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Luxembourg reviewing verdict on LuxLeaks

Published: 04.08.2016 |

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#Luxembourg #Taxation

Luxembourg public prosecutor lodged an appeal against the verdict on the recent so-called scandal "LuxLeaks", arguing that the sentences imposed by the court was too lenient. Earlier this year, Antoine Deltour and Raphael Halet, both former employees of PricewaterhouseCoopers (PwC) consulting firm, received suspended sentences by the court 12 and 9 months, respectively, for their role in the disclosure of thousands of documents detailing the private tax ruling between multinational companies and the tax authority of Luxembourg. They also had to pay a fine of 1,500 EUR (1,680 USD) and 1,000 EUR, respectively. A third defendant, a French journalist Edouard Perrin, who made the initial discovery of LuxLeak and the first to publish the story on French television, was acquitted of all charges. Let us recall that in this scandal for the exemplary data were involved 340 major transnational and national companies from around the world. It is believed that the defendants, with the support of the local authorities thought out and implemented an elaborate scheme of tax evasion, in some cases, reducing the payout to just 1%. The defendants face various charges during the trial, which...

London companies are concerned about overpriced business tariffs

Published: 03.08.2016 |

Tags:

#England #United Kingdom

According to the new survey of the London Chamber of Commerce and Industry (LCCI), 44 percent of London businesses are concerned about the forthcoming reassessment of business rates in the UK (the property tax). Business rates are generally remeasured every five years when the government adjusts the value of the business rates to reflect changes in the real estate market. The new rates will be determined and announced on October 2016 and come into force from April 2017. In addition, according to the changes announced in the 2016 fiscal year, the administration of the business rates will be simplified, as from 2020 a mechanism for increasing the power will be switched from the index of retail prices in the consumer price index. Greater London Authority will move towards the full retention of business rates since April 2017. LCCI stated that among the companies that have in its structure 10 or more people, 55 percent of respondents were concerned about the forthcoming adjustments. Half of the respondents said they do not know whether they will be able to benefit from the additional business rates. Furthermore, 42 percent of respondents said they believe that the transferred...

FinCEN expands the US real estate registration

Published: 03.08.2016 |

Tags:

#Real estate #USA

The Financial Crimes Enforcement Network (FinCEN), published by the subsequent emission of Geographic Targeting Orders, temporarily will request from the US insurance property rights for companies to identify individuals behind front companies that use "all cash" (without bank financing) to acquisition of high-end residential real estate in six major metropolitan areas. Network remains concerned that all such purchases for cash may be held by individuals, attempting to hide their assets and identity through the acquisition of residential real estate, and as a result, they fall into the category of possible people who abuse their position in order to launder laundering and tax evasion. US Treasury Authority issued a similar deal Global Environment Monitoring (GTOs), issued earlier this year in Manhattan and Miami-Dade County, Florida. These orders have been confirmed, it is already helping to identify potential illegal activities and to help structure the future regulatory approaches to regulation. In particular, a significant portion of transactions under consideration showed a possible criminal activity associated with the persons who reportedly are the beneficial owners of...

EU signed tax agreement with IOTA

Published: 01.08.2016 |

Tags:

#EU #Exchange of tax information #Taxation

The Intra-European Organization of Tax Administrations (IOTA ) has signed tax agreement with European Commission to develop the solution of more effective way to common targets which this two brunches are working on and also one kind of them activity to prevent double tax avoidance. According to announce of IOTA 26 of July the main brunches of co-working in agreement frames include battle against swindle, information exchange, alternate support, support of tax departments to increase the level of maintenance by taxpayers. The agreement was signed between IOTA and the Taxation and Customs Union Directorate General (DG TAXUD) of the European Commission 7 of July. Edery said: «Commission has get a support IOTA from the day it start exist and attentively watching it progress. We have common target to support European states in development and modernization of tax administration. Based in Budapest, IOTA is a non-profit intergovernmental organization, created to promote using the best practice in tax administration direction and more effective co-working with 46 tax authorities’ members. Author: Olena Kutova senior lawyer of the Finance Business Service...

