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Recent News

A Number of Agreements on Automatic Exchange of Tax Information Entered into Force in Switzerland

Published: 12/01/2018 | news
Tags:
#Switzerland#Tax planning#Tax reporting#Taxation

A number of agreements on Automatic Exchange of Information (AEOI) on taxation issues, concluded by Switzerland with other jurisdictions, entered into force on January 1, 2018. Data exchange will be carried out in accordance with the Common Reporting Standard of the OECD, which provides for the possibility of automatic exchange of information between the territories that have agreed to such an exchange. Switzerland starts to exchange tax information this year with respect to data on accounts collected for some partners under previously signed agreements, namely Australia, Canada, the European Union, Guernsey and Jersey, the Isle of Man, Iceland, Japan, Norway and South Korea . More complete list of jurisdictions with which Switzerland plans to establish automatic exchange of information since 2019 was published on the website of the State Secretariat for International Finance. In order to fulfill its obligation to exchange information automatically with these territories, Swiss financial institutions will be demanded to comply with the new requirements on information collection from January 1, 2018 for the accounts of taxpayers from such countries as Andorra, Argentina,...

Sales Threshold without Cash Registers Has Been Raised to 250-500 thousand UAH per Year

Published: 20/12/2017 | news
Tags:
#Tax disputes#Tax planning#Taxes#Ukraine

The Cabineta of Ministers of Ukraine has increased the threshold of the annual sales volume without using the RCT (registrar of clearing transactions) from 75-200 thousand UAH up to 250-500 thousand UAH per one structural subdivision of the subject, depending on its organizational form and activity. Such changes are provided for by the Resolution of the CMU, as reported by the information agency “Interfax-Ukraine”. As noted, it will enable business entities that have several separate objects of trade (provision of services) not to use the RCT in the event that none of them exceeds the threshold of clearing transactions. According to the explanatory note, which the IA possesses, the Resolution also provides that the enterprises which annual income exceeds UAH 1 million are required to use cash registers, regardless of the type of their activity. The document does not apply to economic entities that carry out retail trade of excisable goods, as well as technically complex household goods. The Resolution defines a list of activities that are exempted from compulsory use of the RCT, in particular the provision of public services on the territory of villages. According to the...

Netherlands announces tax plan

Published: 22/09/2016 | news
Tags:
#Netherlands#Tax planning

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...

Additional VAT withholding agents designated

Published: 10/03/2016 | news
Tags:
#Panama#Tax planning#Taxation#VAT

The Government has enacted regulations, based on paragraph 4 of the Tax Code, extending VAT withholding mechanisms to enterprises explicitly appointed by the Revenue Office as withholding agents that meet the criteria of making annual purchases of USD 10,000,000 or greater. This mechanism also applies to entities that administer processing and payments through credit and debit card platforms. Under the VAT withholding mechanisms, VAT withholding agents must withhold a portion of the VAT charged to them in respect of supplies of goods and services, and remit it to the Revenue Office instead of paying the total VAT applicable to the supplier of service provider. The amount to be withheld will be equivalent to 50% of the tax rate applicable to the transaction. Administrators or issuers of credit and debit cards that manage the processing of payments are also required to act as withholding agents of the VAT triggered by the sale of taxable goods and services paid by way of a credit or debit card. During a transitional period, which will run from 1 February to 31 December 2016, the amount to be withheld will correspond to 2% of the total sales transaction. Starting 1...