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UK published Tax Planning RoadMap

Published: Sergey Panov | 23.03.2016 | news

RoadMap includes at least two proposals, which contain the measures to combat tax evasion, namely, methods for solving hybrid mismatch arrangements and measures that limit the deductibility of corporate interest. In addition, RoadMap includes specific changes to enhance tax regime for royalty payments. RoadMap states that the government will present in April 2017, a fixed rule limiting the deductibility of interest for the largest companies, to 30 percent of UK income. Next, RoadMap includes plans for the elimination of tax benefits arising from the use of hybrid mismatch arrangements involving permanent establishments (PEs). This measure is aimed at complex structures that allow some multinational corporations to avoid paying any taxes. Finally, RoadMap states that the government will seek to expand the tax lien so that the payments for the use of intangible assets such as trademarks, trade names, made to overseas persons will be subject to withholding tax. Chancellor George Osborne said that the RoadMap "establish a low tax regime which will attract multinational companies that we want to see in the UK, but we want to make sure that the taxes they pay here....

Corporate Tax Rate 2016

Published: Sergey Panov | 17.03.2016 | Без категории

UK - The Corporation Tax main rate for 1 April 2016 is set at 20%. This rate will fall to 19% for the year beginning 1 April 2017, and to 18% for the year beginning 1 April 2020. Hong Kong - Profits tax levied at rate of 16,5% for companies carrying on business in Hong Kong (and 15% for unincorporated businesses) on relevant income earned in or derived from Hong Kong. Ireland - Standard corporation tax rate on trading income is 12,5% and 25% on non-trading income. Cyprus - Corporate tax rate is 12,5%. Certain types of income subject to Special Contribution for Defense at rates of 17%(dividends), 30%(interest) and 3%(rents). Latvia – Rate is 15%. Belize - All non-CARICOM residents, who have any taxable receipts originating from Belize, or in respect of any service provided in Belize, are required to pay business taxes as follows: Dividends - 15%, Insurance Premiums - 25%, Interest on Loans - 15%, Management fees - 25%, Rental of plant and equipment - 25%, Technical Services - 25%. British Virgin Islands - No income tax. United Arab Emirates - Income tax decrees currently enforced on oil and gas companies and branches of foreign banks. Oil and gas companies subject to...

CBI encourages to eased Business Tax in the UK

Published: Sergey Panov | 15.03.2016 | news

Confederation of British Industry (CBI) called on the UK government to reform the "outdated" tax rate on businesses, to improve the corporate tax benefits, as well as maintain existing pension tax benefits. CBI says that the government should make the tax system and the regulatory system more competitive in order to avoid the burden on business. According to the analysis of the CBI the recent changes in the policy will cost businesses approximately 12.9 billion dollars by the 2020-21. CBI recommends the UK Chancellor George Osborne to improve the tax rate on business by switching the multiplier by which business rates are uprated from retail price index to the consumer price index. CBI added that small businesses must be relieved of the tax altogether. And Confederation urged to increase depreciation to improve support for investment. Finally, the CBI called on the government to establish a clear direction on energy policy and support for investment in low-carbon energy sources. Britain should be able to find its way out of the deficit - the government must send a clear signal that it stands for the prosperity of the business. Author: Olena Kutova senior...

MNCs corporate taxation

Published: Sergey Panov | 04.03.2016 |

On March 1, 2016, UK's HM Revenue and Customs (HMRC) published a policy document explaining how the rules of corporate tax in the country apply to transnational corporations. The article states that, as a rule, the foreign company must pay UK corporation tax, if it has a permanent establishment (PE) in the UK, or economic profitable activity is carried out in the UK. The document stresses that the many different elements contribute to the economic activity of the multinational company, including sales, employees, technology, physical assets and intellectual property. It says that if a company has a customer in the UK, it does not mean that it carries out its economic activity there. The document also explains the example of the fact that the presence of the British web site does not mean that non-resident company has a permanent place of business or a dependent agent in England. HMRC says that the concept of PE and as a multi-national company are taxed in different countries is not new, but noted that "what has changed is the way in which businesses operate, not least because of their ability to make sales online in many different countries. This raises questions...

Property tax reform for UK

Published: Sergey Panov | 29.02.2016 | Без категории

The International Monetary Fund said, that the United Kingdom should make changes to its medium-term fiscal consolidation strategy. Reducing of tax expenses could improve the tax regime's efficiency, increase tax neutrality and to free up revenues, the IMF has said in its 2015 Article IV report. The report also said that further property tax reform could decrease the shortage of housing. It recommended easing the tax burden on real estate transactions and increase the fees that are based on the property value.Also recommended to reduce tax rebates on the property of a single occupier. The IMF said that the reduction of the bias of tax code toward debt could contribute financial stability. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Tag: #United Kingdom

UK published Tax Planning RoadMap

Corporate Tax Rate 2016

CBI encourages to eased Business Tax in the UK

MNCs corporate taxation

Property tax reform for UK