fernie said: "Non-residents made a very valuable contribution to the UK economy and any significant outcome could have serious long-term consequences of this policy." Under the current rules, non-residents pay tax on income and profit outside the UK only if they transferred funds in the UK using tax base. Non-residents must pay an additional fee for money transfer Charge (RBC), or pay the full amount of tax in the UK to be covered by the resident. This measure would be effective for most purposes of income tax and GCT after 6 April 2017. "The presence of non-resident status gives the UK real competitive advantage when it comes to attracting the rich and talented people. Uninstall or change it now, especially...

Panama takes further action on tax transparency

Published: Sergey Panov | 14.09.2016 |

Cabinet of Panama On September 6, 2016, approved the legislation providing for the corresponding nation latest international tax transparency initiatives. The legislation would improve fiscal transparency in both the private and public sector, and ensure that the information provided by financial institutions area. In addition, the legislation will allow the Ministry of Economy and Finance, in order to better gather the information necessary to share with other countries and make him improve the supervision of financial statements. The bill will be considered by the National Assembly before the end of the year. September 8, 2016, the World Bank Board of Executive Directors approved a USD300m loan to support Panama's efforts to improve financial management and maintaining international standards of tax transparency. Author: Sergey Panovmanaging partner Finance Business...

Australia investigates tax Panama documents

Published: Sergey Panov | 09.09.2016 |

In response to the analysis of documents Panama appear serious financial crime task force Australia (SFCT) held a "week of action" against persons suspected of tax evasion. SFCT made 15 unannounced visits to the states of Victoria and Queensland, and executed three search warrants. SFCT was launched in July 2015 and is headed by Australian Federal Police and a representative of the tax office, the Australian Commission on Crime Australian transaction reports, Securities and Investment Commission of Australia. Minister revenues O'Dvayer Kelly said: "Our government built a profile on the basis of more than 1000 Australians found in the leak, and review the information provided to us by other tax jurisdictions, we found taxpayers and advisers related to tax evasion, illegal drugs and corruption." She said at a press conference: "Some of these Australian taxpayers include dignitaries also include professional intermediaries, which include people who work as accountants and lawyers. The information shown significant tax avoidance arrangements that promoters have to their customers. Some of them are very complex and have several levels of offshore companies, fake shareholders, and...

New Zealand tax system progresses

Published: Sergey Panov | 07.09.2016 |

The top ten income in New Zealand is projected to pay 37.2% income tax in 2016/17, compared with 35.5% in the 2007/08 year. The New Zealand government has published data showing that the tax system is more progressive. "These latest data confirm that the income tax system and support of New Zealand much income redistribution needy households, said Acting Finance Minister Steven Joyce. "Many families with low incomes pay a larger share of income tax than in 2008, and households with low incomes pay less - 30% of households with the lowest incomes are projected to pay only 5.4% of income tax, compared with 6.3% in 2007/08 p ". "The Government has increased support to low-income households to help New Zealanders go through difficult times. So at any given time, a large number of households effectively do not pay income tax," said Joyce. According to the Treasury in 2016/17, 42% of households will pay less tax than they receive from social security benefits it work for family tax credits and if we compare, the 2007/08 figure was - 39%. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Australia increases the middle tax bracket

Published: Sergey Panov | 06.09.2016 |

The Australian government says taxpayers will benefit from AUD7,000 (USD5,303), increase the "middle income" tax category for several weeks. The government introduced the first of September to income tax benefit in 2016. It provides for the implementation of the budget 2016 proposal to increase the threshold for the tax rate to 37 percent compared to AUD80,000 to AUD87,000. According to Treasurer Scott Morrison, "This will prevent about 500,000 taxpayers who are at a high 37 percent marginal tax rate. The reform will apply retroactively from 1 July 2016 "As soon as the law will change, people will get every dollar of their personal income tax benefits retroactively from July 1, 2016." This could mean more return for some. Earlier, the Australian Tax Office (ATO) has confirmed that the government will release a new Pay As You Go (SPOD) tax at the source of payment to reflect changes made to the tax benefits of the law on the income statement. As a result, on October 1, employers will be required to reduce the amount of tax on hold for affected taxpayers. If the tax overpaid by that date will be returned to the ATO in the assessment after the 2016-17 financial year. Author:...

The EU continues to fight against tax evasion

Published: Dmitriy Batrakov | 06.09.2016 | blog

July 12, 2016 the Council of the European Union adopted Directive №2016 / 1164 against tax evasion (hereinafter - the Directive), which entered into force on 8 August 2016. This Directive is one of the components of the package of measures which was proposed by the European Commission within the framework of the so-called Plan BEPS (Action Plan erosion of the tax base and the withdrawal of income from the tax). The main purpose of the Directive is the fight against the schemes of tax evasion, which are used by many companies due to differences between the tax systems of the Member States of the European Union (hereinafter - EU). It should be noted that the Directive applies to all corporate tax payers in the territory of the Member States, including their subsidiaries located in third countries Next, we will focus on the basic methods of combating tax evasion: a) rules on controlled foreign companies (Controlled Foreign Company Rules - CFC). These rules allow tax authorities to charge taxes on undistributed earnings of foreign companies controlled by residents of EU countries. Thus, all EU member states will now have the authority to tax income, which was relocated to...

Canada held a first assessment of the tax gap

Published: Sergey Panov | 05.09.2016 | news

Canadian IRS released its first study on the extent of the tax gap. In broad terms, the tax gap is the difference between the tax that would be paid if all obligations are fully met in all cases, and the tax actually paid and collected. "I am pleased to present to you the first study proceeds Agency of Canada estimated the tax gap. It is important to use this tool to make sure that Canadians are confident in the fairness of the tax system. It is equally important that we continue to look for innovative ways for Canadians to understand and comply Canada's tax system, "said Minister of Canadian national income, Diana Lebauthiler. This is the first study to have a glance to show how Canada will speak on the assessment of the tax break, after it was promised to do so in April 2016 as part of international efforts to combat tax evasion. Along with the report, Canada has published estimates GST / HST gaps suggest that the tax break for this tax is 6.2% in 2014, the whole pursuant to the previous years. Having released two reports, the Canadian tax authority reported that new estimates of the tax gap include Canada and 24 other OECD countries, which are evaluated at least one...

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