Tax Newsletter. Issue 53 May 2014
|
|
- Giles James
- 6 years ago
- Views:
Transcription
1 Tax Newsletter Issue 53 May 2014 This newsletter outlines some of the interesting developments in Greek tax legislation, including highlights of Law 4254/2014, amending the Income Tax Code, gazetted on 7 April 2014
2 Contents 2 Taxation of capital gains on real estate 3 - Disposal of real estate assets; guidelines for application of 15% tax 4 - Sale & lease back transactions; treatment aligned with IFRS standards 4 - Non taxed reserves from sale & lease back excluded from mandatory distribution/capitalization Taxation of capital gains on securities 5 - Changes in scope of application of 15% capital gains tax on transfer of listed shares 5 - Explicit tax exemption for foreign investors gains from Greek state bonds Payments subject to withholding taxes 6 - Guidelines on application of 20% withholding tax on service fees 6 - Exclusion of domestic royalty payments from 20% withholding tax 6 - Re-introduction of 20% withholding tax on extraordinary fees to employees Taxation of dividends 7 - Participation exemption; restriction of scope of application Indirect Taxes 8 - Remittance of VAT in installments 8 - Introduction of VAT cash accounting system 8 - Donated goods 9 - Set up of new companies exempt from Capital Accumulation Tax
3 Taxation of capital gains on real estate 3 Disposal of real estate assets; guidelines for application of 15% tax Taxable basis Law 4254/2014 provides guidelines on how to determine the cost and year of acquisition of real estate property in order to define the taxable capital gain arising from the disposal of such property. The acquisition cost is determined based on the legal ground of acquisition (e.g. purchase, gift, inheritance, development etc.). In the absence of other information, the acquisition cost is determined by reference to statistical data issued by the Bank of Greece annually. The acquisition year is the year within which 75% of the property rights have been acquired. In the event that there is no available proof of the acquisition year (e.g. with respect to buildings developed by the taxpayer or buildings regularised for city planning purposes, or properties acquired through extraordinary adverse possession, etc.) such year is determined either in the law or by means of ministerial decisions that will be issued based on authorisation granted in the law. Also, changes are introduced in de-inflation rates applicable on the acquisition cost, for capital gain calculation purposes. Losses Under the new law, any losses arising from the disposal of real estate property are disregarded for tax purposes, whereas under the previously applicable provision, losses in question were carried forwarded to be set-off against future capital gains. Exemptions A full tax exemption is granted on capital gains generated from the disposal of real estate assets acquired before Also, a preferential tax regime applies on capital gain generated from the disposal of real estate assets acquired from until
4 Taxation of capital gains on real estate 4 Sale & lease back transactions; treatment aligned with IFRS standards The new Law 4254/2014 provides that capital gains from sale & lease back transactions are recognised in line with IFRS standard 17. Under this standard, the treatment of a sale and lease back transaction depends on the type of lease involved. In the case of a financial lease, capital gains generated from the sale are recognised as taxable income gradually, over the term of the lease. However, in the case of an operating lease established at fair value, any profit or loss is recognised immediately. The relevant provision applies for a transitional period starting on and ending on Non taxed reserves from sale & lease back excluded from mandatory distribution/capitalization According to Law 4172/2013, non taxed profits reserves appearing on the latest balance sheet having closed before were subject to income tax (i) at 15% if distributed or capitalised up to and (ii) at 19% if distributed or capitalised after such date. Pursuant to the same provision, as of it is not allowed to maintain reserve accounts in respect of non taxed profits. The new Law 4254/2014 provides for an exemption from the above rule, for certain types of non taxed profit reserves (formed under the provisions of article 28 par. 3ζ of Law 2238/1994). In specific, pursuant to the new law, legal entities that have formed non taxed profits reserves from gains realised in the context of real estate sale and lease back transactions are allowed to retain such reserve accounts, even after The same applies in relation to non taxed profits reserves from gains realised in the context of disposal of real estate property due to expropriation.
