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UK tax changes for non-residents

Published: 15.09.2016 | Без категории

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The UK government may lose significant tax revenue, if his proposed new rules for nonresidents prompt too many rich people to leave the country, warns the international law firm Pinsent. According to Pinsent, British residents contributed GBP6.57bn (USD8.67bn) income tax in 2014-15, respectively. He explained that this figure is an average of GBP56,589 for the year, compared with an average of GBP5,152 per person in the general population. Expert tax investigation Fiona Fernie said: "Non-residents made a very valuable contribution to the UK economy and any significant outcome could have serious long-term consequences of this policy." Under the current rules, non-residents pay tax on income and profit outside the UK only if they transferred funds in the UK using tax base. Non-residents must pay an additional fee for money transfer Charge (RBC), or pay the full amount of tax in the UK to be covered by the resident. This measure would be effective for most purposes of income tax and GCT after 6 April 2017. "The presence of non-resident status gives the UK real competitive advantage when it comes to attracting the rich and talented people. Uninstall or change it now, especially...

Panama takes further action on tax transparency

Published: 14.09.2016 |

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#Panama #Taxation

Cabinet of Panama On September 6, 2016, approved the legislation providing for the corresponding nation latest international tax transparency initiatives. The legislation would improve fiscal transparency in both the private and public sector, and ensure that the information provided by financial institutions area. In addition, the legislation will allow the Ministry of Economy and Finance, in order to better gather the information necessary to share with other countries and make him improve the supervision of financial statements. The bill will be considered by the National Assembly before the end of the year. September 8, 2016, the World Bank Board of Executive Directors approved a USD300m loan to support Panama's efforts to improve financial management and maintaining international standards of tax transparency. Author: Sergey Panovmanaging partner Finance Business...

The law of Scotland on the tax reform of the Council

Published: 13.09.2016 |

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#Offshore schemes #Reforms #Scotland

The Scottish Government has introduced tax legislation Council reform groups and rates from April 2017. The legislation will implement the proposals announced by the SNP government in March. Properties that fall under high tax board strips (E, F, G and H) would pay more as a result of these bands coefficient increases in relation to the middle band (D) properties. The government estimates that this will lead to annual average increase of about GBP100 (USD132) for Zone E properties, GBP200 for F, GBP335 for band G and GBP517 range for range H. The circuit board of reducing the tax would apply to families with low income, having children, and the government will introduce an exemption for families with low income living in conditions with high added value. Frozen council tax, which has been in place since 2007, will be removed from April 2017. Local authorities will be able to increase the tax up to a maximum of three per cent per year. The government expects to raise an additional reforms GBP100m a year in income or GBP500m, during the term of the current parliament. This money will be invested in the school education system in Scotland. Finance Minister Derek Mackay said...

Irish parliament withdraws its lawsuit against Apple

Published: 12.09.2016 |

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#Ireland

Irish Parliament approved the Government's request to appeal against the decision of the European Commission that the tax rules, given Apple's constitute illegal state aid. The decision was adopted by 93 votes to 36. He stated that Parliament "supports the government's decision to appeal the decision of the European Commission that Ireland gives Apple an illegal state aid." Finance Minister Michael Noonan described the decision by the Commission and the Government of treatment as "a landmark moment for Irish tax policy and our place in Europe." Noonan said that with a call "necessary to protect the integrity of our tax system, to provide certainty for business, as well as to challenge an infringement of EU state aid rules in the public parts of the competence of the tax." He added that "it is simply not true that Ireland provides a favorable tax regime in Ireland," and warned that "it is very bad for our reputation, which has been questioned." The Commission last month concluded that the two tax regulations issued by the Apple Ireland significantly and artificially lowered the taxes paid by Apple in Ireland in order to restore "unpaid taxes" from Apple over the years...

Australia investigates tax Panama documents

Published: 09.09.2016 |

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#Australia #Panama #Taxation

In response to the analysis of documents Panama appear serious financial crime task force Australia (SFCT) held a "week of action" against persons suspected of tax evasion. SFCT made 15 unannounced visits to the states of Victoria and Queensland, and executed three search warrants. SFCT was launched in July 2015 and is headed by Australian Federal Police and a representative of the tax office, the Australian Commission on Crime Australian transaction reports, Securities and Investment Commission of Australia. Minister revenues O'Dvayer Kelly said: "Our government built a profile on the basis of more than 1000 Australians found in the leak, and review the information provided to us by other tax jurisdictions, we found taxpayers and advisers related to tax evasion, illegal drugs and corruption." She said at a press conference: "Some of these Australian taxpayers include dignitaries also include professional intermediaries, which include people who work as accountants and lawyers. The information shown significant tax avoidance arrangements that promoters have to their customers. Some of them are very complex and have several levels of offshore companies, fake shareholders, and...

