Tax Newsletter. No. 11 / 2005

Size: px
Start display at page:

Download "Tax Newsletter. No. 11 / 2005"

Transcription

1 page Tax Newsletter No. 11 / 2005 Str. Brezoianu, Nr. 36, Sector 1, Bucuresti Tel: +40 (0) Tel: +40 (0) Fax:+40 (0) Contents: ORDER regarding tax returns and use of Form «Payment Order to State Budget» ORDER regarding accounting standard forms and instructions for use ORDER regarding excise duties refund procedure LAW amending Company Law INSTRUCTION NBR reference interest rate for November 2005 LAW regarding private land ownership by foreigners CNAS and Ordinance 107/2005 on Health Insurance Contributions ORDINANCE regarding support to families with children ORDINANCE regarding unemployment and employment incentives LAW 333 DTT between Romania and Austria Proposed AMENDMENTS to 2006 FISCAL CODE DECEMBER 2005 AGENDA ORDER published on the Official Gazette 1055 on 26 November 2005 regarding tax returns and use of Form «Payment Order to State Budget» as a means of filing. This Order amends format and contents of the following returns: 100 «State budget liability return» 710 «Rectifying Statement» 300 «VAT Statement» 301 «VAT Special Statement» Tax payers can use to declare their liabilities (tax and social contributions) to the State the form Payment Order to the State Budget (OPT), if all the following conditions for each State liability are fulfilled: An amount is due for the respective period; In the reporting period, the amount due is equal to the outstanding amount as it is not influenced by deductible amounts for which an obligation to file exists ; The amount to pay for the period is fully settled in due time as per law. In case the tax payer uses OPT as a means of filing without complying with the above mentioned conditions, the means of payment will be not considered means of filing. However, paid amounts will settle tax liabilities according to Tax procedure Code (GO92/2003 art.2). The provisions of OMFP 246/2005 will apply to fill in and file the form «Payment Order to State Budget». Taxpayers who use as a means of filing under the above mentioned conditions, the form «Payment Order to State Budget» will not file form 100 «State budget liability return» for the respective liabilities. For filing State liabilities for the periods when the above mentioned conditions are not fulfilled, form 100 will be used. In case a tax payer has used several means for filing State liabilities, the first filed will be registered: Form 100 or OPT. Any further amendment to declared amounts is made by filing a Rectifying Statement (form 710) under the provisions of the law. ORDER no / 2005 for the application of Government Decision 831/1997 related to financial and accounting standard forms and to instructions for their use Starting 1 st January 2006, tax receipts issued by tax cash tellers will be the sole forms in use for recording expenses into the Petty Cash Register. By exception, receipts issued when purchasing petrol for cars for the purpose of operations will be used to book such expenses if they are stamped and the name of the purchased mentioned as well as the car registration number in conformity with Government Decision 28/1999 related to forms for VAT recognition; To record expenses in their books, enterprises will request from their suppliers of goods and services to provide them with tax invoices in conformity with the provisions of Tax Code art. 155 point 9; When goods and services are paid in petty cash or bank card at the time the tax invoice is issued, it is not necessary to fill in the purchaser IBAN and bank data; It is mandatory to fill identification data of the person who makes the delivery only in case the person who issues the tax invoice also makes the delivery of the supplier goods;

2 In case, a goods delivery note is drafted at the time of the delivery, the tax invoice is to be issued in the prescribed number of days, identification data of the person who makes the delivery and information upon the delivery are to be filled in only onto the goods delivery note; In case, the goods delivery note bears the mention «Follow Invoice», it is not necessary to fill in «Unit price» and «Amount», captions which are mandatory on the invoice. In such a case, other information will be mentioned onto the goods delivery note such as item code, weight, volume or other to permit goods identification; A number of forms are not any longer forms under special regime; For retailers, recording sales on a Monetary is not longer mandatory; For wholesale enterprises selling also on retail, it is not longer mandatory to operate under separate gestiuni, staff and accounts. ORDER no dated 11 October 2005 (Official Gazette 951) regarding the excise duties refund procedure based on the excise exemption returns The main provisions are: Excise exemption returns will be subject to a risk analysis which should be finalized within 15 days. Depending on the results of the analysis, the taxpayer will be categorized high or low tax risk. Taxpayers that are in one of the situations below are considered as taxpayers represent high tax risk and can benefit from an excise refund only after a tax inspection has been performed: ο if offences have been registered in their fiscal record; ο are newly-authorized; ο have no employee; ο have no immovable or movable property; ο if tax inspectors or the local offices of the Finance Guard have notified the relevant authorities that there is a high tax risk related to them. Taxpayers with low risk will receive the refund and tax inspection will be performed afterwards. Subsequent inspection will be conducted within maximum 2 years from the approval date of the refund. page 2 Law no. 302 dated 24 October 2005 (Official Gazette 953) amending Company Law 31 / 1990 The most important amendment brought to the Company Law is the increase of the minimum share capital of joint-stock companies and of partnerships limited by shares to the equivalent in RON of EUR 25,000, calculated at the National Bank of Romania exchange rate valid on the subscription date. The prior minimum share capital was RON 2,500; Existing companies should proceed to this share capital increase within one year as from the coming into force of the amendment act, that is, until October 30 th 2006, under sanction of dissolution of the legal person upon request of the National Office of the Trade Registry. Other amendments to the Company Law by Law no. 302/2005 refer to a better organization of the dissolution procedure. WINTER CELEBRATIONS Legal holidays Legal holidays are: ο 1 st December; ο Christmas Day and 26 th December; ο 1 st and 2 nd January. Paid vacation When legal holidays overlap with days of paid vacation, these days will not be entered into account when computing the number of days of paid vacation. In case employees work on a legal holiday for professional reasons, the time spent at work will be compensated with time off which will be taken by mutual agreement with the employer (according to Internal Regulations) or will be paid double. During the paid vacation, the employee receives an allowance which cannot be less than the monthly base salary and recurrent indemnities and bonuses granted for the respective period as per labour contract. This allowance is computed as the daily average of remuneration computed as above during the three months previous to the month when days off are taken by the number of days of paid holidays. The allowance is paid by the employer at least 5 working days before the employee leaves for vacation (Government Emergency Ordinance 65 dated 29 June 2005 to amend Law 53/2003 Labour Code). Taking days off Minimum number of days of paid vacation is 21 working days per year. Employees who joined during a year have a prorated number of days of paid holidays computed from the day they were recruited until 31 December. The sole case allowed by law when an employee can pay the employee the number of days the employee was entitled and did not take, is in case of cessation of labour contract. An employee who, under exceptional circumstances, has not

