News

The Government Increased the List of Beneficiaries Regarding the Payment of Court Fee

Published: 03/03/2018 | news

Tags:

The Government of Ukraine has amended Art. 5 of the Law “On Court Fee”, providing for the expansion of the list of applicants and claimants, who are exempt from paying court fee. The changes are confirmed by the Law of Ukraine “On the features of the state policy on securing the state sovereignty of Ukraine in the temporarily occupied territories in the Donetsk and Luhansk regions” and came into force on February 24, 2018. So, Part 1 of Art. 5 “On Court Fee” is supplemented with clauses 21 and 22 of the following content: “21) the applicants - in cases on applications for establishing facts of legal significance filed in connection with armed aggression, armed conflict, temporary occupation of the territory of Ukraine, natural or man-made disasters that led to forced relocation from the temporarily occupied territories of Ukraine, death, injury, imprisonment, unlawful deprivation of liberty or abduction, as well as violation of property rights on movable and/or immovable property; 22) the claimants - in cases on suits against the aggressor state, the Russian Federation, on the compensation of property and/or moral damage caused by the temporary occupation of the...

Cyprus Imposes 19% VAT on Building Land

Published: 19/01/2018 | news

Tags:

#Cyprus #Taxes #VAT

From January 2, 2018 in Cyprus, the new VAT Law has entered into force, providing for changes in the main VAT Law No.95(I)/2000. The document introduces VAT at a standard rate for the sale of building land, as well as leasing/rental of business premises on the conditions specified in the law. It also introduces the reverse charge mechanism for VAT-subject supplies of land and property under a loan restructuring/force-sale arrangement, which will mostly influence financial institutions. Imposition of VAT at the standard rate of 19% on building land The standard VAT rate of 19% will be applied in the following cases: transfer of ownership; transfer of indivisible land portion; transfer of ownership via contract or sale agreement or agreement which specifies that the ownership will be transferred in the future or leasing agreement with buyout option. The above shall apply to non-developed building land which is meant for the construction of one or more structures in the course of carrying out a business activity. More clarifications are still needed for the application of the law, such as the circumstances whereby a transfer is not considered to be a part of a person’s...

Procedural Codes will Undergo Another Changes

Published: 21/12/2017 | news

Tags:

#Tax disputes #Tax exemptions #Taxes #Ukraine

The Verkhovna Rada of Ukraine has registered changes in the Code of Civil Procedure, the Code of Economic Procedure and the Code of Administrative Court Procedure provided for by three relevant draft laws. We remind that on December 15, the Law which had already been amended by these codes came into effect. However, as it was noted in the explanatory notes to the latest drafts, it was adopted in violation of the regulation. In addition, the Law contains a number of contradictory norms, on the correction of which the proposed changes are aimed. In general, it is proposed to rewrite the editions of the CCP, CEP and CACP, which have just come into effect. During the consideration of the procedural codes in the parliament, none of the amendments proposed by the deputies was adopted, although several thousand amendments were submitted at the stage of their preparation. Instead, before voting for the Law as a whole, only amendments were brought to a vote approved by the profile...

On December 15, Amendments to the Procedure for Issuing Individual Licenses of the NBU for Transfer of Foreign Currency Abroad Came into Effect

Published: 15/12/2017 | news

Tags:

#Tax disputes #Tax exemptions #Taxation #Ukraine

According to the report of press service of the National Bank of Ukraine, today, on December 15, the amendments to the procedure for issuing individual licenses for the transfer of foreign currency abroad came into effect. The innovations provided by the Resolution of the Board of the NBU No.130 of December 14, 2017 “On Amendments to the Regulations on the Procedure for issuing individual licenses for the transfer of foreign currency outside Ukraine for the payment of bank metals for certain currency transactions” include: Approval of the list of documents required to obtain an individual license of the NBU. In addition, in order to prevent capital outflows abroad, the requirements for the documents submitted to the National Bank were strengthened, in particular, through the Regulator’s right to request such documents in case of need. Simplification of a number of currency transactions for banks. The National Bank has specified the list of operations for transferring foreign currency by business entities-residents abroad, which do not require the receipt of an individual license by the NBU. Standardization of the possibility of transferring funds as a...

Automatic Blocking System of TI Will Be Temporarily Suspended

Published: 13/12/2017 | news

Tags:

#Tax disputes #Tax exemptions #Taxation #Taxes #Ukraine

The changes provided by the amendments to the draft Law “On Amendments to the Tax Code of Ukraine regarding the Balance of Budget Revenues in 2018” has been made in the procedure of the blocking system of tax invoices. According to the announcement made on December 7, 2017, the following has been done: 1. Clause 74.2 of the TCU has been deleted, which stipulates that the URTI ensures constant automated monitoring of the compliance of TI/AC with the criteria for assessing the degree of risk sufficient to suspend the registration. This provision will come into force on the day following the day of the publication of the Law. It is also noted that, within two months from the date of entry into force of the Law, the Cabinet of Ministers must: determine the procedure for suspension of the registration of TI/AC in the URTI in accordance with clause 201.16 of the TCU; ensure the revision and bringing of the normative legal acts in compliance with this Law by the ministries and other central executive bodies. In addition, the Cabinet is obliged, within a period of three months from the date of entry into force of this Law: to adopt the normative legal acts which are...

