Сергей Панов, Author at Finance Business Service

“Successful” year for the tax of transferred property in Scotland

Published: Sergey Panov | 07/12/2016 | news

Transition of Scotland to a new Land and Buildings Transaction Tax (LBTT) was "operationally successful", according to the Scottish Parliament's Finance and Constitution Committee, which analyzed the impact of the tax on the real estate market. The Land and Buildings Transaction Tax replaced British stamp duty land tax (SDLT) in Scotland from April 1, 2015 within the agreement with Great Britain which transfers responsibility for some taxes to Scotland. LBTT of Scotland is based group with 145,000 pounds sterling (184,550 US dollars) with a free limit on the Land and Buildings Transaction Tax. In the amount of two percent the price is paid for a share of inheritance of real estate to 250,000 pounds sterling; five percent for a share to 325,000 pounds sterling; 10 percent to 750,000 pounds sterling; and 12 percent from the price above 750,000 pounds sterling. In the report of Committee said that in spite of the fact that implementation of a tax was successful, it is too early to draw any final conclusions concerning influence of LBTT rates and groups after one year of operational management of the entity, and also due to the lack of consistency in the forecast and in data of...

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 ...

FinCEN expands the US real estate registration

Published: Sergey Panov | 03/08/2016 | news

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...

China: property tax reform

Published: Sergey Panov | 28/07/2016 | news

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...

In the USA propose tax credit for housebuyers

Published: Sergey Panov | 19/07/2016 | news

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...

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 ...

Real Estate Market Predictions for 2016

Published: Sergey Panov | 02/06/2016 | blog

"Forewarned is forearmed". This statement is suitable for majority fields in business area and for real estate market too. Where is planning price rising and where is reducing and why, market of what country choose, in what invest your money - long-term or short-term perspectives? To find the answers for all of this questions more easer when you keep a clear line of sight, what a real estate development for the coming year, experts predict... Bulgaria is European country and a big amount of foreign investment give an incentive for permanent development in all activity fields. A considerable share of investments directed to the real estate sector, what in turn give a good prospect. According to prediction - real estate market of Bulgaria will be rising in 2016. Unstable economic and political situation in Ukraine, conflict situation in Turkey ad Egypt play into the hands for Bulgaria. All this events induce interest among the citizen of these countries to the fallback maneuvers. Costumers of building company more often account a proposition for year-round stay, if so that in case of aggravation of the situation in the country could safely take the suitcase and...

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