Сергей Панов, Author at Finance Business Service

British electronic tax reporting has achieved concessions

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

The Low Incomes Tax Reform Group has said, that millions of British taxpayers, who do not have access to the Internet can not comply with the requirements of HM Revenue and Customs, which offered obligatory online reporting rules. Also, this group of tax reform urged the government to make concessions to give a guarantee to people who not necessarily use online technology or have no Internet access, to have alternative options for accomplishment of the tax liabilities, in case of the entered obligatory electronic reporting of 2018. The Low Incomes Tax Reform Group said, that 10 percent of the population will never be "interested in a digital form" and more than five million adults never used the Internet. The chairman of LITRG Anthony Thomas said: "There are people who just don't want to learn use the Internet, to see its benefits which can give and other people don't want to use because they think that it is unsafe. Also, more and more services progress through online services, such as a capability to make new online requirements of the tax credit as it was announced in Autumn Statement. We convince HM Revenue and Customs and more wider government to look at this electronic...

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 tax residency

Published: Sergey Panov | 04/11/2016 | blog

Against the background of the active introduction of more and more countries, the automatic exchange of financial accounting information provided by the multilateral agreement of the competent authorities ("The Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information", abbr. "MCAA") becomes apparent inevitability of joining in the near future Ukraine's this agreement. Recall that the MCAA involves automatic annual exchange of information on the accounts of non-residents between the competent (tax) authorities of countries that have signed the agreement. This fundamental question is the definition of tax residence of the account holder, as the information about it will be sent to the competent tax authorities of the country, the tax which he is a resident. Tax residency financial institution is determined primarily through independent determination of the account holder, on the basis of the information specified in the documentation to open an account. If the account holder declares the absence of residence for tax purposes, the financial institution determines its residency at the main office location. It is important to understand that...

UK announced exemption from the quarterly report

Published: Sergey Panov | 18/08/2016 | news

The UK government announced that unincorporated businesses with turover more than GBP10,000 (USD12,970) will not be subject to new rules which they introduce like their making tax digital. The government published six consultive documents wich have attitude to the project. Previously they confirm that to 2020 year the majority of enterprises, self-employed persons, and landlords will be required to "keep an eye on their tax affairs in digital form and to update HM Revenue and Customs (HMRC) at least once a quarter with your digital tax records." The proposal has been criticized by tax experts and a special committee of the Treasury, they have expressed concern about the amendments aimed at simplification of tax reporting. The government prove now that the reforms won't use according to uncorporative unincorporated businesses or landlords with an annual income of below GBP10,000. Unless a business has been explicitly exempted the providing og ta digital will be assumed methods wich help to manage their own taxes. Companies with income taxes, national insurance, taxes, value added tax, or corporation tax liability all come within the scope of the new...

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 ...

UK urges to postpone the introduction of quarterly reporting

Published: Sergey Panov | 20/05/2016 | news

British Association for Taxes and Levies encourages postpones the introduction of a digital quarterly reporting at least one year. As part of the introduction of digital tax project, in 2020, the majority of enterprises, private entrepreneurs and landlords will be required to "monitor their tax affairs in digital form and update reports at least once a quarter with your digital tax records." In accordance with the statement of the association, the release of the five consultation documents on introduction of the digital tax returns, will be postponed until the European Union referendum, which will take place on 23 June. British Association of Taxes and Duties noted that such a delay could mean that the five consultations will be issued immediately, with simultaneous submission deadlines that allow for the launch of public testing in April 2017. Yvette Nunn, co-chairman of Tax Professionals Association, said: "If we assume that all consultations will be required to be represented by say at the end of September 2016 to carry out all the phases of public testing by April 2017, it will be impossible to adequately take into account the views and constructive the issues...

New Zealand, signing the report sharing

Published: Sergey Panov | 19/05/2016 | news

Revenue Minister of New Zealand, Michael Woodhouse, has said that recently signing agreement on the report exchange between countries will be increase country's tax collection capability. This agreement that provide country-by-country exchange of financial reports was recently signed by officials from New Zealand, Canada, China, Iceland, India, and Israel, totally 39 countries. Woodhouse also said that some large multinationals often use some difficult financial scheme, what helps them to escape of paying tax, called base erosion and profit shifting. This new country-by-country reporting agreement is on the centre of financial activity, allow to participants exchange information of multinationals activity. «Under that agreement, large multinationals will have to provide information relating to economic activity, including the global allocation of income and taxes paid," the Revenue Minister said. "Each revenue authority collecting this information to exchange with other countries. This also will show us a full picture of every multinational financial activity. According to this agreement it will be easier to control any tax wrongdoing». The agreement can...

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...

Panama agreed to adopt international standards of tax reporting

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

After the European powers threatened to make a raid on tax havens, Panama agreed to join the global standards of tax reporting. Secretary of the Organization for Economic Cooperation and Development, Angel Gurria, said that Panama agrees to comply with international standards, in spite of the differences which have arisen in the press, which emphasized Panama's refusal to cooperate in international efforts to curb tax evasion. "We have just received information that a few minutes ago Panama gave publicity that they will join the common accounting standards," he said at a press conference during the spring meetings of the International Monetary Fund and the World Bank in Washington Gurria. "If this is so, then it's really good news, and we welcome this step. It is the silver lining of this incident" said Gurria. Adherence to the common accounting standards will come into force next year. "Panama's path to financial transparency is irreversible," said the Vice-President and Minister of Foreign Affairs of Panama Isabel de Saint Malo. "To this end we willingly and actively support the diplomatic dialogue and internal reforms to address this global problem." ...

Canada adopted the latest tax transparency standard

Published: Sergey Panov | 20/04/2016 | news

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...

Author: Сергей Панов