5 Taxation of capital gains on securities 5 Changes in scope of application of 15% capital gains tax on the transfer of listed shares Under Law 4254/2014, individuals earning capital gains from the transfer of listed shares are subject to 15% tax on the gains, if (a) they hold at least 0.5% in the share capital of the company whose shares are being transferred; and (b) the shares have been acquired on or after The right to carry forward capital losses arising from transactions in certain securities is limited to five years instead of indefinitely, as was provided under the previously applicable provision. However, the current drafting of the law adds more uncertainty as to how transactions are grouped for offsetting purposes. Under certain circumstances, capital gains earned by individuals from the transfer of listed shares may be treated as business income and thus be subject to income tax at 26% for the part of the income up to Euro 50,000 and 33% instead of 15% for the part of the income exceeding Euro 50,000. In specific, the Greek Ministry of Finance has published a Decision (POL 1105/2014) providing that capital gains earned by individuals from the disposal of securities traded in organised markets, bonds issued by listed companies and sovereign bonds will be treated as business income under the following conditions: a) During the past four calendar quarters, the individual has performed an average of at least ten transactions of a total value of at least Euro 250,000 per calendar quarter; and b) The value of the individual s portfolio, consisting of the securities in question and cash deposits, has exceeded Euro 500,000 at any time during the past four calendar quarters. The exemptions from the 15% capital gains tax, based on the minimum shareholding stake and the time of acquisition of securities, do not apply for taxpayers for whom the gains qualify as business income. Explicit tax exemption for foreign investors gains from Greek state bonds Law 4254/2014 explicitly exempts from Greek income tax the capital gains earned by foreign legal entities from the transfer of Greek state bonds when such entities are not Greek tax residents and do not hold a permanent establishment in Greece. The above provision has raised questions with respect to the applicable tax treatment of capital gains earned by foreign legal entities with no permanent establishment in Greece, from the disposal of other types of securities (e.g. shares etc.).
6 Payments subject to withholding taxes 6 Guidelines on application of 20% withholding tax on service fees According to article 62 par. 1 of the New Income Tax Code, fees paid for the provision of technical services, management services, advisory services and other similar services are subject to 20% withholding tax in Greece. The Greek Ministry of Finance has recently issued a Decision (POL 1120/2014) providing guidelines on the conditions for application of the 20% withholding tax (type of service fee paid, nature and state of tax residence of payee etc.). Taxpayers conducting business activities in Greece and paying the above types of service fees to Greek or foreign tax resident individuals should withhold 20% tax (3% in the case of technical projects), even if such individuals are not entrepreneurs, provided payments exceed Euro 300. The same withholding tax obligation applies, if fees are paid to the Greek permanent establishment of a foreign tax resident legal entity despite the fact that there is no withholding tax obligation in respect of payments to legal entities resident in Greece. However, according to POL 1120/2014, no withholding tax obligation applies for fees paid to foreign legal entities that do not hold a permanent establishment in Greece. This is irrespective of the place where the services are performed. In this case, the Greek legal entity making the payment is not required to file a nil withholding tax return. Greek enterprises should re-assess their withholding tax obligations in relation to cross-border service fees in the light of the new rules and interpretative guidelines. One should focus particularly on the classification of service fees which may eliminate the obligation to file nil withholding tax returns for management fees paid to foreign legal entities with no permanent establishment in Greece, including certain types of software-related payments. Exclusion of domestic royalty payments from 20% withholding tax According to Law 4172/2014, royalty payments, including royalties paid domestically, are subject to 20% withholding tax in Greece. Under the new Law 4254/2014, royalties paid to Greek tax resident legal entities or foreign legal entities with a permanent establishment in Greece are not subject to such withholding tax. Re-introduction of 20% withholding tax on extraordinary fees to employees The new law reintroduces a 20% withholding on fees paid to employees on an extraordinary basis, in addition to their regular salary, including retroactive salary payments.
7 Taxation of dividends 7 Participation exemption; restriction of scope of application The new law restricts the scope of application of the dividend participation exemption, explicitly covering only dividends that Greek legal entities earn from their subsidiaries that are established in EU member states, under the conditions of the EU Parent-Subsidiary Directive. The previous provision seemed to apply also in the case of dividends distributed by subsidiaries established in states outside the EU, provided that such state was not treated as a non-cooperative jurisdiction for tax purposes. The wording of the new law is not clear on whether the participation exemption applies also in the case of dividends distributed by Greek tax resident entities.