The law protects Ireland’s tax base

Published: 08.09.2016 |

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#Ireland

The Irish government will make changes to the tax regime of special purpose companies established for assets to close a loophole so-called "predatory companies." Finance Minister Michael Noonan has published an amendment to section 110 of the Law of 1997 on tax consolidation governing the taxation of such companies. He explained that "issues have been raised recently about the possible use of aggressive tax practices by some sections of the 110 companies to avoid paying tax on Irish real estate transactions." He said that the amendment was intended to address the abuse of Article 110 and to ensure the provision fenced for bona fide purposes. Section 110 was introduced to improve the supply of Ireland as a place to conduct financial services. According to section 110, a company must be a tax resident in Ireland and do business holding or management of "qualifying assets" that should be at least EUR10m (USD11.3m). In addition to holding or management of "qualifying assets," the company can not conduct any other activity. Gain or income under section 110 of the company subject to corporate tax at 25%. This is the norm for passive income, but taxable income is calculated using...

New Zealand tax system progresses

Published: 07.09.2016 | news

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#New Zealand #Taxation

The top ten income in New Zealand is projected to pay 37.2% income tax in 2016/17, compared with 35.5% in the 2007/08 year. The New Zealand government has published data showing that the tax system is more progressive. "These latest data confirm that the income tax system and support of New Zealand much income redistribution needy households, said Acting Finance Minister Steven Joyce. "Many families with low incomes pay a larger share of income tax than in 2008, and households with low incomes pay less - 30% of households with the lowest incomes are projected to pay only 5.4% of income tax, compared with 6.3% in 2007/08 p ". "The Government has increased support to low-income households to help New Zealanders go through difficult times. So at any given time, a large number of households effectively do not pay income tax," said Joyce. According to the Treasury in 2016/17, 42% of households will pay less tax than they receive from social security benefits it work for family tax credits and if we compare, the 2007/08 figure was - 39%. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Australia increases the middle tax bracket

Published: 06.09.2016 |

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#Australia #Reforms #Taxation

The Australian government says taxpayers will benefit from AUD7,000 (USD5,303), increase the "middle income" tax category for several weeks. The government introduced the first of September to income tax benefit in 2016. It provides for the implementation of the budget 2016 proposal to increase the threshold for the tax rate to 37 percent compared to AUD80,000 to AUD87,000. According to Treasurer Scott Morrison, "This will prevent about 500,000 taxpayers who are at a high 37 percent marginal tax rate. The reform will apply retroactively from 1 July 2016 "As soon as the law will change, people will get every dollar of their personal income tax benefits retroactively from July 1, 2016." This could mean more return for some. Earlier, the Australian Tax Office (ATO) has confirmed that the government will release a new Pay As You Go (SPOD) tax at the source of payment to reflect changes made to the tax benefits of the law on the income statement. As a result, on October 1, employers will be required to reduce the amount of tax on hold for affected taxpayers. If the tax overpaid by that date will be returned to the ATO in the assessment after the 2016-17 financial year. Author:...

Canada held a first assessment of the tax gap

Published: 05.09.2016 | Без категории

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#Canada #Taxation

Canadian IRS released its first study on the extent of the tax gap. In broad terms, the tax gap is the difference between the tax that would be paid if all obligations are fully met in all cases, and the tax actually paid and collected. "I am pleased to present to you the first study proceeds Agency of Canada estimated the tax gap. It is important to use this tool to make sure that Canadians are confident in the fairness of the tax system. It is equally important that we continue to look for innovative ways for Canadians to understand and comply Canada's tax system, "said Minister of Canadian national income, Diana Lebauthiler. This is the first study to have a glance to show how Canada will speak on the assessment of the tax break, after it was promised to do so in April 2016 as part of international efforts to combat tax evasion. Along with the report, Canada has published estimates GST / HST gaps suggest that the tax break for this tax is 6.2% in 2014, the whole pursuant to the previous years. Having released two reports, the Canadian tax authority reported that new estimates of the tax gap include Canada and 24 other OECD countries, which are evaluated at least one...

UK introduces pension advice tax

Published: 05.09.2016 |

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#Taxation #United Kingdom

The UK government announced new tax incentives to encourage people planning retirement for financial advice. Payment of the pension which will be offered from April 2017, will allow those who are approaching retirement age take 500 pounds out of their retirement savings to financial advice. This is intended to give people the opportunity to get advice on all financial products that contribute to their retirement income, such as pension multiple baskets and other assets such as individual savings accounts. The study showed that when approaching retirement only 22% of people know the value of their pension baskets and only 14% of people confidently plan aims his retirement without financial advice. Economic Treasury Secretary Simon Kirby said: "Pensions and savings decisions are among the most important moments in their lifetime, so it is vital that people could access financial assistance they need it and feel confident in choosing support that works for them when they retire." "I look forward to interacting with these consultations and take this opportunity to say how the payment can best meet the needs of both consumers and companies." The payment of the pension board was...

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