#Tax exemptions Archives - Law firm Finance Business Service: offshore registration, tax planning, legal services

The Government Increased the List of Beneficiaries Regarding the Payment of Court Fee

Published: Ролан Бондарец | 03.03.2018 | news

The Government of Ukraine has amended Art. 5 of the Law “On Court Fee”, providing for the expansion of the list of applicants and claimants, who are exempt from paying court fee. The changes are confirmed by the Law of Ukraine “On the features of the state policy on securing the state sovereignty of Ukraine in the temporarily occupied territories in the Donetsk and Luhansk regions” and came into force on February 24, 2018. So, Part 1 of Art. 5 “On Court Fee” is supplemented with clauses 21 and 22 of the following content: “21) the applicants - in cases on applications for establishing facts of legal significance filed in connection with armed aggression, armed conflict, temporary occupation of the territory of Ukraine, natural or man-made disasters that led to forced relocation from the temporarily occupied territories of Ukraine, death, injury, imprisonment, unlawful deprivation of liberty or abduction, as well as violation of property rights on movable and/or immovable property; 22) the claimants - in cases on suits against the aggressor state, the Russian Federation, on the compensation of property and/or moral damage caused by the temporary occupation of...

Procedural Codes will Undergo Another Changes

Published: Ролан Бондарец | 21.12.2017 |

The Verkhovna Rada of Ukraine has registered changes in the Code of Civil Procedure, the Code of Economic Procedure and the Code of Administrative Court Procedure provided for by three relevant draft laws. We remind that on December 15, the Law which had already been amended by these codes came into effect. However, as it was noted in the explanatory notes to the latest drafts, it was adopted in violation of the regulation. In addition, the Law contains a number of contradictory norms, on the correction of which the proposed changes are aimed. In general, it is proposed to rewrite the editions of the CCP, CEP and CACP, which have just come into effect. During the consideration of the procedural codes in the parliament, none of the amendments proposed by the deputies was adopted, although several thousand amendments were submitted at the stage of their preparation. Instead, before voting for the Law as a whole, only amendments were brought to a vote approved by the profile...

On December 15, Amendments to the Procedure for Issuing Individual Licenses of the NBU for Transfer of Foreign Currency Abroad Came into Effect

Published: Ролан Бондарец | 15.12.2017 |

According to the report of press service of the National Bank of Ukraine, today, on December 15, the amendments to the procedure for issuing individual licenses for the transfer of foreign currency abroad came into effect. The innovations provided by the Resolution of the Board of the NBU No.130 of December 14, 2017 “On Amendments to the Regulations on the Procedure for issuing individual licenses for the transfer of foreign currency outside Ukraine for the payment of bank metals for certain currency transactions”...

Automatic Blocking System of TI Will Be Temporarily Suspended

Published: Ролан Бондарец | 13.12.2017 |

The changes provided by the amendments to the draft Law “On Amendments to the Tax Code of Ukraine regarding the Balance of Budget Revenues in 2018” has been made in the procedure of the blocking system of tax invoices. According to the announcement made on December 7, 2017, the following has been done: 1. Clause 74.2 of the TCU has been deleted, which stipulates that the URTI ensures constant automated monitoring of the compliance of TI/AC with the criteria for assessing the degree of risk sufficient to suspend the registration. This provision will come into force on the day following the day of the publication of the Law. It is also noted that, within two months from the date of entry into force of the Law, the Cabinet of Ministers must: determine the procedure for suspension of the registration of TI/AC in the URTI in accordance with clause 201.16 of the TCU; ensure the revision and bringing of the normative legal acts in compliance with this Law by the ministries and other central executive bodies. In addition, the Cabinet is obliged, within a period of three months from the date of entry into force of this Law: to adopt the normative legal acts which are necessary...

The Canadian tax benefits are profitable for rich persons

Published: Sergey Panov | 12.12.2016 | Без категории

Tax expenditures on the income of physical persons of Canada bring benefit for more than 50 percent of persons which gain income, according to the new report of the Canadian center of political alternatives (CCPA). Using data of 2011, it was established that 59 of 64 tax expenses, provide more benefit to 50 percent of the persons gaining income. It shows that in 2011 39 percent of profitable tax expenses provided to more than 10 percent of persons which gain income, and less affluent taxpayers saw only 16 percent of the benefits. The report states that there are only five taxes: a tax on working income, a guaranteed income without tax, social security without taxation, reimbursement of medical costs and disability tax credit - they can be described as "relatively progressive" with maximum benefit CAD1,110 ($ 840 USA). The Canadian government is currently carrying out a comprehensive review of federal tax expenditures. The goal is to ensure that the tax costs are fair, effective and have financial responsibility. The Canadian center of political alternatives has recommended that the annual tax expenditure report from Finance Canada, included the distribution of tax expenses...

