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Recent News

Malta made changes in law regarding tax credits

Published: 04/09/2017 | news
Tags:
#Malta

Since the beginning of this year, Malta has issued a number of official notices, providing for the changes in the law regarding tax credits. Thus, the Official Notice No. 140 amended the Regulations on Tax Credits for Micro Enterprises and Private Entrepreneurs (Tax Credits for Micro Enterprises and the Self-Employed Regulations). In accordance with the revised provisions, the definition of "eligible costs" now includes family enterprises in the definition fixed by the Family Business Law. Yet, a clause was added to the Regulation, according to which since 2018, the family business can be granted a tax credit for an amount not exceeding 50,000 euros. The loan must be used during any 3-year...

“Successful” year for the tax of transferred property in Scotland

Published: 07/12/2016 | news
Tags:
#Real estate#Scotland

Transition of Scotland to a new Land and Buildings Transaction Tax (LBTT) was "operationally successful", according to the Scottish Parliament's Finance and Constitution Committee, which analyzed the impact of the tax on the real estate market. The Land and Buildings Transaction Tax replaced British stamp duty land tax (SDLT) in Scotland from April 1, 2015 within the agreement with Great Britain which transfers responsibility for some taxes to Scotland. LBTT of Scotland is based group with 145,000 pounds sterling (184,550 US dollars) with a free limit on the Land and Buildings Transaction Tax. In the amount of two percent the price is paid for a share of inheritance of real estate to 250,000 pounds sterling; five percent for a share to 325,000 pounds sterling; 10 percent to 750,000 pounds sterling; and 12 percent from the price above 750,000 pounds sterling. In the report of Committee said that in spite of the fact that implementation of a tax was successful, it is too early to draw any final conclusions concerning influence of LBTT rates and groups after one year of operational management of the entity, and also due to the lack of consistency in the forecast and in data of...

DTA entered into force between Russia and Hong Kong

Published: 08/08/2016 | news
Tags:
#Double taxation#Exchange of tax information#Hong Kong#Russia

Comprehensive agreement for the avoidance of double taxation (CDTA) was signed in January of this year between Hong Kong and Russia, which came into force on 29 July 2016. According to the sources, this agreement shall remain in force for Hong Kong each year since its signing to double taxation, which took place on or after April 1, 2017. The CDTA is informed about what is required to support efforts to expand the tax obligations undertaken by the two countries in the framework of the «Belt and Road», which is a project of the Chinese government for the economic development aiming at the integration of trade and investment between the approximately 60 countries in Eurasia. In the absence of the CDTA program, of Hong Kong companies income, which conduct their entrepreneurial activities with the help of permanent missions in Russia and taxed in both places if their earnings was received in Hong Kong. On this basis, in the new agreement, double taxation is eliminated, and now any Russian tax paid by the companies on their earnings, will be allowed to tax payable in Hong Kong. Besides, in accordance with this agreement, the rate in Russia on income tax on royalties,...

FinCEN expands the US real estate registration

Published: 03/08/2016 | news
Tags:
#Real estate#USA

The Financial Crimes Enforcement Network (FinCEN), published by the subsequent emission of Geographic Targeting Orders, temporarily will request from the US insurance property rights for companies to identify individuals behind front companies that use "all cash" (without bank financing) to acquisition of high-end residential real estate in six major metropolitan areas. Network remains concerned that all such purchases for cash may be held by individuals, attempting to hide their assets and identity through the acquisition of residential real estate, and as a result, they fall into the category of possible people who abuse their position in order to launder laundering and tax evasion. US Treasury Authority issued a similar deal Global Environment Monitoring (GTOs), issued earlier this year in Manhattan and Miami-Dade County, Florida. These orders have been confirmed, it is already helping to identify potential illegal activities and to help structure the future regulatory approaches to regulation. In particular, a significant portion of transactions under consideration showed a possible criminal activity associated with the persons who reportedly are the beneficial...