3 taken all the days he was entitled is obliged to take the remaining days before the end of the following year. Gratifications Gratifications can take several forms: Bonuses in addition to December gross salary liable to withheld employee contributions and income tax. For the employer, bonuses and related employer contributions are tax allowed expenses; Allowance in amount of RON 150 by under age child. This amount can be given also as Gift Voucher and represents an expense that can be included in Welfare expenses which are tax deductible in the limit of 2% annual payroll together with other categories of welfare expenses under Tax Code; Christmas presents, other than the ones mentioned in the previous article are considered benefits in kind and taxable for the employee. For the employer, these expenses are tax allowed as long as they are taxable for the employee; Gifts purchased by the employee and offered to the employee at the time of the traditional Christmas Tree can be recorded as protocol expenses. To be mentioned that protocol expenses are tax allowed in the limit of 2% of an amount computed as follows: total taxable income total deductible expenses (except corporate tax and protocol expenses for the year). INSTRUCTION no. 36 of the National Bank of Romania (NBR) issued on 1 st November 2005 regarding the reference interest rate for November 2005 For November 2005, the NBR sets the reference interest rate at 7.5% per annum. Law no. 312 / 2005 (Official Gazette 1008) regarding private land ownership by foreign and stateless citizens and by foreign legal persons Any citizen of a Member State, the stateless persons having the residence in a Member State or in Romania and the foreign companies registered in a Member State may obtain land ownership in the same conditions as for the Romanian citizens or companies ; The foreign citizen, the stateless person or the companies having the residence in any other countries than the Member States, may obtain the land ownership based on the stipulations in the international treaties, based on reciprocal conditions, but no more favourable conditions than for the Member States; The Member States any State member of European Union or E.F.T.A. The current law is to be come into force when Romania will join E.U. Reminder Micro enterprises page 3 If a micro enterprise does not fulfil during the year any of the requested conditions (i.e. starting with 1 st August 2005 and until 31 December 2005, the company does not have any employee), the company has to file the return 010 (changing the fiscal regime to corporate tax) with the Fiscal Authorities during January The Romanian legislation requests filing of the above return within 30 days from the date of change of the fiscal regime (which in the above case is considered to be 1 st January 2006). CNAS and Ordinance 107/2005 on Health Insurance Contributions The National Health Insurance Agency (CNAS) has stated the following regarding Ordinance 107/ 25 July 2005 on health insurance contributions: Foreigners Seconded to Romania CNAS maintains that: A foreigner is considered to be in Romania on a temporary basis until he obtains a stay permit. During this period, his contribution is optional. Once a stay permit is obtained, the foreigner is considered to have his residency in Romania and his contribution to the health fund becomes mandatory. This is to be calculated as 6.5% of the taxable income in Romania. Freelancers CNAS has stated that contributions calculated based on income derived from authorised activities or liberal professions is payable irrespective of whether or not it is the only taxable income that is used for calculating the contribution. CNAS has recently posted on the Ministry of Health s website ( a new draft law on health insurance aimed to clarify the above issues. Government Emergency Ordinance no. 148 dated 4 November 2005 (Official Gazette 1008) regarding support to families with children Starting with 1 st January 2006, the monthly allowance to raise a child up to the age of 2 is RON 800 and is granted 3 years if the child is disabled. Application is to be submitted at the City Hall. The right to receive this allowance is granted to a person who had taxable incomes for 12 months prior to the child birth. To assess this 12 months period of contribution as per Law 19/2000 regarding pension and social insurance, the periods spent abroad by the person with his/her spouse are taken into account. For the periods when the beneficiary of the allowance obtains taxable incomes, this allowance is suspended and an indemnity in amount of RON 300 is granted. Any of the parents is entitled to the above allowance/indemnity. Territorial directions of Ministry of Labour, Social Solidarity and Family are in charge of the calculation and payment of the allowance/indemnity, as well as personal health contribution. The length of time a person is granted the allowance/indemnity

4 page 4 is considered a period of contribution to the public regime as per Law 19/2000. The allowance/indemnity is not liable to any other social contribution but the Ordinance does not mention whether it is or not subject to income tax. The present provisions apply also to the individuals who receive, as at 31 December 2005, allowances to raise a child as per Law 19 / Starting 1 January 2007: The monthly allowance to raise a child will be RON 600; The monthly indemnity for the periods when the individual obtains taxable incomes will be RON 100; The State allowance for children up to the age of 2 and in case of a disabled child up to the age of 3 will be RON 200. Within 60 days from publication date at the Official Gazette, the Ministry of Labour, Social Solidarity and Family will draft norms for application. the assets through a public tender or an in-house specialized department Income Tax Salary Income Tax exemption on revenues derived from software creation would be subject to prior approval of Competition Office ; Salary obtained from main occupation by a disabled person would be tax exempt. Income derived from investment Dividends would be liable to a 16% tax rate starting 1 st January 2006 ; Starting 1 st January 2006, a 16% tax rate would apply on interests applicable to: ο term deposits; ο saving instruments; ο civil contracts; Government Emergency ORDINANCE no. 144 dated 18 October 2005 (Official Gazette 969/ ) amending Law 76/2002 regarding unemployment and employment incentives Starting with 1 sr January 2006, employer contributions for unemployment are 2.5% of monthly gross salary. New incentives are introduced for employers who hire persons who have just finished high school or university or unemployed over 45 or single persons who support alone a family. Employment Agency is in charge of computing unemployment allowances in function of contribution period, unemployed length at work and the number of months the unemployment allowance is to be granted (for more information, see APEX Newsletter no Within 90 days from publication date at the Official Gazette, the Ministry of Labour, Social Solidarity and Family will amend consequently norms for application for Law 76/2002. LAW no. 333 dated 15 November 2005 (Official Gazette 1034) To ratify Treaty signed at Bucharest on 30 March 2005 between Romania and Austria to avoid double taxation and prevent tax avoidance on income and capital and its enclosed protocol. PROPOSED AMENDMENTS TO 2006 FISCAL CODE Corporate Tax Travel and accommodation expenses in Romania or abroad occurred by employee or Director would be tax allowed irrespective the enterprise is profitable or not ; Private education grants would be tax allowed as sponsoring and patronage; The draft of the Fiscal Code dated 21 November 2005 does not mention any more that the loss on disposal of fixed assets would become tax disallowed. Losses would become deductible without the necessity to sell ο overnight deposits/current accounts. Interests derived from above mentioned investments made before 1 st January 2006 would be taxed at the tax rate in force when made. Agricultural income A new category of agricultural income would be introduced: revenues derived from agricultural products obtained from crop as such from privately owned or rented agricultural lands, from enterprises specialized in collecting them, from enterprises which process them industrially or by the other enterprises which use them in their natural state. The related tax at a 2% rate would be withheld and final. Tax on income obtained by non residents Income derived by a non resident from unwinding a Romanian legal person would be taxable. This income would represent the difference between distributions in cash or in kind over contribution to share capital; Tax would be due by application of the following rates to the gross income: ο 16% on interests on term/overnight deposits, current accounts, deposit certificates and other saving instruments at banks or at other credit institutions authorised in Romania created/purchased after 1 st January For those prior, the tax rate in force when set up would apply; ο 20% on gambling; ο 16% on any other taxable income in Romania.

