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The law protects Ireland’s tax base

Published: 08.09.2016 |

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#Ireland

The Irish government will make changes to the tax regime of special purpose companies established for assets to close a loophole so-called "predatory companies." Finance Minister Michael Noonan has published an amendment to section 110 of the Law of 1997 on tax consolidation governing the taxation of such companies. He explained that "issues have been raised recently about the possible use of aggressive tax practices by some sections of the 110 companies to avoid paying tax on Irish real estate transactions." He said that the amendment was intended to address the abuse of Article 110 and to ensure the provision fenced for bona fide purposes. Section 110 was introduced to improve the supply of Ireland as a place to conduct financial services. According to section 110, a company must be a tax resident in Ireland and do business holding or management of "qualifying assets" that should be at least EUR10m (USD11.3m). In addition to holding or management of "qualifying assets," the company can not conduct any other activity. Gain or income under section 110 of the company subject to corporate tax at 25%. This is the norm for passive income, but taxable income is calculated using...

New Zealand tax system progresses

Published: 07.09.2016 |

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#New Zealand #Taxation

The top ten income in New Zealand is projected to pay 37.2% income tax in 2016/17, compared with 35.5% in the 2007/08 year. The New Zealand government has published data showing that the tax system is more progressive. "These latest data confirm that the income tax system and support of New Zealand much income redistribution needy households, said Acting Finance Minister Steven Joyce. "Many families with low incomes pay a larger share of income tax than in 2008, and households with low incomes pay less - 30% of households with the lowest incomes are projected to pay only 5.4% of income tax, compared with 6.3% in 2007/08 p ". "The Government has increased support to low-income households to help New Zealanders go through difficult times. So at any given time, a large number of households effectively do not pay income tax," said Joyce. According to the Treasury in 2016/17, 42% of households will pay less tax than they receive from social security benefits it work for family tax credits and if we compare, the 2007/08 figure was - 39%. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Australia increases the middle tax bracket

Published: 06.09.2016 |

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#Australia #Reforms #Taxation

The Australian government says taxpayers will benefit from AUD7,000 (USD5,303), increase the "middle income" tax category for several weeks. The government introduced the first of September to income tax benefit in 2016. It provides for the implementation of the budget 2016 proposal to increase the threshold for the tax rate to 37 percent compared to AUD80,000 to AUD87,000. According to Treasurer Scott Morrison, "This will prevent about 500,000 taxpayers who are at a high 37 percent marginal tax rate. The reform will apply retroactively from 1 July 2016 "As soon as the law will change, people will get every dollar of their personal income tax benefits retroactively from July 1, 2016." This could mean more return for some. Earlier, the Australian Tax Office (ATO) has confirmed that the government will release a new Pay As You Go (SPOD) tax at the source of payment to reflect changes made to the tax benefits of the law on the income statement. As a result, on October 1, employers will be required to reduce the amount of tax on hold for affected taxpayers. If the tax overpaid by that date will be returned to the ATO in the assessment after the 2016-17 financial year. Author:...

Canada held a first assessment of the tax gap

Published: 05.09.2016 |

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#Canada #Taxation

Canadian IRS released its first study on the extent of the tax gap. In broad terms, the tax gap is the difference between the tax that would be paid if all obligations are fully met in all cases, and the tax actually paid and collected. "I am pleased to present to you the first study proceeds Agency of Canada estimated the tax gap. It is important to use this tool to make sure that Canadians are confident in the fairness of the tax system. It is equally important that we continue to look for innovative ways for Canadians to understand and comply Canada's tax system, "said Minister of Canadian national income, Diana Lebauthiler. This is the first study to have a glance to show how Canada will speak on the assessment of the tax break, after it was promised to do so in April 2016 as part of international efforts to combat tax evasion. Along with the report, Canada has published estimates GST / HST gaps suggest that the tax break for this tax is 6.2% in 2014, the whole pursuant to the previous years. Having released two reports, the Canadian tax authority reported that new estimates of the tax gap include Canada and 24 other OECD countries, which are evaluated at least one...

UK introduces pension advice tax

Published: 05.09.2016 | news

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#Taxation #United Kingdom

The UK government announced new tax incentives to encourage people planning retirement for financial advice. Payment of the pension which will be offered from April 2017, will allow those who are approaching retirement age take 500 pounds out of their retirement savings to financial advice. This is intended to give people the opportunity to get advice on all financial products that contribute to their retirement income, such as pension multiple baskets and other assets such as individual savings accounts. The study showed that when approaching retirement only 22% of people know the value of their pension baskets and only 14% of people confidently plan aims his retirement without financial advice. Economic Treasury Secretary Simon Kirby said: "Pensions and savings decisions are among the most important moments in their lifetime, so it is vital that people could access financial assistance they need it and feel confident in choosing support that works for them when they retire." "I look forward to interacting with these consultations and take this opportunity to say how the payment can best meet the needs of both consumers and companies." The payment of the pension board was...

