#Taxation Archives - Page 7 of 14 - Law firm Finance Business Service: offshore registration, tax planning, legal services

UK introduces pension advice tax

Published: Sergey Panov | 05.09.2016 | news

The UK government announced new tax incentives to encourage people planning retirement for financial advice. Payment of the pension which will be offered from April 2017, will allow those who are approaching retirement age take 500 pounds out of their retirement savings to financial advice. This is intended to give people the opportunity to get advice on all financial products that contribute to their retirement income, such as pension multiple baskets and other assets such as individual savings accounts. The study showed that when approaching retirement only 22% of people know the value of their pension baskets and only 14% of people confidently plan aims his retirement without financial advice. Economic Treasury Secretary Simon Kirby said: "Pensions and savings decisions are among the most important moments in their lifetime, so it is vital that people could access financial assistance they need it and feel confident in choosing support that works for them when they retire." "I look forward to interacting with these consultations and take this opportunity to say how the payment can best meet the needs of both consumers and companies." The payment of the pension board was...

China accelerates reform of resources tax

Published: Sergey Panov | 01.09.2016 |

China confirmed that the new system of taxation of Natural Resources what worked on an experimental basis, has been extended. As part of the reforms, China becomes the basis for the taxation of natural resources from the system based on the amount to ad-valorem system (based on value). The Chinese government is primarily distributed worldwide new resource tax in November 2011, since the tax resources such as oil and natural gas, coal and rare earths have changed. Currently, seven types of resources are subject to the tax on resources: crude oil, natural gas, coal and other crude non-metallic ores, crude ores of nonferrous metals, ore and crude salt. According to the August 29 broadcast in English first bet on June 27, 2016, from this moment the government began to deploy resources tax reform "comprehensive way". Inside confirmed that "efforts will be made to make the collection of taxes on water as on an ad valorem basis." The Government believes that the resources tax reform in full will improve the pricing mechanism of resources products, taking into account differences between countries producing regions of China; promote coordination and enhanced regional development;...

Japan slows down sales tax hike

Published: Sergey Panov | 31.08.2016 |

The Minister of Finance in Japan, Taro Aso has said that the decision to remote previously proposed ales tax has claimed because of weak increasing of consumer spending. Aso talked on press conference with his co-worker from South Korea, Yoo Il Ho. According to Japanese Finance Minister, Aso had said that although Although economic fundamentals of the Japanese economy are solid, private consumption is not enough power, compared with improving corporate earnings and employment. "He explained that the government decided to postpone the planned tax increase" because of this background." The eight percent of sales tax firstly planned increase to 10 percent in October 2015 year, but then increasing was removed on April 2017 year. On the last week the Cabinet has signed propose about delaying of hiking sales tax for nearest time. The last time when the rate was hiking it was in April 2014 year from 5 to 8 percent. The Ministry said that the Japanese government still seeks to promote fiscal consolidation, as well as the acceleration of expenditure and revenue reforms across the board and increase potential growth by further action on structural issues and the promotion of reform...

UK changes Inheritance Tax Rules for non-doms

Published: Sergey Panov | 23.08.2016 |

The government of GB published more detail information about proposal to change Inheritance Tax for non-doms. The changes has been claimed based on 2015 budget summer and also permit to prevent avoidance of non-doms from inheritance tax in Great Britain because of using offshore structure. According to consultative document "people, who do not live in Great Britain in present time using a big amount of advantages as against to another in IHT." Any residential property in Great Britain owned by non-dom persons immediate exists in IHT frames. Nevertheless, the government said that it is a standard practice for such persons in Great Britain to provide residential property through foreign companies or at the same way transfer money. The government are planning to output residential property in Great Britain, the operations provided through foreign structure. This payment will be used as for persons who lives not in UK and for trusts with mediators or beneficiaries who are non-domiciled. The changes will go into force 6 of April, 2017 year. The government will remove accommodation building in Great Britain owned oblique through offshore structure from current definitions of...

German bankers enter tax plea

Published: Sergey Panov | 22.08.2016 |

The head of German Banks Association asked to government to improve tax range for banks operating in Germany. Michael Kemmer, the general manager of Germann Banks Association made announce and in his announce he asked the government to take a clear political improvement to Frankfurt as financial center, in consequence of the voting of the United Kingdom they left the EU. "We need bright signal that Frankfurt, financial center of Germany is ready take on board the services and the supplier of services from Great Britain. It will make possible to create a new jobs and economic growth," Kemmer stressed. In the tax area, Kremmer said that the government could make German banking sector more competitive by allowing banks to deduct bank levy payments from the their taxable income. All credit institutions in Germany were as objects of every-year levy balances since January 2011. The levy starts at 0.02 percent for banks with a balance between EUR300m (USD340m) and EUR10bn, and rises in stages to 0.06 percent on balances in excess of EUR300bn. "As any other European country the banking levy must be tax as operation expenses", Kemmer said. He also ask Germany refuse of support for...