5 Income from disposal of personal real estate properties Tax base would change : it would not be any more the difference between proceeds and property base, but the sale value itself, the way to determine it depending on how it is disposed of; Tax rate would be 2% (vs.10% previously planned) of the taxable income. Local taxes A disabled person would not be liable to tax on land, tax on building as well as to the fee to be registered as a free lancer. December Agenda Everyday - do not forget: to fill in the petty cash register (or to print the electronic version) to fill in the purchase ledger and the sales ledger At month end - do not forget: to fill in the journal ledger to organize stock count of the assets if case the enterprise does not use permanent inventory system to issue the last invoices for the month of July (the rule of 5 days does not apply at month end neither for services) During the month - do not forget: That Monday 12 December is last day to submit: Return on collection of hotel tax That Monday 12 December is last day to pay: Hotel tax Tax on advertising services That Thursday 15 December is last day to pay: Tax on income from independent activities (instalment IV) Tax on rental income (instalment IV) Tax on agricultural revenue based on effective revenue (instalment IV) That Tuesday 27 December is last day to submit: State budget liability return for November 2005 (code 100) VAT return for November 2005 (code 300) Social security statement Unemployment fund statement page 5 Special VAT return for VAT non payers (code 301) Statement for income obtained by natural persons who perform an activity in Romania and by Romanian citizens who are employees of diplomatic missions and consular posts accredited in Romania (code 224) Environmental Fund Statement That Tuesday 27 December is last day to pay: Excises Tax on crude oil and natural gas from internal production Withholding tax on non residents income VAT Salary tax Tax on income from independent activities, withheld at source Tax on income from dividends Tax on income from interests Tax on income from investments Tax on income from pensions Tax on income from premium and gambling Tax on income from other sources Social security contribution Unemployment fund Health fund Work accidents and occupational diseases fund Contributions for non employment of disabled persons Environmental fund Gambling tax That Friday 30 December is last day to pay: The commission for holding and filling in the Labour books for the month of November Tax on dividends related to year 2004 and not withdrawn All forms mentioned above can be downloaded from the Ministry of Public Finance web-site:

6 page 6 Str. Brezoianu, Nr. 36, Sector 1, Bucuresti Phone: + 40 (0) Phone: + 40 (0) Fax: +40 (0) office@apex-team.ro Site: ACCOUNTING AND PAYROLL EXPERT TEAM APEX team includes qualified professionals able to provide full range of accounting and payroll services. Our consultants are ready to share the knowledge and experience they have gained working in Romania as consultants in one of the Big 4 international companies, having as clients many international companies acting in a wide range of industries. The team includes chartered accountants (Romanian Chartered Accountants Body and also ACCA) specialized in assistance of the accounting function of companies, as well as a team specialized in payroll administration on behalf of the client. We provide full range of accounting services, payroll services, local tax compliance and tax advice, services tailored to your company needs: Start up services Organization of the accounting function Bookkeeping Recurrent accounting assistance Accounting and tax advice «on line» Payroll computation and additional services Assistance in implementation of information systems Training The above information is a short summary of recently published information and is not intended to be advice on any particular matter. APEX Team International disclaims liability to any person in respect of anything done in reliance of the contents of these publications APEX APEX Team Team International

PAYROLL CONTRIBUTIONS in force on 1 st January Contribution Employer (rate %) Social security contribution

PAYROLL CONTRIBUTIONS in force on 1 st January Contribution Employer (rate %) Social security contribution page Tax Newsletter No. 12 / 2005 Str. Brezoianu, Nr. 36, Sector 1, Bucuresti Tel: +40 (0)21 313 70 31 Tel: +40 (0)745 20 27 39 Fax:+40 (0)21 313 70 68 Contents: PAYROLL Contributions 2006 NEW software

More information

Newsletter. APEX Team International

Newsletter. APEX Team International Year 2018, Issue 11 APEX Team International Helesteului Str. 15 17, District 1 Bucharest 011986 Phone: +40 (0)31 809 2739 Contents: +40 (0)74 520 2739 Fax: +40 (0)31 805 7739 E mail: office@apex team.ro

More information

Tax Newsletter. No. 12 / 2006 H.R. KEY FIGURES. Employee ( %) 9.5% Contribution 2007 Employer ( %) 24.65% for particular working conditions

Tax Newsletter. No. 12 / 2006 H.R. KEY FIGURES. Employee ( %) 9.5% Contribution 2007 Employer ( %) 24.65% for particular working conditions page Tax Newsletter No. 12 / 2006 Contents: Social contributions for 2007 and HR key figures Application NORMS of the FISCAL CODE which enters in force as at 1 st January 2007 Clarification for the preparation

More information

Tax Newsletter. No. 12 / 2009

Tax Newsletter. No. 12 / 2009 page Tax Newsletter No. 12 / 2009 56 Boulevard Dacia, District 2, Bucharest Tel: +40 (0) 31-809 2739 Fax:+40 (0) 31-805 7739 Email: office@apex-team.ro Contents: Emergency Ordinance to alleviate blockages

More information

Newsletter. APEX Team International

Newsletter. APEX Team International Year 2011, Issue 7 APEX Team International Romania, Bucharest Blvd Dacia 56, District 2 Phone: + 40 (0) 31 809 2739 Phone: + 40 (0) 74 520 2739 Fax: + 40 (0) 31 805 7739 E-mail: office@apex-team.ro Contents:

More information

Tax Newsletter. No. 10 / 2010

Tax Newsletter. No. 10 / 2010 page Tax Newsletter No. 10 / 2010 56 Boulevard Dacia, District 2, Bucharest Tel: +40 (0) 31-809 2739 Fax:+40 (0) 31-805 7739 Email: office@apex-team.ro Contents: No more minimum tax starting 1 st October