8 Indirect Taxes 8 Remittance of VAT in installments Until , taxable persons were allowed to remit VAT due as follows: At the time of filing their periodic VAT return (until the 20th of the month following each tax period), they had to remit a minimum amount of Euro 10. They could pay the remaining amount, up to 50% of the VAT due, at the end of the month in which they had filed the VAT return. The remaining 50%, increased by a surcharge of 2%, was payable at the end of the following month. Under Law 4251/2014, the deferral arrangement is limited to VAT liabilities in excess of Euro 100 and the 2% surcharge on the second installment has been eliminated. At the same time, according to circular 1108/2014 the deadline for filing the periodic VAT returns has been extended to the end of the month following the respective tax period, at which time 50% of the VAT due should be paid. Introduction of VAT cash accounting system Law 4261/2014 has introduced the VAT cash accounting system which allows for the following: The VAT invoiced by a taxable person for a supply of goods or services is only paid to the State, at the time that the client pays such VAT to that taxable person; The VAT charged upon purchase of goods and services by the taxable person subject to the cash accounting system is deducted at the time of payment of such VAT to the supplier; The client of a taxable person that is subject to the cash accounting system will deduct the VAT charged by such taxable person, at the time of payment thereof. Taxable persons are eligible to qualify under the regime provided that their turnover during the previous fiscal year did not exceed Euro 500,000. The regime does not apply, among others, to (i) exempt or zero-rated transactions ; (ii) retail sales; and (iii) taxable persons who are not fully compliant with their tax obligations. The system will come into effect for transactions effected after Donated goods Under Law 4238/2014, taxable persons are no longer liable for payment of VAT on the purchase or cost price of goods that they donate, if the following conditions are fulfilled: The goods are donated to legal persons governed by public law or non-profit private charities or welfare organisations; The goods are foodstuffs, medicines, clothing or other goods that are not subject to excise duties, not hazardous to public health and will subsequently be distributed for the needs of vulnerable groups of people; and The donated goods are not suitable for sale, in particular because their packaging is damaged, their labeling is deficient, their expiry date approaches or they have been withdrawn from the commercial market for similar reasons.
9 Indirect Taxes 9 Set-up of new companies exempt from Capital Accumulation Tax According to Law 4254/2014 and Ministerial Decision POL 1133/2014, capital accumulation tax is no longer applicable on the share capital contributed into newly established legal entities. The Ministerial Decision confirms that abolishment of capital accumulation tax does not trigger stamp tax liabilities on the share capital contributed into the new company. The exemption applies from 7 April 2014.
10 For further information please contact us E. W. T F , Katehaki & Kifissias Ave., , Athens, Greece Established in 1893, Zepos & Yannopoulos is one of the leading and largest law firms in Greece providing comprehensive legal and tax services to companies conducting business in Greece. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publishers. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. The newsletter is necessarily generalized. Professional advice should therefore be sought before any action is undertaken based on this newsletter.
Tax Law Newsletter. December New draft tax bill
Tax Law Newsletter December 2012 New draft tax bill New Draft tax bill Introduction On December 13 th, the Greek Government submitted to the Parliament for enactment a draft bill which brings several important
More informationTax Law Newsletter. January 2013
Tax Law Newsletter January 2013 New Tax Law 4110/2013 New Tax Law 4110/2013 Introduction Law 4110/2013 in respect to Provisions on income taxation, other issues relating to the Ministry of Finance and
More informationInternational 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 informationInternational Tax Greece Highlights 2019
International Tax Updated January 2019 Recent developments: For the latest tax developments relating to Greece, see Deloitte tax@hand. Investment basics: Currency Euro (EUR) Foreign exchange control Restrictions
More informationInternational 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 information1. Voluntary Disclosure of Income of previous years. 2. Safeguard and monitoring of transactions. 3. Use of electronic means of payment
thh Rokas T a x a t i o n N e w s f l a s h 11 t IISSUE International Law Firm Greece Amendments/introduction of new tax provisions 1. Voluntary Disclosure of Income of previous years 2. Safeguard and
More informationMinisterial Circulars 1037/2015, 1039/2015 & 1042/2015
Tax Flash Ministerial Circulars 1037/2015, 1039/2015 & 1042/2015 February 2015 Ministerial Circulars 1037/2015, 1039/2015 & 1042/2015 provide important clarifications concerning the tax treatment of dividends/
More informationFYR MACEDONIA TAX CARD
FYR MACEDONIA TAX CARD 2017 TAX CARD 2017 FYR MACEDONIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Exemptions 1.1.2 Deductible Expenses 1.2 Capital Gains Tax 1.3 Social Security
More informationInternational Tax Poland Highlights 2018
International Tax Poland Highlights 2018 Investment basics: Currency Polish Zloty (PLN) Foreign exchange control None (generally) for transactions with EU, EEA, OECD and some other countries. Permission
More informationInternational Tax Sweden Highlights 2019
International Tax Updated January 2019 Recent developments: For the latest tax developments relating to Sweden, see Deloitte tax@hand. Investment basics: Currency Swedish Krona (SEK) Foreign exchange control
More informationPreferen al/non coopera ve tax jurisdic ons; revised guidelines by the Greek MoF
Tax Newsle er 20 January 2016 In this issue: Direct Taxes Preferen al/non coopera ve tax jurisdic ons; revised guidelines by the Greek MoF... 1 Annual withholding tax cer ficates; compliance obliga ons....
