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Germany is preparing to publish the tax cuts

Published: 10.10.2016 |

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#Germany #Taxation

The German government is expected to soon announce the details of the reduction in the amount of tax in excess of EUR 6 billion (USD 6.7 billion), both in 2017 and in 2018. According to "Handelsblatt", a political agreement on the details of the proposed tax cuts was reached between the two main parties in the ruling coalition, paving the way for the tax reduction. Chancellor Angela Merkel also confirmed that the government has given permission for moderate tax benefits in 2017 and 2018 during a performance of business leaders on 6 October. Outlining the federal government's budget plan for 2017 in the Bundestag, the lower house of the German Parliament, 6 September, Finance Minister Wolfgang Schaeuble said that the tax cuts mainly comes from the weakening effect "bit transition", as a result, income tax It keeps pace with inflation, wages, so pushing people on relatively modest incomes in higher tax framework. Schaeuble also said that payroll taxes would be cut, despite the fact that more data is still awaited. Author: Sergey Panovmanaging partner Finance Business...

UK takes a new direction of fiscal policy

Published: 07.10.2016 |

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#United Kingdom

New UK Chancellor Philip Hammond, said that the government has abandoned a plan that will result in UK finances in balance by 2020, saying that the fiscal policy will be used for the economy in the coming period of business uncertainty, while the UK is negotiating to withdraw from the European Union. New UK Chancellor Philip Hammond, said that the government has abandoned a plan that will result in UK finances in balance by 2020, saying that the fiscal policy will be used for the economy in the coming period of business uncertainty, while the UK is negotiating to withdraw from the European Union. According to him, the government seeks to rein in the deficit and avoiding an expansionary fiscal policy, but will "take all necessary steps to protect the economy from the turbulence." Corporate tax rate will be further reduced to 17 percent, as planned, but he hinted that tax increases in general it may be necessary to replace the EU funding for some companies and projects. Alfie Stirling with the Institute for Public Policy Research, the main center, said: "Today's confirmation from the chancellor that he would" restart "fiscal policy is welcome, but nevertheless there is a bad...

Canada closes a loophole in the property tax

Published: 06.10.2016 |

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#Canada

Canadian Finance Minister Bill Morneau has announced that it will close loopholes surrounding the exemption from capital gains tax (CGT) on the sale of a principal residence. Canadian Finance Minister Bill Morneau has announced that it will close loopholes surrounding the exemption from capital gains tax (CGT) on the sale of a principal residence. According to the Department of Finance, the government "is committed to tax fairness, as well as to the fact that the tax exemption on capital gains from the sale of a principal residence will only be available in appropriate cases." Last month, the Canada Revenue Agency (CRA) announced that it will investigate the case when the real estate speculators manipulated loopholes in the ownership rules permit to evade taxes. According to the amendments, a person who was not resident in Canada, in the same year acquired a residence permit will not qualify for tax exemption in the current year. Trust will be required in each current year, after 2016, it will apply - a spousal or common-law trust, a trust qualifying disability or trust in favor of a minor child, whose parents have died. The beneficiary of a trust, or a family member who...

Australia publishes the conclusions of the review of tax credit

Published: 05.10.2016 |

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#Australia #Tax exemptions

The Australian Government has published a review of research and development tax credit. The Australian Government has published a review of research and development tax credit. The review was commissioned in December 2015 as part of the agenda of the Government of National Innovation and Science (NISA). The goal was to determine how the efficiency and integrity of the research and development tax credit can be improved. The Commission has made six recommendations. They said that the government should: - Set a single premium of up to 20 per cent non-refundable tax refund; - Enter the maximum in order AUD2 million on an annual refund; - Enter the one - or two percent limit for recipients of the non-refundable component of the research and development tax credit; - If the intensity threshold is set to increase the threshold to AUD200 million of expenditure; - Explore options for better management in the research and development tax incentives, including the establishment of a single application process, developing a single framework of this program, as well as the optimization of processes to verify compliance with established rules and regulations; - Save the current...

The changed tax rules for Swiss banks

Published: 04.10.2016 | news

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#Banks #Switzerland

Switzerland has amended the "too large to fail" legislation to reduce the tax burden in some banks. The Swiss Federal Council requested the Federal Department of Finance to prepare a draft consultation document on changes to the position of participations in the deductions TBTF legislation. He noted that the proposed reform would "not allow the tax load of the leading holdings of systemically important banks from raising together with the conditional issuance of convertible securities (CoCos), written off bonds and bail bonds." The Federal Council has proposed that the interest payments on cocos, decommissioned bail bonds and bonds, were not taken into account when calculating the deduction. In accordance with current regulations, the deduction is reduced, because the interest in cocos, written off bonds and bail bonds, regarded as financing costs. The Federal Council said: "The deduction - a system associated with the current legislation, ie all interest on debt capital lead to a reduction in the gross income of all corporations and cooperatives This can lead to a higher tax burden.". The Federal Council said that some banks are required by supervisory law circulate such...

