Сергей Панов, Author at Finance Business Service

Western Australia: tax of salary

Published: Sergey Panov | 01/11/2016 | news

Western Australian citizens have announced plans for "radical changes" payroll tax system of the State, which will be financed by tax increases for iron ore. Party leader Brendon Grylls proposals outlined in his speech at the annual conference of state citizens. He explained: "According to our plan, WA Nationals increase exemption from payroll tax from AUD850,000 (USD645,873) to AUD5m during the two financial years. He will also see declining threshold for companies with between POF and AUD5m AUD7.5m, offering further tax relief." When Grylls was elected leader in August, he said that citizens will be aimed at increasing the production of public rental agreements with Rio Tinto and BHPB iron ore iron ore from 25 cents to AUD5 per tonne. He claimed at the time that this measure will return the budget to surplus and give us the opportunity to discuss the new policy settings, as a reduction of payroll taxes for small and medium-sized businesses." In his speech to the conference participant, Grylls confirmed that the envisaged tax reform payroll will be financed through leases trailer production. "It is our goal to put the reform of payroll tax in the longer term, however, this...

The Swiss government supports corporate tax reform

Published: Sergey Panov | 31/10/2016 | news

The Swiss Federal Council announced its support for the proposed changes to the corporate tax base in Switzerland, known as - Corporate Tax Reform III (CTR III), on the eve of a referendum on the issue, which will be held early next year. CTR III cancel corporate tax arrangements, which are no longer in line with international standards. These primarily include the cantonal tax status, for possession of residential and mixed companies. "With regard to measures of tax legislation, the focus is on the promotion of innovation," said Federal Department of Finance on 27 October. "In general, the reform will allow Switzerland to remain an attractive location for companies, and for each canton, the ability to adapt their fiscal policies in the economic and financial situation," said a department statement. "Reform will prevent a mass exodus of existing companies with the status and thus, the possible tax losses amounting to more than CHF 5 billion (USD 5 billion) for the Federation, the cantons and communes." Author: Sergey Panovmanaging partner Finance Business...

Panama signed the tax transparency pact for OECD

Published: Sergey Panov | 28/10/2016 | news

Panama in October became the 105th country to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The OECD, which sets global standards for the exchange of tax information and tax transparency, said that the signing shows that Panama is currently implementing its cooperation with the international community to ensure transparency. "Panama's decision to sign a multilateral Convention, is a confirmation of its commitment to take the necessary measures to comply with international expectations in the fight against tax evasion," said OECD Secretary-General Angel Gurría, during the signing ceremony with the Ambassador of Panama in France. "It also sends a clear signal that the international community is united we will continue our efforts for as long as there is nowhere to hide in their efforts to eradicate tax evasion on the shelf.." Global Forum on transparency and exchange of information for tax purposes is expected to publish in early November estimate of peer review, as the legal framework and practices in Panama coincide with existing international standards of transparency and exchange of information on request during the last three...

Irish Revenue Agency updates the rules on property tax

Published: Sergey Panov | 27/10/2016 | news

Irish Tax Administration updated its local rules on property tax, taking into account the changes made to the Finance (Local Property Tax) (Amendment) Regulations 2015. Most of the changes in the manual refer to the threshold for the various benefits that are free from the responsibility of payment of local property tax. This was the result of a three-year extension to the first period of evaluation of the situation. The period of assessment is currently ranges from 1 May 2013 to 31 October 2019, when satisfied the relevant eligibility conditions TND exceptions will now be available for that extended period. Other changes related to the simplifications, they are available for properties occupied by individuals with disabilities. The main change relates to the simplification of operations, which applies when the value of the property increases as a result of adaptation to make it more suitable for individuals with disabilities. Since 2017, gross value of all these properties can be reduced on an annual basis of a fixed amount EUR50,000 (USD54,600). Guidelines for these simplifications - Guidance on local property tax exemptions for disabled / incapacitated persons - are...

The Australian Tax Office examines the requirements for tax deductions

Published: Sergey Panov | 26/10/2016 | news

The Australian Tax Office has sounded, it pays extra attention to taxpayers that require higher than expected payments. IRS has offered taxpayers up over the last week on the «tax time», to ensure that their costs are appropriate, with a series of professional guides or other general recommendations, available on this website. According to Assistant Commissioner Graham Whyte, the ability of the Australian Tax Office to investigate the requirements for contributions, becoming more modernized, due to improvements in technology, as well as a broad use of the data. He said, "The Australian Tax Office wants all stated the fact of what they are entitled to, nothing more and nothing less than to make the whole system to be fair, we evaluate and penalize people who knowingly make incorrect claims." Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Amendments to the intellectual property regime in the Republic of Cyprus