More informationGreece. Theodoros Skouzos. Iason Skouzos & Partners Law Firm
GREECE Greece Theodoros Skouzos Acquisitions (from the buyer s perspective) 1 Tax treatment of different acquisitions What are the differences in tax treatment between an acquisition of stock in a company
More informationInternational Tax Greece Highlights 2018
International Tax Greece Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control Capital controls are in force and certain limitations still apply on bank withdrawals and bank transfers
More informationCHINA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
CHINA 1 CHINA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? A couple of tax circulars have been released by the State
More informationTime of supply / chargeability - Deferment and Cash Accounting Scheme - VAT Directive 2006/112/EC - Article 66
INFORMATION - Greece Use and Enjoyment - VAT Directive 2006/112/EC - Article 59a In Greece, there is a use and enjoyment rule applicable to telecommunications, broadcasting and electronic services provided
More informationThe Administrative Court of Appeals affirms the Hellenic Competition Commission s decision on abusive practices in the beer market
COMPETITION n e w s l e t t e r 27 July 2017 The Administrative Court of Appeals affirms the Hellenic Competition Commission s decision on abusive practices in the beer market Introduction Overview Following
More informationInternational 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 informationInternational Tax Sweden Highlights 2018
International Tax Sweden Highlights 2018 Investment basics: Currency Swedish Krona (SEK) Foreign exchange control No Accounting principles/financial statements Principles applied are in accordance with
More informationTAXATION OF PROFESSIONAL SPORTS PEOPLE
TAXATION OF PROFESSIONAL SPORTS PEOPLE January 2010 INDEX 1.1 Introduction 1 1.2 Image right licensing arrangements 2 1.3 VAT on the licensing of image rights 4 1.4 Withholding tax on image rights 4 1.5
More informationGermany 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 informationInternational Tax Luxembourg Highlights 2018
International Tax Luxembourg Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control No Accounting principles/financial statements Luxembourg GAAP/IFRS. Financial statements must
More informationTax Flash. Law on development investment tools, provision of credit and other provisions. Α. Individuals. Tax residence. Registry of Assets
Tax Flash Law on development investment tools, provision of credit and other provisions April 2013 A new law was ratified on 26.3.2013 (its publication in the Government Gazette is still pending). We hereby
More informationBULGARIA 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 informationInternational Tax Spain Highlights 2018
International Tax Spain Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control No, but the government requires prior notification of certain capital movements under anti-money
More informationInternational 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 informationStructural tax reforms approved after new law ratified by the Greek Parliament
Greece Tax News July 11, 2018 Structural tax reforms approved after new law ratified by the Greek Parliament The Greek parliament ratified Law 4549/2018 on 14 June 2018. The law includes changes to the
More informationGreece. Capital city: Athens. GDP/capita 2015: USD Telephone code: +30. Language: Greek. National day: March 25th and october 28th
Greece ALBANIA Capital city: Athens Superficy: 131 957 km 2 Population: 10 820 M. Language: Greek Political system: Parliamentary republic GDP/capita 2015: USD 18 002 Currency: Euro ISO Code: GRC Telephone
More informationTAX 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 informationEnergy Newsle er. In this newsle er The New Deal. The New Deal. The renewables New Deal as enacted. opera ng plants. April 2014.
Energy Newsle er The renewables New Deal as enacted Issue 8 April 2014 In this newsle er The New Deal Reduc on of feed in tariffs for opera ng plants Retroac ve discounts via the issuance of a special
More informationVAT IN UAE THE BEGINNING..