In Japan double tax go into force

Published: 03.10.2016 |

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#Double taxation #Japan

Protocol double tax agreement tax between Japan and India came into force on 29 September. The Protocol updates the provisions on the exchange of tax information existing contract. It also amends the list of state financial institutions or central banks eligible for exemption from income tax at source of interest payments presentation in Article 11. The revised pact is active in Japan since 1 January 2017, and in India from April 1, 2017. The new double tax agreement with Germany Japan also entered into force on 28 September. The new contract provides for more favorable conditions for companies engaged in trade or investment between the two territories. Agreement again provides tax exemption at source for interest and royalties. Income from dividends will be removed if the company which receives income has a 25 percent share in dividends at least 18 months. Dividend income might otherwise qualify for a reduced rate of five per cent if the company which receives the dividends are held at least five percent of the company paying the dividends for at least six months. Otherwise, it will apply the rate of 15 percent. For updated provisions on the exchange of tax information, which...

Australia introduces the latest round of reforms of higher

Published: 30.09.2016 |

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#Australia #Reforms

The Australian Government has published draft legislation for the implementation of the second tranche of the proposed reforms to the taxation of pension contributions. As part of the reforms, the government will: Implement AUD1.6 million balance transfers peaks to a limited number of people could be held in a tax-free retirement phase; Lowering the preferential contributions AUD25,000 a year; Lowering the income threshold at which individuals are required to pay an additional 15 percent tax contribution from AUD300,000 to AUD250,000; Allow individuals with remnants of at least AUD500,000 "carry on" Do not use the top of the privileged "space" for up to five years; Make sure that the transition to retirement income stream has access for the purpose for which they were designed, not to tax minimization; and: To abolish the anti money-losing situation. In a joint statement, Treasurer Scott Morrison and Minister of Revenue Kelly O'Dwyer said: "The reforms will make the system fairer, more flexible and more stable majority of Australians - 96 percent of people with pension - or will be completely switched off or will not be affected by these changes.". Consultation on the proposals...

The European Parliament began inquiries in Panama

Published: 29.09.2016 | Без категории

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#EU #Panama

The European Parliament began its investigation following the hearing Panamanian documents. Committee of the European Parliament to investigate money laundering, tax evasion (Panama) held its first full meeting on 27 September. It consists of 70 members, including the chairman and four deputies. It will investigate the allegations of wrongdoing and improper administration in the application of European legislation on money laundering, tax evasion and tax avoidance by the European Commission or Member States. Its creation was due to a leakage of 11.5 million documents relating to Panamanian law firm Mossack Fonseca. Data relating to the ownership of bank accounts and offshore companies in 21 jurisdictions, and cover a period of almost 40 years, until the end of 2015. Parliament said that the journalist Frederic Obermayer suggested that Panama's documents represent only the tip of the iceberg, and argued that EU banks are actively helping their clients evade taxes. Parliament added that the Swiss journalist Oliver Zilmen described the use of the system, including intermediaries, such as, for example, Swiss lawyers who actually run companies, Russian money and banks in Cyprus and...

Kenny Ireland seeks to 12.5 percent CIT rate

Published: 28.09.2016 | Без категории

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#Ireland #Taxation

Irish Prime Minister Enda Kenny confirmed its commitment to the 12.5 per cent rate of corporate tax "from the visual point of tax certainty." In his speech to the American Chamber of Commerce of Ireland (AmCham Ireland), Kenny noted that the rate will not change, and acknowledged that "this is an important element to consider with US investors to come here in Ireland." Bob Savage, president of the American Chamber of Commerce of Ireland, welcomes the statement by Kenny. According to him, the Chamber "deeply appreciates the unequivocal declaration of the Prime Minister that his government will firmly defend our reputation as a blood pro-Corporate Business of the country, which is determined by justice and the determination processing." In his pre-budget problem, of AmCham Ireland Ireland stressed the need "to evolve a corporate tax regime in response to the post-OPP landscape, to remain competitive." Comments Kenny later duplicated Finance Minister Michael Noonan. "We could almost put it on the flag right now, because everyone knows at the international level, that the figure is 12.5 per cent. In fact, when entrepreneurs are thinking about Ireland, they automatically think of 12.5...

Switzerland amends for keeping tax resolution

Published: 27.09.2016 |

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#Switzerland #Taxation

Swiss Federal Council proposed an amendment to the tax deduction management, maintenance is easier finance group. The Council noted that the group created in Switzerland often carry out targeted measures to finance overseas, thus avoiding any deductions that would be related to funding issues, conducted by a group of companies established in Switzerland. The Council added that the Swiss economy as "pass some of the value added in this sector." The proposed amendment to the Retention Tax Resolution can affect groups in which the Swiss group companies (guarantor) provides a guarantee for bonds of foreign companies and groups (the issuer), belonging to the same group. According to the amendment, interest payments within the group made Swiss guarantee will no longer be subjected to withholding taxes. In December 2014, the Federal Council proposed move to a paid agent of the system under which the debtor will transfer all worth paying agent (usually a bank). Implementation of the proposals but has been suspended pending the results of the referendum on popular initiative. Federal Council announced that its 2014 proposal would solve the issue of improving the financing of the group,...

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