Tax issues in (international) project management
|
|
- Beverly Barker
- 5 years ago
- Views:
Transcription
1 1
2 Tax issues in (international) project management 11 May
3 3 main issues 1. Company taxation Who shall be the contracting party? 2. Salary taxation Based on which contractual form employees will act? 3. Value added tax Where is the place of supply? 3
4 1. Company taxation A. Legal form B. Taxation and tax rate C. Registration requirements D. Transfer pricing 4
5 Company taxation A. Legal form - Permanent establishment (e.g. construction site): - fixed facility, where activity is performed - also by an agent - not registered in the Trade Register - Branch office (e.g. of an Austrian company): - registered in the Trade Register, no legal status - can have employees - Subsidiary (e.g. Romanian SRL ): - registered in the Trade Register, has legal status - PLC / GmbH ( SRL ): only low share capital (200 RON, ca. 45 EUR) - Consortia ( silent partnerships ): - no legal status, e.g. joint ventures, partnerships - not registered in the Trade Register 5
6 Company taxation B. Taxation and tax rate - Standard Corporation Tax 16% - Subsidiary: subject to corporation tax - Branch office: subject to corporation tax with attributable incomes and expenses (problem of allocation) - Permanent establishment: attributable profits (for construction and assembly activities > 12 months) - Double Tax Treaty not applied automatically, only after submission of a certificate of fiscal residence 6
7 Company taxation C. Registration requirements - Contracts for supplies and services delivered in Romania have to be registered by the Romanian beneficiary (within 30 days of contract date) - For consortia: Romanian partner has different reporting requirements 7
8 Company taxation D. Transfer pricing (1) - transactions between affiliated companies to be documented in a transfer price file - so far: obligation to prepare a transfer price file only on request of tax authorities (usually during a tax audit) - starting with 1 January 2016: annual preparation and submission of a transfer price file mandatory for companies exceeding certain thresholds - content defined in a separate Order by the Ministry, including detailed information about the group and the individual company 8
9 Company taxation D. Transfer pricing (2) - Obligation for annual preparation and submission of a transfer price file for large taxpayers, exceeding any of the annual thresholds: - 200,000 EUR for interest paid/received for financial services - 250,000 EUR for services received/provided - 350,000 EUR for acquistions/sales of goods - Preparation on request only for: large taxpayers (not exceeding above thresholds), medium and small taxpayers, exceeding any of the annual thresholds: - 50,000 EUR for interest paid/received for financial services - 50,000 EUR for services received/provided - 100,000 EUR for acquistions/sales of goods 9
10 2. Salary taxation A. Salary tax and social security contributions B. Assignment C. Local (Romanian) contract 10
11 Salary taxation A. Salary tax and social security contributions - Salary tax (flat): 16% - Social security contributions: - Employer: ca. 23% - Employee: 16,5% - Romanian employer: collects and pays salary tax and social security contributions - Austrian employer: employee himself has to pay salary tax and social security contributions 11
12 Salary taxation B. Assignment (1) - Austrian employment contract with additional assignment agreement - tax liability of income begins on the first day - can be influenced by application of Double Tax Treaty (certificate of residence is important) day rule : - tax liability after 183 days - questionnaire on fiscal residence to be filled in (can result in full tax liability in Romania) - but even earlier than 183 days: - if salary payment for a beneficial employer in Romania, or - deductible expenses for Romanian establishment 12
13 Salary taxation B. Assignment (2) - Social security contributions: - obligation in host state (country of activity) - exemption possible with (EU-wide standardized) A1-certificate - Project timeline to be considered; in doubt, short-term assignments should be concluded at the beginning 13
14 Salary taxation B. Assignment (3) - Registration requirements: - foreign employees have to be registered centrally with the labour authorities before starting their activity; contact person has to be named - after three months: residence in Romania has to be registered - salary payments from Austria: information to be filed within 15 days - after 183 days: questionnaire on fiscal residence to be filled in 14
15 Salary taxation C. Local contract - Local (Romanian) employment contract - Taxation and social security contributions in Romania - Romanian employer: collects and pays salary tax and social security contributions 15
