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OECD insists on the «Tax fairness»

Published: 25.07.2016 |

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#Taxation OECD

«Governments and authorities need to look for a new ways to use the tax policy to distribute the advantages of economic growth more equally among its citizens», - said in a new report «Tax Design for Inclusive Economic Growth» OECD. The report contains recommendations to countries looking to expand their tax bases, to make their tax regimes more progressive behavior and encourage opportunities to push for lower income sources, as well as improving tax policy and administration. The report would be discussed on 23 July at the G20 Ministerial Tax Symposium. The symposium would discuss the best ways to use the tax policy tools, to break through to an inclusive, coherent program that provides enterprises with a greater tax certainty. «The tax policy has a clear role in facilitating achieving a strong, sustainable and balanced growth», - said OECD’s General secretary Angel Gurria, - «We are convinced that the latest study of the OECD on tax structures for inclusive growth may become part of the new of tax policy, which will contribute G20 to the forward promotion procedure. Author: Sergey Panovmanaging partner Finance Business...

Britain will wait until 2017 to take Brexit

Published: 22.07.2016 |

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#United Kingdom

Theresa May, a new British Prime Minister, said that her government would not launch negotiations on Brexit this year. Theresa May made this announcement in condjunction with German Chancellor Angela Merkel in the middle of a press conference. Merkel said that it would need some time to conduct the UK's negotiate about its "successful withdrawal from the European Union (EU)," in conjunction "a sucsessful well thought-out work." "We all need the time to be ready for the conversation and the Great Britain would not refer to the Article 50, until our objectives are not clear. That is why I have stated previosly that this will not occur before the end of this year. I realize that this timeline will like not all, but I think it is very important to ensure clarity to what is happening now, "she explained. An article 50 of the Lisbon Treaty envisages a two-year process to negotiate the withdrawal of private traders, the country of the EU. May also added that "we wish receive the right dealings in the trade of goods and services to the UK." Merkel told reporters that "in fact it is in our interests that the United Kingdom has determined its negotiating position in detail, made clear...

Australia provides “sharing economy” tax

Published: 20.07.2016 |

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#Australia #Taxation

Australian tax organization (ATO) said that they are worrying about people who earns money with sharing economy can't understand that they need to announce this income to them tax declarative. Assistant Commissioner Graham Whyte said: "sharing economy changed a lot of things we do but the definition of ATO didn't change. In sharing economy buyers and sailors are connected with facilitator who usually work through application or web site." "If you earns money from casual earning or providing services such as using common tasks, transporting passengers through things like ride-sourcing, or renting a room or house, you need to count this like declare income." "It's different a little if good you introduce or your activity you acting through sharing economy site or another stage acting like hobby or recreation activity. The amount you paid can not be countable income. You can check this on ATO site for taking some information about how to solve this problem." Due to Whyte words most of the people who take part in sharing economy will have right to demand deductions if they are declaring income. According to them activities, some taxpayers must register and pay out for goods and...

In the USA propose tax credit for housebuyers

Published: 19.07.2016 |

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#Real estate #Taxation #USA

The main member of financial committee of The USA Rone Wyden introduced an act of returning tax credit which must help to people who buys a new house. According to his propose the first buyer of living residential property will get returning tax credit around USD10,000 and it will be equal to 2.5 percent in the cost of the whole house. This credit will also increasing step by step for private individual who has a year profit more than USD80,000 and for marriage couples with year profit more than USD160,000. But if buyer sold his house within 5 years he must paying a part of credit if has no some important reasons as work replacing or military mobilization. "The housing policy in our country need a reconstruction, said Wyden. We have a lot of people who work hard to provide for a family and can't permit themselves to rent all the more so buy some house. The federal government need to do more to repair housing crisis on all stages with close co-working of state and city governments." He said that this program created after existing Low-Income Housing Tax Credit because of low profit of people. Another words this program of federal government provide of development and...

Parliament of Holland approves gambling tax

Published: 18.07.2016 | news

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#Holland #Taxation

The lower house of Dutch parliament approved rule, which can regulate and provide online gambling taxation. Remote Gambling Bill has plan to open Dutch gambling market for foreign outer gambling companies which provide taxation about 29 percent of gamble gross revenue, the same way of taxation have had already gamble land-based operators. According to previous version of draft law, tax for online gambling fixed about 20 percent. The acting coalition included remark to legislation in the beginning of this year for agreement this tax. Nevertheless, the final version of this law approved by the law house 7 July contains measure of decreasing about 25 percent at the end of three years period. In this proposing for the first time was planned to go into force this rule in 2015, but now they were waiting for voting in the Senate. In case of approving by upper house, expect that the process of application submission a new license for gambling in the first half of the next year, and that this new regime will fully up in the middle of 2017 year. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

UK revises VAT rules covering insured goods

Published: 15.07.2016 |

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#England #Taxation #United Kingdom #VAT

