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EU anti-tax evasion

Published: 08.07.2016 |

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MEPs supported the introduction of a package of measures to combat tax evasion, which include tax havens, the black list of sanctions against "uncooperative jurisdictions", and income tax throughout the EU. Recommendations have been prepared by a special parliamentary committee of tax regulations were adopted 514 votes to 68 with 125 abstentions. The committee's report in favor of the following: - Total "Black list" of non-constructive EU jurisdictions, as the European Commission's proposal with the general definitions unconstructive jurisdictions, and also the provision of extension for a dialogue with jurisdictions for inclusion in the list; - Sanctions against uncooperative jurisdictions, including the ability to revise and suspend of a free trade agreement and deny access to EU funds; - Sanctions for companies, banks, office and law firms, tax advisors testing to include them in illegal, harmful or illegal actions with proximity jurisdictions; - Sanctions for management companies involved in tax avoidance or authority to revoke the license for the business if the experts involved in the illegal schemes of tax planning and evasion; - A possible financial...

FTA between EU and Canada

Published: 07.07.2016 |

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#Canada #EU

European commission propose officially declaim and concluded Free Trade Agreement between EU and Canada. Commission need to get support from the European Council and European Parliament. After finishing this process this agreement can be provisionally applied. European commission propose officially declaim and concluded Free Trade Agreement between EU and Canada. Commission need to get support from the European Council and European Parliament. After finishing this process this agreement can be provisionally applied. The commission hope that agreement between EU and Canada will signed during next summit between them in October. Commission President Jean-Claude Juncker said: "FAT between EU and Canada is the best and progressive agreements and I want that it go into force as soon as possible. It provide new opportunities for European companies while promoting our standard as benefit for people. It's time to begin. At stake is the credibility of the European trade policy." EU Trade Commissioner Cecilia Malmström said: "I hope that now the deal with Canada will be signed and concluded quickly, to the benefit of consumers, workers, and entrepreneurs – this is an...

Global IT tariff cuts

Published: 06.07.2016 | Без категории

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#EU #Singapore #USA

On July 1 the first tariff cuts were implemented under the expanded Information Technology Agreement (ITA), which was agreed at the World Trade Organization (WTO) Ministerial Conference in Nairobi in December 2015. The original ITA was concluded in 1996. The new agreement will eliminate tariffs on an additional 201 technology products. Products covered by the new ITA include video games consoles, GPS navigation systems, magnetic resonance imaging machines, telecommunications satellites, touch screens, and video cameras. It has been estimated that the products involved have a global export value of some USD1.3 trillion per year. Negotiations were conducted by over 50 WTO signatory members, but all members will benefit from the agreement as they will all enjoy duty-free access to the markets of the members eliminating tariffs on these products. It has been said that the tariff cuts will increase annual global gross domestic product by around USD190bn. The first tariff cuts were implemented on July 1, 2016, with successive reductions due to follow in up to seven years. Some countries, such as Singapore, have immediately eliminated all tariffs, but others, including the European...

China expands VAT refunds for tourists

Published: 05.07.2016 | news

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#China #Reforms #Taxation #VAT

From 1 July, 2016 foreign tourists who plan visit to Chinese Guangdong province be available to get VAT refund for them purchases made in certain store if they departing from Guangzhou's Baiyun International Airport and Nansha Port or from Zhuhai's Jiuzhou Port. Foreign tourists including all from Hong Kong, Makau and Taivan also be available for this VAT refund if they will stay on the Mainland less than 183 days. They must spend at last RMB500 (USD75) for certain items in any store in one day to be able to claim an 11 percent refund where less a two percent handling charge. The refund is able if the purchases made during 90 days before departure. The measure has been taken in a further effort to boost inbound tourism and consumption. Guangdong province is the nearest geographically to Hong Kong and Macau, and receives the vast majority of inbound tourists to the Mainland. Hainan provided scheme of this refund in 2011, with Beijing and Shanghai being authorized to begin offering VAT refunds to tourists on July 1, 2015. From January of this year this scheme also able for foreign visitors in such Chinese provinces as Tianjin, Liaoning, Anhui, Fujian, Xiamen, and...

EU to UK: no free trade a la carte

Published: 04.07.2016 |

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#EU #United Kingdom

"There will be no single market 'á la carte'" for the UK when it leaves the European Union (EU), according to Donald Tusk, President of the European Council. Tusk made the comment after an informal meeting on June 29 of 27 EU heads of state. It was the first meeting of EU leaders in more than 40 years that the UK had not attended. It followed a June 28 meeting at which UK Prime Minister David Cameron outlined his views on the results of the UK's recent Brexit vote. Tusk said that the EU's remaining leaders "are absolutely determined to remain united and work closely together as 27." He explained that leaders had agreed that "there will be no negotiations of any kind until the UK formally notifies its intention to withdraw." According to Tusk, leaders hope to have the UK "as a close partner in the future." However, they also "made it crystal clear … that access to the single market requires acceptance of all four freedoms, including the freedom of movement. There will be no single market "á la carte'." Tusk added that leaders "have started a political reflection on the future of [the] EU with 27 states." They will meet in Bratislava on September 16 to continue...

