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Recent News

Singapore – the United Arab Emirates, Tax improvement agreement

Published:   22.03.2016 | news

The second protocol to the double tax agreement between Singapore and the United Arab Emirates, entered into force on 16 March 2016 and will be effective from January 1, 2017, reducing tax rates and changing the rules of the permanent establishment (PE). The protocol, which was signed in October 2014, revises the conditions for the inclusion of longer periods of thresholds for determining the existence of a permanent establishment. For example, the report claims that the PE occurs where there is a building site; construction, assembly or installation project; or supervisory activities in connection with this lasts for more than twelve months, in contrast to the threshold of nine months. In addition, under the revised protocol, provision of services, including consultancy services, will be a PE if such activities continued throughout the aggregation of 300 days in any period of twelve months, compared to six months. The agreement also upgrades the position of the exchange of tax information. The protocol removes withholding tax on interest at source, provided that the interest income may be taxed only in the country of the recipient. Provisions establishing five percent tax...

Corporate tax 2016

Published:   21.03.2016 | news

Austria - Rate is 25%. Minimum corporate income tax of EUR 1,750 for limited liability company and EUR 3,500 for joint stock company. Belgium - Corporate tax rate is 33%. Surcharge of 3% on income tax due makes effective tax rate 33,99%. Reduced rates may be available for companies whose taxable income does not exceed EUR 322,500. Germany - Tax rate is 15%. Solidarity surcharge of 5,5% also levied on corporate income tax. Municipal trade tax imposed at rates between 14% and 17%, with rates determined by municipalities. Combined rate approximately 30% to 33%. Hungary - 10% rate applies to tax base up to HUF million, 19% rate applies to tax base exceeding this amount. Denmark - Rate reduced from 23,5% to 22% on 1 January 2016. Macao - Rate is 0% on assessable profit up to MOP 600,000; 12% rate applies to assessable profit over that amount. Monaco - Rate is 33,33% Netherlands - Rate is 20% on taxable profits up to EUR 200,000 and 25% on taxable profits exceeding that amount. Slovakia - Corporate tax rate is 22%. Luxembourg - 21% rate applies to companies whose taxable income exceeds EUR 15,000; otherwise, rate is 20%. Surtax of 7% to unemployment fund and municipal...

Corporate Tax Rate 2016 Classical offshores

Published:   19.03.2016 | news

Gibraltar - Corporate tax rate is 10%. Cayman Islands - No income tax. Dominica - Rate reduce from 28% to 25% on 1 January 2016/ Branch remittance tax of 15% also levied. Labuan - Tax rate is 3% or 20.000 MYR per year. Gibraltar - Corporate tax rate is 10%. Cayman Islands - No income tax. Dominica - Rate reduce from 28% to 25% on 1 January 2016/ Branch remittance tax of 15% also levied. Labuan - Tax rate is 3% or 20.000 MYR per year. Isle of Man - Standard income tax rate for companies is 0%. Income received in respect of licensed banking activity and retail profits for companies undertaking Isle of Man retail business where annual taxable profit from this business exceeds GBP 500,000 taxed at 10% rate. Profits from Isle of Man land and property taxed at rate 20%. Jersey - Standard rate of corporate income tax applying to Jersey resident companies or non-Jersey resident companies that have permanent establishment in Jersey is 0%. 10% rate applies to certain companies that meet definition of "financial services company" and 20% rate applies to certain companies that meet definition of "utility company." St. Kitts & Nevis - Rate is 33%. Remittances by branch to head...

Corporate Tax Rate 2016

Published:   17.03.2016 | news

UK - The Corporation Tax main rate for 1 April 2016 is set at 20%. This rate will fall to 19% for the year beginning 1 April 2017, and to 18% for the year beginning 1 April 2020. Hong Kong - Profits tax levied at rate of 16,5% for companies carrying on business in Hong Kong (and 15% for unincorporated businesses) on relevant income earned in or derived from Hong Kong. Ireland - Standard corporation tax rate on trading income is 12,5% and 25% on non-trading income. Cyprus - Corporate tax rate is 12,5%. Certain types of income subject to Special Contribution for Defense at rates of 17%(dividends), 30%(interest) and 3%(rents). Latvia – Rate is 15%. Belize - All non-CARICOM residents, who have any taxable receipts originating from Belize, or in respect of any service provided in Belize, are required to pay business taxes as follows: Dividends - 15%, Insurance Premiums - 25%, Interest on Loans - 15%, Management fees - 25%, Rental of plant and equipment - 25%, Technical Services - 25%. British Virgin Islands - No income tax. United Arab Emirates - Income tax decrees currently enforced on oil and gas companies and branches of foreign banks. Oil and gas companies subject to...

Ministers of Northern Ireland put forward plans for the reduction of corporate tax

Published:   16.03.2016 | news

First Ministers of Northern Ireland government put forward a plan to cut the corporate tax rate and make it equal to 12.5% ​​by April 2018. At the moment, the corporate tax rate in the UK is 20%. But after Britain and Northern Ireland’s power-sharing parties in November 2015, the executive branch of Northern Ireland will set its own level of tax rate from April 2018. In Britain, the corporate tax rate will also be reduced to 19% in 2017 and to 18% by 2018. First Minister Arlene Foster and his deputy Martin McGuinness are in the US on a trade mission. Speaking at a meeting in New York, Foster said: "reduced corporate tax rate would significantly increase the attractiveness of Northern Ireland as an investment location for both existing and potential new investors and will benefit local businesses. No region in Western Europe will not have a lower corporate tax rate, so in combination with government support job creation, training and research, Northern Ireland will be one of the most attractive countries for doing business in Western Europe. " According to McGuinness, reduced corporate tax rate will mean that Northern Ireland will be able to "bid for the...