Published: Sergey Panov | 26/10/2016 | blog

October 14, 2016 in order to bring legislation into line with the BEPS requirements (plan to counter the erosion of the tax base and output gains from taxation), the Government of the Republic of Cyprus passed a law that introduces a number of amendments to existing intellectual property regime (hereinafter - the EC). These amendments to the IP regime came into force on 07.01.2016 year. It should be noted that until now existed in Cyprus IP regime has not been approved by the majority of EU member states, as well as been widely criticized. So, focus on the main points of the IP regime change which, in our view, require attention. First, once it is worth to note that the tax rate for the use of intellectual property (hereinafter - IS) unchanged at 2.5%. To determine the qualifying EC introduced a modified factor relation criterion (modified nexus approach). According to this criterion, the definition of qualifying IP narrowed. This factor suggests a link between the cost of the development of IP, most IP and income produced by the IP data objects. In this approach, the taxpayer must itself carry out research and development work (hereinafter - R & D). In addition, a special...

EC – Canada: free trade agreement in question

Published: Sergey Panov | 25/10/2016 | news

President of the European Council Donald Tusk warned that comprehensive economic and trade agreement (CETA) with Canada may be the last with the EU if the government "is not able to convince people that the trade agreements on their behalf." Pinned hopes that CETA will be formally signed on Thursday 27 October. However, despite approval by 27 of the 28 EU Member States, the Belgian region of Wallonia refused to give their support. The Federal Government of Belgium gave their support to end on 24 October. Andre Antoine, Walloon parliament speaker, said that it is impossible to adhere to this "ultimatum." It was to be a meeting last week after the European Council, where Tusk said "all member states, except one, approved the deal." Commenting on the event, Tusk said: "Firstly, our citizens are increasingly concerned at the expense of trade agreements, leading the negotiations to their advantage, and I'm afraid that we can not continue negotiations for free trade agreements (FTA), if we do not will prove in practice that we are very serious about the protection of European consumers, workers and businesses." "We have made some progress in this direction. Leaders have committed...

Regulation of Forex broker activities in the EU

Published: Sergey Panov | 25/10/2016 | blog

Obtaining permission to conduct Forex activity on the territory of EU Member States is governed by Directive 2014/65 / EC, which is also called MiFID2, since it is the new version of the Directive "On the Financial Instruments Market" 2004/39 / EC (MiFID), and is a legal basis of a single regulated market of financial instruments in the EU. This means that the rules laid down in this Directive are mandatory for the twenty-eight member countries of the EU and the three countries of the European Economic Area. First MiFID2 establishes the basic requirements for the operation of investment companies (investment companies under the Directive refers to and including financial brokers, so we will hereafter call them so) and the conditions for obtaining a permit for their activities in the EU. It is assumed that each Member State should adopt national legislation in accordance MiFID2 requirements, the provisions of which may not be more stringent than the provisions of the basic directive. However, MiFID2 also regulates the procedure of interaction of controlling the market in every European country, both among themselves and with the European specialized authorities (ESMA - the...

Japan and Austria have agreed on an international agreement on the avoidance of double taxation

Published: Sergey Panov | 24/10/2016 | news

The Government of Japan and Austria have agreed in principle to amend its dual agreement on the avoidance of taxation, in order to further develop trade and investment between the two countries. The new agreement will allow, in accordance with the procedure of mutual agreement, to ensure the settlement of the double tax disputes. Also, the new agreement will reduce the rate of withholding tax at the source of investment income (dividends, interest and royalties), as well as to expand cooperation between the tax authorities of the two countries by providing assistance in collection of taxes. The Organization for Economic Cooperation and Development, in its final report, recommended that countries adopt a binding international agreement on avoidance of double taxation, to the dispute resolution mechanisms have become more efficient. Japan and Austria are among the 20 countries which have declared their commitment to the project. Changes to the Agreement shall enter into force after the completion of the approval process in both countries. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Clinton and Trump on election policy

Published: Sergey Panov | 21/10/2016 | news

October 19 at the third and final debate before the election in the United States, the Republican candidate Donald Trump and the Democratic candidate Hillary Clinton confirmed each their widely differing tax policies, without providing any further details. In response to a question on tax policy, Clinton wants to provide a means for economic growth and "support of the middle class families," stating that "the rich should pay their fair share." He reiterated, however, that "will not raise taxes for those earning USD250,000 and a dime will no longer pay the state." In contrast, he said, the plan "Trump created for large tax cuts, which have ever been. His plan is to give the biggest tax breaks for all the rich and the great corporations, adding USD20 trillion of our debt. This action is not justified . We tried to do it, did not work." Trump said that his plan to raise taxes - it's a disaster. ... We're going to cut taxes massively. We will reduce taxes on business and on a large scale. We're going to return to USD2.5 trillion in the country that have left as a result of offshore business. We're going to start this process. He also said that he would re-negotiate the existing...

Author: Сергей Панов