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 third international business forum in Kharkiv

Published: Sergey Panov | 21/04/2016 | news

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...

Corporate tax cut, Slovakia

Published: Sergey Panov | 19/04/2016 | news

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...

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