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German bankers enter tax plea

Published: 22.08.2016 |

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The head of German Banks Association asked to government to improve tax range for banks operating in Germany. Michael Kemmer, the general manager of Germann Banks Association made announce and in his announce he asked the government to take a clear political improvement to Frankfurt as financial center, in consequence of the voting of the United Kingdom they left the EU. "We need bright signal that Frankfurt, financial center of Germany is ready take on board the services and the supplier of services from Great Britain. It will make possible to create a new jobs and economic growth," Kemmer stressed. In the tax area, Kremmer said that the government could make German banking sector more competitive by allowing banks to deduct bank levy payments from the their taxable income. All credit institutions in Germany were as objects of every-year levy balances since January 2011. The levy starts at 0.02 percent for banks with a balance between EUR300m (USD340m) and EUR10bn, and rises in stages to 0.06 percent on balances in excess of EUR300bn. "As any other European country the banking levy must be tax as operation expenses", Kemmer said. He also ask Germany refuse of support for...

UK: Inheritance Tax get record rate

Published: 19.08.2016 |

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#England #Taxation #United Kingdom

The Inheritance Tax in UK get the highest rate GBP4,7bn (USD6.1bn) in 2015-16 years, according to Wilson words, client of private law firm. This tax raised on 17 percent from 2014-15 and on 91 from 2009-10, when the tax was rise the last time. From 2017 year, the government will gradually goes into force a new rate in GBP175,000. A new allowance will approved in rate at GBP100,000 in 2017-18, GBP125,000 in 2018-19, GBP150,000 in 2019-20, and GBP175,000 in 2020-21. This rate will rise according to the Consumer Price Index. It will be available as attachments to existing rate GBP325,000 of Inheritance Tax and will be lasting to 2020-21 years. Both allowance can be transfer to a spouse or partner. Wilson said that for rate in 325,000 to be agreeable to inflation from 2009, it might be increase to GBP391,000. At the present time this tax is 0,87 percent from all taxes incomes in United Kingdom, comparably with 0,57 percent in 2009-10 years. Tim Fullerlove, the partner of Wilson, commented: "This inheritance tax gradual will transfer into general tax for "middle England" and as long it last as harder will be to will be for the Treasury to let that income go. With each passing...

UK announced exemption from the quarterly report

Published: 18.08.2016 |

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#Tax reporting #United Kingdom

The UK government announced that unincorporated businesses with turover more than GBP10,000 (USD12,970) will not be subject to new rules which they introduce like their making tax digital. The government published six consultive documents wich have attitude to the project. Previously they confirm that to 2020 year the majority of enterprises, self-employed persons, and landlords will be required to "keep an eye on their tax affairs in digital form and to update HM Revenue and Customs (HMRC) at least once a quarter with your digital tax records." The proposal has been criticized by tax experts and a special committee of the Treasury, they have expressed concern about the amendments aimed at simplification of tax reporting. The government prove now that the reforms won't use according to uncorporative unincorporated businesses or landlords with an annual income of below GBP10,000. Unless a business has been explicitly exempted the providing og ta digital will be assumed methods wich help to manage their own taxes. Companies with income taxes, national insurance, taxes, value added tax, or corporation tax liability all come within the scope of the new requirements. Jane...

Australian Tax Department warns about false deductions

Published: 17.08.2016 |

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#Australia #Taxation

The Australian Tax Organization (ATO) warns taxpayers about false deductions bounded with job and remind employee about using a new checking regime in real time deductions and about tax declarations electronically. Australian confirm that more than AUD21bn (USD16.2bn) it’s a disbursements connected with work in every year. Assistant Commissioner Graham Whyte said that ATO see mistakes when the same time sum if individual disbursements not so huge but in general amount it has bigger meaning. Whyte also explained that ATO would use efforts against tax agents who make returns more essential and advice to taxpayers that they need to be sure that their agents are registered. ATO in this year go into force checks of deductions in real time for tax returns in filed electronically. Whyte said: "If your claims essentially higher than any other in the same occupation with the same income in that case will be some notification and it need to pay attention on this and check it out." This new process only need to help you to check your own returns. Whyte recommended to taxpayers inquire according to three rules: "First, be sure that you didn't spent this money and it wasn't return;...

Ireland explains a new patent box

Published: 16.08.2016 | news

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#Ireland #Taxation

The Irish Revenue published practically department in using Knowladge Department Box, special regime of income taxation that appears of intellectual property. KDB force into a new financial law for company in 2015, the report period of what started the 1 of January, 2016 and also is belong to income, which appears by literary property software and also in case of small companies it will be other intellectual property which equal or can be patented. As explained department, the company "will have a right for deduction in 50 percent of its own qualifications income. We can say that the income we can take from intellectual property has taxation in 6,25 percent when the rate of corporative tax is 12,5 percent. The regime is available for companies, which provided scientific researches according to part 766 of the Taxes Consolidation Act 1997. The department provide the definition of qualifications company, qualifications income and active which appears because of using qualifications active, and it also explains a huge specific demands, which need to be done for claiming the relief. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Ukraine launches a new system of customs administration

