Сергей Панов, Author at Finance Business Service

US Senate Progresses pension reforms

Published: Sergey Panov | 26/09/2016 | news

Senate Finance Committee unanimously approved a bipartisan bill layout - improved savings and retirement Act 2016 - to make some changes in the pension provisions of the tax legislation. For example, in accordance with the present law, a person who has reached the age of 70.5, before the end of the year can not make contributions to a traditional individual retirement account (IRA). The law will revoke this ban. Ron Wyden (D - OR), Ranking Member of the Committee, said that the renewal provisions of the retirement age "is essential, especially because so many Americans are living longer, if they can afford to save for retirement, they must get permission to do that" . The second proposal is to change the calculation of the dollar limit amount on a non-refundable tax credit, currently provided for beginners small entrepreneur's cost adopted new qualified pension plan, a simple IRA plan (or SEP), provided that the cover of the plan, at least one is not of the strongest workers' compensation. Calculation of the three-year loan, currently less than USD500 per year, or 50 percent of qualified start-up costs. Under the proposed changes, a fixed amount of dollars for the fiscal...

BHP defends its position in the Australian tax dispute

Published: Sergey Panov | 23/09/2016 | news

The company BHP Billiton said its tax dispute with the Australian tax authorities (ATO) is a matter of assessment and does not entail tax evasion. BHP Billiton Annual Report for 2016 shows that at present it has a transfer pricing dispute with the ATO for the amount of tax payable as a result of sales of Australian products in our marketing business since 2003. According to the report, the dispute relates to the price at which products were sold to an Australian. The report notes that BHP Billiton has made a partial payment for these corrected estimates of 50 percent of the basic tax. She added that the assessment of the dispute is essential for calculating the amount of responsibility for the now defunct useful resources rental tax (MRRT). The company has received refined assessment MRRT total. The report said that BHP Billiton disagree with the position of ATO and object of the corrected estimates. The Company intends to continue to defend its position and will initiate legal action if necessary. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Netherlands announces tax plan

Published: Sergey Panov | 22/09/2016 | news

The Dutch government has announced measures to simplify aspects of the tax regime and the tax administration. The majority of people will get tax cuts, certain tax procedures will be simplified, and the Dutch tax will be changed to the mode of dividend under the new tax plan, announced by the Ministry of Finance of 20 September, small and medium-sized businesses. Proposed dividend tax changes aimed at leveling the tax treatment of dividends to the holding of cooperatives, which are frequently used in international structures of the holding company, along with private companies (BVS) and public companies (PNV). Under existing rules, holding cooperatives, as a rule, are not subject to tax on dividends in the Netherlands, in contrast to the terminal and NVs. The government intends to eliminate this difference, but at the same time to release the distribution of dividend tax in cases where shareholders holding cooperative, the NV or BV, residing in a jurisdiction with a tax treaty with the Netherlands, subject to a minimum of five per cent threshold of holding. These changes are expected to be introduced from 1 January 2018. With regard to income tax, the ministry said that "the...

Japan – EU accelerate free trade agreement

Published: Sergey Panov | 21/09/2016 | news

Japanese and European trade and industry association addressed a joint letter to the leaders of the European Union and Japan, urging them to "make all efforts to speed up" the current negotiations on a free trade agreement. 16 September letter from the Japan Business Federation, Japan Business Council in Europe and the European Business Council in Japan seeking to enter negotiations this year. EU and Japan at the recent G7 summit pledged to arrange a free trade agreement "as early as possible in 2016". Currently, the EU and Japan are negotiating a free trade for more than three years, the letter stated: "While the 16 rounds of talks and negotiations were entered into the stage of maturity, a successful conclusion is not yet visible. ... We believe that the EU Japan and familiar with the views of each other, and both sides must now be crucial to the outstanding issues. " "If in fact, the association called on leaders to do everything possible to ensure that the free trade agreement will lead to commercially meaningful market access, removal of tariff and non-tariff measures, and include an ambitious chapter on procurement." The differences that remain between...

