#Taxation Archives - Page 8 of 14 - Law firm Finance Business Service: offshore registration, tax planning, legal services

Trump renew proposed tax cutting

Published: Sergey Panov | 10.08.2016 | news

During his performance in Economic club in Detroyt 8 of August, republican, candidate of president, Donald Trump change his programme of tax cutting, particularly as to previously announced cutting of income tax rate for private individuals. Cutting of tax income, what flow from Trumps tax reforms can put more than USD9.5 trillion over ten years. As this deficit had been created largely at the expense of cutting individual income tax rate. His first proposition can help to cut childcare disbursements, let to parents completely take away the cost average cost of childcare disbursements from them taxes. As to business tax, Trump approved that he will provide tax rate cutting of all business to 15 percent. He said that the small companies would take away maximum profit from this plan. He also would like to take back trillions of dollars from American firms, which at the present has been based abroad. Corporative delay of foreign income will liquidate and corporative income at present time are providing abroad in international corporation by USA taxed at a reduced repatriation rate of 10 percent. Author: Olena Kutova senior lawyer of the Finance Business...

Japan is increasing sales tax

Published: Sergey Panov | 05.08.2016 |

The International Monetary Fund (IMF) has announced to continue previously started process of increasing gradual consumption tax. The eight percent rate of gradual consumption tax in Japan first time was planned to increase it for 10 percent in October 2015, but because of current plans, it won't working in near feature to October, 2019. IMF in its 2016 Article IV consultation report for Japan said that the country need to repulse of previously planning rate for 2019 year and instead of to start with previously announced rate, step-by-step increase as fast as possible. IMF said that gradual increasing of consumption tax at least for 15 percent with 0.5-1 percentage point after several time could help to balance targets of objectives of supporting growth and achieving fiscal sustainability in the long run. In the report noticed that the structure of one rate must be save for a long time and worrying about tax impact on low-income households addressed by targeted cash transfers. The stable budget consolidation of 1.5 percent in gross domestic product (GDP) per year to 2030 year will be enough to put the public debt-to-GDP ratio on a downward path, the Fund said. ...

Luxembourg reviewing verdict on LuxLeaks

Published: Sergey Panov | 04.08.2016 |

Luxembourg public prosecutor lodged an appeal against the verdict on the recent so-called scandal "LuxLeaks", arguing that the sentences imposed by the court was too lenient. Earlier this year, Antoine Deltour and Raphael Halet, both former employees of PricewaterhouseCoopers (PwC) consulting firm, received suspended sentences by the court 12 and 9 months, respectively, for their role in the disclosure of thousands of documents detailing the private tax ruling between multinational companies and the tax authority of Luxembourg. They also had to pay a fine of 1,500 EUR (1,680 USD) and 1,000 EUR, respectively. A third defendant, a French journalist Edouard Perrin, who made the initial discovery of LuxLeak and the first to publish the story on French television, was acquitted of all charges. Let us recall that in this scandal for the exemplary data were involved 340 major transnational and national companies from around the world. It is believed that the defendants, with the support of the local authorities thought out and implemented an elaborate scheme of tax evasion, in some cases, reducing the payout to just 1%. The defendants face various charges during the trial, which...

EU signed tax agreement with IOTA

Published: Sergey Panov | 01.08.2016 |

The Intra-European Organization of Tax Administrations (IOTA ) has signed tax agreement with European Commission to develop the solution of more effective way to common targets which this two brunches are working on and also one kind of them activity to prevent double tax avoidance. According to announce of IOTA 26 of July the main brunches of co-working in agreement frames include battle against swindle, information exchange, alternate support, support of tax departments to increase the level of maintenance by taxpayers. The agreement was signed between IOTA and the Taxation and Customs Union Directorate General (DG TAXUD) of the European Commission 7 of July. Edery said: «Commission has get a support IOTA from the day it start exist and attentively watching it progress. We have common target to support European states in development and modernization of tax administration. Based in Budapest, IOTA is a non-profit intergovernmental organization, created to promote using the best practice in tax administration direction and more effective co-working with 46 tax authorities’ members. Author: Olena Kutova senior lawyer of the Finance Business Service...

OECD insists on the «Tax fairness»

Published: Sergey Panov | 25.07.2016 |

«Governments and authorities need to look for a new ways to use the tax policy to distribute the advantages of economic growth more equally among its citizens», - said in a new report «Tax Design for Inclusive Economic Growth» OECD. The report contains recommendations to countries looking to expand their tax bases, to make their tax regimes more progressive behavior and encourage opportunities to push for lower income sources, as well as improving tax policy and administration. The report would be discussed on 23 July at the G20 Ministerial Tax Symposium. The symposium would discuss the best ways to use the tax policy tools, to break through to an inclusive, coherent program that provides enterprises with a greater tax certainty. «The tax policy has a clear role in facilitating achieving a strong, sustainable and balanced growth», - said OECD’s General secretary Angel Gurria, - «We are convinced that the latest study of the OECD on tax structures for inclusive growth may become part of the new of tax policy, which will contribute G20 to the forward promotion procedure. Author: Sergey Panovmanaging partner Finance Business...

