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Recent News

Scotland, tax issues

Published: 28/03/2016 | news
Tags:
#Scotland#Taxation#VAT

Institute of Chartered Accountants of Scotland published an article that explains the problems facing the country before the devolution of tax powers. The document, prepared by the Tax Committee, calls for the publication of five-year RoadMap which explains the purpose of the Scottish fiscal policy. Currently, the Scottish Parliament is responsible for the Scottish income tax rate applicable to the April 6, 2016. The UK government will deduct £ 0.10 from three British income tax rates. The Scottish Parliament will be able to charge a Scottish rate that will apply equally across these bands. The rate will be set at 10 percent which means that there will be no change in the level of tax for individuals pay. But in April 2017, the Scottish Parliament will be able to set the rate over income tax bands. According to the Tax Committee, "if the income tax rate will deviate from the British then it needed for clear explanations and instructions to reassure taxpayers." Furthermore, from 2019-20 Scottish Government will assigned a decrease in the standard rate from 0.10 pounds to 0.25 pounds. Tax Committee said that "the purpose of assignment of VAT is to harmonize...

Canada, OECD countries are taking steps to the direction of closing tax loopholes for the rich

Published: 09/03/2016 | news
Tags:
#Canada#Financial statements#OECD#Switzerland

Banking rules will be tightened, which cost for the government and taxpayers billions each year. Missing revenue from corporate income tax in the range of $ 100 billion and $ 240 billion a year. This year, the Government of Canada and Switzerland closer to the use of Common Reporting Standard (CRS). This agreement will oblige the secretive bankers to share more information with Canada Revenue Agency, so to hide money abroad become more difficult. But this is only one part of a much larger and coordinated effort on the part of many countries. Dozens of countries of the organization for Economic Cooperation and Development (OECD), from 2013, working on closing the "gaps and inconsistencies" in their tax rules that allow large companies and very rich people do not pay their share. Until the transaction is being developed between Canada and Switzerland was preceded by another agreement, signed in January, the free exchange of tax information on large companies. Agreement Canada / Switzerland does not expect to see any exchange of information up until 2018 - if adopted the necessary legislation. Countries still have a long way to go before they will accept...

Switzerland, US Agree FATCA

Published: 03/03/2016 | news
Tags:
#FATCA#Switzerland#Tax reporting#USA

Switzerland and the United States agreed on a new Foreign Account Tax Compliance Act (FATCA), with the exception of accounts belonging to lawyers and notaries. In accordance with the provision of the agreement, an account maintained for specific purposes by lawyers and notaries to their customers (ie accounts that are for certain activities) will be excluded from the scope of the new law. The financial institution account management will not be required to identify interested customers by providing written confirmation of a lawyer or notary that the accounts fall under the scope of the exemption clause. According to the Swiss Federal Council, this will ensure that professional confidentiality of lawyers and notaries will be maintained under Swiss law. Swiss Bankers Association will amend the relevant processes documentation to allow banks implement new products. Negotiations on the introduction of the new agreement are underway. In contrast to the current transaction, the new agreement will provide for the automatic exchange of information between the tax authorities. Author: Olena Kutova senior lawyer of the Finance Business...

Double tax treaty between Cyprus and Switzerland

Published: 01/03/2016 | news
Tags:
#Cyprus#Double taxation#Switzerland

The first Cyprus-Switzerland double tax treaty (DTT), signed in 2014, entered into force in October 2015 with its provisions taking effect as from January 1, 2016. Under the treaty there is no withholding tax (WHT) on interest and royalties. There is also no WHT on dividends in those cases where the beneficial owner of the dividends is: a company (other than a partnership), the capital of which is wholly or partly divided into shares, holding directly at least 10% of the capital of the company paying the dividends for an uninterrupted period of at least one year (the time period criterion may be satisfied post the date of the dividend payment), or a pension fund or similar institution recognized as such for tax purposes, or the government, a political subdivision, local authority, or the central bank of one of the two Contracting States. Per the treaty, a 15% WHT on dividends applies in all other cases. Irrespective of this, per the provisions of Cyprus’ domestic tax legislation, Cyprus does not apply WHT on dividend payments out of Cyprus at all times. Author: Sergey Panovmanaging partner Finance Business...