CBI encourages to eased Business Tax in the UK

Published:   15.03.2016 | news

Confederation of British Industry (CBI) called on the UK government to reform the "outdated" tax rate on businesses, to improve the corporate tax benefits, as well as maintain existing pension tax benefits. CBI says that the government should make the tax system and the regulatory system more competitive in order to avoid the burden on business. According to the analysis of the CBI the recent changes in the policy will cost businesses approximately 12.9 billion dollars by the 2020-21. CBI recommends the UK Chancellor George Osborne to improve the tax rate on business by switching the multiplier by which business rates are uprated from retail price index to the consumer price index. CBI added that small businesses must be relieved of the tax altogether. And Confederation urged to increase depreciation to improve support for investment. Finally, the CBI called on the government to establish a clear direction on energy policy and support for investment in low-carbon energy sources. Britain should be able to find its way out of the deficit - the government must send a clear signal that it stands for the prosperity of the business. Author: Olena Kutova senior...

EU ministers are promoting new rules for corporate tax

Published:   14.03.2016 | news

European finance ministers have given their support for the adoption of the new rules which will shine a light on the tax affairs of multinational corporations. The proposal would oblige large companies to provide the national tax authorities with all of its global operations, including revenues, earnings, taxes paid and the number of employees in each country where they operate. The new rules "will provide the national authorities the necessary understanding of how to deal with aggressive tax planning structure," said Pierre Moscovici, European Commissioner for Economic and Financial Affairs. He described Europe as being in the throes of "fiscal transparency revolution" caused indignation of the national electorate. The European Commission is going to publish an offer of new rules in April 2016. "Keeping these reports in the privacy make it almost impossible for governments of developing countries, journalists or the general public to carefully study the activities of transnational corporations," said Koen Roovers a leading supporter of the EU to ensure the financial transparency of the coalition. Author: Olena Kutova senior lawyer of the Finance...

Abu Dhabi (UAE) Tax Free Zone is focused on the FinTech

Published:   12.03.2016 | news

The Global Market of Abu Dhabi (ADGM), a new free zone in the United Arab Emirates (UAE), to strive to become a regional center of financial technologies, or "FinTech", said the Chairman Ahmed Al Sayegh, during a Global Financial Markets Forum 2016. Al Sayegh said that the investments in the global FinTech sector tripled between 2008 and 2014 reached $ 3 billion, And could double again by 2018. "However, now we have not seen a deep set FinTech ecosystems among the countries of Gulf Cooperation Council (GCC). The Chairman said that the world market in Abu Dhabi is committed to working with key stakeholders in order to create an environment conducive to FinTech sector. During his speech, Al Sayegh also drew attention to some of the events on the Global market. These include the Office of Financial Regulation and Supervision recognized as a member of the International Association of Insurance Supervisors and the Basel Consultative Group of the Basel Committee on Banking Supervision. The Global market for Abu Dhabi operating since October 2015. It offers companies a number of advantages, including tax exemptions for 50 years and acceptable rules on profit...

Tax legislation in Wales

Published:   11.03.2016 | news

Welsh Assembly passed a law on the establishment of the Welsh tax department which will have the right to collect and manage two decentralized taxes. In April 2018, the UK Government will transmit Wales duties on stamp duty land tax and environmental tax. These taxes will be replaced by two new ones. Tax legislation was approved by the Welsh Assembly 8th of March. It will also put in place the mechanisms necessary for the collection and tax management. There's also a charter of taxpayers which will set out the relationship between the tax department and taxpayers. Minister of Finance and Business Jane Hutt said: "The tax law allows to make the necessary arrangements for our new decentralized tax liabilities and paves the way for us to put in place taxes that for Wales are more suitable than the first Welsh Tax. This new tax law will make real changes in life". "We have worked closely with those who will be affected by these new powers and responsibilities during the development of the tax law. Civil society, business and taxpayers deserve a fundamentally simple, fair and transparent system of taxation. This new law will help to achieve: to minimize...

Additional VAT withholding agents designated

Published:   10.03.2016 | news

The Government has enacted regulations, based on paragraph 4 of the Tax Code, extending VAT withholding mechanisms to enterprises explicitly appointed by the Revenue Office as withholding agents that meet the criteria of making annual purchases of USD 10,000,000 or greater. This mechanism also applies to entities that administer processing and payments through credit and debit card platforms. Under the VAT withholding mechanisms, VAT withholding agents must withhold a portion of the VAT charged to them in respect of supplies of goods and services, and remit it to the Revenue Office instead of paying the total VAT applicable to the supplier of service provider. The amount to be withheld will be equivalent to 50% of the tax rate applicable to the transaction. Administrators or issuers of credit and debit cards that manage the processing of payments are also required to act as withholding agents of the VAT triggered by the sale of taxable goods and services paid by way of a credit or debit card. During a transitional period, which will run from 1 February to 31 December 2016, the amount to be withheld will correspond to 2% of the total sales transaction. Starting 1 January...