Brexit – what doest mean for taxpayers?

Published: 01.07.2016 |

23 of June, 2016 the day when EU became less one more country according to Brexit referendum. The Prime Minister of Great Britain said that in case of this referendum that he that he would resign before the next conference of the Conservative Party it was not entirely unexpected The Prime Minister of Great Britain said that in case of this referendum that he that he would resign before the next conference of the Conservative Party it was not entirely unexpected, in October 2016, but caused even more uncertainty about the next steps for the UK. On the eve of the referendum, Cameron said that if Brexit vote, he will be obliged to immediately refer to the rules contained in Article 50 of the Treaty of Lisbon, as the United Kingdom upon its expiry will be separated from the European Union. Until then, the transnational corporations operating in the UK will continue to work within the framework of existing agreements. These two years, and at any time, the United Kingdom may start negotiations on whether it can be part of the single market and the conditions that will be attached, as well as various other issues. If, at the end of two years, an agreement has been reached to the...

CBI calls for continued UK access to single market

Published: 30.06.2016 | Без категории

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#EU #United Kingdom

The Confederation of British Industry has called for tariff- and barrier-free access to the EU Single Market should the UK leave the European Union. In a letter to The Times, CBI Director-General Carolyn Fairbairn wrote that the Government "must act with urgency to minimize the uncertainties that affect investment decisions and slow job creation." She also said that the CBI would write to the Prime Minister, the Department for Business, and the Treasury to outline the priorities for achieving this. According to Fairbairn, the UK must now agree the principles that will underpin its new relationship with Europe and the rest of the world. In turn, "the Government should resolve publicly to preserve the openness of the UK's economy, one of its greatest strengths." "In practice, this means seeking to protect tariff- and barrier-free access to the single market of 500 million consumers. It means ensuring companies are able to continue to attract the best people to the UK with the skills we need, while recognizing public concerns about immigration. And, it means setting out clearly how the UK will agree the right international trade deals with the wider world," she...

The law on financial restructuring

Published: 29.06.2016 |

The Supreme Council adopted a law on financial restructuring at June 14. The business community as well as the government agencies (primarily the NBU and the Ministry of Finance of Ukraine) greeted the adoption of this law, because it has a high hopes of resolving the situation with the problem loans and the recovery of the banking system as a whole. Given law establishes a new mechanism of voluntary financial restructuring of debts of enterprises and the resumption of their liquidity. This mechanism provides for the procedure of financial restructuring on the basis of an agreement between the debtor and its creditors. Some skeptics argue that this law duplicates the procedure provided by the law on bankruptcy (the Law of Ukraine "On the resumption of debtor's solvency"), but there are some significant differences between them. For example, the extrajudicial procedure fully stipulated by the law on financial restructuring, while in bankruptcy law describes the procedure "by a court decision." Moreover, the proposed procedure is more flexible on the issue of taking into account the minority interests of creditors. If in the bankruptcy law provided a strict requirement on the...

Germany agrees with stricter IHT rules

Published: 24.06.2016 |

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#Germany

Germany's main political parties have reached an agreement on long-awaited inheritance tax reforms, with the proposed changes expected to be passed by Parliament by July. Amendments to Germany's inheritance tax law are required after the country's Constitutional Court ruled in 2014 that existing rules breach the principle of fiscal equality. Under Germany's 2009 inheritance tax law, heirs of assets from companies with more than twenty employees are exempt from inheritance tax provided that the business remains operational for at least ten years and that jobs are maintained. It is a system that many argue helps Germany to maintain high levels of employment and enables small and medium-sized businesses to use assets for growth rather than for paying potentially large inheritance tax bills. Inheritance tax rates in Germany can be as high as 43 percent, depending on the relationship between the deceased and the heir. However, others argue that these tax breaks are unfair as they benefit mainly wealthy individuals, while also helping to concentrate large amounts of wealth among a relatively small number of families. Under the changes agreed by the coalition parties, including the...

Ukraine will provide customs reform

Published: 23.06.2016 |

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#Reforms

The efforts of Ukrainian custom will be focused on providing need human and technical resources for creating suitable conditions for business. Prime Minister Volodymyr Groysman talking on conference said that government particularly want to modernize customs technology, create modern systems of monitoring and surveillance, update update customs software and increase access to global databases, and support the personal development of Ukrainian customs officials. The Finance Ministry in May announced that launching an electronic, automated platform from August 1, 2016, to enable controlling bodies and customs offices automatically exchange data on consignments passing Ukrainian borders. The last time Ukraine paying more attention on the system of customs clearance. Finance Minister Natalie Jaresko asked the tax authority to examine all customs declarations released under the IM40EA procedure, to detect violations and system abuse by customs officers in January 2016. Jeresko said that the system of risk assessment systems are not perfect and sometimes enable customs officials to apply the simplified procedure to companies that actually do not have the right to enjoy this...

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