16 3. Value Added Tax A. Place of supply of goods/services B. Registration requirements 16
17 Value Added Tax A. Place of supply of goods/services - VAT permanent establishment: - fixed establishment for the supply of goods or services - independent of 12-months-rule included in various Double Tax Treaties - supply of goods/services related to property: place of supply is in Romania possibly reverse charge to the Romanian beneficiary - reverse charge for non-resident companies possible - obligation for VAT-registration for non-resident companies under certain conditions 17
18 Value Added Tax B. Registration requirements - in case of obligation for VAT-registration: - invoice has to be in line with the Romanian requirements for invoice contents - VAT to be declared in RON - FX-rate issued by the Romanian National Bank (from prior business day) to be used - VAT-registration procedures: - extent depending on legal form - for Romanian legal entities: questionnaire including 20 questions - for intra-community transactions: registration in registry of intra-community Operators necessary 18
19 Further issues - different registration requirements to be adhered to (penalties in case of non-compliance) - administrative language is Romanian (authorities can demand documents to be presented in a Romanian translation) - rather formalistic approach of Romanian tax authorities 19
20 Tax questions for international projects (checklist) 1. What is the estimated project duration? 2. Who shall be the contracting party company itself or a Romanian subsidiary? 3. Will a permanent establishment be established? 4. VAT-obligation in Romania? Will there be the obligation for VAT-registration? 5. Will withholding tax be applicable? If yes, will it be deductible? 6. Based on which contractual form will employees act? 20
21 Conclusion - Fiscal framework is a determining factor in projects. - Timely and realistic estimation of the project duration (to avoid possible retroactive effects) is important. - Complexity of (two) involved tax regimes needs to be considered. - Different registration requirements may arise even before the start of activities. 21
22 Many thanks for your attention! STALFORT Legal. Tax. Audit. Bucharest - Sibiu - Bistrita Bucharest office: Lt. Av. Vasile Fuica 15, Sektor Bucharest Tel.: Fax: bucharest@stalfort.ro Internet: 22
Legal & tax perspective on Romania s oil and gas industry. Chirica Simona Oana Manuceanu
Legal & tax perspective on Romania s oil and gas industry Chirica Simona Oana Manuceanu 24.11.2015 Agenda Legal & Tax 1. Legal framework 2. Concession of oil & gas reserves 3. Setting up of companies in
More informationTransfer Pricing Country Summary Romania
Page 1 of 8 Transfer Pricing Country Summary Romania June 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines Overview General Transfer Pricing rules have been implemented in Romanian
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 informationHUNGARY: 10% TAX RATE
HUNGARY: 10% TAX RATE The main intention of the present booklet is to provide a brief guide to foreign individuals, entrepreneurs or corporations considering to establish a company in Hungary. 1- HUNGARY
More informationINFORMATION - Romania Use and Enjoyment - VAT Directive 2006/112/EC - Article 59a
INFORMATION - Romania Use and Enjoyment - VAT Directive 2006/112/EC - Article 59a In Romania, there are no use and enjoyment rules applicable with respect to telecommunications, broadcasting and electronic
More informationTransfer Pricing Country Summary Romania
Page 1 of 6 Transfer Pricing Country Summary Romania 2 June 2015 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines Introduced in 1994, Article 11 of the Romanian Tax Code (Codul Fiscal
More informationTaxation of cross-border mergers and acquisitions
Taxation of cross-border mergers and acquisitions Romania kpmg.com/tax KPMG International Taxation of cross-border mergers and acquisitions a Romania Introduction This report addresses three fundamental
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Austria kpmg.com/gtps TAX 2 Global Transfer Pricing Review Austria KPMG observation On 28 October 2010, the Austrian Federal Ministry of
More information2018 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 informationPaper 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 informationGlobal 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 informationNewsletter. 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 informationCurrent 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 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 informationROMANIA. minimum of 25% of the number/value of shares or voting rights in the two entities.
