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Recent News

MFU Has Developed a Draft Resolution for the Operation of VAT Risk System

Published: 13/02/2018 | news
Tags:
#Taxation#Taxes#VAT

The Ministry of Finance of Ukraine has developed a draft Resolution on the further operation of the VAT risk system. This mechanism is a necessary measure aimed at the prevention of VAT embezzlement schemes and uninterrupted process of automatic VAT refund. We remind that in December last year, the work of the VAT risk system was suspended in order to develop a coordinated effective solution which would not entail new risks. So, the MFU together with the SFS have developed and agreed upon a decision that was made public on the official website of the Ministry on February 9, for public discussion. Now the draft Resolution is under consideration of people’s deputies of the Tax and Customs Policy Committee. It includes the following changes: In order to reduce the cases of suspension of the registration of tax invoices, a “cutoff criterion” of 3% and a threshold of the volume of supply for the month of 500 thousand UAH are established. Earlier, the coordination of evaluation criteria continued for some time, that allowed some payers to use a fictitious loan. It is proposed the SFS to establish criteria for risk assessment for a prompt response. In order to ensure 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...

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...

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...

New Zealand seeks tax transparency from MNEs

Published: 24/11/2016 | news
Tags:
#New Zealand

The Commissioner of New Zealand tax management, Naomi Ferguson turned to local and multinational corporations belonging to a foreign owner to be more transparent in their international tax matters. Ferguson made the call Chartered Accountants of Australia during the launch of the 2016 edition of the Document of Compliance the center of transnational corporations and in Auckland on November 18 held a tax conference of New Zealand. The document of compliance describes in detail as the tax authority continues to increase amount of a research of large corporations, increasing number of the companies which will receive closer attention. The New Zealand large companies will be obliged to represent the Main Packet of Compliance which will include annual information on their structure of group, the financial reporting and tax coordination while the companies belonging to the foreign owner are obliged to finish the intended International Questionnaire. According to the internal income, nearly 600 New Zealand and foreign groups were under observation since 2012. From next year this number increased almost to 900 groups, including all the multinational companies belonging to foreign...

New Zealand tax system progresses

Published: 07/09/2016 | news
Tags:
#New Zealand

The top ten income in New Zealand is projected to pay 37.2% income tax in 2016/17, compared with 35.5% in the 2007/08 year. The New Zealand government has published data showing that the tax system is more progressive. "These latest data confirm that the income tax system and support of New Zealand much income redistribution needy households, said Acting Finance Minister Steven Joyce. "Many families with low incomes pay a larger share of income tax than in 2008, and households with low incomes pay less - 30% of households with the lowest incomes are projected to pay only 5.4% of income tax, compared with 6.3% in 2007/08 p ". "The Government has increased support to low-income households to help New Zealanders go through difficult times. So at any given time, a large number of households effectively do not pay income tax," said Joyce. According to the Treasury in 2016/17, 42% of households will pay less tax than they receive from social security benefits it work for family tax credits and if we compare, the 2007/08 figure was - 39%. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

New Zealand propose to improve invest tax

Published: 11/07/2016 | news
Tags:
#Investments#New Zealand

The government of New Zealand release 7 July 2016 discussion document contain proposals aiming for improving administrative invest tax. These proposals can make easy a year process for taxpayers and increase in the system at the same time, Revenue Minister Michael Woodhouse said. "Payers of interest, dividends, and taxable Maori authority distributions currently provide tax certificates to the recipients of the income. Need to gather all of this certificates from it different income sources to meet their end of year tax obligations." Woodhouse said. It would be better for income to collect that entire information collect that information direct from the payers and use it to pre-populate the recipients' tax records." To get this target the discussion document proposes that: All investment income payers will provide this information to the Internal Revenue often. The deadline for feedback on the proposals on 19 August 2016. Author: Sergey Panovmanaging partner Finance Business...

New Zealand, signing the report sharing

Published: 19/05/2016 | news
Tags:
#Canada#China#Iceland#New Zealand#Tax reporting

Revenue Minister of New Zealand, Michael Woodhouse, has said that recently signing agreement on the report exchange between countries will be increase country's tax collection capability. This agreement that provide country-by-country exchange of financial reports was recently signed by officials from New Zealand, Canada, China, Iceland, India, and Israel, totally 39 countries. Woodhouse also said that some large multinationals often use some difficult financial scheme, what helps them to escape of paying tax, called base erosion and profit shifting. This new country-by-country reporting agreement is on the centre of financial activity, allow to participants exchange information of multinationals activity. «Under that agreement, large multinationals will have to provide information relating to economic activity, including the global allocation of income and taxes paid," the Revenue Minister said. "Each revenue authority collecting this information to exchange with other countries. This also will show us a full picture of every multinational financial activity. According to this agreement it will be easier to control any tax wrongdoing». The agreement can...

Simplifying the tax rules in New Zealand

Published: 14/04/2016 | news
Tags:
#New Zealand#Reforms

The package of tax reforms aimed at supporting small and medium-sized enterprises (SMEs) has been submitted to the Prime Minister of New Zealand, John Key, 13 April 2016. It includes measures to simplify the taxation of small and medium-sized businesses, as well as reduce the cost of compliance with the requirements, said Finance Minister Bill English and Revenue Minister Michael Woodhouse. "These measures will make tax easier and reduce the burden of interest and penalties, as well as help small businesses to carry out individual payments to their circumstances," said English. "We want to make the tax system could fit into how the business works, not the other way around." The main measures included to the proposal: Reform of the temporary tax, the new payment. The elimination or reduction of the use of interest for use of funds for the vast majority of taxpayers. The ability of contractors to choose the tax rate that corresponds to their needs. Cancel the current one percent monthly penalty from 1 April 2017, although the direct penalties and interest charges for late payments will continue to apply. Woodhouse said the changes are part of a...