Australia provides “sharing economy” tax

Published: Sergey Panov | 20.07.2016 |

Australian tax organization (ATO) said that they are worrying about people who earns money with sharing economy can't understand that they need to announce this income to them tax declarative. Assistant Commissioner Graham Whyte said: "sharing economy changed a lot of things we do but the definition of ATO didn't change. In sharing economy buyers and sailors are connected with facilitator who usually work through application or web site." "If you earns money from casual earning or providing services such as using common tasks, transporting passengers through things like ride-sourcing, or renting a room or house, you need to count this like declare income." "It's different a little if good you introduce or your activity you acting through sharing economy site or another stage acting like hobby or recreation activity. The amount you paid can not be countable income. You can check this on ATO site for taking some information about how to solve this problem." Due to Whyte words most of the people who take part in sharing economy will have right to demand deductions if they are declaring income. According to them activities, some taxpayers must register and pay out for goods and...

In the USA propose tax credit for housebuyers

Published: Sergey Panov | 19.07.2016 |

The main member of financial committee of The USA Rone Wyden introduced an act of returning tax credit which must help to people who buys a new house. According to his propose the first buyer of living residential property will get returning tax credit around USD10,000 and it will be equal to 2.5 percent in the cost of the whole house. This credit will also increasing step by step for private individual who has a year profit more than USD80,000 and for marriage couples with year profit more than USD160,000. But if buyer sold his house within 5 years he must paying a part of credit if has no some important reasons as work replacing or military mobilization. "The housing policy in our country need a reconstruction, said Wyden. We have a lot of people who work hard to provide for a family and can't permit themselves to rent all the more so buy some house. The federal government need to do more to repair housing crisis on all stages with close co-working of state and city governments." He said that this program created after existing Low-Income Housing Tax Credit because of low profit of people. Another words this program of federal government provide of development and...

Parliament of Holland approves gambling tax

Published: Sergey Panov | 18.07.2016 | news

The lower house of Dutch parliament approved rule, which can regulate and provide online gambling taxation. Remote Gambling Bill has plan to open Dutch gambling market for foreign outer gambling companies which provide taxation about 29 percent of gamble gross revenue, the same way of taxation have had already gamble land-based operators. According to previous version of draft law, tax for online gambling fixed about 20 percent. The acting coalition included remark to legislation in the beginning of this year for agreement this tax. Nevertheless, the final version of this law approved by the law house 7 July contains measure of decreasing about 25 percent at the end of three years period. In this proposing for the first time was planned to go into force this rule in 2015, but now they were waiting for voting in the Senate. In case of approving by upper house, expect that the process of application submission a new license for gambling in the first half of the next year, and that this new regime will fully up in the middle of 2017 year. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

UK revises VAT rules covering insured goods

Published: Sergey Panov | 15.07.2016 |

The UK Government has tabled the Value Added Tax (place of supply of services: exceptions relating to supplies made to relevant business person) order 2016, which will take effect for supplies on or after October 1, 2016. The change affects repair services following insurance claims which meet the following criteria: the supply is pursuant to a claim made under a contract of insurance, and the supply is made to a relevant business person who is not the person insured. In such circumstances, instead of being taxed in the UK, if the services are effectively used and enjoyed outside the EU, the supply is to be treated as made where it is used and enjoyed. Equally, where a supply of such services would typically be treated as made outside the EU, if the services are effectively used and enjoyed in the UK they will be subject to UK VAT. The change applies in the case of a supply of services consisting of the repair of tangible movable property (such as cars or mobile telephones) where the supply is made in pursuance of a contract of insurance and is made, for example, to the insurer rather than to the insured person. Author: Sergey Panovmanaging partner Finance Business...

EC applies the Panama Papers Inquiry

Published: Sergey Panov | 14.07.2016 |

The European Parliament's Committee of Inquiry into Money Laundering, Tax Avoidance, and Tax Evasion (PANA) has announced the appointment of its chair and four vice chairs. The constitutive meeting of PANA took place on July 12, 2016. Wenrer Langen was elected chair, with Ana Gomes, Pirkko Ruohonen-Lerner, Fabio de Masi, and Eva Joly to serve as first to fourth vice chairs, respectively. The Committee consists of 65 members, excluding the chair and vice chairs. It will investigate alleged contraventions and maladministration in the application of European Union law with respect to money laundering, tax avoidance, and tax evasion by the European Commission or member states. Its establishment was prompted by the leak of the so-called Panama Papers, the leak of more than 11.5m documents belonging to law firm Mossack Fonseca. The data leaked relates to the ownership of bank accounts and companies in 21 offshore jurisdictions, and covers a nearly 40-year period, through to the end of 2015. The Committee is required to submit its final report by June 8, 2017, when its mandate from the European Parliament will expire. Author: Olena Kutova senior lawyer of the...

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