ROMANIA TRANSFER PRICING COUNTRY PROFILE 1. Reference to the Arm s Length Principle The arm's length principle was introduced in the domestic tax law in 1994 and is applicable to all related party transactions,
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, October 2010 TAXUD/C/1 VAT in the European Community APPLICATION
More informationTax Newsletter. No. 11 / 2005
page Tax Newsletter No. 11 / 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: ORDER regarding tax returns and use of
More informationTaxation of consignment stocks and call-off stocks
Taxation of consignment stocks and call-off stocks Updated information MARCH 2014 INDEX MEXICO AUSTRIA COLOMBIA GERMANY TURKEY UNITED KINGDOM THE NETHERLANDS SPAIN The content of this newsletter has been
More informationGuide for Applicants
The Romanian-EEA Research Programme 2012-2017 RO14 - Programme Area: Research within priority Sectors Monica Cruceru Program Coordinator UEFISCDI I. Definitions II. Eligibility of applicants and project
More informationecommerce 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 informationRomania'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 informationPaper 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 informationPaper 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 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 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 Croatia Highlights 2018
International Tax Croatia Highlights 2018 Investment basics: Currency Croatian Kuna (HRK) Foreign exchange control The Foreign Exchange Act regulates domestic and foreign currency transactions. Legal entities,
More informationThe Finance Act for Enactment of a new timetable for the decrease of the rate of the corporate income tax. Repeal of the 3% tax on dividends
Overview of the main measures interesting corporations and managers in the French Finance Act, the Rectifying Finance Act for 2017 and the Social Security Financing Act The Finance Act, the Rectifying
More informationAMENDMENTS 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 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 informationROMANIA TRANSFER PRICING COUNTRY PROFILE
ROMANIA TRANSFER PRICING COUNTRY PROFILE 1. Reference to the Arm s Length Principle Latest update April 2018 The arm's length principle was introduced in the domestic tax law in 1994 and is applicable
More informationInternational Tax Latvia Highlights 2019
International Tax Updated January 2019 Investment basics: Currency Euro (EUR) Foreign exchange control No Accounting principles/financial statements National standards (following IAS) and IFRS. Financial
More informationLaw 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 informationSETTING UP BUSINESS IN ROMANIA
www.antea-int.com SETTING UP BUSINESS IN ROMANIA 1 General Aspects Location: South - Eastern Europe Area: 238.391 sq. Km. Land: 230.340 sq. Km (12th in Europe) Neighbours: Moldavia 450 km, Bulgria 608
More informationCurrent 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 informationSpain. Transfer Pricing Country Profile. Updated October The Arm s Length Principle
Spain Transfer Pricing Country Profile Updated October 2017 SUMMARY REFERENCE The Arm s Length Principle 1 Does your domestic legislation or regulation make reference to the Arm s Length Principle? 2 What
More informationPaper 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 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 informationCompliance Challenges and Enforcement Trends
Compliance Challenges and Enforcement Trends Corporate Taxpayers Vietnam Presented by Dang Ngoc Minh General Department of Taxation Ministry of Finance, Vietnam The Fourth IMF-Japan High-Level Tax Conference
More informationTHE VAT SCHEME UPON COLLECTION ADVANTAGES AND DISADVANTAGES FOR ROMANIAN COMPANIES
THE VAT SCHEME UPON COLLECTION ADVANTAGES AND DISADVANTAGES FOR ROMANIAN COMPANIES MARUŞA BECA BUCHAREST ACADEMY OF ECONOMIC STUDIES 6 Piaţa Romană, Bucharest marushabk@yahoo.com Abstract: This article
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 informationGerman Elections Tax Planning Aspects. Status: 12 September 2013
German Elections 2013 - Tax Planning Aspects Status: 12 September 2013 Overview Corporations tax rate Partnerships Business taxation Tax deductibility of management / board member compensations Research
More informationInternational Tax Slovakia Highlights 2019
International Tax Updated January 2019 Investment basics: Currency Euro (EUR) Foreign exchange control No restrictions are imposed on the import or export of capital, and repatriation payments may be made
More informationDraft bill regarding the Annual Tax Amendment Act 2018 published
Tax News 06/2018 English Abstracts Draft bill regarding the Annual Tax Amendment Act 2018 published On June 13 2018, the draft bill of an Annual Tax Amendment Act ( Jahressteuergesetz 2018 ) was published.