Published: 15.08.2016 | Без категории

After the introduction on August 1 of the new customs administration system in Ukraine the authorities are checking to ensure the functioning of the system and consider next steps. August 1, 2016 a new project was launched under the name of "single window", which allows customs posts and regulatory authorities will automatically exchange data on cargo crossing the border of Ukraine. Planned modernization of management processes (customs, veterinary, sanitary, phytosanitary, radiological and environmental), which later will be carried out with an automatic electronic data exchange. In a statement released after the introduction of the system, the finance minister said: "The Ministry of Finance initiative aims to primarily expand the automated process of «single window», which will greatly simplify and speed up customs procedures It should facilitate a life to businesses and eliminate opportunities for corruption related to customs clearance. During the week the Ministry of Finance will check the work of a new project at the customs control authorities and points of registration in Ukraine". Looking ahead, the Ministry of Finance will seek to implement the already approved...

The EU given time to fix of the budget deficit

Published: 12.08.2016 | Без категории

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#EU #Spain #Taxation

The European Council overturned the fines for Spain and Portugal for infringement of excessive deficit rule and established a new "fiscal path" for each country, which will have to follow. Such action follows from the preceding Council decision on the fact that Spain and Portugal have not taken effective measures to correct its excessive deficit and will now have to implement the recommendations made by the European Commission in their respective fields. In July, the Council confirmed that Spain and Portugal have not been able to reduce its deficit to below three percent of gross domestic product (GDP) for the time. Once provided financial assistance amounting to 78 mrad euros (86.9 billion dollars) from the EU, the eurozone and the International Monetary Fund (IMF) in 2011, Portugal was not able until 2014 to bring its deficit in line with EU expectations. For this reason, in June 2013. The Council further extended to 2015 and set targets deficits of 5.5% of GDP in 2013, 4% in 2014 and 2.5% in 2015. Portugal was able to achieve a given economic restructuring program in June 2014, but in 2015 the general government deficit was 4.4% of the country. The July decision of the...

Australia has made prejudice for a big corporation

Published: 11.08.2016 |

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#Australia #Taxation

Australian Tax Organization announced a range of alerts for taxpayers that bi companies will be caution in use tax avoidance system. The firs alert as to agreement, where Australian consolidation group all the time use offshore constitutions, which are in inner operation. Deputy Commissioner Jeremy Hirschhorn said: "With help of this mechanism their true income can be low and in that fact the take-outs will be incorrect. "Taxpayers must provide returned taxable income properly, because it reflects the economic substance and significance of the operations carried out under the principle of arm's length. ATO in the present time investigate the cases when this mechanism and also structure in the answer for multinationals against Tax Avoidance Law which had made to increase tax for goods and services. ATO in a similar way to warn against deliberate calculation of debt capital for the purposes of the thin capitalization rules. Conza said: "In some cases, taxpayers are not able to include the cost of debt interest, which has been treated as equity for accounting purposes of debt capital As a result, adjusted average debt of the taxpayer understated, allowing them to...

Trump renew proposed tax cutting

Published: 10.08.2016 |

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#Taxation #USA

During his performance in Economic club in Detroyt 8 of August, republican, candidate of president, Donald Trump change his programme of tax cutting, particularly as to previously announced cutting of income tax rate for private individuals. Cutting of tax income, what flow from Trumps tax reforms can put more than USD9.5 trillion over ten years. As this deficit had been created largely at the expense of cutting individual income tax rate. His first proposition can help to cut childcare disbursements, let to parents completely take away the cost average cost of childcare disbursements from them taxes. As to business tax, Trump approved that he will provide tax rate cutting of all business to 15 percent. He said that the small companies would take away maximum profit from this plan. He also would like to take back trillions of dollars from American firms, which at the present has been based abroad. Corporative delay of foreign income will liquidate and corporative income at present time are providing abroad in international corporation by USA taxed at a reduced repatriation rate of 10 percent. Author: Olena Kutova senior lawyer of the Finance Business...

HMRC publishes guidance on a tax-free trade

Published: 09.08.2016 |

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#United Kingdom #VAT

The tax authority and the Tax and Customs Service of the United Kingdom released a practical guide by the UK's special scheme which allows to non-EU countries taxpayers to reimburse VAT on goods purchased in some UK stores. VAT Notice №704 / 1, issued August 7 discusses how those who live outside the European Union may return the value added tax (VAT) paid for goods purchased in stores of Great Britain, which in turn provide retail products without VAT. Tax free retail trade allows individuals traveling to the European Union (EU) to obtain a VAT refund on goods bought in the UK and take home. However, it can not be used for any service. In most instances store or refund from the company will charge a payment for use of the taxpayer in its stores and tax-free goods can take the fee out of the money paid to the VAT refund. The manual discusses the right to use this circuit, which products satisfy the set requirements, the time required for export, as well as the requirements for receiving the refund. Author: Sergey Panovmanaging partner Finance Business...

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