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Scotland urged to provide independence of new tax court

Published: 13.12.2016 |

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#Scotland #Taxation

New tax appeal court in Scotland should be independent from the national new tax authority, the group of tax reform with the low level of the income declared. Simultaneously with the introduction of the new Scottish tax inspection to manage taxes, transferred from the UK, Scotland suffers an existing tribunals service to the Scottish Tribunals on 1 April 2017 and brings a lot of related changes, according to the legislative offers. These offers include drafts of procedural rules for new court of the first level for tax chamber of Scotland which will be similar to an operating mode of present tax court of the first level. Reacting to negotiations on new system, the group of tax reform with the low level of the income declared that tax chamber and tax court of the first level "actually, both shall be both conscious, and absolutely independent of the income of Scotland". Also noted that the system of court shall be "available to all" and asked that the government considered a question of providing free legal services tax and accounting services to help people with low incomes. Author: Sergey Panovmanaging partner Finance Business...

The Canadian tax benefits are profitable for rich persons

Published: 12.12.2016 |

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#Canada #Tax exemptions

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...

EU Council approves the following actions of international tax reform

Published: 09.12.2016 |

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#EU #Reforms

On December 6 meeting, the EU's Economic and Financial Affairs Council (ECOFIN) approved a number of measures for improvement international observance of the tax legislation. Specifically, the ECOFIN provides access for tax authorities to information, held by authorities responsible for prevention of money laundering; reached a consensus on the Directive project that aimed at closing of “hybrid mismatches” with the taxation systems of three countries; also made the decision concerning the offer to recommence the common consolidated corporate tax base (CCCTB). The Directive on exchange of information on beneficial owners of the companies it is intended to support tax authorities controlling the correct application of tax rules, thereby helping to prevent tax avoidance and tax fraud. At the second stage after the intensive discussions, Council agreed to stabilize the document for the majority of provisions Directive's plan about hybrid mismatches, leaving only two questions to solve them on the next weeks: rules that would allow Member States to apply the limited benefits and date of realization. “This directive will prevent corporate taxpayers for exploiting disparities...

British electronic tax reporting has achieved concessions

Published: 08.12.2016 | news

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#Tax reporting #United Kingdom

The Low Incomes Tax Reform Group has said, that millions of British taxpayers, who do not have access to the Internet can not comply with the requirements of HM Revenue and Customs, which offered obligatory online reporting rules. Also, this group of tax reform urged the government to make concessions to give a guarantee to people who not necessarily use online technology or have no Internet access, to have alternative options for accomplishment of the tax liabilities, in case of the entered obligatory electronic reporting of 2018. The Low Incomes Tax Reform Group said, that 10 percent of the population will never be "interested in a digital form" and more than five million adults never used the Internet. The chairman of LITRG Anthony Thomas said: "There are people who just don't want to learn use the Internet, to see its benefits which can give and other people don't want to use because they think that it is unsafe. Also, more and more services progress through online services, such as a capability to make new online requirements of the tax credit as it was announced in Autumn Statement. We convince HM Revenue and Customs and more wider government to look at this electronic...

“Successful” year for the tax of transferred property in Scotland

Published: 07.12.2016 |

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#Real estate #Scotland #Taxation

Transition of Scotland to a new Land and Buildings Transaction Tax (LBTT) was "operationally successful", according to the Scottish Parliament's Finance and Constitution Committee, which analyzed the impact of the tax on the real estate market. The Land and Buildings Transaction Tax replaced British stamp duty land tax (SDLT) in Scotland from April 1, 2015 within the agreement with Great Britain which transfers responsibility for some taxes to Scotland. LBTT of Scotland is based group with 145,000 pounds sterling (184,550 US dollars) with a free limit on the Land and Buildings Transaction Tax. In the amount of two percent the price is paid for a share of inheritance of real estate to 250,000 pounds sterling; five percent for a share to 325,000 pounds sterling; 10 percent to 750,000 pounds sterling; and 12 percent from the price above 750,000 pounds sterling. In the report of Committee said that in spite of the fact that implementation of a tax was successful, it is too early to draw any final conclusions concerning influence of LBTT rates and groups after one year of operational management of the entity, and also due to the lack of consistency in the forecast and in data of...