US Treasury limits the foreign tax credits

Published: Sergey Panov | 20/09/2016 | news

The US Treasury and the Internal Revenue Service (IRS) issued a notice 2016-52, which declares its intention not to allow the US multinational, which has been the subject of foreign-initiated adjustment of the tax the use of foreign tax credits with no corresponding income repatriation. The notice was issued subsequent retroactive studies by the European Commission (EC), against US tax practices of transnational corporations, state aid, since a claim against Apple in the amount of up to EUR13 billion (USD14.5 billion), plus interest. Treasury Secretary Jack Lew has recently pointed out that the EC 'actions also threaten to undermine the corporate tax base of the United States. US companies can claim foreign tax credits to the account of the United States tax for any tax-related payments to the Member States." IRS will negate any attempt to divide the affected company additional taxes payable of related income, and thereby reduce their US tax bills. Separation of probable foreign taxes from the corresponding revenues will now be prevented, as a rule, putting the right to request loans is income not included in the taxable income of the United States. New rules in...

Ireland follows the existing tax regulations

Published: Sergey Panov | 19/09/2016 | news

The Irish Government has proposed that the tax authorities carried out a full review of tax decisions every five years. In a statement to the Dáil Éireann, the lower house of Parliament on 7 September 2016, Finance Minister Michael Noonan said that the tax authorities will amend the relevant guidance and regulations that will ensure that tax regulations are to remain in force for five years without a full review. Noonan added that the income will be published in its annual report the number of inmates each year, so as to fully ensure the confidentiality of the taxpayer. The announcement was made shortly after the conclusion of the European Commission have been made that the two tax rulings issued by Apple Ireland significantly and artificially lowered the taxes paid by Apple in Ireland since 1991. Irish Parliament endorsed the government's motion to appeal against the Commission's decision - 14 of September. In a statement, Noonan said that "a reaction to the decision of the Commission has, at times, an outdated and unfair caricature the position of Irish tax. It is a caricature that is contrary to the evidence in recent years. The facts show our constructive engagement...

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,...

UK tax changes for non-residents

Published: Sergey Panov | 15/09/2016 | news

The UK government may lose significant tax revenue, if his proposed new rules for nonresidents prompt too many rich people to leave the country, warns the international law firm Pinsent. According to Pinsent, British residents contributed GBP6.57bn (USD8.67bn) income tax in 2014-15, respectively. He explained that this figure is an average of GBP56,589 for the year, compared with an average of GBP5,152 per person in the general population. Expert tax investigation Fiona Fernie said: "Non-residents made a very valuable contribution to the UK economy and any significant outcome could have serious long-term consequences of this policy." Under the current rules, non-residents pay tax on income and profit outside the UK only if they transferred funds in the UK using tax base. Non-residents must pay an additional fee for money transfer Charge (RBC), or pay the full amount of tax in the UK to be covered by the resident. This measure would be effective for most purposes of income tax and GCT after 6 April 2017. "The presence of non-resident status gives the UK real competitive advantage when it comes to attracting the rich and talented people. Uninstall or change it...

Panama takes further action on tax transparency

Published: Sergey Panov | 14/09/2016 | news

Cabinet of Panama On September 6, 2016, approved the legislation providing for the corresponding nation latest international tax transparency initiatives. The legislation would improve fiscal transparency in both the private and public sector, and ensure that the information provided by financial institutions area. In addition, the legislation will allow the Ministry of Economy and Finance, in order to better gather the information necessary to share with other countries and make him improve the supervision of financial statements. The bill will be considered by the National Assembly before the end of the year. September 8, 2016, the World Bank Board of Executive Directors approved a USD300m loan to support Panama's efforts to improve financial management and maintaining international standards of tax transparency. Author: Sergey Panovmanaging partner Finance Business...

The law of Scotland on the tax reform of the Council

Published: Sergey Panov | 13/09/2016 | news

The Scottish Government has introduced tax legislation Council reform groups and rates from April 2017. The legislation will implement the proposals announced by the SNP government in March. Properties that fall under high tax board strips (E, F, G and H) would pay more as a result of these bands coefficient increases in relation to the middle band (D) properties. The government estimates that this will lead to annual average increase of about GBP100 (USD132) for Zone E properties, GBP200 for F, GBP335 for band G and GBP517 range for range H. The circuit board of reducing the tax would apply to families with low income, having children, and the government will introduce an exemption for families with low income living in conditions with high added value. Frozen council tax, which has been in place since 2007, will be removed from April 2017. Local authorities will be able to increase the tax up to a maximum of three per cent per year. The government expects to raise an additional reforms GBP100m a year in income or GBP500m, during the term of the current parliament. This money will be invested in the school education system in Scotland. Finance Minister Derek...

Author: Сергей Панов