More information

Newsletter. APEX Team International

Newsletter. APEX Team International Year 2016, Issue 11 APEX Team International Newsletter Helesteului Str. 15 17, District 1 Bucharest 011986 Phone: +40 (0)31 809 2739 Contents: +40 (0)74 520 2739 Fax: +40 (0)31 805 7739 E mail: office@apex

More information

TAX CARD 2016 ROMANIA

TAX CARD 2016 ROMANIA ROMANIA TAX CARD TAX CARD 2016 ROMANIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Rates 1.1.2 Taxable Income 1.1.3 Exempt Income 1.1.4 Deductible Expenses/Allowances 1.2 Social

More information

T A X HOT T O P I C S

T A X HOT T O P I C S Amendments to the n Fiscal Code (Government Emergency Ordinance No. 58/2010 published in Official Gazette No. 431 of and Government Emergency Ordinance No. 54/2010 published in Official Gazette No. 421

More information

TAX TREATMENT OF SELF EMPLOYED INCOME VERSUS WAGE INCOME

TAX TREATMENT OF SELF EMPLOYED INCOME VERSUS WAGE INCOME ROMANIAN MINISTRY OF PUBLIC FINANCE TAX TREATMENT OF SELF EMPLOYED INCOME VERSUS WAGE INCOME ofia, 10-11 th of June, 2010 General Directorate for Macroeconomic Analysis and Financial Policies Taxpayers

More information

Luxembourg income tax 2018 Guide for individuals

Luxembourg income tax 2018 Guide for individuals Luxembourg income tax 2018 Guide for individuals www.pwc.lu 2 Table of Contents Basic principles Employment income Directors fees Dividend and interest income 1 2 3 4 5 Capital gains p4 p8 p9 p9 p10 Real

More information

Order of the president of the National Agency for Fiscal Administration no /2016 published in the Official Gazette no. 17 of 9 January 2017

Order of the president of the National Agency for Fiscal Administration no /2016 published in the Official Gazette no. 17 of 9 January 2017 January 2017 Approval of the framework-model of the collaboration protocol regarding the exchange of information between the National Agency for Fiscal Administration and non-banking financial institutions

More information

The Romanian Tax Pocket Book 2015

The Romanian Tax Pocket Book 2015 www.pwc.ro The Romanian Tax Pocket Book 2015 2015 Edition Table of Contents Chapter I: Taxation of Individuals 1 Personal Income Tax 8»» General Principles 8»» Taxation of Residents 9»» Taxation of Non-residents

More information

Single-entry bookkeeping system

Single-entry bookkeeping system Single-entry bookkeeping system Order of the Minister of Public Finance no. 170/2015, published in the Official Gazette no. 139 of 24 February 2015 The present Order which sets out the single-entry bookkeeping

More information

CONTRACT ENTR FR-TRA-00

CONTRACT ENTR FR-TRA-00 CONTRACT ENTR-2006-00896-00-01-FR-TRA-00 IMPLEMENTED BY FOR DEMOLIN, BRULARD, BARTHELEMY COMMISSION EUROPEENNE - HOCHE - - DG ENTREPRISES - Study on Effects of Tax Systems on the Retention of Earnings

More information

Reference Interest Rate published by the National Bank of Romania

Reference Interest Rate published by the National Bank of Romania May 2015 Reference Interest Rate published by the National Bank of Romania Circular letter of the National Bank of Romania no. 17/2015, published in the Official Gazette no. 316 of 8 May 2015 As of 7 May

More information

The Romanian Tax Pocket Book

The Romanian Tax Pocket Book www.pwc.com/ro The Romanian Tax Pocket Book 2011 Edition TaxOnline.ro is the online solution that brings PwC professional tax services to the internet. We invite you to visit the website (www.taxonline.ro)

More information

TAXATION OF INCOME OF NON-RESIDENTS OF LITHUANIA

TAXATION OF INCOME OF NON-RESIDENTS OF LITHUANIA TABLE OF CONTENTS TAXATION OF INCOME OF NON-RESIDENTS OF LITHUANIA (For reporting income of 2015 and subsequent tax periods) I. INTRODUCTORY PART II. TAXATION AND REPORTING OF INCOME OF A NON-RESIDENT

More information

FOREWORD. Tunisia. Services provided by member firms include:

FOREWORD. Tunisia. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

ALBANIA TAX CARD 2017

ALBANIA TAX CARD 2017 ALBANIA TAX CARD 2017 TAX CARD 2017 ALBANIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Rates 1.1.2 Taxable Income 1.1.3 Exempt Income 1.1.4 Deductible Expenses 1.2 Social Security

More information

Paper F6 (ROM) Taxation (Romania) Thursday 10 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (ROM) Taxation (Romania) Thursday 10 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Romania) Thursday 10 December 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This question paper is divided into two sections: Section A

More information

The most important legislative changes in Slovakia as of 2018 ebook

The most important legislative changes in Slovakia as of 2018 ebook The most important legislative changes in Slovakia as of 2018 ebook INTRODUCTION Are you wondering about the most significant changes in the Slovak legislation with the arrival of 2018? Our experts have

More information

THE LAW ON TAX ON INCOME OF NATURAL PERSONS (LAW ON PERSONAL INCOME TAX) I BASIC PROVISIONS

THE LAW ON TAX ON INCOME OF NATURAL PERSONS (LAW ON PERSONAL INCOME TAX) I BASIC PROVISIONS Pursuant to Article 88 Item 2 of the Constitution of the Republic of Montenegro I hereby pass the DECREE PROMULGATING THE LAW ON TAX ON INCOME OF NATURAL PERSONS (Official Gazette of the Republic of Montenegro

More information

Chapter 23. General Provisions. Article 169. Concept of value added tax. Chapter 24. Taxpayers. Article 170. Taxpayers

Chapter 23. General Provisions. Article 169. Concept of value added tax. Chapter 24. Taxpayers. Article 170. Taxpayers DIVISION VII. VALUE-ADDED TAX Chapter 23. General Provisions Article 169. Concept of value added tax The value added tax, hereinafter VAT, is a form of collection to the budget of a portion of the value

More information

This document has been provided by the International Center for Not-for-Profit Law (ICNL).

This document has been provided by the International Center for Not-for-Profit Law (ICNL). This document has been provided by the International Center for Not-for-Profit Law (ICNL). ICNL is the leading source for information on the legal environment for civil society and public participation.

