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Estonia – the most competitive countries in the tax system

Published: 19.10.2016 |

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#Estonia #Taxation

Estonia is the most competitive tax system in the world, largely thanks to its 20-percent income tax and a "well-structured" personal income tax system. The third annual International Competitiveness Fund measures how well the country's tax system contributes to sustainable economic growth and investment. The report looks at 40 variables of tax policy in five categories, including corporate income taxes, individual taxes, consumption taxes, property taxes, as well as the treatment of foreign exchange earnings. According to the Fund, Estonia's position at the beginning of 2016 the list of the year is mainly the result of four factors, including "its low percentage of corporate tax, well-structured, 20 percent tax rate on personal income tax, property tax is only applied to the cost of land, rather than the real value of the property or capital, as well as a well thought out territorial tax system." New Zealand and Latvia take the next two places in the list. In contrast, France is at the end of the table due to its high corporate rate - 33.33 per cent of the taxes, "high and poorly structured" property taxes, and "progressively higher individual tax rates." The United States this...

The German parliament approved the reform of inheritance tax

Published: 18.10.2016 |

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#Germany #Reforms #Taxation

The upper house of the German parliament, the Bundesrat (Federal Council) approved a bill to tighten eligibility criteria for inheritance tax incentives for family businesses. These changes mean that the tax exemption will be abolished inheritance in excess of EUR 90 million (USD 98.7 million). In total, the exemption from inheritance tax will be applied in most cases, but only if the company has been working for at least seven years, and retains the same level of employment. Companies in which five employees are working, or less, will be automatically exempt from inheritance tax without any limitation, as compared to 20 employees in accordance with the existing rules. The new law will be applied retrospectively (ex-post), with the July 1, 2016. Changes in the rules of inheritance tax in Germany, was caused by the decision of the Constitutional Court in 2014, stating that the existing rules violate the principle of fiscal equality. Inheritance tax benefited thousands of family firms, which employ more than 50 percent of the German workforce. However, they also talk about the consolidation of inequality and the accumulation of wealth among a relatively small number of...

Australia produces a third tranche of super tax reforms

Published: 17.10.2016 |

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#Australia #Reforms #Taxation

The Australian government issued the third tranche of its pension reforms, this time focusing on better targeting tax incentives. Last Exposure Draft reduce annual non-concessional (after tax) contribution limit of AUD180,000 (USD137,165) to AUD100,000. Government still intended to introduce a lifetime limit nepilhovu AUD500,000. In addition, people with superannuation balance over AUD1.6m no longer have the right to make non-concessional contributions from 1 July 2017. Treasurer Scott Morrison said: "The government is on the path to reform measures were introduced to parliament by the end of the year. This will allow taxpayers to confidently make decisions about your seniority." "The introduction of the legislation also provides for pension trustees with the confidence they need to implement these reforms." Consultation on the draft legislation will end on 21 October. Last month, the government published draft legislation which, if adopted, would reduce the limits on concessional contributions AUD25,000 a year, and enter the translation AUD1.6m balance to limit the people who can keep the pension phase. The legislation also reduce the income threshold at which individuals are...

The Irish financial system reduces the tax on workers

Published: 13.10.2016 |

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#Ireland #Taxation

Irish Finance Minister Michael Noonan put the budget 2017, which largely focuses on the reform of the income tax system and the competitiveness of the corporate tax regime. The sixth part of the Noonan's budget as Minister of Finance, includes tax reforms to "reduce the burden on taxpayers just under EUR 300 million (USD 330.6 million)." He explained that "these changes include around EUR 500 million in tax cuts, offset by measures to increase tax revenues in the amount of EUR 195 million." As expected, Noonan decided to reduce the Universal social charge (USC), albeit at a slower pace than indicated in the government's pre-election manifesto. Announcing the measures, he said: "Extremely high tax rates act as a brake on employment They distract people from the jobs and divert immigrants from returning home.". Noonan admitted that he had "limited resources to change the situation," but said that it will allocate EUR 335 million to reduce each of the three lower USC rates by 0.5 percent. As a result, these bids will now be 0.5 percent, 2.5 percent and five percent. The ceiling of the band, which decreased 2.5 percentage payable rate will be increased from EUR 18,668 to EUR...

Australia reforming the tax rules of wage funds

Published: 12.10.2016 |

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#Australia #Taxation

Tax rules in Australia classifies financial instruments such as debt (deductible interest) or equity in accordance with their economic content. They also contain rules of integrity to prevent taxpayers from the artificial division of a single scheme for several schemes to achieve favorable tax results. According to the Government, "the integrity of those rules were viewed to be immediate and created considerable practical difficulties for the taxpayers." Therefore, the government issued a draft law that, if implemented, will ensure that a number of schemes are treated as a single scheme only if it accurately reflects the economic and commercial nature of schemes. This is in accordance with the recommendations adopted by the Board of Taxes and Duties. Consultation on the proposals will be closed on November 21. The final legislation will be applied prospectively from the date of establishment, by proclamation, or six months after it receives royal assent, whichever is later. Author: Sergey Panovmanaging partner Finance Business...

