Offshore News, Tax, Corporate Law - Finance Business Service

Gramegna confirmed corporate tax cut in Luxembourg

Published: 26.04.2016 |

Tags:

#Luxembourg #Taxation

Luxembourg's finance minister Pierre Gramegna confirmed that the government will gradually cut the corporate tax rate but the proposed changes to the restrictions on loss carry rules. Gramegna said that corporate tax will be reduced from the current rate of 21 percent to 19 percent in 2017 and further decline to 18 percent by 2018. Luxembourg's finance minister Pierre Gramegna confirmed that the government will gradually cut the corporate tax rate but the proposed changes to the restrictions on loss carry rules. Gramegna said that corporate tax will be reduced from the current rate of 21 percent to 19 percent in 2017 and further decline to 18 percent by 2018. In addition, the corporate tax rate for annual income of small businesses which do not exceed $ 28,000, will be reduced to 15 percent. Also Gramegna announced the adjustment of the proposed restrictions on transfer in front of past losses of the company. Initial proposals would allow loss carry forward for 10 years and used to compensate for a maximum of 80 percent of the profits. However, Gramegna informed Parliament that the losses will be "more strictly controlled" in 2017. And under the current rules the losses can...

Britain fights against the regime of money laundering

Published: 25.04.2016 |

Tags:

#Exchange of tax information #Reforms #United Kingdom

The UK government has set out an action plan for the implementation of measures to combat money laundering and counterterrorist finance regime. The Action Plan defines three main steps. First, strengthen law enforcement response to the threats faced by the United Kingdom. This step will include improved law enforcement capacity and the creation of new legal powers to disrupt the activities of criminals and terrorists. Second, the reform should help to keep track of those companies that promote or allow to launder money. And, thirdly, to increase the international reach of law enforcement agencies and international exchange of information. Within the framework of the action plan, the government will hold a six-week consultation on a number of proposed measures. Interior Minister Theresa May said: "The world's leading financial system of Great Britain is threatened and undermined by money laundering, illegal financing and the financing of terrorism and laundering of proceeds from criminal activities Our plan of action sends a clear signal that we will not tolerate this type of activity in our financial institutions. We will create a new partnership that will provide in-depth...

New steps of the deoffshorization in Ukraine

Published: 25.04.2016 |

Tags:

#De-offshorization #Taxation

The Verkhovna Rada registered draft law "On the tax sovereignty of Ukraine and offshore companies" № 4380 (hereinafter - the "Project number 4380") and the Draft Law "On Amendments to the Tax Code of Ukraine in connection with the adoption law of Ukraine" About tax sovereignty of Ukraine and offshore companies "» № 4381 (hereinafter - the "project number 4381") on 12 April, 2016. According to the explanatory memorandum to the draft decision number 4380 of this law aims to determine the content of the tax sovereignty of Ukraine, as well as the content of the sovereignty of foreign states. Besides this, lawmakers plan to minimize the use of offshore companies to evade taxes in the territory of Ukraine or to deal with corruption offenses and money laundering from crime, terrorist financing or other socially dangerous criminal offenses, including those committed by politically exposed persons - Ukrainian residents. Also Project number 4380 is assumed a definition of concepts which have not yet been enshrined in the legislation of Ukraine, in particular, "the anonymous company", "anonymous account", "offshore company", "offshore zone", "offshore country" and many others. An...

Canada-EU, trade agreement

Published: 22.04.2016 |

Tags:

#Canada

Minister of International Trade of Canada, Chrystia Freeland held talks on the comprehensive economic and trade agreement (CETA) between Canada and the European Union in Brussels last week. In February, Canada and the EU announced the conclusion of the legal expertise of the English version of the text of the agreement. They confirmed that the CETA signed in 2016 and entered into force in early 2017. On April 20, Chrystia Freeland met with EU Trade Commissioner Cecilia Malmström. Also, discussions were held with the Government of Belgium and the European Commission, European Parliament members, as well as representatives of the EU business community. Freeland, said: " when agreement entries into force it will deepen our trade and investment ties with EU and will also offer significant opportunities for citizens and for both sides of the Canada-EU. The agreement should come into effect as soon as possible it allows Canadians and Europeans to take full advantage of its benefits. " It is assumed that an agreement could encourage bilateral trade by more than 20 percent. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Parliament of Ukraine proposed to impose a tax on transactions from offshore jurisdictions

Published: 21.04.2016 | news

Tags:

#Offshore accounts #Offshores

The Parliament of Ukraine once again registered the Draft Law on Amendments to the Tax Code of Ukraine on April 13, 2016 on introduction of a tax on transactions from offshore jurisdictions number 4413, by N. Korolevskaya and Y. Solod (hereinafter - the "Project number 4413 "). A memorandum to the Project number 4413 proposeto introduce a tax on transactions from offshore jurisdictions from 1 January 2017. The rate of the tax is set at 15% of the payment amount payable to non-residents that have offshore status. According to the memorandum to the Anti-offshore law, taxpayers are entities who pay for goods (works, services) to non-residents with offshore status, or perform calculations by such non-residents or their bank accounts (including opened in banks of Ukraine), regardless of whether such payment is made directly or through other residents or non-residents. To ensure the tax on transactions from offshore jurisdictions the banks will be banned to accept vouchers to perform conversion of funds to non-residents with offshore status without simultaneous offshore tax payment to the state budget of Ukraine. Initiators stated that these changes will allow to tighten control...

