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    Recent News

    Australia declares tax returns in 2016

    Published:   08.11.2016 | Без категории
    Tags:
    #Australia

    The Australian Tax Office (ATO) has stated that the highest level of online tax innings was issued in 2016. According to the latest ATO, more than three million Australians have filed their tax returns on time on the Internet via myTax. More than 6.5 million people filed through the tax agency. More than 100,000 people, which is used myTax, received a return on their submission until 31 October, that is, until the expiry of the deadline.Assistant Commissioner Graham White said: "We had a lot of answers to myTax and figures show how well our system works this year, 84 percent of people also told us that this system is easy to use." White added that it is still possible for the taxpayers, who have missed the deadline for filing claims to return, and stressed the need to do so as soon as possible. "If you are having problems with your tax return, we encourage you to contact us before we contact you. We can work with you to help you avoid penalties," he said.White also said that taxpayers with debt as a whole should pay the outstanding amount at 21 November. "The majority of registered agents have a program that allows them to file returns for their individual customers after the...

    Germany and Costa Rica in order to avoid double taxation on January 1

    Published:   07.11.2016 |
    Tags:
    #Costa Rica#Double taxation#Germany

    German Ministry of Finance of 24 October confirmed that the double tax avoidance, the contract between Germany and Costa Rica, will be applied from January 1, 2017. The agreement, which was signed on 13 February 2014, is the first such agreement between Germany and Costa Rica, and contains the OECD standard for the exchange of information between the tax authorities of the two countries. The tax on dividends will generally be limited to 15 percent. However, the rate of five percent would apply if the dividend recipient is a company (other than partners), which directly owns at least 20 percent of the shares of the paying company. Income tax on the interest payments, as a rule, is limited to five per cent. At the same time, the withholding tax on royalties will be capped at 10 percent. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

    Seychelles: support for fiscal discipline

    Published:   04.11.2016 |
    Tags:
    #Seychelles

    The International Monetary Fund (IMF) concluded that the Seychelles will require additional measures to achieve its goal of debt reduction. The Government has committed itself to the IMF, which will reduce the ratio of the Seychelles debt to gross domestic product (GDP) to below 50 percent by 2020. According to the IMF, it is necessary that the proceeds of the Seychelles did not exceed the costs by at least three to four per cent, excluding the cost of interest payments on its debt. Employees Fund said that "thanks to the tourists, economic growth in 2016 is projected to reach about 4.5 per cent. With the economy works well, a primary budget surplus is expected to amount to three percent of GDP this year." The surplus will be achieved despite the impact of various tax initiatives announced in the State in February 2016, "including the personal income tax (PIT) rate and an increase in pensions and the minimum wage. While the IMF noted that "the growth forecast for 2017 remains positive, agreed with the authorities on the need to make more progress in reducing poverty and ensuring that the benefits of economic growth is shared by all," he stressed that such a policy should "to be...

    ATR warns about a new property tax

    Published:   03.11.2016 |
    Tags:
    #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 | Без категории

    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 |
    Tags:
    #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 |
    Tags:
    #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 |
    Tags:
    #PanamaOECD

    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 | news
    Tags:
    #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 ...