China accelerates reform of resources tax

Published: 01.09.2016 | Без категории

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#China #Taxation

China confirmed that the new system of taxation of Natural Resources what worked on an experimental basis, has been extended. As part of the reforms, China becomes the basis for the taxation of natural resources from the system based on the amount to ad-valorem system (based on value). The Chinese government is primarily distributed worldwide new resource tax in November 2011, since the tax resources such as oil and natural gas, coal and rare earths have changed. Currently, seven types of resources are subject to the tax on resources: crude oil, natural gas, coal and other crude non-metallic ores, crude ores of nonferrous metals, ore and crude salt. According to the August 29 broadcast in English first bet on June 27, 2016, from this moment the government began to deploy resources tax reform "comprehensive way". Inside confirmed that "efforts will be made to make the collection of taxes on water as on an ad valorem basis." The Government believes that the resources tax reform in full will improve the pricing mechanism of resources products, taking into account differences between countries producing regions of China; promote coordination and enhanced regional development;...

Japan slows down sales tax hike

Published: 31.08.2016 | Без категории

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#Japan #Taxation

The Minister of Finance in Japan, Taro Aso has said that the decision to remote previously proposed ales tax has claimed because of weak increasing of consumer spending. Aso talked on press conference with his co-worker from South Korea, Yoo Il Ho. According to Japanese Finance Minister, Aso had said that although Although economic fundamentals of the Japanese economy are solid, private consumption is not enough power, compared with improving corporate earnings and employment. "He explained that the government decided to postpone the planned tax increase" because of this background." The eight percent of sales tax firstly planned increase to 10 percent in October 2015 year, but then increasing was removed on April 2017 year. On the last week the Cabinet has signed propose about delaying of hiking sales tax for nearest time. The last time when the rate was hiking it was in April 2014 year from 5 to 8 percent. The Ministry said that the Japanese government still seeks to promote fiscal consolidation, as well as the acceleration of expenditure and revenue reforms across the board and increase potential growth by further action on structural issues and the promotion of reform...

Italy included Liechtenstein in White List

Published: 30.08.2016 |

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#Italy #Liechtenstein

The government of Italy included Liechtenstein in their White List of jurisdictions, which as they think are the most cooperative in tax questions. According to the order of Finance Ministers of Italy Liechtenstein was remove in a White List of jurisdiction and approved 9 of August and published 22 of August. The Italian government moves come after Liechtenstein signed agreements with EU in October 2015 for automatic exchange of information about financial accounts from 2017. According to this agreement’s members of EU can get the names, addresses, number of tax identification and dates of birth of citizen who has accounts in Liechtenstein and also another finance information and account balance. The government of Liechtenstein claimed that the including of this country to the White List has a lot of advantages for companies in Liechtenstein. It includes include the reduction of tax at source on dividend payments, the minimization of fund taxation, and lower administrative costs. "Particular benefactors will be Liechtenstein's insurance companies, which must no longer name tax representatives in Italy", the statement said. Liechtenstein is also recently represented...

Ireland drew US attention to changes in the agreement on double taxation

Published: 29.08.2016 |

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#Double taxation #Ireland #USA

Department of Finance of Ireland began meeting on the changes in the tax agreement with the United States. The Department explained that the update is seen as necessary in accordance with the decision of the United States to upgrade its model tax treaty. The United States took into account the recommendations on the update within reduce their tax base and shift profits. For example, in 2016, the model does not reduce withholding taxes on payments to highly mobile income - income that taxpayers can easily shift around the globe through deductible payments such as royalties and interest rates - which are made by persons who enjoy low or no tax in respect of income in accordance with the preferential tax regime. In addition, a new article obliges the partners to the extent necessary to make changes to the contract, if the changes cause a doubt one of the partners in the domestic law. Model 2016 also includes measures to reduce the tax benefits of corporate inversions. The update also included the US regulations, which provide that disputes between countries in the application of a double taxation agreement should be resolved through binding arbitration through the "last best...

Canada attempts on free trade agreement with EU

Published: 26.08.2016 |

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#Canada #EU

On the level of precipitation about free trade agreement between Canada and EU the government of Canada claimed about envoy infliction who will speed this talks. The government claimed that the infliction on envoy has a high preoritet for signing free trade agreement. In this year, it will be Pierre Pettigrew who will release this deal during one year. Pettigrew will meet with stakeholders in the provinces and territories of Canada, as well as with senior business and government leaders of the EU member states. Pettigrew said: "The agreement between Canada and the European Union sets a new world standard for commercial transactions and positions Canada as an innovative country and the new international norms of free agreement will create economic opportunities, and I am eager to help advance the deal." In July, the European Commission formally proposed the signature and conclusion of free agreement. The Commission should receive the support of the Council of Europe and the European Parliament. Once this process is completed, the agreement will be provisionally applied. The Commission hopes that an agreement will be signed during the next Canada-EU summit to be held in...

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