The third international business forum in Kharkiv

Published: 21.04.2016 |

Tags:

#Slovakia #United Kingdom #USA

Attorneys of our company attended the third international business forum in Kharkiv which was held on 7 April this year. This forum is a response of Ukrainian business community to the situation in our country. Each year, this event is visited by more than three hundred and fifty directors and managers of different companies. Forum raised topical issues of the transformation of the Ukrainian business. Key issues of the forum - best practices for attracting investment, obtaining grants, development of business in crisis and access to the European market. Business Forum provided two program’s format in the usual forms, it is the speech of speakers and discussions, as well as have been introduced two new formats - "Investment Salon", where Ukrainian companies asked questions about raising grants and "projects Battle", where entrepreneurs present their startups. Also Ivan Miklos delivered a speech for the first time in Kharkov - he is the ex-finance minister of Slovakia and one of the authors of the "Slovak economic miracle". Its main purpose of a speech was a desire to share its experience and help Ukrainian businesses to successfully adapt to the economic transition. At the...

Canada adopted the latest tax transparency standard

Published: 20.04.2016 |

Tags:

#Canada #Tax reporting

The Government of Canada released draft legislative proposals to implement common standards of tax reporting, which will enter into force on 1 July 2017. As of this date, Canadian financial institutions are required to have procedures to identify accounts belonging to non-residents. Then they must report certain information to the Agency of Canada revenue. Canada is one of more than 90 jurisdictions that are committed to the implementation of accounting standards. Agreement on the exchange of statements from other jurisdictions will strive to ensure that each jurisdiction has adequate capacity and guarantee for the exchange of information. Department of Finance said that the information received from the tax returns of the partners jurisdictions, will help Canada to better fight against tax evasion and ensure tax compliance and protect the integrity of the tax system. Consultations will be closed July 15, 2016. These consultations will announce new measures to combat tax evasion. The government also stated that it will establish an advisory offshore committee which will develop a strategy to help alleviate and prevent offshore non-compliance with tax reporting and will...

Corporate tax cut, Slovakia

Published: 19.04.2016 | Без категории

Tags:

#Slovakia #Taxation

The newly formed coalition government of Slovakia has agreed to reduce the corporate tax rate in the recently agreed economic program. According to the plan, the four canoes coalition led by Prime Minister Robert Fico, and with the participation of parties of center-right and center-left political spectrum, corporate tax will be reduced by one percent to 21 percent in 2017, a further reduction of corporate tax could be considered at a later stage. In addition, the program provides for the reduction of the administrative burden for businesses in an effort to stimulate growth and reduce unemployment. Nevertheless, the plan also weakens efforts to reduce the budget deficit in Slovakia, the budget surplus is not expected until 2020, two years more than the previous period. In comments made after a "marathon negotiations" between four governing partners, Fico said: "The timetable within which the declaration of the program was adopted is an important signal to Europe that Slovakia is a politically stable country and this is particularly important in light of the Slovak Presidency of the Council EU ". Author: Olena Kutova senior lawyer of the Finance Business...

Hong Kong – Latvia, the avoidance of double taxation agreement

Published: 18.04.2016 |

Tags:

#Double taxation #Hong Kong #Latvia

It has been signed an agreement on avoidance of double taxation between Hong Kong and Latvia on 13 April, Riga. This is the 35th contract that Hong Kong has signed with its trading partners. The Treaty establishes a clear allocation of taxation rights between the two jurisdictions and it helps investors better assess their potential tax liabilities. It has been signed an agreement on avoidance of double taxation between Hong Kong and Latvia on 13 April, Riga. This is the 35th contract that Hong Kong has signed with its trading partners. The Treaty establishes a clear allocation of taxation rights between the two jurisdictions and it helps investors better assess their potential tax liabilities. In the absence of an agreement on avoidance of double taxation the profits of Hong Kong companies which operate through a permanent establishment in Latvia, were taxed in both places if the income comes in Hong Kong. Similarly, revenues received Latvian residents in Hong Kong are subject to tax in Latvia. Under the new agreement, the tax rate in Latvia for royalty (currently different rates to 23 per cent in some cases) will be reduced to zero percent for companies and a maximum of...

The corporate tax rate for small businesses in Canada

Published: 15.04.2016 | Без категории

Tags:

#Canada #Taxation

Canada's Liberal government froze the tax rate for small businesses, despite a campaign promise to reduce it over the next three years. The Minister of Finance pointed out that the corporate tax rate for companies earning less than $ 500,000 a year will remain at the level of 10.5 percent. This is lower than the 15 per cent rate of the total corporate tax but will be abolished reducing to 9 percent. "This is a great breach of promise," said Dan Kelly, president of the Canadian Federation of Independent Business. Around 3.5 million companies are classified as small enterprises including 2.4 million private entrepreneurs. As a result of the freezing rate small businesses will pay about $ 900 million more in taxes in 2019, compared with what was planned. The government also expects to collect more than $ 11 billion over the next five years through a variety of measures aimed at tightening the corporate tax system, including hard inspections of companies and closing loopholes that use transnational corporations to shield income from taxation. Government restores federal tax credit of up to $ 5,000 for individual investors in 2016. Author: Olena Kutova senior...

Recent News