UK: Inheritance Tax get record rate

Published: Sergey Panov | 19.08.2016 |

The Inheritance Tax in UK get the highest rate GBP4,7bn (USD6.1bn) in 2015-16 years, according to Wilson words, client of private law firm. This tax raised on 17 percent from 2014-15 and on 91 from 2009-10, when the tax was rise the last time. From 2017 year, the government will gradually goes into force a new rate in GBP175,000. A new allowance will approved in rate at GBP100,000 in 2017-18, GBP125,000 in 2018-19, GBP150,000 in 2019-20, and GBP175,000 in 2020-21. This rate will rise according to the Consumer Price Index. It will be available as attachments to existing rate GBP325,000 of Inheritance Tax and will be lasting to 2020-21 years. Both allowance can be transfer to a spouse or partner. Wilson said that for rate in 325,000 to be agreeable to inflation from 2009, it might be increase to GBP391,000. At the present time this tax is 0,87 percent from all taxes incomes in United Kingdom, comparably with 0,57 percent in 2009-10 years. Tim Fullerlove, the partner of Wilson, commented: "This inheritance tax gradual will transfer into general tax for "middle England" and as long it last as harder will be to will be for the Treasury to let that income go. With each passing...

Australian Tax Department warns about false deductions

Published: Sergey Panov | 17.08.2016 |

The Australian Tax Organization (ATO) warns taxpayers about false deductions bounded with job and remind employee about using a new checking regime in real time deductions and about tax declarations electronically. Australian confirm that more than AUD21bn (USD16.2bn) it’s a disbursements connected with work in every year. Assistant Commissioner Graham Whyte said that ATO see mistakes when the same time sum if individual disbursements not so huge but in general amount it has bigger meaning. Whyte also explained that ATO would use efforts against tax agents who make returns more essential and advice to taxpayers that they need to be sure that their agents are registered. ATO in this year go into force checks of deductions in real time for tax returns in filed electronically. Whyte said: "If your claims essentially higher than any other in the same occupation with the same income in that case will be some notification and it need to pay attention on this and check it out." This new process only need to help you to check your own returns. Whyte recommended to taxpayers inquire according to three rules: "First, be sure that you didn't spent this money and it wasn't return;...

Ireland explains a new patent box

Published: Sergey Panov | 16.08.2016 |

The Irish Revenue published practically department in using Knowladge Department Box, special regime of income taxation that appears of intellectual property. KDB force into a new financial law for company in 2015, the report period of what started the 1 of January, 2016 and also is belong to income, which appears by literary property software and also in case of small companies it will be other intellectual property which equal or can be patented. As explained department, the company "will have a right for deduction in 50 percent of its own qualifications income. We can say that the income we can take from intellectual property has taxation in 6,25 percent when the rate of corporative tax is 12,5 percent. The regime is available for companies, which provided scientific researches according to part 766 of the Taxes Consolidation Act 1997. The department provide the definition of qualifications company, qualifications income and active which appears because of using qualifications active, and it also explains a huge specific demands, which need to be done for claiming the relief. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

The EU given time to fix of the budget deficit

Published: Sergey Panov | 12.08.2016 |

The European Council overturned the fines for Spain and Portugal for infringement of excessive deficit rule and established a new "fiscal path" for each country, which will have to follow. Such action follows from the preceding Council decision on the fact that Spain and Portugal have not taken effective measures to correct its excessive deficit and will now have to implement the recommendations made by the European Commission in their respective fields. In July, the Council confirmed that Spain and Portugal have not been able to reduce its deficit to below three percent of gross domestic product (GDP) for the time. Once provided financial assistance amounting to 78 mrad euros (86.9 billion dollars) from the EU, the eurozone and the International Monetary Fund (IMF) in 2011, Portugal was not able until 2014 to bring its deficit in line with EU expectations. For this reason, in June 2013. The Council further extended to 2015 and set targets deficits of 5.5% of GDP in 2013, 4% in 2014 and 2.5% in 2015. Portugal was able to achieve a given economic restructuring program in June 2014, but in 2015 the general government deficit was 4.4% of the country. The July decision of the...

Australia has made prejudice for a big corporation

Published: Sergey Panov | 11.08.2016 | news

Australian Tax Organization announced a range of alerts for taxpayers that bi companies will be caution in use tax avoidance system. The firs alert as to agreement, where Australian consolidation group all the time use offshore constitutions, which are in inner operation. Deputy Commissioner Jeremy Hirschhorn said: "With help of this mechanism their true income can be low and in that fact the take-outs will be incorrect. "Taxpayers must provide returned taxable income properly, because it reflects the economic substance and significance of the operations carried out under the principle of arm's length. ATO in the present time investigate the cases when this mechanism and also structure in the answer for multinationals against Tax Avoidance Law which had made to increase tax for goods and services. ATO in a similar way to warn against deliberate calculation of debt capital for the purposes of the thin capitalization rules. Conza said: "In some cases, taxpayers are not able to include the cost of debt interest, which has been treated as equity for accounting purposes of debt capital As a result, adjusted average debt of the taxpayer understated, allowing them to...

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