Сергей Панов, Author at Finance Business Service

Spain increases the burden of the corporate tax

Published: Sergey Panov | 06/12/2016 | news

The government of Spain declared growth of a budget income on December 2, that will increase tax revenues from corporations. In spite of the fact that recently created government decided to leave the 25 percent corporate tax rate untouched, Spain will limit the corporate tax deductions. They will contribute the most part of 7 billion euros in the new income at which the government is aimed. The Budget imposes new limits on loss carry backs and restrictions for use of the pecuniary losses connected with shareholdings in the companies located in "tax harbors or in the territories with not appropriate level of a tax" in number with other changes. New measures of the corporate tax, as expected, raise the additional amount of 4.65 billion euros in revenue for the government. Besides, real estate value will be updated for property tax to increase revenues. Also, the government intends to lift a number of "guilty" taxes, including on alcohol, tobacco, and sweet drinks. Other changes are directed on modernization VAT and the fight against fraud VAT. It includes a new reporting system of the VAT in real time which announced in 2014. Taxpayers will be obliged to report about...

Hungary plans the lowest corporate tax of the EU

Published: Sergey Panov | 21/11/2016 | news

Mihaly Varga, Hungary's Minister of National Economy, announced about decision of government to reduce the corporate tax rate lower than 10 percent next year. On November 18, behind the scenes of the Regional Digital Conference in Budapest, he made the announcement during which he unveiled the plan of the government to impose a single rate for nine percent of the corporate tax. Now, the headline shows, that the rate of Hungary of the corporate tax constitutes 19 percent, and there is lower level of the income tax of 10 percent on the first 500 million Hungarian forints (1.7 million US dollars) of the income. Dramatic movement would give Hungary one of the lowest corporate tax rates in the world and one of the lowest in the European Union "onshore" jurisdictions. Varga said that this measure will save companies about 145 billion HUF (500 million US dollars) a year tax. The Government expects to compensate the shortfall through controlled growth to increase tax revenues. The government plans to introduce a new tax rate of 1 January 2017. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

The EU given time to fix of the budget deficit

Published: Sergey Panov | 12/08/2016 | news

The European Council overturned the fines for Spain and Portugal for infringement of excessive deficit rule and established a new "fiscal path" for each country, which will have to follow. Such action follows from the preceding Council decision on the fact that Spain and Portugal have not taken effective measures to correct its excessive deficit and will now have to implement the recommendations made by the European Commission in their respective fields. In July, the Council confirmed that Spain and Portugal have not been able to reduce its deficit to below three percent of gross domestic product (GDP) for the time. Once provided financial assistance amounting to 78 mrad euros (86.9 billion dollars) from the EU, the eurozone and the International Monetary Fund (IMF) in 2011, Portugal was not able until 2014 to bring its deficit in line with EU expectations. For this reason, in June 2013. The Council further extended to 2015 and set targets deficits of 5.5% of GDP in 2013, 4% in 2014 and 2.5% in 2015. Portugal was able to achieve a given economic restructuring program in June 2014, but in 2015 the general government deficit was 4.4% of the country. The July...

Parliament of Holland approves gambling tax

Published: Sergey Panov | 18/07/2016 | news

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 ...

Hong Kong, free trade negotiations with Georgia and the Maldives

Published: Sergey Panov | 11/05/2016 | news

The government announced that in Hong Kong in the near future there will be an agreement on free trade after negotiations with Georgia and the Maldives. The government also prepared a document for consultation to interested parties could submit proposals for the areas to be covered in the two agreements. "Georgia and the Maldives is the emerging markets with the potential for further growth. The conclusion of free trade agreements with these two countries is of strategic importance for Hong Kong. These agreements after their signing will enhance Hong Kong's trade network in their respective regions, including Eurasia" the spokesman said. "In order to minimize the risk of marginalization, it is important for Hong Kong to participate in the negotiation of free trade agreements. The negotiations with the mainland of China which is our largest trading partner, accounting for about 50 percent of the total trade, have a special importance for maintaining Hong Kong's position as a major trade and logistics center, "he added. The provisions of the two new free-trade agreements will include the elimination or reduction of tariffs; the liberalization of non-tariff...

Corporate tax 2016

Published: Sergey Panov | 21/03/2016 | news

Austria - Rate is 25%. Minimum corporate income tax of EUR 1,750 for limited liability company and EUR 3,500 for joint stock company. Belgium - Corporate tax rate is 33%. Surcharge of 3% on income tax due makes effective tax rate 33,99%. Reduced rates may be available for companies whose taxable income does not exceed EUR 322,500. Germany - Tax rate is 15%. Solidarity surcharge of 5,5% also levied on corporate income tax. Municipal trade tax imposed at rates between 14% and 17%, with rates determined by municipalities. Combined rate approximately 30% to 33%. Hungary - 10% rate applies to tax base up to HUF million, 19% rate applies to tax base exceeding this amount. Denmark - Rate reduced from 23,5% to 22% on 1 January 2016. Macao - Rate is 0% on assessable profit up to MOP 600,000; 12% rate applies to assessable profit over that amount. Monaco - Rate is 33,33% Netherlands - Rate is 20% on taxable profits up to EUR 200,000 and 25% on taxable profits exceeding that amount. Slovakia - Corporate tax rate is 22%. Luxembourg - 21% rate applies to companies whose taxable income exceeds EUR 15,000; otherwise, rate is 20%. Surtax of 7% to unemployment...

Author: Сергей Панов