More information

Paper F6 (ROM) Taxation (Romania) Tuesday 2 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (ROM) Taxation (Romania) Tuesday 2 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Romania) Tuesday 2 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section A ALL 15 questions

More information

Paper F6 (ROM) Taxation (Romania) Thursday 8 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (ROM) Taxation (Romania) Thursday 8 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Romania) Thursday 8 June 2017 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory and

More information

Paper F6 (ROM) Taxation (Romania) Tuesday 3 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (ROM) Taxation (Romania) Tuesday 3 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Romania) Tuesday 3 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates

More information

Paper F6 (ROM) Taxation (Romania) Thursday 7 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (ROM) Taxation (Romania) Thursday 7 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Romania) Thursday 7 December 2017 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory

More information

Coordination of Social Security Systems

Coordination of Social Security Systems Republic of Serbia Bilateral Screening Chapter 2 Freedom of movement for workers Coordination of Social Security Systems Brussels, 25.3.2014 Coordination of the Social Security in the EU Legal Basis Article

More information

Corporate entities, including subsidiaries of foreign companies incorporated under Macedonian law, are considered Macedonian tax residents.

Corporate entities, including subsidiaries of foreign companies incorporated under Macedonian law, are considered Macedonian tax residents. Taxation Profit Tax Corporate entities, including subsidiaries of foreign companies incorporated under Macedonian law, are considered Macedonian tax residents. Upon registration in Macedonia, these legal

More information

Austria Individual Taxation

Austria Individual Taxation Introduction Individuals are subject to national income tax. There are no local income taxes. After 1 August 2008, inheritance and gift tax is no longer levied. Social security contributions are also levied.

More information

Tax Card KPMG in Macedonia. kpmg.com/mk

Tax Card KPMG in Macedonia. kpmg.com/mk Tax Card 2016 KPMG in Macedonia kpmg.com/mk TAXATION OF CORPORATE PROFITS Corporate income tax (CIT) is due from profits realized by resident legal entities as well as by non-residents with a permanent

More information

Tax & Legal Alert. Tax and exercise duty law amendments as of Personal Income Tax

Tax & Legal Alert. Tax and exercise duty law amendments as of Personal Income Tax 2010. December Tax & Legal Alert Tax and exercise duty law amendments as of 2011 Auditing and Consulting Phone: +36.1.375.4921 On 16 th November 2010, the Hungarian Parliament approved the packet of amendments

More information

BULGARIA TAX CARD 2017

BULGARIA TAX CARD 2017 BULGARIA TAX CARD 2017 TAX CARD 2017 BULGARIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Residency 1.1.2 Tax Rates 1.1.3 Taxable Income 1.1.4 Exempt Income 1.1.5 Deductible Expenses

More information

Global Mobility Services: Taxation of International Assignees Country Thailand

Global Mobility Services: Taxation of International Assignees Country Thailand http://www.pwc.com/th/en Global Mobility Services: Taxation of International Assignees Country Thailand People and Organisation Global Mobility Country Guide 2016 Last updated: December 2016 This document

More information

ACCOUNTING TREATMENT OF BENEFITS IN KIND

ACCOUNTING TREATMENT OF BENEFITS IN KIND ACCOUNTING TREATMENT OF BENEFITS IN KIND Popescu Leonica Romanian American University, Faculty of Management Marketing, Bucharest popescu.leon.m@gmail.com Popescu Lucian University Spiru Haret, Faculty

More information

Newsletter. APEX Team International INFO

Newsletter. APEX Team International INFO Year 2017, Issue 11 APEX Team International Helesteului Str. 15 17, District 1 Bucharest 011986 Phone: +40 (0)31 809 2739 Contents: +40 (0)74 520 2739 Fax: +40 (0)31 805 7739 E mail: office@apex team.ro

More information

International Tax Lithuania Highlights 2017

International Tax Lithuania Highlights 2017 International Tax Lithuania Highlights 2017 Investment basics: Currency Euro (EUR) Foreign exchange control No Accounting principles/financial statements IAS and IFRS, or Business Accounting Standards

More information

Law regarding the Fiscal Code. Law no. 227/2015 published in the Official Gazette no. 688 of 10 September 2015

Law regarding the Fiscal Code. Law no. 227/2015 published in the Official Gazette no. 688 of 10 September 2015 21 September 2015 Law regarding the Fiscal Code Law no. 227/2015 published in the Official Gazette no. 688 of 10 September 2015 Starting with 1 January 2016, Law no. 227/2015 regarding the Fiscal Code

More information

GREECE Overview of the system

GREECE Overview of the system GREECE 2001 1. Overview of the system The national currency is the Drachmae (GRD). The 2001 Average Worker earnings is GRD 3318905. All information in this chapter applies to 1 January, 2001. 2. Unemployment

More information

Taxation of individuals

Taxation of individuals Taxation of individuals Luxembourg 2016 kpmg.lu Tax year The tax year corresponds to the calendar year. Tax rates Progressive tax rates ranging from 0% to 42.8% apply to taxable income not exceeding 150,000

More information

Paper F6 (ROM) Taxation (Romania) Thursday 9 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (ROM) Taxation (Romania) Thursday 9 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Romania) Thursday 9 June 2016 Time allowed Reading and planning: 15 minutes Writing: 3 hours This question paper is divided into two sections: Section A ALL 15

More information

Guide to. Personal Income Tax Return 2015 (ภ.ง.ด.90) For taxpayers who received income not only from employment

Guide to. Personal Income Tax Return 2015 (ภ.ง.ด.90) For taxpayers who received income not only from employment Guide to Personal Income Tax Return 2015 (ภ.ง.ด.90) For taxpayers who received income not only from employment Bureau of Legal Affairs, Revenue Department, Bangkok Contents WHAT S NEW FOR TAX YEAR 2015?...

More information

PERSONAL INCOME TAX LAW OF MONGOLIA. (Newly formulated) SECTION ONE GENERAL PROVISIONS

PERSONAL INCOME TAX LAW OF MONGOLIA. (Newly formulated) SECTION ONE GENERAL PROVISIONS DRAFT LAW Unofficial Translation Article 1. Purpose of the law PERSONAL INCOME TAX LAW OF MONGOLIA (Newly formulated) SECTION ONE GENERAL PROVISIONS 1.1. The purpose of this law is to regulate relations

More information

RETURN ON TAXES DUE TO THE STATE BUDGET 100

RETURN ON TAXES DUE TO THE STATE BUDGET 100 Annex no. 1 RETURN ON TAXES DUE TO THE STATE BUDGET 100 Return submitted pursuant to annulment of discretion for subsequent review. Legal basis for submitting the return... A. Identification data of the

More information

AMENDMENTS TO THE CORPORATE INCOME TAXATION ACT EFFECTIVE AS OF 1 JANUARY 2014 AND 1 JANUARY 2015

AMENDMENTS TO THE CORPORATE INCOME TAXATION ACT EFFECTIVE AS OF 1 JANUARY 2014 AND 1 JANUARY 2015 AMENDMENTS TO THE CORPORATE INCOME TAXATION ACT EFFECTIVE AS OF 1 JANUARY 2014 AND 1 JANUARY 2015 With the Law for Amendment and Supplementation of the Value Added Tax, promulgated in State Gazette issue

More information

Current as of July 2018 Comments related to any information in this Note should be addressed to Lily Liu.