More informationBELGIUM GLOBAL GUIDE TO M&A TAX: 2018 EDITION
BELGIUM 1 BELGIUM INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? A major corporate income tax reform has been published
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 informationPersonal Income Tax Return Filling in Turkey
Personal Income Tax Return Filling in Turkey 2018 Personal Income Tax Return Filling 2017 Turkey s current laws and legislation overseeing foreigners personal income tax consequences create uncertainty
More informationSetting-up shop in the US - tax aspects
www.pwc.com Setting-up shop in the US - tax aspects Andreea Mitirita, Tax Director, Romania Agenda 1 Overview of the US tax system 2 3 Common structures for US expansion Q&A 2 Overview of US tax system
More information79 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 informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Hungary kpmg.com/gtps TAX 2 Global Transfer Pricing Review Hungary KPMG observation The tax authorities are paying special attention to transfer
More informationNORWAY GLOBAL GUIDE TO M&A TAX: 2017 EDITION
NORWAY 1 NORWAY INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? The general rate on income tax has since 2015 been reduced
More informationishares Physical Metals plc
SUPPLEMENT DATED 17 OCTOBER 2016 TO THE BASE PROSPECTUS DATED 11 DECEMBER 2015 RELATING TO THE SECURED PRECIOUS METAL LINKED SECURITIES PROGRAMME ishares Physical Metals plc (Incorporated as a public company
More informationPaper 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 informationTransfer Pricing Country Summary Belgium
Page 1 of 8 Transfer Pricing Country Summary Belgium July 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines The arm s length principle is codified in Article 185, Par 2, of the
More informationSETTING UP BUSINESS IN AUSTRIA
www.antea-int.com SETTING UP BUSINESS IN AUSTRIA 1 General Aspects Austria is a country in south central Europe with borders to eight other countries. It covers a surface of 83,871 km² of which two thirds
More informationIMPACT DEVELOPER & CONTRACTOR S.A. INDEPENDENT ASSURANCE REPORT AS OF JUNE 30, 2018
IMPACT DEVELOPER & CONTRACTOR S.A. INDEPENDENT ASSURANCE REPORT AS OF JUNE 30, 2018 The Board of Directors, IMPACT DEVELOPER & CONTRACTOR S.A. Romania INDEPENDENT ASSURANCE REPORT ISSUED PURSUANT TO THE
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech FinlandRepublic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Finland KPMG observation The Finnish tax authorities continue to
More informationFundamentals Level Skills Module, Paper F6 (CZE)
Answers Fundamentals Level Skills Module, Paper F6 (CZE) Taxation (Czech) Section B December 207 Answers and Marking Scheme (a) Leboslavia, a.s. (Leboslavia) (i) (b) Jana The shortest time period the tax
More informationLeasing 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 informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes VAT in the European Community APPLICATION IN THE MEMBER STATES,
More informationEUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration Value added tax
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration Value added tax UPDATED MAY 2015 VAT IN THE EUROPEAN COMMUNITY VADEMECUM FOR THE ELECTRONIC REFUND
More informationIssues 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 informationShort Term Measures The EU Digital Services Tax (DST) Proposal v. The Indian Equalisation Levy
Short Term Measures The EU Digital Services Tax (DST) Proposal v. The Indian Equalisation Levy Sriram Govind, LL.M. Foundation for International Taxation International Taxation Conference, 2018 December
More informationHOW TO SET UP A COMPANY IN PERU
HOW TO SET UP A COMPANY IN PERU 1. Select a type of company The main legal forms of companies according to law are: corporation, limited liability companies, branch offices, joint venture, consortia, etc.
