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ATR warns about a new property tax

Published: 03.11.2016 |

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#Taxation #USA

1 November, the president of "Americans for Tax Reform" (ATR), Grover Norquist submitted a comment to the letter dated US Treasury Secretary Jacob Lew, counteracting the proposed decision, which will lead to an increase in the property tax (or "tax on death," as it is called). Under the current tax rules of real estate in accordance with Section 2704 of the Code of Internal Revenue, the fair market value of a share in the family business, which shall be held no current market - is not available on the basis of the test is "ready-seller willing-buyer". However, the proposed changes would allow the Internal Revenue Service in the future to produce much higher estimates, limiting the use of discounts. Norquist explained that "for families affected by the tax on the death of the two allowed discounts when determining the value of their property, lack of control discount and lack sold off. The lack of control discount can be claimed when the family has a minority ownership stake in the asset as a result of then a lower cost on the open market in holding the asset. The lack of marketability discounts apply when the asset is owned by the family and can not be easily eliminated due to...

Canada introduces legislation CETA

Published: 02.11.2016 | news

The Government of Canada has introduced legislation for a comprehensive economic and trade agreement (CETA) with the European Union (EU). CETA was signed at the 16th Summit between Canada and the EU on 30 October, the implementation was included in the bill in the House of Commons Canadian Minister of International Trade Chrystia Freeland 31 October. He also made an agreement in the House of Commons. Freeland said: "By ratifying the CETA Canada to once again demonstrate its leadership on progressive international trade. This is the gold standard agreement that paves the way for a new generation of trade agreements that give priority to public services, the environment and labor rights." After the entry into force of the agreement, 98 percent of EU tariff lines would be duty-free goods that occur in Canada. For seven years after the entry into force of CETA, 99 percent of tariff lines would be duty-free EU. Customs duties on industrial goods traded between the EU and Canada, will be eliminated after seven years, and almost 92 percent of agricultural and food products the EU will be exported to Canada duty free Author: Sergey Panovmanaging partner Finance Business...

Western Australia: tax of salary

Published: 01.11.2016 | Без категории

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#Australia #Taxation

Western Australian citizens have announced plans for "radical changes" payroll tax system of the State, which will be financed by tax increases for iron ore. Party leader Brendon Grylls proposals outlined in his speech at the annual conference of state citizens. He explained: "According to our plan, WA Nationals increase exemption from payroll tax from AUD850,000 (USD645,873) to AUD5m during the two financial years. He will also see declining threshold for companies with between POF and AUD5m AUD7.5m, offering further tax relief." When Grylls was elected leader in August, he said that citizens will be aimed at increasing the production of public rental agreements with Rio Tinto and BHPB iron ore iron ore from 25 cents to AUD5 per tonne. He claimed at the time that this measure will return the budget to surplus and give us the opportunity to discuss the new policy settings, as a reduction of payroll taxes for small and medium-sized businesses." In his speech to the conference participant, Grylls confirmed that the envisaged tax reform payroll will be financed through leases trailer production. "It is our goal to put the reform of payroll tax in the longer term, however, this can...

The Swiss government supports corporate tax reform

Published: 31.10.2016 | Без категории

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#Reforms #Switzerland

The Swiss Federal Council announced its support for the proposed changes to the corporate tax base in Switzerland, known as - Corporate Tax Reform III (CTR III), on the eve of a referendum on the issue, which will be held early next year. CTR III cancel corporate tax arrangements, which are no longer in line with international standards. These primarily include the cantonal tax status, for possession of residential and mixed companies. "With regard to measures of tax legislation, the focus is on the promotion of innovation," said Federal Department of Finance on 27 October. "In general, the reform will allow Switzerland to remain an attractive location for companies, and for each canton, the ability to adapt their fiscal policies in the economic and financial situation," said a department statement. "Reform will prevent a mass exodus of existing companies with the status and thus, the possible tax losses amounting to more than CHF 5 billion (USD 5 billion) for the Federation, the cantons and communes." Author: Sergey Panovmanaging partner Finance Business...

Panama signed the tax transparency pact for OECD

Published: 28.10.2016 |

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#Panama OECD

Panama in October became the 105th country to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The OECD, which sets global standards for the exchange of tax information and tax transparency, said that the signing shows that Panama is currently implementing its cooperation with the international community to ensure transparency. "Panama's decision to sign a multilateral Convention, is a confirmation of its commitment to take the necessary measures to comply with international expectations in the fight against tax evasion," said OECD Secretary-General Angel Gurría, during the signing ceremony with the Ambassador of Panama in France. "It also sends a clear signal that the international community is united we will continue our efforts for as long as there is nowhere to hide in their efforts to eradicate tax evasion on the shelf.." Global Forum on transparency and exchange of information for tax purposes is expected to publish in early November estimate of peer review, as the legal framework and practices in Panama coincide with existing international standards of transparency and exchange of information on request during the last three...