VAT IN UAE THE BEGINNING.. November 2017 British Centres for Business Hoshedar Cooper, Associate Partner Contents: GENERAL CONCEPT OF VAT OVERVIEW OF UAE VAT AMBIT OF SUPPLY Exempt Supplies; Zero Rated
More informationAustria 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 informationALBANIA 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 informationTaxation of cross-border mergers and acquisitions
Taxation of cross-border mergers and acquisitions Cyprus kpmg.com/tax KPMG International Cyprus Introduction The Income Tax Law No.118 (I) 2002 introduced major reforms of Cyprus s tax system at the time
More informationChapter 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 informationIRELAND GLOBAL GUIDE TO M&A TAX: 2017 EDITION
IRELAND 1 IRELAND INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? A reduced rate of capital gains tax ( CGT ) of 20%
More informationCYPRUS GLOBAL GUIDE TO M&A TAX: 2017 EDITION
CYPRUS 1 CYPRUS INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? The most recent developments which are relevant to M&A
More informationInformation for clients No. 3
Information for clients No. 3 Slovakia December 2016 Dear clients! Year-end is once again approaching so we would like to take a brief look at the past year. You will have certainly noticed that our company
More informationbriefing Law 4337/2015 Changes in the Tax Legislation TAX BRIEFING: Monthly Insight
TAX BRIEFING: Monthly Insight Law 4337/2015 Changes in the Tax Legislation October 2015 The Hellenic Parliament ratified Law 4337/2015 on 17th October 2015, which provides for an extension of the limitation
More informationINDEX. Newsletter. Introduction. Tax Department, Newsletter No. 2 of 2017 The new Italian resident regime
Newsletter Tax Department, Newsletter No. 2 of 2017 The new Italian resident regime 09-2014 INDEX I II III IV V VI VII VIII II.I II.II II.III II.IV IV.I Requirements Foreign source income covered by the
More informationLUXEMBOURG GLOBAL GUIDE TO M&A TAX: 2018 EDITION
LUXEMBOURG 1 LUXEMBOURG INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? Corporate income tax ( CIT ) rate The CIT rate
More informationInternational Tax Portugal Highlights 2018
International Tax Portugal Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control Portugal does not have exchange controls and there are no restrictions on the import or export
More informationTax & 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 informationTax Alert. New Income Tax Code (Law 4172/2013)
July 2013 Tax Alert New Income Tax Code (Law 4172/2013) Summary of key points: The new Income Tax Code introduces the notion of place of effective management and adopts the definition of Permanent Establishment
More informationReport on the Philippines
Arctic Circle This report provides helpful information on the current business environment in the Philippines. It is designed to assist companies in doing business and establishing effective banking arrangements.
More informationSmall Charity Reporting
Small Charity Reporting Bulletin 2017 / 1 What is in this Bulletin? There are three key changes of relevance to auditors, independent examiners and preparers of charity accounts dealt with in this Bulletin:
More informationRevenue Arrangements for Implementing EU and OECD Exchange of Information Requirements In Respect of Tax Rulings
Revenue Arrangements for Implementing EU and OECD Exchange of Information Requirements In Respect of Tax Rulings Page 1 of 21 Table of Contents 1. Introduction...3 2. Overview of Council Directive (EU)
More informationYEAR-END TAX GUIDE 2013/14. A short guide to rates, reliefs and allowances available for use by 5 April 2014
YEAR-END TAX GUIDE 2013/14 A short guide to rates, reliefs and allowances available for use by 5 April 2014 Sanders Geeson 19 King Street The Civic Quarter Wakefield WF1 2SQ jan@sandersgeeson.co.uk 01924
More informationYEAR-END TAX GUIDE 2015/16
YEAR-END TAX GUIDE 2015/16 Magee Gammon Henwood House Henwood Ashford Kent TN24 8DH mg@mageegammon.com 01233 630000 www.mageegammon.com YEAR-END TAX GUIDE 2015/16 CONTENTS PERSONAL TAX AND ALLOWANCES INCOME
More informationTAX DATA 2018/ BUDGET EDITION 22 NOVEMBER CHANCERY LANE LONDON WC2A 1 LS
TAX DATA 2018/2019 BUDGET EDITION 22 NOVEMBER 2017 22 CHANCERY LANE LONDON WC2A 1 LS TELEPHONE 020 7 680 8100 E-MAIL dw@dixonwilson.co.uk 19 AVENUE DE L OPERA 75001 PARIS TELEPHONE + 33 1 47 03 12 9 0
More informationGlobal Banking Service. Report on India
Arctic Circle This report provides helpful information on the current business environment in India. It is designed to assist companies in doing business and establishing effective banking arrangements.