More informationLearn more about Thresholds
Learn more about Thresholds VAT registration: Threshold VAT registration thresholds 1.1. Overview of local VAT threshold Local VAT registration thresholds were designed to reduce the administrative burden
More informationTransfer Pricing Country Summary Turkey
Page 1 of 8 Transfer Pricing Country Summary Turkey August 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines Formal transfer pricing rules were introduced in Turkey on 21 June
More informationFundamentals Level Skills Module, Paper F6 (CZE)
Answers Fundamentals Level Skills Module, Paper F6 (CZE) Taxation (Czech) Material, a.s. June 205 Answers and Marking Scheme (a) 204 corporate income tax liability Accounting revenues Sales of goods and
More informationRomania Country Profile
Romania Country Profile EU Tax Centre March 2014 Key tax factors for efficient cross-border business and investment involving Romania EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia
More information2018 Transfer Pricing Overview Romania
2018 Transfer Pricing Overview Romania romania.office@accace.com www.accace.com www.accace.ro Contents Introduction 3 Applicable legislation 4 Arm s length principle 5 Related parties 6 Documentation 7
More informationTransfer Pricing Country Summary Switzerland
Page 1 of 6 Transfer Pricing Country Summary Switzerland July 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines There are no specific transfer pricing regulations. However, legal
More informationCyprus Tax Guide for Investors
Cyprus Tax Guide for Investors Invest in Cyprus Invest in Us CONTENTS Cyprus: An international business & investment center Tax highlights Other related useful information 2 4 10 CYPRUS: AN INTERNATIONAL
More informationFundamentals Level Skills Module, Paper F6 (POL)
Answers Fundamentals Level Skills Module, Paper F6 (POL) Taxation (Poland) December 2015 Answers and Marking Scheme Section A 1 C 2,944 (16,000*80%*23%) The past year proportion is used during the current
More informationInternational Tax Finland Highlights 2018
International Tax Finland Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control No Accounting principles/financial statements Finnish GAAP/IFRS applies. Financial statements must
More informationGLOBAL OPPORTUNITIES SPAIN. DAVID SARDA TAX PARTNER, BDO SPAIN MIAMI /NEW YORK MAY 2018
GLOBAL OPPORTUNITIES SPAIN MIAMI /NEW YORK MAY 2018 DAVID SARDA TAX PARTNER, BDO SPAIN david.sarda@bdo.es Brief overview of residence rules An individual is considered to be Spanish tax resident if they
More informationCOMPARISON OF EUROPEAN HOLDING COMPANY REGIMES
COMPARISON OF EUROPEAN HOLDING COMPANY REGIMES This analysis provides an indicative guide only and advice from appropriate country specialists should always be sought. Particular attention should be given
More informationt, Tax 9/28/12 and Procurement legal and contracting aspects related to Outsourcing in Romania
28 September 2012 EUBIS PUBLIC RELATIONS OUTSOURCING VERBAND INDEPENDENT NEWS & INFORMATION SERVICE FOR DACH, EUROPE AND GLOBAL MARKETS Search... HOME MARKETS LOCATIONS MANAGEMENT ITO BPO EVENTS + SERVICE
More informationInvest in Austria. Legal Aspects of Establishing a Company in Austria. Bucharest I 21 October Markus Piuk / Clemens Leitner
Invest in Austria Legal Aspects of Establishing a Company in Austria Bucharest I 21 October 2014 Markus Piuk / Clemens Leitner Corporate Set Up for doing business in Austria Major legal forms are partnerships
More information2018 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 informationTAX 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 informationS.C. LIBRA INTERNET BANK S.A. FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS TOGETHER WITH THE INDEPENDENT AUDITOR S REPORT CONTENTS PAGE INDEPENDENT
More informationFinancial Reporting. Tempus IV. Kyiv-Mohyla Academy Kiev 16 November Ana Ramon de la Cruz and Giulia Moro
Financial Reporting Tempus IV Kyiv-Mohyla Academy Kiev 16 November 2016 Ana Ramon de la Cruz and Giulia Moro 1 1. General principles Exchange rate Co-financing Transfer of money 2. Budget headings (purpose,
More informationThe 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 informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech EstoniaRepublic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Estonia KPMG observation The Estonian tax authorities have paid more and more attention to transfer
More informationTable of Contents. Part 1 General Section
About the Editor Foreword v XV Part 1 General Section About this Guide 1-3 Background to the VAT in Europe 2-1 A. Principles of the VAT 2-2 B. VAT in the European Community 2-4 C. The European Union and
More information2018 TAX GUIDELINE. Slovakia.
