Offshore News, Tax, Corporate Law - Finance Business Service

The Commission of US recommends anti-Chinese trade laws

Published: 22.11.2016 |

Tags:

#China #USA

The US Congress and the US-China Economic and Security Review Commission in its report 2016, has recommended strengthening of the American procedures of a labor dispute and the legislation for counteraction of China of "refusal to support the liabilities of the World Trade Organization". In 2015, the American trade deficit of goods with China increased by 6.5 percent to record 367.2 billion US dollars. Last year the United States had essential, but much more a smaller positive trading balance with China in services of 29.5 billion US dollars. The commission says that China continues to brake on liberalization of key sectors in which the United States are competitive in the world market on services. Also, the Commission specified that "within the last 20 years, anti-dumping (AD) and the countervailing duty (CVD) were often pushed against China, about more than 1000 cases of AD initiated against China around the world since 1995. The Commission also considered demand of China, about its provision on market economy (ME) till December 11 of this year, and also the Commission confirmed that the US Commerce Department is now responsible for determining "whether is a country ME (market...

Hungary plans the lowest corporate tax of the EU

Published: 21.11.2016 |

Tags:

#EU #Hungary #Taxation

Mihaly Varga, Hungary's Minister of National Economy, announced about decision of government to reduce the corporate tax rate lower than 10 percent next year. On November 18, behind the scenes of the Regional Digital Conference in Budapest, he made the announcement during which he unveiled the plan of the government to impose a single rate for nine percent of the corporate tax. Now, the headline shows, that the rate of Hungary of the corporate tax constitutes 19 percent, and there is lower level of the income tax of 10 percent on the first 500 million Hungarian forints (1.7 million US dollars) of the income. Dramatic movement would give Hungary one of the lowest corporate tax rates in the world and one of the lowest in the European Union "onshore" jurisdictions. Varga said that this measure will save companies about 145 billion HUF (500 million US dollars) a year tax. The Government expects to compensate the shortfall through controlled growth to increase tax revenues. The government plans to introduce a new tax rate of 1 January 2017. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Kevin Brady:” The American tax reform won’t influence the income of the state”

Published: 18.11.2016 |

Tags:

#Reforms #USA

The representative of the budget committee Houses of Representatives Kevin Brady pointed out, that the American tax reform, which he expects to offer at the beginning of 2017, "will break even" on a dynamic basis of winning, which is additional revenue from increased economic growth. During a television interview with Fox News on November 16, Brady discussed how the Republican faction and president-elect Donald Trump will "co-operate to ensure for pro-growth tax reform." He explained that "we provide tax code so honestly and simply, that 95 percent of Americans will be able to use a file with a card system. Second, we reduce the rates for our local businesses and redesigning the way they are taxed, so that they can compete and win anywhere in the world, but especially here at home. And finally ... we propose to destroy the IRS, to redesign it in a much smaller, bespoke agency focused on customer service. This is our 'Built for Growth' tax plan." He told that the plan instead of reducing the tax revenue and to increase the American financial deficit, "will become profitable within the budget, knowing that from it the economy will grow. By our estimates, it will raise economy in...

European Union heads “Revolution” of taxes

Published: 17.11.2016 | Без категории

Tags:

#EU #Taxation

The tax commissioner Pierre Moscovitchi says that the European commission something reached in fight "revolution of tax transparency" against prevention and avoidance of taxes. This week Moscovici gave a keynote speech at a conference in 2016 on the future of Europe at Harvard University. He said that the event, which the Commission approved the events surrounding Luxleaks, Panama Papers, and the Bahamas Leaks, is now forcing EU members "to perform their duties." He told with hope: "The bank secrecy will disappear in Europe soon, and the companies won't have any more an opportunity to play with borders it isn't enough to pay a tax or in general not to pay it. Besides, the Commission plans to publish "black list" of the tax havens as 'naming and shaming' is a powerful tool which we shall be ready to use. Moscovici said that the EU "should unite the problem of a stronger tax administration into negotiations with uncooperative territories." Author: Olena Kutova senior lawyer of the Finance Business Service company ...

ACCA calls for calm to response of the British BEPS

Published: 16.11.2016 |

Tags:

#United Kingdom

Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants, said the UK should follow the crowd in response to the erosion of the tax base and the movement of profits, rather than to bring the crowd and vote for the exit of Great Britain from the EU. Roy-Chowdhury recommended that the adoption of the measures proposed by the OECD to tackle the erosion of the tax base and the movement of profits, instead of British or European departures facilitated b administrative burden on the UK government at the time when it is likely to be stretched negotiations on Brexit. He said, that against all the other uncertainties to the global economy, further changes in the high-level for the taxation of transnational corporations would be an unfortunate distraction at a time when the business is the most touching response to volatile global political and economic background, as well as the civil service of Great Britain will need its brightness. It is best to focus on the key issues to ensure future trade options and opportunities for growth. Also, he noted, that the development of alternative models of cross-border taxation of transnational corporations is...