Current as of July 2018 Comments related to any information in this Note should be addressed to Lily Liu. ROMANIA Current as of July 2018 Comments related to any information in this Note should be addressed to Lily Liu. TABLE OF CONTENTS I. Summary II. III. IV. A. Types of Organizations B. Tax Laws Applicable

More information

2018 Company Formation

2018 Company Formation 2018 Company Formation Romania www.accace.com www.accace.ro Contents Legal forms of business, minimum capital, contribution 3 General Partnership (Societate in nume colectiv S.N.C.) 3 Limited Partnership

More information

International Tax Romania Highlights 2018

International Tax Romania Highlights 2018 International Tax Romania Highlights 2018 Investment basics: Currency Romanian New Leu (RON) Foreign exchange control The national currency is fully convertible and residents are allowed to make external

More information

Romania's New Fiscal Code

Romania's New Fiscal Code FEATURED ARTICLES ISSUE 152 OCTOBER 8, 2015 Romania's New Fiscal Code by Angela Rosca, Taxand Contact: angela.rosca@taxhouse.ro, Tel. +40 21 316 06 45 Law No. 227/2015 was published in the Offi cial Gazette

More information

Summary of the most significant changes affecting employment taxation in 2018

Summary of the most significant changes affecting employment taxation in 2018 Summary of the most significant changes affecting employment taxation in 2018 Czech Republic Hungary Poland Romania Slovakia INTRODUCTION We want to quickly guide you through the most significant changes

More information

International Tax Albania Highlights 2018

International Tax Albania Highlights 2018 International Tax Albania Highlights 2018 Investment basics: Currency Albanian Lek (ALL) Foreign exchange control There are no foreign exchange controls; repatriation of funds may be made in any currency.

More information

Paper F6 (ROM) Taxation (Romania) Thursday 8 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (ROM) Taxation (Romania) Thursday 8 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Romania) Thursday 8 December 2016 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory

More information

GLOBAL INDIRECT TAX. Lithuania. Country VAT/GST Essentials. kpmg.com TAX

GLOBAL INDIRECT TAX. Lithuania. Country VAT/GST Essentials. kpmg.com TAX GLOBAL INDIRECT TAX Lithuania Country VAT/GST Essentials kpmg.com TAX b Lithuania: Country VAT/GST Essentials Lithuania: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to

More information

Amendments of Serbian Tax Laws adopted by the Serbian Parliament

Amendments of Serbian Tax Laws adopted by the Serbian Parliament Amendments of Serbian Tax Laws adopted by the Serbian Parliament In the session held on 14 December 2017 the Serbian Parliament adopted amendments to the VAT Law, Corporate Income Tax (CIT) Law, the Law

More information

LAW ON VALUE-ADDED TAX /Revised version/

LAW ON VALUE-ADDED TAX /Revised version/ LAW OF MONGOLIA 29 June 2006 Government House. Ulaanbaatar LAW ON VALUE-ADDED TAX /Revised version/ CHAPTER ONE General provisions Article 1. The purpose of the Law 1.1. The purpose of this Law is to regulate

More information

Insurance Tax Act 1. Date of signature: 8 April Full citation:

Insurance Tax Act 1. Date of signature: 8 April Full citation: Insurance Tax Act 1 Date of signature: 8 April 1922 Full citation: Insurance Tax Act as published on 10 January 1996 (Federal Law Gazette I, p. 22), most recently amended by Article 25 of the Act of 20

More information

European Union: Accession States Tax Guide. LITHUANIA Lawin

European Union: Accession States Tax Guide. LITHUANIA Lawin A. General information European Union: Accession States Tax Guide LITHUANIA Lawin CONTACT INFORMATION Gintaras Balcius Lawin Jogailos 9/1 Vilnius, LT-01116 Lithuania 370.5.268.18.88 gintaras.balcius@lawin.lt

More information

Leasing taxation Estonia

Leasing taxation Estonia 2012 KPMG Baltics OÜ, an Estonian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss

More information

Global Mobility Services: Taxation of International Assignees - Spain

Global Mobility Services: Taxation of International Assignees - Spain www.pwc.es/en Global Mobility Services: Taxation of International Assignees - Spain People and Organisation Global Mobility Country Guide (Folio) Last updated: February 2017 This document was not intended

More information

Accounting Reporting System as at 30 June 2014 of insurance undertakings

Accounting Reporting System as at 30 June 2014 of insurance undertakings ANNEX Rule No.18/2014 Accounting Reporting System as at 30 June 2014 of insurance undertakings CHAPTER I SECTION 1 Methodological Rules for the preparation and submission of accounting reports as at 30

More information

TAXATION OF ENTERPRISES...

TAXATION OF ENTERPRISES... CONTENTS CONTENTS... 1 1. TAXATION OF ENTERPRISES... 2 1.2 Corporate Income Tax... 2 1.3 The Estimation of the Taxable Profit... 4 1.4 Statement and Payment of Taxable Profit... 10 1.5 Transfer Pricing...

More information

Tax Card With effect from 1 January 2016 Lithuania. KPMG Baltics, UAB. kpmg.com/lt

Tax Card With effect from 1 January 2016 Lithuania. KPMG Baltics, UAB. kpmg.com/lt Tax Card 2016 With effect from 1 January 2016 Lithuania KPMG Baltics, UAB kpmg.com/lt CORPORATE INCOME TAX Taxable profit of Lithuanian and foreign corporate taxpayers is subject to a standard (flat) rate

More information

Serbian Tax Card 2018

Serbian Tax Card 2018 Serbian Tax Card 2018 KPMG d.o.o. Beograd kpmg.com/rs CORPORATE INCOME TAX A resident is a legal entity which is incorporated or has a place of effective management and control on the territory of Serbia.

More information

FOREWORD. Algeria. Services provided by member firms include:

FOREWORD. Algeria. Services provided by member firms include: 2015 2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses?