More informationFOREWORD. 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 informationProvision on Foreign Exchange Administration of Domestic. Securities Investment by Qualified Foreign Institutional Investors
NON-OFFICIAL TRANSLATION FOR INFORMATION ONLY Provision on Foreign Exchange Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors Chapter 1 General Overview Article
More informationInternational Tax Saudi Arabia Highlights 2018
International Tax Saudi Arabia Highlights 2018 Investment basics: Currency Saudi Riyal (SAR) Foreign exchange control No Accounting principles/financial statements Saudi Organization of Certified Public
More informationInternational Tax Italy Highlights 2018
International Tax Italy Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control There are no foreign exchange controls or restrictions on repatriating funds. Residents and nonresidents
More informationtaxmagic 2018 ALAN MOORE THE SUNDAY BUSINESS POST
ALAN MOORE THE SUNDAY BUSINESS POST !2 Alan Moore BA BComm MBA AITI CTA is widely known for his regular tax features in The Sunday Business Post. He has 40 years' experience in taxation, 13 of these with
More informationGEORGIA 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 informationCountry Tax Guide.
Country Tax Guide www.bakertillyinternational.com Facts and figures as presented are correct as of 18 August 2014. Corporate Income Taxes Resident companies, defined as those companies which are incorporated
More informationFundamentals Level Skills Module, Paper F6 (POL)
Answers Fundamentals Level Skills Module, Paper F6 (POL) Taxation (Poland) Speedy Gonzales Sp. z o.o. June 203 Answers and Marking Scheme (a) Corporate income tax 202 Income per accounts 85,000 Advance
More informationInternational Tax Korea Highlights 2018
International Tax Korea Highlights 2018 Investment basics: Currency South Korean Won (KRW) Foreign exchange control Controls exist, but gradually have been liberalized. Foreign loans in excess of a specified
More informationIndirect Tax Newsletter
Indirect Tax Newsletter Ukraine September 2009, No. 1 Contacts: Ron Barden Senior Tax Partner E-mail: ron.j.barden@ua.pwc.com Igor Dankov Senior Manager Indirect Taxes E-mail: igor.dankov@ua.pwc.com PricewaterhouseCoopers
More informationEnergy Newsle er. In this newsle er A. New Deal Bill on RES released for Public Consulta on
Energy Newsle er The awaited New Deal on feed in tariffs for renewable projects and other ma ers Issue 7 March 2014 In this newsle er A. New Deal Bill on RES released for Public Consulta on Reduc on of
More informationSummary Report Responses to the public consultation on the special scheme for small enterprises under the VAT Directive
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration Value added tax Brussels, 11 Apr. 17 taxud.c.1(2017) 2171823 Summary Report Responses to the
More informationCouncil of the European Union Brussels, 20 June 2018 (OR. en)
Council of the European Union Brussels, 20 June 2018 (OR. en) Interinstitutional Files: 2017/0251 (CNS) 2017/0249 (NLE) 2017/0248 (CNS) 10335/18 FISC 266 ECOFIN 638 NOTE From: To: No. Cion doc.: Subject:
More informationInternational Tax United Kingdom Highlights 2019
International Tax United Kingdom Highlights 2019 Updated January 2019 Recent developments: For the latest tax developments relating to the UK, see Deloitte tax@hand. Investment basics: Currency Pound Sterling
More informationAutumn Statement Financial Planning Summary
Autumn Statement 2015 Financial Planning Summary Jigar Mehta & Heather Richards 25 November 2015 Contents 1 Key Announcements from Autumn Statement 2015... 4 1.1 Tax rates and bands... 4 1.2 State pensions...