The European Council endorses the exchange of beneficial ownership data

Published: 15.11.2016 | news

Tags:

#EU

The European Council confirmed the offer to provide to the tax authorities access to information, the contents of the authorities responsible for the prevention of money laundering. If the owner of the financial account is an intermediary of structure, then Directives of the EU 2014/107/EU requires that financial institutions reported about the beneficial property right of the enterprise. The application of this provision relies on the information, the contents of the authorities responsible for the prevention of money laundering, in accordance with Directive 2015/849 / EU. The Council said: "Access to this information will ensure that the tax authorities are better prepared to fulfill its monitoring obligations, so it helps to prevent tax evasion and tax fraud." The proposal is one of many measures set out by the European Commission in July 2016, in connection with the leak Panamanian newspaper, and it will be apply 1 January 2018. According to the Commission, the measure "guarantees, that tax authorities have provided access to the data provided by rules of anti-money laundering EU, especially consumer information on financial inspection and information in their national...

Switzerland and Austria dissolve the agreement withholding tax

Published: 14.11.2016 |

Tags:

#Austria #Switzerland #Taxation

Agreement withholding tax (WHT) between Switzerland and Austria, will be phased out from 1 January 2017, when the agreement between Switzerland and the EU on the automatic exchange of tax information comes into force. 11 November 2016, Switzerland and Austria signed an agreement to ensure a smooth transition between the two modes. Austrian authorities, it regulates the arrangements for the transmission of the final amount of taxes and shipping the latest voluntary agreement. "The provisions of a tax treaty withholding will be applied on all the facts and legal rights that materialize during the period of its validity," said the Swiss Federal Council.Withholding tax agreement between Switzerland and Austria came into force on 1 January 2013. It provided for the regularization of assets held in Switzerland Austrian taxpayers and taxation of income derived from these assets. Austrian taxpayers have been an option either to pay by WHT, imposed directly on their accounts and transferred anonymously to the Austrian authorities, or to make a voluntary disclosure. The Swiss Federal Council said that this model is "generally loses its sense of existence with the introduction of an...

A large number of emigrants refuse passports and green cards

Published: 11.11.2016 | Без категории

1,380 US taxpayers give up their passports or green cards in the third quarter of 2016, which is the second highest quarterly report, according to Treasury statistics, published in the Federal Register. A record number of 1,426 people was seen in the third quarter of last year. In the second quarter of this year, only 508 people abandoned their passports or green cards, as compared to the total amount of the second quarter in 2015 of 460 citizens. Treasury said that so far this year, 3,046 taxpayers renounced their citizenship, that is, less than 3,221 citizens who have done so in the first three quarters of 2015, and 3,415 taxpayers have given up everything in 2014. Increasing the number of people who refuse citizenship, especially from 2013, coincided with increased actions by the Treasury and the Internal Revenue Service, to track US undeclared assets and held abroad income in particular, through the application of Foreign Account Tax Compliance Act (FATCA) and the requirement to file a report of foreign bank and financial accounts. According to the authorities, Americans who live abroad are becoming more aware of their US tax reporting obligations. In particular, American...

Ireland discusses common EU corporate tax plan

Published: 10.11.2016 |

Irish Finance Minister Michael Noonan said, that the government was exploring the details of the "very complex" proposal of the European Commission for the common consolidated corporate tax base. Noonan made the comments during his address to the Economic and Financial Committee on EU Affairs. He said: "This is a very difficult proposition. Each member state currently applies different rules on how tax revenue, which allowed deductions, credits issued and so on. Then we explore the details of the offer with other state parties." 25 October the European Commission published its latest proposals. It intends to initially introduce harmonized rules for the calculation of the tax base in all Member State. After that, tax revenues will be collected and distributed among the staff member at the approach of an apportionment of the form under which all proceeds will be distributed on the basis of factors such as the level of turnover, sales and employment. Noonan emphasized the Ireland's active role in the "global work to make the international system of corporation tax." He referenced on the participation of the government on the erosion OECD tax base, about project output from the...

UK and Colombia: Agreement about Avoidance of Double Taxation

Published: 09.11.2016 |

Tags:

#Double taxation #United Kingdom

UK and Colombia signed an agreement on avoidance of double taxation November 2, which is designed to support trade and investment by setting the upper limit of income tax on cross-border income. The agreement was signed by the Financial Secretary of the Treasury, Jane Ellison, and Colombian finance minister Mauricio Cárdenas. Income which was received through the international border, potentially exposed to tax in two countries, giving birth to the problem of double taxation. Agreement on avoidance of double taxation ensures that it is fixed, and the income earned in one country is taxed only once, not twice. Eliminating the risk of double taxation will give greater confidence for employees and companies between Britain and Colombia about which taxes they pay and where. The agreement will reduce barriers for international trade and investment, and promote growth and jobs. Also, an agreement of avoidance of double taxation includes provisions to help both countries work together to solve evasion and tax avoidance. The agreement provides that dividends accruing to the pension fund under certain circumstances, dividends will be subject to income tax at a rate of zero percent. If...

Recent News