The UK Government has tabled the Value Added Tax (place of supply of services: exceptions relating to supplies made to relevant business person) order 2016, which will take effect for supplies on or after October 1, 2016. The change affects repair services following insurance claims which meet the following criteria: the supply is pursuant to a claim made under a contract of insurance, and the supply is made to a relevant business person who is not the person insured. In such circumstances, instead of being taxed in the UK, if the services are effectively used and enjoyed outside the EU, the supply is to be treated as made where it is used and enjoyed. Equally, where a supply of such services would typically be treated as made outside the EU, if the services are effectively used and enjoyed in the UK they will be subject to UK VAT. The change applies in the case of a supply of services consisting of the repair of tangible movable property (such as cars or mobile telephones) where the supply is made in pursuance of a contract of insurance and is made, for example, to the insurer rather than to the insured person. Author: Sergey Panovmanaging partner Finance Business...

EC applies the Panama Papers Inquiry

Published: 14.07.2016 | Без категории

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#EU #Panama #Taxation

The European Parliament's Committee of Inquiry into Money Laundering, Tax Avoidance, and Tax Evasion (PANA) has announced the appointment of its chair and four vice chairs. The constitutive meeting of PANA took place on July 12, 2016. Wenrer Langen was elected chair, with Ana Gomes, Pirkko Ruohonen-Lerner, Fabio de Masi, and Eva Joly to serve as first to fourth vice chairs, respectively. The Committee consists of 65 members, excluding the chair and vice chairs. It will investigate alleged contraventions and maladministration in the application of European Union law with respect to money laundering, tax avoidance, and tax evasion by the European Commission or member states. Its establishment was prompted by the leak of the so-called Panama Papers, the leak of more than 11.5m documents belonging to law firm Mossack Fonseca. The data leaked relates to the ownership of bank accounts and companies in 21 offshore jurisdictions, and covers a nearly 40-year period, through to the end of 2015. The Committee is required to submit its final report by June 8, 2017, when its mandate from the European Parliament will expire. Author: Olena Kutova senior lawyer of the...

Politicians of EU call for MNE tax transparency

Published: 13.07.2016 |

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#EU #Taxation

Senior members of national parliaments in Europe have called for greater public transparency on taxes paid by multinational corporations. In an open letter addressed to their respective governments, the lawmakers have called for multinationals to make public, for each tax jurisdiction in which they do business, their revenue, profit before income tax, income paid and accrued, total employment levels, capital, retained earnings, and tangible assets. The letter states: "The base erosion and profit shifting project and the EU Commission country-by-country reporting initiative will lay the foundations of a modern international tax framework under which profits are taxes where economic activity and value creation occur. But we want to enable the citizen to have access to this information. We would also expect companies to identify each entity in the group that is doing business in a particular tax jurisdiction and to provide an indication of the business activities in a selection of broad areas that each entity is engaged in." "We want to see this information published so that our citizens can see for themselves what tax multinationals pay so that not only will our national tax...

Consumption tax in the US reduced

Published: 12.07.2016 |

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#Taxation #USA OECD

In a latest document from the Tax Foundation (TF), it was noted that, the largest Organization for Economic Cooperation and Development (OECD) is more inclined to the proceeds from the consumption tax, the United States prefer more personal income tax, while at the raising relatively is differb a little from the consumption tax. TF said that "this difference of political issues, given that consumption taxes raise revenue with less economic damage than individual income taxes" According to the recent data for 2013, consumption taxes were the largest source of tax revenue for the OECD countries, increasing by an average of 32.7 percent of their tax revenues. However, taxes on consumption rose by only 17.4 per cent of revenue for the United States, mainly because the United States is the only OECD country without value-added tax (VAT). Instead, most governments states in the US use the retail sales tax on the final sale of most goods and excise taxes on the production of goods such as cigarettes and alcohol. The United States instead relies heavily on individual income tax, accounting for 38.7 percent of total government revenue in 2013, compared with the OECD average of 24.8...

New Zealand propose to improve invest tax

Published: 11.07.2016 | Без категории

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#Investments #New Zealand #Taxation

The government of New Zealand release 7 July 2016 discussion document contain proposals aiming for improving administrative invest tax. These proposals can make easy a year process for taxpayers and increase in the system at the same time, Revenue Minister Michael Woodhouse said. "Payers of interest, dividends, and taxable Maori authority distributions currently provide tax certificates to the recipients of the income. Need to gather all of this certificates from it different income sources to meet their end of year tax obligations." Woodhouse said. It would be better for income to collect that entire information collect that information direct from the payers and use it to pre-populate the recipients' tax records." To get this target the discussion document proposes that: All investment income payers will provide this information to the Internal Revenue often. The deadline for feedback on the proposals on 19 August 2016. Author: Sergey Panovmanaging partner Finance Business...

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