News

UK announced exemption from the quarterly report

Published: 18/08/2016 | news

Tags:

#Tax reporting

The UK government announced that unincorporated businesses with turover more than GBP10,000 (USD12,970) will not be subject to new rules which they introduce like their making tax digital. The government published six consultive documents wich have attitude to the project. Previously they confirm that to 2020 year the majority of enterprises, self-employed persons, and landlords will be required to "keep an eye on their tax affairs in digital form and to update HM Revenue and Customs (HMRC) at least once a quarter with your digital tax records." The proposal has been criticized by tax experts and a special committee of the Treasury, they have expressed concern about the amendments aimed at simplification of tax reporting. The government prove now that the reforms won't use according to uncorporative unincorporated businesses or landlords with an annual income of below GBP10,000. Unless a business has been explicitly exempted the providing og ta digital will be assumed methods wich help to manage their own taxes. Companies with income taxes, national insurance, taxes, value added tax, or corporation tax liability all come within the scope of the new...

HMRC publishes guidance on a tax-free trade

Published: 09/08/2016 | news

Tags:

#United Kingdom #VAT

The tax authority and the Tax and Customs Service of the United Kingdom released a practical guide by the UK's special scheme which allows to non-EU countries taxpayers to reimburse VAT on goods purchased in some UK stores. VAT Notice №704 / 1, issued August 7 discusses how those who live outside the European Union may return the value added tax (VAT) paid for goods purchased in stores of Great Britain, which in turn provide retail products without VAT. Tax free retail trade allows individuals traveling to the European Union (EU) to obtain a VAT refund on goods bought in the UK and take home. However, it can not be used for any service. In most instances store or refund from the company will charge a payment for use of the taxpayer in its stores and tax-free goods can take the fee out of the money paid to the VAT refund. The manual discusses the right to use this circuit, which products satisfy the set requirements, the time required for export, as well as the requirements for receiving the refund. Author: Sergey Panovmanaging partner Finance Business...

OECD insists on the «Tax fairness»

Published: 25/07/2016 | news

Tags:

#OECD

«Governments and authorities need to look for a new ways to use the tax policy to distribute the advantages of economic growth more equally among its citizens», - said in a new report «Tax Design for Inclusive Economic Growth» OECD. The report contains recommendations to countries looking to expand their tax bases, to make their tax regimes more progressive behavior and encourage opportunities to push for lower income sources, as well as improving tax policy and administration. The report would be discussed on 23 July at the G20 Ministerial Tax Symposium. The symposium would discuss the best ways to use the tax policy tools, to break through to an inclusive, coherent program that provides enterprises with a greater tax certainty. «The tax policy has a clear role in facilitating achieving a strong, sustainable and balanced growth», - said OECD’s General secretary Angel Gurria, - «We are convinced that the latest study of the OECD on tax structures for inclusive growth may become part of the new of tax policy, which will contribute G20 to the forward promotion procedure. Author: Sergey Panovmanaging partner Finance Business...

Consumption tax in the US reduced

Published: 12/07/2016 | news

Tags:

#OECD #USA

In a latest document from the Tax Foundation (TF), it was noted that, the largest Organization for Economic Cooperation and Development (OECD) is more inclined to the proceeds from the consumption tax, the United States prefer more personal income tax, while at the raising relatively is differb a little from the consumption tax. TF said that "this difference of political issues, given that consumption taxes raise revenue with less economic damage than individual income taxes" According to the recent data for 2013, consumption taxes were the largest source of tax revenue for the OECD countries, increasing by an average of 32.7 percent of their tax revenues. However, taxes on consumption rose by only 17.4 per cent of revenue for the United States, mainly because the United States is the only OECD country without value-added tax (VAT). Instead, most governments states in the US use the retail sales tax on the final sale of most goods and excise taxes on the production of goods such as cigarettes and alcohol. The United States instead relies heavily on individual income tax, accounting for 38.7 percent of total government revenue in 2013, compared with the OECD...