Australia publishes the conclusions of the review of tax credit

Published: Sergey Panov | 05.10.2016 |

The Australian Government has published a review of research and development tax credit. The Australian Government has published a review of research and development tax credit. The review was commissioned in December 2015 as part of the agenda of the Government of National Innovation and Science (NISA). The goal was to determine how the efficiency and integrity of the research and development tax credit can be improved. The Commission has made six recommendations. They said that the government should: - Set a single premium of up to 20 per cent non-refundable tax refund; - Enter the maximum in order AUD2 million on an annual refund; - Enter the one - or two percent limit for recipients of the non-refundable component of the research and development tax credit; - If the intensity threshold is set to increase the threshold to AUD200 million of expenditure; - Explore options for better management in the research and development tax incentives, including the establishment of a single application process, developing a single framework of this program, as well as the optimization of processes to verify compliance with established rules and regulations; - Save the current...

EU reaches agreement on Anti-avoidance package

Published: Sergey Panov | 22.06.2016 |

European Union (EU) member states have reached a compromise agreement on a proposed new anti-tax avoidance directive. The European Council reached a broad agreement on the draft directive on June 17, subject to a silence procedure. Further details of the arrangements were released on June 21. The directive will be submitted to a forthcoming Council meeting for its formal adoption. The directive sets out five key anti-avoidance measures, which all member states will be required to apply. They are: A controlled foreign company (CFC) rule to deter profit shifting to no- or low-tax jurisdictions. The rule will allow the member state where a parent company is located to tax certain profits that the company "parks" in a no- or low-tax country. It will be triggered if the tax paid in the third country is less than half of that which would have been paid in the member state in question. The company will be given a tax credit for any taxes it paid abroad. An exit tax on assets moved from an EU member state's territory, based on the value of the assets at that point in time. Companies will be obliged to send tax authorities their balance sheets, containing information on their...

Canada will review preferential tax arrangements

Published: Sergey Panov | 17.06.2016 |

The Organisation for Economic Cooperation and Development (OECD) said that government of Canada need to include Preferential Tax of small business in planned review of tax expenditures. This recommendation was make in the last economical overview OECD of Canada and added that this capital taxable income is not sufficiently focused. "The main aim of this agreement to save small business in a big amount for investing and its make this program more effective. OECD said that depend of analysis result according to decision of federal budget in 2016 to defer a series of scheduled increases to the SBD and it will be seen as moving in a right direction. It added that the Government should also "review its targeted measures and adapt them as necessary to ensure that they correct clear market failures efficiently." The 2016 Budget deferred any further reductions in the small business income tax rate and committed the Government to undertaking a review of the tax system within the coming year, with a view to eliminating poorly targeted and inefficient tax measures. Author: Sergey Panovmanaging partner Finance Business...

Hong Kong: a new tax benefit for companies

Published: Sergey Panov | 09.06.2016 | news

June 3, 2016 in the official government publication in Hong Kong were published changes in the tax law, introducing a tax break for companies that perform the function of the treasury center. The changes were adopted by the Legislative Council of Hong Kong on May 26, 2016. Now, the company engaged in Hong Kong treasury activities (namely intra-group financing business, the provision of treasury services and conducting treasury operations), under certain conditions, are able to take into account the the interest paid by them on loans as an expense for tax purposes. Under the changes, the Hong Kong companies, which meet the criteria of corporate treasury center will pay income tax at a reduced rate, in the amount of 8.25% (the standard corporate tax rate in Hong Kong is 16.5% rate). The reduced rate of corporation may be applied against to income from treasury activity, obtained from April 1, 2016 and later. The new rules on percent accounting in the composition of expenditure of companies involved intragroup funding, will also be applied in respect of amounts accrued for payment on April 1, 2016 or later. By introducing new benefits Hong Kong trying to increase its appeal to...

Tax breaks in Hong Kong’s double tax agreements

Published: Sergey Panov | 24.05.2016 |

Recently Hong Kong has signed DTA with Romania and Russia, which will cut tax for cross-border trade and investors. Due to Romanian double tax agreement, income tax of Romania can be paid from any other tax which has the same income. Withholding of tax in Romania will cut to current 16 percent to 5 or even 3 percent. The income profit earned by Hong Kong's residents will be enjoying to for full tax exemption. Due to Russian DTA from Hong Kong will income tax paid by Russian residents or companies shall be allowed as a credit against any tax payable in respect of the same income in Russia. Withholding of tax in Russia will cut from current 20 percent or 30 to even 3 percent. The cap of 5 percent will be allowed if even one of the official owner has more than 15 percent of common profit of the company. Profit from international shipping transport also will be enjoying to for full tax exemption. Hong Kong airlines which operating in Russia will pay tax only due to Hong Kong's tax rate. Author: Sergey Panovmanaging partner Finance Business...

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