More informationStamp duty. Loans. Guarantees. CROSS-BORDER HANDBOOKS 91
Tax 2008/09 Volume 1: Tax on Corporate Transactions Greece Greece Tom Kyriakopoulos, Kelemenis & Co. www.practicallaw.com/2-381-2118 Tax authorities 1. What are the main authorities responsible for enforcing
More informationReed Case V profits 310, ,000 Corporation tax at 25% 77,500 95,000. Group relief from VLL (58,750)
Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) December 2010 Answers 1 Briefing notes for a meeting with John and Martha Heaney Prepared by: Tax assistant Date: 10
More informationTax Bulletin. Code of Tax Procedures. September 2013
www.pwc.gr Tax Bulletin Code of Tax Procedures September 2013 On 26.07.2013 Law 4174/26.07.2013 introducing the Code of Tax Procedures was published in the Government Gazette (Government Gazette A 170/2013).
More informationPapua New Guinea Tax Profile
Papua New Guinea Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: September 2016 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation
More informationGERMANY GLOBAL GUIDE TO M&A TAX: 2017 EDITION
GERMANY 1 GERMANY INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? Germany has recently seen some legislative developments
More informationProfessional Level Options Module, Paper P6 (CYP)
Answers Professional Level Options Module, Paper P6 (CYP) Advanced Taxation (Cyprus) December 2008 Answers 1 AN accountant Nicosia, Cyprus Date: Finance Director DS SAS France Dear Mr Pastelliere Re: Cyprus
More informationSOUTH AFRICA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
SOUTH AFRICA 1 SOUTH AFRICA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? In the 2016 Budget Review, tax avoidance
More informationInternational Tax South Africa Highlights 2018
International Tax South Africa Highlights 2018 Investment basics: Currency South African Rand (ZAR) Foreign exchange control Exchange control is administered by the South African Reserve Bank, which has
More informationProposal for a COUNCIL DIRECTIVE
EUROPEAN COMMISSION Brussels, 18.1.2018 COM(2018) 21 final 2018/0006 (CNS) Proposal for a COUNCIL DIRECTIVE amending Directive 2006/112/EC on the common system of value added tax as regards the special
More informationTSNewsalert. Taxable income brackets. From 1 to CFA Francs 1% From to CFA Francs 10%
www.pwc.com TSNewsalert Republic of Congo: main changes included in the 2014 Finance Act Tax Services (TS) Newsalert, Republic of Congo January 2014 Law No. 34-213 dated December 30, 2013, relating to
More informationINTRODUCTION. Situations should be viewed separately based on specific facts of each scenario.
TAX FACTS 2018 CONTENTS INTRODUCTION... 3 PERSONAL INCOME TAX... 4 CORPORATION TAX... 8 SOCIAL INSURANCE... 12 SPECIAL CONTRIBUTION FOR DEFENCE... 13 INTELLECTUAL PROPERTY... 16 VALUE ADDED TAX... 18 CAPITAL
More informationLuxembourg 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 informationTaxation of Employee Stock Options
April 14, 2011 Taxation of Employee Stock Options The taxation of employee stock options can be complex, as there are numerous factors that determine how much is taxable, when the tax liability is triggered
More informationDoing business in the UK. Expansion into the UK - Considerations for US investors. Nick Farmer ACA CTA ATII
Expansion into the UK - Considerations for US investors Nick Farmer ACA CTA ATII London: http://www.youtube.com/watch?v=45etz1xvhs0 Expansion into the UK Doing business in the UK United Kingdom Economy
More informationTendering and Procurement
Tendering and Procurement Policy Last updated: July 2018 The Tower Trust Tendering and Procurement Policy 1 Contents: Statement of intent 1. Legal framework 2. Small purchases 3. Large purchases 4. Procurement
More informationHong Kong. Investment basics. Currency Hong Kong Dollar (HKD) Foreign exchange control
Hong Kong Linda Ng Director Tel: +1 212 436 2764 ling@deloitte.com Investment basics Currency Hong Kong Dollar (HKD) Foreign exchange control Accounting principles/financial statements Hong Kong Financial
More informationSwitzerland. Investment basics
Switzerland Diego Weder Director Tel: +1 212 492 4432 diweder@deloitte.com Investment basics Currency Swiss Franc (CHF) Foreign exchange control restrictions are imposed on the import or export of capital.
More informationInternational Tax Netherlands Highlights 2018
International Tax Netherlands Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control No Accounting principles/financial statements IAS/IFRS/Dutch GAAP. Financial statements must
More information1. What are recent tax developments in your country which are relevant for M&A deals?