EU signed tax agreement with IOTA

Published: 01/08/2016 | news
Tags:
#EU#Exchange of tax information

The Intra-European Organization of Tax Administrations (IOTA ) has signed tax agreement with European Commission to develop the solution of more effective way to common targets which this two brunches are working on and also one kind of them activity to prevent double tax avoidance. According to announce of IOTA 26 of July the main brunches of co-working in agreement frames include battle against swindle, information exchange, alternate support, support of tax departments to increase the level of maintenance by taxpayers. The agreement was signed between IOTA and the Taxation and Customs Union Directorate General (DG TAXUD) of the European Commission 7 of July. Edery said: «Commission has get a support IOTA from the day it start exist and attentively watching it progress. We have common target to support European states in development and modernization of tax administration. Based in Budapest, IOTA is a non-profit intergovernmental organization, created to promote using the best practice in tax administration direction and more effective co-working with 46 tax authorities’ members. Author: Olena Kutova senior lawyer of the Finance...

China: property tax reform

Published: 28/07/2016 | news
Tags:
#China#Real estate#Reforms

Chinese minister of finance Lou Jiwei pointed out that the prioritet of the next tax government will be go into force long time waited local and rigional property tax. State Council of China claimed about approving a new property tax in the structure of his financial plans of economic politic claimed in March of this year. This frames as expect, will be differ in different cities and towns depend on conditions. This announce was claimed after long time break in government plans to extand tax schemes on property, which acting in Shanghai and Chongqing, which first was set up in 2011 year. First created to keep the rising of Chinese price on property will under control, shemes prevented to some extant with absent of concrate system of property registration. In spite of the fact that the market of property in country stay more weak, the government still think that the change of property tax can support income of local governemnt. However, speaking on the last G20 the minister of finance and directors of banks also pointed out that the desidion will long several time and at the same time collecting the information about property, draft reform and legislation in large...

Italian-Swiss TIEA goes into force

Published: 27/07/2016 | news
Tags:
#Exchange of tax information#Italy#Switzerland

The Italiam Ministry of economy and finance claimed that protocol about tax information of double tax agreement between Italy and Switzerland wich was signed 23 of February, 2016 goes into force 13 of July, 2016. The agreement protocol comprises all kind of taxes, point out that country can't deny to represent asking information only because this information has in keeping on bank or any other financial constitution. Much less the country need to empty of all own inner legal proceedings before than protocol can ask information from other. Also need to indicate person or persons who are the object of asking request, period of time need to ask the information, descrabing of information need to and the reason of request if its known, the name and adress of suppose owner of information. This specifications was added for avoiding any want of judgment, general compromative information, and he also added that the second list of specifications don't using for placing obstacles on the way of effective agreements between these countries. This protocol also approves that this contributions will use retrospectively to the data that existed prior to or after the date of...

In the USA propose tax credit for housebuyers

Published: 19/07/2016 | news
Tags:
#Real estate#USA

The main member of financial committee of The USA Rone Wyden introduced an act of returning tax credit which must help to people who buys a new house. According to his propose the first buyer of living residential property will get returning tax credit around USD10,000 and it will be equal to 2.5 percent in the cost of the whole house. This credit will also increasing step by step for private individual who has a year profit more than USD80,000 and for marriage couples with year profit more than USD160,000. But if buyer sold his house within 5 years he must paying a part of credit if has no some important reasons as work replacing or military mobilization. "The housing policy in our country need a reconstruction, said Wyden. We have a lot of people who work hard to provide for a family and can't permit themselves to rent all the more so buy some house. The federal government need to do more to repair housing crisis on all stages with close co-working of state and city governments." He said that this program created after existing Low-Income Housing Tax Credit because of low profit of people. Another words this program of federal government provide of...

Parliament of Holland approves gambling tax

Published: 18/07/2016 | news
Tags:
#Holland

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 ...

General information about the global standard automatic exchange of information on accounts (AEOI & CRS)

Published: 06/06/2016 | news
Tags:
#Exchange of tax information#Offshores

What is the Global standard of automatic exchange of information about financial accounts (AEOI & CRS) (hereinafter - the "Global standard")? The global standard of automatic exchange of information on financial accounts (original title in English - Global Standard for Automatic Exchange of Financial Account Information in Tax Matters and Common Reporting Standard) is an international political initiative of the G20 member countries and countries participating in the Organization of Economic Cooperation and development (OECD / OECD), aimed at joint international fight against tax evasion and the illegal concealment of undeclared income in foreign financial institutions. How the requirements of Global standard implemented in real life? The OECD has developed and published the fundamentals and practical tools implementation of the Global standard, which were endorsed by the member countries of G20 at summit in September 2014. International obligations of countries participating in the global standard, in the vast majority are fixed in the form of accession to the Convention on mutual administrative assistance in the tax area on 25.01.1988 and by the signing and...