Fund of Luxembourg is considering reducing taxes for Britain

Published: 11.10.2016 |

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#Funds #Luxembourg #Taxation #United Kingdom

Henderson Diversified investment trust said that it is considering the transfer of its Luxembourg subsidiary of the United Kingdom, referring to the growing fiscal risks in the Grand Duchy. In a statement released to the London Stock Exchange on October 7, Henderson said that some recent developments in tax law and practice of Luxembourg increased the legal risks of operating within the jurisdiction, including the transfer pricing. "The Board of Directors and its advisors continue to review these developments and the recently concluded that the existing structure of the company may include increased complexity and risk," said Henderson. "Accordingly, the Council examining the possibility of simplifying the tax structure by election and joining the UK investment trust tax regime, including changing its place of registration in the United Kingdom," added the firm. Such a move is likely to lead to the liquidation of its subsidiary in Luxembourg and the formation of a new company in the UK, which is expected to reduce its annual operating costs. The company said its investment management arrangements will not be affected by this reorganization. However, he confirmed that it will last...

Germany is preparing to publish the tax cuts

Published: 10.10.2016 |

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#Germany #Taxation

The German government is expected to soon announce the details of the reduction in the amount of tax in excess of EUR 6 billion (USD 6.7 billion), both in 2017 and in 2018. According to "Handelsblatt", a political agreement on the details of the proposed tax cuts was reached between the two main parties in the ruling coalition, paving the way for the tax reduction. Chancellor Angela Merkel also confirmed that the government has given permission for moderate tax benefits in 2017 and 2018 during a performance of business leaders on 6 October. Outlining the federal government's budget plan for 2017 in the Bundestag, the lower house of the German Parliament, 6 September, Finance Minister Wolfgang Schaeuble said that the tax cuts mainly comes from the weakening effect "bit transition", as a result, income tax It keeps pace with inflation, wages, so pushing people on relatively modest incomes in higher tax framework. Schaeuble also said that payroll taxes would be cut, despite the fact that more data is still awaited. Author: Sergey Panovmanaging partner Finance Business...

UK takes a new direction of fiscal policy

Published: 07.10.2016 | news

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#United Kingdom

New UK Chancellor Philip Hammond, said that the government has abandoned a plan that will result in UK finances in balance by 2020, saying that the fiscal policy will be used for the economy in the coming period of business uncertainty, while the UK is negotiating to withdraw from the European Union. New UK Chancellor Philip Hammond, said that the government has abandoned a plan that will result in UK finances in balance by 2020, saying that the fiscal policy will be used for the economy in the coming period of business uncertainty, while the UK is negotiating to withdraw from the European Union. According to him, the government seeks to rein in the deficit and avoiding an expansionary fiscal policy, but will "take all necessary steps to protect the economy from the turbulence." Corporate tax rate will be further reduced to 17 percent, as planned, but he hinted that tax increases in general it may be necessary to replace the EU funding for some companies and projects. Alfie Stirling with the Institute for Public Policy Research, the main center, said: "Today's confirmation from the chancellor that he would" restart "fiscal policy is welcome, but nevertheless there is a bad...

Canada closes a loophole in the property tax

Published: 06.10.2016 | Без категории

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#Canada

Canadian Finance Minister Bill Morneau has announced that it will close loopholes surrounding the exemption from capital gains tax (CGT) on the sale of a principal residence. Canadian Finance Minister Bill Morneau has announced that it will close loopholes surrounding the exemption from capital gains tax (CGT) on the sale of a principal residence. According to the Department of Finance, the government "is committed to tax fairness, as well as to the fact that the tax exemption on capital gains from the sale of a principal residence will only be available in appropriate cases." Last month, the Canada Revenue Agency (CRA) announced that it will investigate the case when the real estate speculators manipulated loopholes in the ownership rules permit to evade taxes. According to the amendments, a person who was not resident in Canada, in the same year acquired a residence permit will not qualify for tax exemption in the current year. Trust will be required in each current year, after 2016, it will apply - a spousal or common-law trust, a trust qualifying disability or trust in favor of a minor child, whose parents have died. The beneficiary of a trust, or a family member who...

Australia publishes the conclusions of the review of tax credit

Published: 05.10.2016 | Без категории

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#Australia #Tax exemptions

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...

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