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China: property tax reform

Published: 28.07.2016 |

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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

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#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 |

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#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 |

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 |

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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...

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