Сергей Панов, Author at Finance Business Service

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 ...

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...

The fight against tax evasion in Poland

Published: Sergey Panov | 04/05/2016 | news

The new amendment to the tax legislation, which introduced anti-avoidance applies to all types of taxes (excluding value added tax (VAT), which offers other provisions in order to prevent evasion of VAT). It prevents the taxpayer to obtain a tax benefit as a result of artificial transactions. According to a draft legal transactions aimed at obtaining tax benefits, contrary to tax legislation should not result in a tax benefit. The transaction is considered to be artificial if it is carried out by a taxpayer whose objectives are contrary to tax legislation. However, taxpayers have the right to use "fixing the opinion" to the Minister of Finance, which includes a description of the planned transactions and their economic objective in use. The Minister shall consider the application and decide whether the described transaction designed to evade tax. The main objective of this innovation - is a multinational company which minimize their tax liability in Poland, through the application of measures of tax evasion. Therefore, the Polish Government proposes duly documented business solutions and plan business considering the new amendments. Author: Sergey...

Changes to the tax base in Poland

Published: Sergey Panov | 25/03/2016 | news

The new government of Poland will require higher tax revenue for the planned economic reforms, said the Organization for Economic Cooperation and Development (OECD). OECD Economic Survey of Poland said that the Polish authorities should remove the value added tax (VAT) exemptions and reduced rates that were more than 2.5% of gross domestic product (GDP). This should bring higher revenues than planned increase taxes on banks and retail and will simplify the tax system. The report recommended an increase in property taxes to make them on the basis of market value. Green taxes can also increase revenue, in particular, it is recommended to remove the exemption from taxes on fuel use, increase taxes on air and water pollution, as well as to increase the tax on emissions by vehicles. These measures could bring additional revenue equivalent to nearly 1.5% of GDP in 2025. The report said that the government's plan to focus on improving tax compliance for the creation of additional income is appropriate. VAT evasion has increased considerably over the past few years. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

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...

Financial Institutions Tax (FIT) in Poland

Published: Sergey Panov | 29/02/2016 | news

The Polish Parliament adopted the bill introducing a new tax on financial institutions (called also a bank levy). The bill was passed for signature of the President. It entered into force from February 1, 2016. Generally, the tax applies to banks, credit unions, lending institutions, as well as insurance/reinsurance companies. The new tax applies also to Polish branches of foreign banks (credit institutions) and foreign insurance/reinsurance companies. The funds are out of scope. According to the new law, the tax base is defined as the surplus of total assets disclosed in the financial institution’s accounting books exceeding certain amount calculated at the end of each month. In the case of banks and credit unions, as a rule, the tax base will be decreased by the amount of their equity. Author: Sergey Panovmanaging partner Finance Business...

Author: Сергей Панов