More information

International Tax Germany Highlights 2018

International Tax Germany Highlights 2018 International Tax Germany Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control No restrictions are imposed on the import or export of capital; however, a declaration must be

More information

Paper F6 (RUS) Taxation (Russia) Thursday 7 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (RUS) Taxation (Russia) Thursday 7 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Russia) Thursday 7 June 2018 F6 RUS ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory

More information

TAXATION OF EXPATRIATES WORKING IN THE SLOVAK REPUBLIC OUR OFFICES:

TAXATION OF EXPATRIATES WORKING IN THE SLOVAK REPUBLIC OUR OFFICES: TAXATION OF EXPATRIATES WORKING IN THE SLOVAK REPUBLIC OUR OFFICES: guide2007.p65 1 Leitner + Leitner No reliance should be placed on nor should decisions be taken on the basis of the contents of this

More information

Tax Memento Luxembourg 2018

Tax Memento Luxembourg 2018 Tax Memento Luxembourg 2018 Corporate Main taxes Corporate Income Tax (CIT) Taxable Income Rate Less than 25,000 15% Between 25,000 and 30,000 Exceeding 30,000 18% 3,750 + 33% of the income exceeding 25,000

More information

Germany Taxable income. Introduction. 1. Income Tax Taxable persons. This chapter is based on information available up to 11 March 2010.

Germany Taxable income. Introduction. 1. Income Tax Taxable persons. This chapter is based on information available up to 11 March 2010. This chapter is based on information available up to 11 March 2010. Introduction Individuals are subject to income tax, which is increased by a solidarity surcharge. Individuals carrying on a trade or

More information

Taxation of individuals

Taxation of individuals Taxation of individuals Luxembourg 2018 kpmg.lu Tax year The tax year corresponds to the calendar year. Tax rates Progressive tax rates ranging from 0% to 45.78% apply to taxable income not exceeding 200,004

More information

Fundamentals Level Skills Module, Paper F6 (ROM)

Fundamentals Level Skills Module, Paper F6 (ROM) Answers Fundamentals Level Skills Module, Paper F6 (ROM) Taxation (Romania) June 2014 Answers and Marking Scheme Marks 1 (a) Printer GmbH (i) Definition of a permanent establishment A permanent establishment

More information

2018 TAX GUIDELINE. Poland.

2018 TAX GUIDELINE. Poland. 2018 TAX GUIDELINE Poland poland@accace.com www.accace.com www.accace.pl Contents General information about Poland 4 Legal forms of business 5 General rules on purchasing real estate by foreigners 5 Legal

More information

ecommerce in Romania Main Legal and Tax Aspects

ecommerce in Romania Main Legal and Tax Aspects www.accace.ro romania.office@accace.com ecommerce in Romania Main Legal and Tax Aspects BACKGROUND Over the last years, the eshop business has been booming in Romania. According to reports and estimates

More information

ONLINE TAX PREPARATION TOOL

ONLINE TAX PREPARATION TOOL CITY OF GRAND RAPIDS 2008 NONRESIDENT INCOME TAX FORM AND INSTRUCTIONS, FORM GR-1040NR USE OF MAILING LABEL: Do not use the label on computer prepared tax forms. Use the label on manually prepared tax

More information

The following tax rates and allowances are to be used in answering the questions. Personal income tax. General tax rate 16% Income from employment

The following tax rates and allowances are to be used in answering the questions. Personal income tax. General tax rate 16% Income from employment Taxation Romania (TX-ROM) (F6) - June and December 2018 TAX RATES AND ALLOWANCES The following tax rates and allowances are to be used in answering the questions. Personal income tax General tax rate 16%

More information

Global Mobility Services: Taxation of International Assignees - Angola

Global Mobility Services: Taxation of International Assignees - Angola www.pwc.com/ao/en Global Mobility Services: Taxation of International Assignees - Angola Taxation issues & related matters for employers & employees 2017 Last Updated: February 2017 This document was not

More information

NEW END-OF-YEAR TAX LEGISLATION (2017) AMENDMENTS TO THE REGULATIONS ON A NUMBER OF TAXES

NEW END-OF-YEAR TAX LEGISLATION (2017) AMENDMENTS TO THE REGULATIONS ON A NUMBER OF TAXES COMMENTARY TAX 1-2018 JANUARY 2018 NEW END-OF-YEAR TAX LEGISLATION (2017) AMENDMENTS TO THE REGULATIONS ON A NUMBER OF TAXES The Official State Gazette of December 30, 2017 published Royal Decree-Law 20/2017,

More information

Global Banking Service

Global Banking Service Arctic Circle This report provides helpful information on the current business environment in Romania. It is designed to assist companies in doing business and establishing effective banking arrangements.

More information

79 Bid opening 79 Selection 79 Legal protection of bidders

79 Bid opening 79 Selection 79 Legal protection of bidders 11 SLOVENIA COUNTRY PROFILE 11 Basic data 12 Slovenia in brief 13 Reasons to do business in Slovenia 13 Economic trends 14 The upgraded institutional framework to boost the economy 15 The labour market

More information

TAX RETURN FORM A Income tax Premiums A.O.V./A.W.W./A.V.B.Z.

TAX RETURN FORM A Income tax Premiums A.O.V./A.W.W./A.V.B.Z. 2016 TAX RETURN FORM A Income tax Premiums A.O.V./A.W.W./A.V.B.Z. I. Issue: January 1 st, 2017 For tax payers living on Sint Maarten Date of: Fiscal year January 1 st, 2016 to December 31 st, 2016 II.

More information

Issues Relating To Organizational Forms And Taxation ROMANIA NESTOR NESTOR DICULESCU KINGSTON PETERSEN

Issues Relating To Organizational Forms And Taxation ROMANIA NESTOR NESTOR DICULESCU KINGSTON PETERSEN Issues Relating To Organizational Forms And Taxation ROMANIA NESTOR NESTOR DICULESCU KINGSTON PETERSEN CONTACT INFORMATION Dragos Apostol NESTOR NESTOR DICULESCU KINGSTON PETERSEN Bucharest Business Park,

More information

REALITIES IN THE PENSION INSURANCE IN THE EUROPEAN UNION COUNTRIES

REALITIES IN THE PENSION INSURANCE IN THE EUROPEAN UNION COUNTRIES REALITIES IN THE PENSION INSURANCE IN THE EUROPEAN UNION COUNTRIES Szarka Arpad University of Oradea Faculty of Economical Sciences, Oradea, 1. Universitatii St., postal code 410087, Telephone 0744472241,

More information

QUESTIONNAIRE: DETERMINATION OF RESIDENCY STATUS ENTERING THE REPUBLIC OF SLOVENIA. Identification of Individual Name: Tax ID No.