Ministry of Finance Reforms Institution of Financial Liability for Tax Violations

Published: 30/11/2017 | news

Tags:

#Cyprus #VAT

Recently the Ministry of Finances of Ukraine, together with the experts from the interactive tax platform TaxLink, has developed a bill “On Amendments to the Tax Code of Ukraine regarding the improvement of the prosecution system for violation of tax laws”. The essence of the document is to reform the liability for tax violations provided by the current legislation. First of all, the bill introduces more effective mechanisms for the settlement of tax disputes in cases when the violation of tax law happened not due to the fault of the payer. In addition, it is proposed to introduce the principle of fault liability of taxpayers which is inherent in all branches of Ukrainian legislation, in contrast to the current liability of the payer without fault. Therefore, the last one will be considered guilty if found guilty that he was able to comply with the relevant rules and regulations, but did not take the necessary measures for this. In this regard, when considering the verification materials by the supervisory authority, the documents of the taxpayer may be subject to the examination that show his due diligence. Another significant innovation is the introduction of the system of...

Undistributed profit in Latvia is exempt from CIT

Published: 01/09/2017 | news

Tags:

#CIT #CIT #Dividends

On the 4th and 11th of July, 2017 the Cabinet of Ministers of Latvia approved a number of draft laws providing for the significant changes in the tax legislation of the country which will enter into force on January 1, 2018. The most significant of them will be the application of the CIT 0% rate for the reinvested profits. In other words, the enterprise will be subject to the corporate income tax only if it pays dividends or other payments for the purpose of actual distribution of the profits (conditionally distributed profit). Therefore since 2018, the company's profits are exempted from CIT, but it has to pay 20% of the income tax from the amount of dividends. At the same time, the shareholders will not have to pay personal income tax (PIT). Although, according to the bill, the CIT rate is 20%, and the tax base should be divided by a factor of 0.8, the effective tax rate actually equals 25%. It is notably that CIT will be applied not only to the dividends in the traditional sense, but also to the "deemed dividends", which are considered a new concept in Latvian tax legislation, and comparable with the dividends to the costs. Here it is important to note that the last ones...

The Canadian tax benefits are profitable for rich persons

Published: 12/12/2016 | news

Tags:

#Canada #Tax exemptions

Tax expenditures on the income of physical persons of Canada bring benefit for more than 50 percent of persons which gain income, according to the new report of the Canadian center of political alternatives (CCPA). Using data of 2011, it was established that 59 of 64 tax expenses, provide more benefit to 50 percent of the persons gaining income. It shows that in 2011 39 percent of profitable tax expenses provided to more than 10 percent of persons which gain income, and less affluent taxpayers saw only 16 percent of the benefits. The report states that there are only five taxes: a tax on working income, a guaranteed income without tax, social security without taxation, reimbursement of medical costs and disability tax credit - they can be described as "relatively progressive" with maximum benefit CAD1,110 ($ 840 USA). The Canadian government is currently carrying out a comprehensive review of federal tax expenditures. The goal is to ensure that the tax costs are fair, effective and have financial responsibility. The Canadian center of political alternatives has recommended that the annual tax expenditure report from Finance Canada, included the distribution of tax...

Australia publishes the conclusions of the review of tax credit

Published: 05/10/2016 | news

Tags:

#Australia #Tax exemptions

The Australian Government has published a review of research and development tax credit. The Australian Government has published a review of research and development tax credit. The review was commissioned in December 2015 as part of the agenda of the Government of National Innovation and Science (NISA). The goal was to determine how the efficiency and integrity of the research and development tax credit can be improved. The Commission has made six recommendations. They said that the government should: - Set a single premium of up to 20 per cent non-refundable tax refund; - Enter the maximum in order AUD2 million on an annual refund; - Enter the one - or two percent limit for recipients of the non-refundable component of the research and development tax credit; - If the intensity threshold is set to increase the threshold to AUD200 million of expenditure; - Explore options for better management in the research and development tax incentives, including the establishment of a single application process, developing a single framework of this program, as well as the optimization of processes to verify compliance with established rules and...

EU reaches agreement on Anti-avoidance package

Published: 22/06/2016 | news

Tags:

#Tax exemptions

European Union (EU) member states have reached a compromise agreement on a proposed new anti-tax avoidance directive. The European Council reached a broad agreement on the draft directive on June 17, subject to a silence procedure. Further details of the arrangements were released on June 21. The directive will be submitted to a forthcoming Council meeting for its formal adoption. The directive sets out five key anti-avoidance measures, which all member states will be required to apply. They are: A controlled foreign company (CFC) rule to deter profit shifting to no- or low-tax jurisdictions. The rule will allow the member state where a parent company is located to tax certain profits that the company "parks" in a no- or low-tax country. It will be triggered if the tax paid in the third country is less than half of that which would have been paid in the member state in question. The company will be given a tax credit for any taxes it paid abroad. An exit tax on assets moved from an EU member state's territory, based on the value of the assets at that point in time. Companies will be obliged to send tax authorities their balance sheets, containing information on...

Recent News