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Canada has to improve tax competitiveness

Published: 30.11.2016 |

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#Canada #Taxation

The tendency of the federal and local governments in Canada to raise taxes for companies, means that the country is losing its competitive advantage, according to a new report, School of Public Policy at the University of Calgary. The school Report of 2015 about Tax Competitiveness created by Filip Bezel and Jack Mintz explained that the effective rate of the corporate tax of Canada on new investments raised from 17.5 percent of 2012 to 20 percent of 2015. In the report speaks that this increase, first of all, at higher provincial rates of the corporate income tax, reversals of British Columbia the governments of the previous goods and services of tax reforms, and reducing tax benefits at the federal and regional levels. The reforms brought in the federal budget of 2016 will see effective increase in a rate to 20.1 percent. The school showed that now Canada takes the sixth place on the extreme height of an effective rate of a tax (METR) in the G7 and the highest 13th place in the G20 and OECD group of the countries. Among the provinces of Canada the report noted that Newfoundland and Labrador increased the rates of the corporate income tax to deal with their deficits while New...

Changes in the taxation treaties

Published: 28.11.2016 | Без категории

The countries approve the multilateral transaction about amending all agreements of the taxation. More than 100 countries completed negotiations on the conclusion of the multilateral document which will quickly perform a number of measures of tax agreements in the field of base erosion and profit shifting (BEPS). The document - is developed within actions of the 15th BEPS project, it will move recommendations of BEPS to more than 2000 tax agreements worldwide. It will perform the minimum standards on fight against abuse of the agreement, and also will improve dispute resolution mechanisms, providing flexibility for placement of specific policy of the tax agreement. The OECD says that it will also allow the governments to strengthen the tax agreements with other measures of the tax agreements drafted within the BEPS project. The OECD will be depositary of the multilateral document and will support the governments in the course of its signing, ratification and implementation. The first ceremony of signing on the high level will take place within a week, since June 5, 2017, with the expected participation of considerable group of the countries during the annual meeting of Council ...

Seychelles – problems of acceptance of the final decision on expenses deduction

Published: 25.11.2016 |

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#Seychelles

The Seychelles Revenue Commission (SRC) has published the second and final Public Ruling of 2016, for provision of clarity concerning methodology, used the additional emergency tax deduction permitted for marketing and promotion of expenses for calculation. SRC confirmed that some entities in the Seychelles are resolved, in addition to their normal deduction on the business tax (i.e. their actual marketing and the helping expenses), special subtraction equals to five percent of their leviable tax from the business income or from their actual expenses during the marketing and promotion, depending on what income is smaller. The special deduction is allowed for farms; agricultural enterprises and exporters; boat owners; fishery entities; hotels, guest houses and organizations with own kitchen; cafe and restaurants; internal suppliers of air transport services; internal suppliers of ferry transportations; boats or charter companies of the yacht; companies of a car hire; divings and operators of water sports; travel agents, tour guides and/or guides; and gambling/casino operators. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

New Zealand seeks tax transparency from MNEs

Published: 24.11.2016 |

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#New Zealand #Taxation

The Commissioner of New Zealand tax management, Naomi Ferguson turned to local and multinational corporations belonging to a foreign owner to be more transparent in their international tax matters. Ferguson made the call Chartered Accountants of Australia during the launch of the 2016 edition of the Document of Compliance the center of transnational corporations and in Auckland on November 18 held a tax conference of New Zealand. The document of compliance describes in detail as the tax authority continues to increase amount of a research of large corporations, increasing number of the companies which will receive closer attention. The New Zealand large companies will be obliged to represent the Main Packet of Compliance which will include annual information on their structure of group, the financial reporting and tax coordination while the companies belonging to the foreign owner are obliged to finish the intended International Questionnaire. According to the internal income, nearly 600 New Zealand and foreign groups were under observation since 2012. From next year this number increased almost to 900 groups, including all the multinational companies belonging to foreign owners...

Ireland is the most efficient place in the EU, for the payment of taxes for businesses

Published: 23.11.2016 |

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#EU #Ireland #Taxation

Ireland remains the most efficient country in the EU, in which it is possible to pay taxes for businesses, according to the latest PwC / World Bank survey of tax. The report dealt with 189 economies around the world and take into account that all taxes was paid by companies. He analyzed the bureaucratic and administrative burdens imposed on businesses, when it comes to time spent on compliance, payment and registration of taxes, as well as the amount of tax imposed. Ireland took the 6th place in the world. PwC and the World Bank found that a typical Irish company spends about a quarter of the total volume of commercial profit in taxes. This figure was 12.4 percent of the income taxes, 12.1 percent of labor taxes and 1.4 percent in other taxes. In addition, the company spends a little more than two weeks, on their tax affairs and makes the payment almost every six weeks. PwC stressed that the statutory corporate tax rate in Ireland 12.5 percent, very close to the rate of "income tax" 12.4 percent. In the report explained that within the EU and the European free trade area, company will pay 40.6 percent of its commercial profit in taxes, including income taxes of 12.6 percent,...

The Commission of US recommends anti-Chinese trade laws

Published: 22.11.2016 |

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#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 |

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#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 |

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#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 | news

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#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 |

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#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...

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