Spain increases the burden of the corporate tax

Published: 06.12.2016 |

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#Spain #Taxation #VAT

The government of Spain declared growth of a budget income on December 2, that will increase tax revenues from corporations. In spite of the fact that recently created government decided to leave the 25 percent corporate tax rate untouched, Spain will limit the corporate tax deductions. They will contribute the most part of 7 billion euros in the new income at which the government is aimed. The Budget imposes new limits on loss carry backs and restrictions for use of the pecuniary losses connected with shareholdings in the companies located in "tax harbors or in the territories with not appropriate level of a tax" in number with other changes. New measures of the corporate tax, as expected, raise the additional amount of 4.65 billion euros in revenue for the government. Besides, real estate value will be updated for property tax to increase revenues. Also, the government intends to lift a number of "guilty" taxes, including on alcohol, tobacco, and sweet drinks. Other changes are directed on modernization VAT and the fight against fraud VAT. It includes a new reporting system of the VAT in real time which announced in 2014. Taxpayers will be obliged to report about transactions...

Transfer pricing is the UK tax dispute

Published: 05.12.2016 |

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#Taxation #United Kingdom

According to the international law firm Pinsent Masons, the amount of tax that potentially underpaid large corporations by removing profits to other jurisdictions, increased by 60 percent last year, to GBP3.8bn (USD4.8bn). This number is "a tax for consideration" by HMRC's Large Business Directorate HMRC, which does calculations of the most potential additional tax liability on all open requests before any investigations are completed. The specialist in the tax matters Heather Self of Pinsent Masons told that such increase offered management of HMRC that opened a significant amount of new requests within the last twelve months, in particular, in the field of affairs of transfer pricing of multinational corporations. She assumed that transfer pricing becomes the unique biggest risk or a source of potential tax errors for the large companies. "It seems that financial management on new looks at the largest companies of Great Britain, being accented on intra group, cross-border transactions", she told. "Possibly, there will be a reaction to increase in emphasis of attention of OECD and the EU concerning the international taxation, and it allows to assume that HMRC becomes more...

Australian pension tax reforms are approved

Published: 01.12.2016 |

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#Australia #Reforms #Taxation

On November 23 the amendment of Treasurer laws (fair and stable pension) the bill of 2016 and contributions to the pension fund (excess tax balance transfer) taxation bill in 2016 was adopted. In joint release, the Treasurer Scott Morrison and the minister of the income Kelly O'Dwyer told: "The package of proposals on reform of pension fund contributions, the best purpose of tax benefits to make our pension system fair and stable as aging of the population and tax difficulties increase." The legislation performs following operations: allows for pensioners to make, "approximation" to concessional contributions with balance below 500,000 Australian dollars; introduce the maximum amount of the transfer balance of 1.6 million Australian dollars, sets the amount of restriction, which person can transfer into the pension phase of the non-taxable income; removes "10 percent rule" (the profitable test) to provide equal conditions for access to pension fund contributions of tax benefits, irrespective of a situation of employment person; introduces tax compensation of the pension low income. Such measures will come into force since July 1, 2017. "Ninety six percent of people of the...

Canada has to improve tax competitiveness

Published: 30.11.2016 |

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#Canada #Taxation

The tendency of the federal and local governments in Canada to raise taxes for companies, means that the country is losing its competitive advantage, according to a new report, School of Public Policy at the University of Calgary. The school Report of 2015 about Tax Competitiveness created by Filip Bezel and Jack Mintz explained that the effective rate of the corporate tax of Canada on new investments raised from 17.5 percent of 2012 to 20 percent of 2015. In the report speaks that this increase, first of all, at higher provincial rates of the corporate income tax, reversals of British Columbia the governments of the previous goods and services of tax reforms, and reducing tax benefits at the federal and regional levels. The reforms brought in the federal budget of 2016 will see effective increase in a rate to 20.1 percent. The school showed that now Canada takes the sixth place on the extreme height of an effective rate of a tax (METR) in the G7 and the highest 13th place in the G20 and OECD group of the countries. Among the provinces of Canada the report noted that Newfoundland and Labrador increased the rates of the corporate income tax to deal with their deficits while New...

Changes in the taxation treaties

Published: 28.11.2016 | Без категории

The countries approve the multilateral transaction about amending all agreements of the taxation. More than 100 countries completed negotiations on the conclusion of the multilateral document which will quickly perform a number of measures of tax agreements in the field of base erosion and profit shifting (BEPS). The document - is developed within actions of the 15th BEPS project, it will move recommendations of BEPS to more than 2000 tax agreements worldwide. It will perform the minimum standards on fight against abuse of the agreement, and also will improve dispute resolution mechanisms, providing flexibility for placement of specific policy of the tax agreement. The OECD says that it will also allow the governments to strengthen the tax agreements with other measures of the tax agreements drafted within the BEPS project. The OECD will be depositary of the multilateral document and will support the governments in the course of its signing, ratification and implementation. The first ceremony of signing on the high level will take place within a week, since June 5, 2017, with the expected participation of considerable group of the countries during the annual meeting of Council ...

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