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 ...

Wales has delegated land tax deal

Published: Sergey Panov | 16/09/2016 | news

Wales Government introduced legislation to replace the UK stamp duty land tax (SDLT), together with the land transaction tax (LTT), from April 2018. LTT will be payable on the purchase or lease of the building or land in Wales at a certain price. It will broadly mirror the UK SDLT, to ensure consistency and stability for businesses and home buyers. Nevertheless, some changes will be made taking into account the Welsh circumstances and priorities. LTT mode will include a comprehensive general rule against tax evasion (Gaar) and targeted generally against tax evasion (Taar), which will be applied to all reliefs. This would eliminate the existing two British relief relating to the demutualization of insurance companies and building societies, as well as change other reliefs in order to make them more relevant to Welsh circumstances. A small part of new residential leases will be exempted from tax in accordance with the LTT, as well as rules relating to the lease, will be simplified. The government will announce LTT strip prices closer to the date of implementation in April 2018. The Minister of Finance Mark Drakeford said: "This is a tax that affects many of us,...

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...

Tax legislation in Wales

Published: Sergey Panov | 11/03/2016 | news

Welsh Assembly passed a law on the establishment of the Welsh tax department which will have the right to collect and manage two decentralized taxes. In April 2018, the UK Government will transmit Wales duties on stamp duty land tax and environmental tax. These taxes will be replaced by two new ones. Tax legislation was approved by the Welsh Assembly 8th of March. It will also put in place the mechanisms necessary for the collection and tax management. There's also a charter of taxpayers which will set out the relationship between the tax department and taxpayers. Minister of Finance and Business Jane Hutt said: "The tax law allows to make the necessary arrangements for our new decentralized tax liabilities and paves the way for us to put in place taxes that for Wales are more suitable than the first Welsh Tax. This new tax law will make real changes in life". "We have worked closely with those who will be affected by these new powers and responsibilities during the development of the tax law. Civil society, business and taxpayers deserve a fundamentally simple, fair and transparent system of taxation. This new law will help to achieve: to minimize...

Author: Сергей Панов