FTA between EU and Canada

Published: 07/07/2016 | news

Tags:

#Canada #EU

European commission propose officially declaim and concluded Free Trade Agreement between EU and Canada. Commission need to get support from the European Council and European Parliament. After finishing this process this agreement can be provisionally applied. European commission propose officially declaim and concluded Free Trade Agreement between EU and Canada. Commission need to get support from the European Council and European Parliament. After finishing this process this agreement can be provisionally applied. The commission hope that agreement between EU and Canada will signed during next summit between them in October. Commission President Jean-Claude Juncker said: "FAT between EU and Canada is the best and progressive agreements and I want that it go into force as soon as possible. It provide new opportunities for European companies while promoting our standard as benefit for people. It's time to begin. At stake is the credibility of the European trade policy." EU Trade Commissioner Cecilia Malmström said: "I hope that now the deal with Canada will be signed and concluded quickly, to the benefit of consumers, workers, and entrepreneurs – this is...

OECD recommends US tax hikes

Published: 21/06/2016 | news

Tags:

#OECD #USA

In its latest review of the US economy, which was published on June 16, the Organisation for Economic Co-operation and Development (OECD) recommended that increased long-term government spending on infrastructure and education should be funded by higher tax revenues. In particular, the OECD suggested that work towards putting a price on carbon, such as by implementing President Barack Obama's proposal for a USD10 per barrel tax on oil and his Clean Power Plan, would provide additional funds, while also reducing greenhouse gas emissions. Worsening income inequality in the United States could, the OECD suggested, be countered if the Administration was to "expand the earned income tax credit … and make tax expenditures less regressive." For US businesses, the OECD also recommended making the research tax credit refundable for new firms, which are not able to take advantage of the existing non-refundable credit because of low profitability. Such a measure aimed at increasing productivity in the economy would be an alternative to the current congressional patent box proposals that are not favored by the OECD. Few of the OECD's proposals are likely,...

Canada will review preferential tax arrangements

Published: 17/06/2016 | news

Tags:

#Canada #Tax exemptions

The Organisation for Economic Cooperation and Development (OECD) said that government of Canada need to include Preferential Tax of small business in planned review of tax expenditures. This recommendation was make in the last economical overview OECD of Canada and added that this capital taxable income is not sufficiently focused. "The main aim of this agreement to save small business in a big amount for investing and its make this program more effective. OECD said that depend of analysis result according to decision of federal budget in 2016 to defer a series of scheduled increases to the SBD and it will be seen as moving in a right direction. It added that the Government should also "review its targeted measures and adapt them as necessary to ensure that they correct clear market failures efficiently." The 2016 Budget deferred any further reductions in the small business income tax rate and committed the Government to undertaking a review of the tax system within the coming year, with a view to eliminating poorly targeted and inefficient tax measures. Author: Sergey Panovmanaging partner Finance Business...

UK urges to postpone the introduction of quarterly reporting

Published: 20/05/2016 | news

Tags:

#Tax reporting

British Association for Taxes and Levies encourages postpones the introduction of a digital quarterly reporting at least one year. As part of the introduction of digital tax project, in 2020, the majority of enterprises, private entrepreneurs and landlords will be required to "monitor their tax affairs in digital form and update reports at least once a quarter with your digital tax records." In accordance with the statement of the association, the release of the five consultation documents on introduction of the digital tax returns, will be postponed until the European Union referendum, which will take place on 23 June. British Association of Taxes and Duties noted that such a delay could mean that the five consultations will be issued immediately, with simultaneous submission deadlines that allow for the launch of public testing in April 2017. Yvette Nunn, co-chairman of Tax Professionals Association, said: "If we assume that all consultations will be required to be represented by say at the end of September 2016 to carry out all the phases of public testing by April 2017, it will be impossible to adequately take into account the views and constructive the issues...

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...

Canada has signed an agreement on international reporting

Published: 17/05/2016 | news

Tags:

#Canada #Exchange of tax information #Financial statements

Canada has signed a multilateral agreement on reporting between countries. The first exchange of information is expected to be held in June 2018. Budget Canada 2016 includes a proposal to require companies with annual revenues of the consolidated group of USD 750 million or more, to submit annual reports on their income and taxes paid and accrued on the number of employees, capital, retained earnings and tangible assets for each tax jurisdiction in which they do business. Canada has the opportunity to share the information contained in the reports with tax treaty partners which also comply with the necessary standards of accountability. According to the Agency Revenue Canada, this information will allow countries to improve their ability to check and detect aggressive international scheme of tax evasion, as well as contribute to making global operations affected companies more transparent and that they pay the relevant taxes in the country which is generated by their profit. Currently 32 jurisdictions have signed the agreement on the international exchange of information. Canada noted that the signing of the agreement is part of a four-point action plan to...

Recent News