Ukraine and Malaysia, double tax treaty

Published: 29.07.2016 |

Tags:

#Double taxation

Ukraine need to sign agreement about double tax avoidance with Malaysia what will limit tax rate for dividends, interest, and royalties. According to the deal, the tax rate for dividends will be limited to 15 percent. Special rate for 5 percent will be used for dividends taking from company if it has more than 20 percent of whole company capital paying dividends. Interest and income will depend on maximal tax rate in 10 percent and 8 percent agreeably. The agreement project also include contributions about tax information based on standard developed by the Organisation for Economic Cooperation and Development. The agreement will be signed during official visit of Ukrainian President, Petro Poroshenko, to Malasia 3-5 of August, 2016 year. Ukraine hope to make the same deal with Qatar and other countries and to look through acting agreements with Belgium, Great Britain to the end of 2016 year. Author: Sergey Panovmanaging partner Finance Business...

China: property tax reform

Published: 28.07.2016 |

Tags:

#China #Real estate #Reforms

Chinese minister of finance Lou Jiwei pointed out that the prioritet of the next tax government will be go into force long time waited local and rigional property tax. State Council of China claimed about approving a new property tax in the structure of his financial plans of economic politic claimed in March of this year. This frames as expect, will be differ in different cities and towns depend on conditions. This announce was claimed after long time break in government plans to extand tax schemes on property, which acting in Shanghai and Chongqing, which first was set up in 2011 year. First created to keep the rising of Chinese price on property will under control, shemes prevented to some extant with absent of concrate system of property registration. In spite of the fact that the market of property in country stay more weak, the government still think that the change of property tax can support income of local governemnt. However, speaking on the last G20 the minister of finance and directors of banks also pointed out that the desidion will long several time and at the same time collecting the information about property, draft reform and legislation in large part can't...

Italian-Swiss TIEA goes into force

Published: 27.07.2016 | news

Tags:

#Exchange of tax information #Italy #Switzerland

The Italiam Ministry of economy and finance claimed that protocol about tax information of double tax agreement between Italy and Switzerland wich was signed 23 of February, 2016 goes into force 13 of July, 2016. The agreement protocol comprises all kind of taxes, point out that country can't deny to represent asking information only because this information has in keeping on bank or any other financial constitution. Much less the country need to empty of all own inner legal proceedings before than protocol can ask information from other. Also need to indicate person or persons who are the object of asking request, period of time need to ask the information, descrabing of information need to and the reason of request if its known, the name and adress of suppose owner of information. This specifications was added for avoiding any want of judgment, general compromative information, and he also added that the second list of specifications don't using for placing obstacles on the way of effective agreements between these countries. This protocol also approves that this contributions will use retrospectively to the data that existed prior to or after the date of its...

Turnbull supports Australian-British free trade deal

Published: 26.07.2016 |

Tags:

#Australia #United Kingdom

Malcolm Turnbull, Australian Prime Minister, said that the ministers should «start work» on a new trade agreements with the United Kingdom. Turnbull told reporters that he talked with the new Prime Minister of the United Kingdom, Theresa May, to congratulate her with the new appointment. He also confirmed that they were discussing a free trade agreementand and said that he looked forward to negotiations between the Australian and British trade ministers, which wiil be held in the near future. Turnbull said that Australia's trade agreement with the Great Britain «will certainly also with the European Community». He added that in the case of the UK’s out of the European Union, Australia will need to «negotiate by direct agreements with the UK». «We need to resolve this issue quickly. Of course, England will not leave the EU for several years, this procedure will take some time, that is, anyway, we will have to wait, but we already need to work on a new trade agreement between the United Kingdom and Australia and in fact the British will have to take over this work with many other countries, including the rest of the European community», Turnbull said. ...

OECD insists on the «Tax fairness»

Published: 25.07.2016 | Без категории

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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 | Без категории

Tags:

#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...

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