QUESTIONNAIRE: DETERMINATION OF RESIDENCY STATUS ENTERING THE REPUBLIC OF SLOVENIA. Identification of Individual Name: Tax ID No. QUESTIONNAIRE: DETERMINATION OF RESIDENCY STATUS ENTERING THE REPUBLIC OF SLOVENIA Identification of Individual Name: Tax ID No.: Tax year: Address in the Republic of Slovenia: Telephone: Address abroad

More information

PORTUGAL Unemployment is regarded as involuntary whenever the end of the work contract is due to:

PORTUGAL Unemployment is regarded as involuntary whenever the end of the work contract is due to: PORTUGAL 2003 1. Overview of the system Portugal has an insurance-based unemployment benefit system with duration related to age. An unemployment assistance system exists and is related to the unemployment

More information

CONSIDERATIONS APPLICABLE INTERNATIONAL ACCOUNTING REGULATIONS OF WAGES AND RELATED RIGHTS

CONSIDERATIONS APPLICABLE INTERNATIONAL ACCOUNTING REGULATIONS OF WAGES AND RELATED RIGHTS CONSIDERATIONS APPLICABLE INTERNATIONAL ACCOUNTING REGULATIONS OF WAGES AND RELATED RIGHTS NĂSTASIE MIHAELA ANDREEA PHD STUDENT UNIVERSITY OF CRAIOVA FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION CRAIOVA,

More information

International Tax Turkey Highlights 2018

International Tax Turkey Highlights 2018 International Tax Turkey Highlights 2018 Investment basics: Currency Turkish Lira (TRY) Foreign exchange control The TRY is fully convertible, at least from the Turkish side, to the extent Turkey is recognized

More information

Current Report. According to Law 297 / 2004 and CNVM Rules no. 1 / 2006

Current Report. According to Law 297 / 2004 and CNVM Rules no. 1 / 2006 GRUP UZINSIDER COMELF SA Registru comertului No.J/06/02/31.01.91 Cont bancar: (Lei) RO 12INGB0024000040598911 (Euro) RO 58INGB0024000040590711 Deschise la: ING BANK BISTRITA Societate cotata la Bursa de

More information

ATX ZAF. Advanced Taxation South Africa (ATX ZAF) Strategic Professional Options. Tuesday 4 December 2018

ATX ZAF. Advanced Taxation South Africa (ATX ZAF) Strategic Professional Options. Tuesday 4 December 2018 Strategic Professional Options Advanced Taxation South Africa (ATX ZAF) Tuesday 4 December 2018 ATX ZAF ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A

More information

International Tax Ukraine Highlights 2018

International Tax Ukraine Highlights 2018 International Tax Ukraine Highlights 2018 Investment basics: Currency Ukrainian Hryvnia (UAH) Foreign exchange control Only local currency generally may be used in business transactions between residents.

More information

Tax issues in (international) project management

Tax issues in (international) project management 1 Tax issues in (international) project management 11 May 2016 2 3 main issues 1. Company taxation Who shall be the contracting party? 2. Salary taxation Based on which contractual form employees will

More information

GEORGIA TAX CARD 2017

GEORGIA TAX CARD 2017 GEORGIA TAX CARD 2017 TAX CARD 2017 GEORGIA Table of Contents 1. Personal Income Tax 1.1 Tax Rates 1.2 Exemptions 2. Corporate Tax 2.1 Tax Rates 2.2 Exemptions 2.3 Losses 3. Withholding Tax 4. Value Added

More information

DOING BUSINESS IN THE CZECH REPUBLIC

DOING BUSINESS IN THE CZECH REPUBLIC DOING BUSINESS IN THE CZECH REPUBLIC 2017 MAZARS IN THE CZECH REPUBLIC TABLE OF CONTENTS 1. Establishing an Entity 04 2. Foreign Business Restrictions 06 3. Investment Incentives 06 MAZARS IS AN INTERNATIONAL,

More information

CZECH REPUBLIC Overview of the tax-benefit system

CZECH REPUBLIC Overview of the tax-benefit system CZECH REPUBLIC 2005 1. Overview of the tax-benefit system Czech citizens are secured (protected) by three social security systems, i.e. by the social insurance, state social support and social assistance.

More information

Tax System of the Czech Republic

Tax System of the Czech Republic Tax System of the Czech Republic Division of taxes direct indirect Income tax (including inheritance and gift) Road tax Real estate tax Real estate transfer tax Value added tax Excise duties Environmental

More information

Latvia. Capital city: Riga. GDP/capita 2015: USD Telephone code: Language: Latvian. National day: May 4th. Superficy: km 2

Latvia. Capital city: Riga. GDP/capita 2015: USD Telephone code: Language: Latvian. National day: May 4th. Superficy: km 2 Latvia ALBANIA Capital city: Riga Superficy: 64 597 km 2 Population: 2 001 M. Language: Latvian Political system: Parliamentary republic GDP/capita 2015: USD 13 649 Currency: Euro ISO Code: LVA Telephone

More information

THE MINISTRY OF FINANCE

THE MINISTRY OF FINANCE THE MINISTRY OF FINANCE Circular No. 28/2011/TT-BTC of February 28, 2011, guiding a number of articles of the Law on Tax Administration and the Government s Decree No. 85/2007/ND-CP of May 25, 2007, and

More information

Main conditions of the Dutch 30%-ruling

Main conditions of the Dutch 30%-ruling EXPAT TEAM Main conditions of the Dutch 30%-ruling ExpatTeam is happy to present you with a general overview of the main conditions of the Dutch 30%-ruling. Below, the following topics will be addressed:

More information

ADMINISTRATIVE INSTRUCTION. No. 02/2005, Date ON IMPLEMENTATION OF UNMIK REGULATION No. 2004/52 ON PERSONAL INCOME TAX

ADMINISTRATIVE INSTRUCTION. No. 02/2005, Date ON IMPLEMENTATION OF UNMIK REGULATION No. 2004/52 ON PERSONAL INCOME TAX PROVISIONAL INSTITUTIONS OF SELF-GOVERNMENT INSTITUCIONET E PËRKOHSHME TË VETËQEVERISJES PRIVREMENE INSTITUCIJE SAMOUPRAVLJANJA UNMIK MINISTRY OF ECONOMY AND FINANCE/TAX ADMINISTRATION OF KOSOVO MINISTRIA

More information