2018 TAX GUIDELINE Slovakia slovakia@accace.com www.accace.com www.accace.sk Contents General information about Slovakia 3 Legal forms of business 4 General rules on purchasing of real estate 4 Share deal
More informationNo. 5307/ BUCHAREST STOCK EXCHANGE FINANCIAL SUPERVISORY AUTHORITY Financial Instruments and Investments Sector
No. 5307/13.09.2016 To: BUCHAREST STOCK EXCHANGE FINANCIAL SUPERVISORY AUTHORITY Financial Instruments and Investments Sector PRESS RELEASE on the dividends payment for the financial year 2015 In accordance
More informationEuropean Commission issues detailed technical proposal for definitive VAT system
Tax Alert 11 June 2018 In this issue: European Commission issues detailed technical proposal for definitive VAT system On 25 May 2018, the European Commission released a proposal containing detailed technical
More informationSchedule of Fees of Wiener Börse AG
Schedule of Fees of Wiener Börse AG Table of Contents PART 1: FEES FOR THE CASH MARKET OF THE VIENNA STOCK EXCHANGE AS A SECURITIES EXCHANGE AND OPERATOR OF THE THIRD MARKET AS A MULTILATERAL TRADING FACILITY
More informationTransfer Pricing Country Summary Italy
Page 1 of 5 Transfer Pricing Country Summary Italy February 2018 Page 2 of 5 Legislation Existence of Transfer Pricing Laws/Guidelines Transfer pricing legislation is laid down in Article 110, Para. 7,
More informationPaper 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 informationCURRENT REPORT pursuant to the R.N.S.C. Regulation no. 1/2006 Date of report:
Translation from Romanian Output no. 1572/05.08.2016 CURRENT REPORT pursuant to the R.N.S.C. Regulation no. 1/2006 Date of report: 05.08.2016 Name of the commercial company: BIOFARM S.A. Registered office:
More informationCurrent Report pursuant to provisions under art. 113, letter A in Regulation no. 1/2006, regarding the issuers and operations with securities
IMPACT DEVELOPER & CONTRACTOR SA Registered office: Voluntari, 4C Pipera-Tunari Road, Construdava Business Center, floors 6,7, Ilfov County. Working point: Willbrook Platinum Business & Convention Center,
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 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 informationTERAPLAST S.A. CONSOLIDATED FINANCIAL STATEMENTS
TERAPLAST S.A. CONSOLIDATED FINANCIAL STATEMENTS Prepared in accordance with the International Financial Reporting Standards as adopted by the European Union 31 DECEMBER Consolidated Financial Statements
More informationDOING BUSINESS IN ROMANIA
DOING BUSINESS IN ROMANIA CONTENTS 1 Introduction 3 2 Business environment 4 3 Foreign Investment 6 4 Setting up a Business 7 5 Labour 9 6 Taxation 11 7 Accounting & reporting 16 8 UHY Representation in
More informationGLOBAL INDIRECT TAX. Sweden. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Sweden Country VAT/GST Essentials kpmg.com TAX b Sweden: Country VAT/GST Essentials Sweden: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS, INFORMATION NETWORKS, ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, October 2010 TAXUD/C/1 VAT in the European Community APPLICATION
More information2016 forecasts indicate a 4.2% - 5% GDP growth rate
SWIFT Business Forum Romania, 26 th of October 2016 In 2015 GDP grew by 5.2% in H1 2016 compared to H1 2015 (the highest rate in EU), GDP per capita expressed as the Standard Purchasing Parity (SPP) stood
More informationSUPPLEMENTARY PROSPECTUS FOR POTENTIAL INVESTORS IN THE UNITED KINGDOM DATED 26 NOVEMBER 2018
If you are in any doubt about the contents of this Supplementary Prospectus you should consult a person authorised for the purposes of the Financial Services and Markets Act 2000 who specialises in advising
More information