Irish Revenue Agency updates the rules on property tax

Published: 27.10.2016 |

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#Ireland

Irish Tax Administration updated its local rules on property tax, taking into account the changes made to the Finance (Local Property Tax) (Amendment) Regulations 2015. Most of the changes in the manual refer to the threshold for the various benefits that are free from the responsibility of payment of local property tax. This was the result of a three-year extension to the first period of evaluation of the situation. The period of assessment is currently ranges from 1 May 2013 to 31 October 2019, when satisfied the relevant eligibility conditions TND exceptions will now be available for that extended period. Other changes related to the simplifications, they are available for properties occupied by individuals with disabilities. The main change relates to the simplification of operations, which applies when the value of the property increases as a result of adaptation to make it more suitable for individuals with disabilities. Since 2017, gross value of all these properties can be reduced on an annual basis of a fixed amount EUR50,000 (USD54,600). Guidelines for these simplifications - Guidance on local property tax exemptions for disabled / incapacitated persons - are published...

The Australian Tax Office examines the requirements for tax deductions

Published: 26.10.2016 |

The Australian Tax Office has sounded, it pays extra attention to taxpayers that require higher than expected payments. IRS has offered taxpayers up over the last week on the «tax time», to ensure that their costs are appropriate, with a series of professional guides or other general recommendations, available on this website. According to Assistant Commissioner Graham Whyte, the ability of the Australian Tax Office to investigate the requirements for contributions, becoming more modernized, due to improvements in technology, as well as a broad use of the data. He said, "The Australian Tax Office wants all stated the fact of what they are entitled to, nothing more and nothing less than to make the whole system to be fair, we evaluate and penalize people who knowingly make incorrect claims." Author: Olena Kutova senior lawyer of the Finance Business Service company ...

EC – Canada: free trade agreement in question

Published: 25.10.2016 |

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#Canada #EU

President of the European Council Donald Tusk warned that comprehensive economic and trade agreement (CETA) with Canada may be the last with the EU if the government "is not able to convince people that the trade agreements on their behalf." Pinned hopes that CETA will be formally signed on Thursday 27 October. However, despite approval by 27 of the 28 EU Member States, the Belgian region of Wallonia refused to give their support. The Federal Government of Belgium gave their support to end on 24 October. Andre Antoine, Walloon parliament speaker, said that it is impossible to adhere to this "ultimatum." It was to be a meeting last week after the European Council, where Tusk said "all member states, except one, approved the deal." Commenting on the event, Tusk said: "Firstly, our citizens are increasingly concerned at the expense of trade agreements, leading the negotiations to their advantage, and I'm afraid that we can not continue negotiations for free trade agreements (FTA), if we do not will prove in practice that we are very serious about the protection of European consumers, workers and businesses." "We have made some progress in this direction. Leaders have committed to...

Japan and Austria have agreed on an international agreement on the avoidance of double taxation

Published: 24.10.2016 |

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#Austria #Double taxation #Japan

The Government of Japan and Austria have agreed in principle to amend its dual agreement on the avoidance of taxation, in order to further develop trade and investment between the two countries. The new agreement will allow, in accordance with the procedure of mutual agreement, to ensure the settlement of the double tax disputes. Also, the new agreement will reduce the rate of withholding tax at the source of investment income (dividends, interest and royalties), as well as to expand cooperation between the tax authorities of the two countries by providing assistance in collection of taxes. The Organization for Economic Cooperation and Development, in its final report, recommended that countries adopt a binding international agreement on avoidance of double taxation, to the dispute resolution mechanisms have become more efficient. Japan and Austria are among the 20 countries which have declared their commitment to the project. Changes to the Agreement shall enter into force after the completion of the approval process in both countries. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Clinton and Trump on election policy

Published: 21.10.2016 |

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#USA

October 19 at the third and final debate before the election in the United States, the Republican candidate Donald Trump and the Democratic candidate Hillary Clinton confirmed each their widely differing tax policies, without providing any further details. In response to a question on tax policy, Clinton wants to provide a means for economic growth and "support of the middle class families," stating that "the rich should pay their fair share." He reiterated, however, that "will not raise taxes for those earning USD250,000 and a dime will no longer pay the state." In contrast, he said, the plan "Trump created for large tax cuts, which have ever been. His plan is to give the biggest tax breaks for all the rich and the great corporations, adding USD20 trillion of our debt. This action is not justified . We tried to do it, did not work." Trump said that his plan to raise taxes - it's a disaster. ... We're going to cut taxes massively. We will reduce taxes on business and on a large scale. We're going to return to USD2.5 trillion in the country that have left as a result of offshore business. We're going to start this process. He also said that he would re-negotiate the existing trade...

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