Netherlands General Netherlands 1. What are recent tax developments in your country which are relevant for M&A deals? Most recent tax developments in the Netherlands are based on the OECD (BEPS) and EU
More informationAtradius Media Policy - Sample
Atradius Media Policy - Sample Domestic: Dedicated Protection for a Dynamic Sector This is a sample of our Media Policy wording only and is not a legally valid insurance policy. Agreement 00100.00 Agreement
More informationInternational Tax Colombia Highlights 2018
International Tax Colombia Highlights 2018 Investment basics: Currency Colombian Peso (COP) Foreign exchange control Foreign exchange that is to be used for foreign direct investment may enter the country
More informationEliminated deflation. Increase overall employment
Japan Eliminated deflation 2015 Tax Reform Proposal Realise an economic virtuous cycle The main purpose of the 2015 Tax Reform Proposal is to help increase corporate profits which should allow corporations
More informationInternational 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 informationHermes Investment Funds Public Limited Company
If you are in any doubt about the contents of this country supplement for the United Kingdom (the Country Supplement ) you should consult a person authorised for the purposes of the Financial Services
More informationEUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax Administration Value Added Tax VEG N O 073
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax Administration Value Added Tax VAT Expert Group 19 th meeting 26 February 2018 taxud.c.1(2018)1061246 EN Brussels,
More informationFOCUS SETTING UP IN DENMARK
FOCUS SETTING UP IN DENMARK SEPTEMBER 2008 CONTENTS INTRODUCTION TO THE DANISH LEGAL SYSTEM 1 COMPANY FORMATION 2 Introduction to company formation in Denmark 2 Formation of a Danish company 3 Company
More informationS.A. REGISTER NUMBER 45340/1NT/B/00/230(00) REGISTERED OFFICE: 34, AMFITHEAS AVENUE, P. FALIRO
FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR YEAR 2006 (1 JANUARY 31 DECEMBER 2006), FOR THE COMPANY FORTH-CRS S.A. COMPANY FOR THE RESEARCH, DEVELOPMENT AND
More informationGETBACK SPÓŁKA AKCYJNA
GETBACK SPÓŁKA AKCYJNA SEPARATE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2015 ENDED ON 31.12.2015 DRAFTED IN ACCORDANCE WITH THE ACCOUNTING ACT OF 29 SEPTEMBER 1994 Wrocław, 26.02.2016 TABLE OF CONTENTS
More information(Legislative acts) DIRECTIVES
11.3.2011 Official Journal of the European Union L 64/1 I (Legislative acts) DIRECTIVES COUNCIL DIRECTIVE 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing
More informationTHE TAXATION OF PRIVATE EQUITY IN ITALY
THE TAXATION OF PRIVATE EQUITY IN ITALY 1 Index 1 INTRODUCTION 3 1.1 Tax environment 5 1.2 Taxation system 5 1.2.1 Corporate Income Tax IRES 6 1.2.2 Regional Production Tax IRAP 9 2 TAXATION OF ITALIAN
More informationTax Alert. New Greek GAAP and Accounting Books & Documents
November 2014 Tax Alert Base for the law constitutes the coded Directive 2013/34 of EU, the accounting part of which has been fully incorporated. The new accounting standards apply for fiscal years starting
More informationInternational Tax Belgium Highlights 2018
International Tax Belgium Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control No Accounting principles/financial statements Belgian GAAP. IFRS is mandatory for consolidated
More informationKINGDOM OF BAHRAIN VAT FINANCIAL SERVICES GUIDE
KINGDOM OF BAHRAIN VAT FINANCIAL SERVICES GUIDE MARCH 2019 VERSION 1.0 Contents Contents 1. Introduction... 5 1.1. Purpose of this Guide... 5 1.2. About the National Bureau for Revenue (NBR)... 5 1.3.
More informationInternational Tax China Highlights 2019
International Tax Updated January 2019 Recent developments: For the latest tax developments relating to China, see Deloitte tax@hand. Investment basics: Currency Renminbi (RMB) or Yuan (CNY) Foreign exchange
More informationTax Flash Law 4446/2016
Tax Flash Law 4446/2016 December 2016 Law 4446/2016 titled «Bankruptcy Code, Administrative Justice, Duties, Voluntary Disclosure of Income of previous years, Electronic Transactions, Amendments to L.
More information