FOREWORD. Switzerland

Size: px
Start display at page:

Download "FOREWORD. Switzerland"

Transcription

1

2 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 double tax treaties in place? How will foreign source income be taxed? Since 1994, the PKF network of independent member firms, administered by PKF International Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provide international businesses with the answers to these key tax questions. As you will appreciate, the production of the WWTG is a huge team effort and we would like to thank all tax experts within PKF member firms who gave up their time to contribute the vital information on their country's taxes that forms the heart of this publication. The PKF Worldwide Tax Guide 2014 (WWTG) is an annual publication that provides an overview of the taxation and business regulation regimes of the world's most significant trading countries. In compiling this publication, member firms of the PKF network have based their summaries on information current on 1 January 2014, while also noting imminent changes where necessary. On a country-by-country basis, each summary such as this one, addresses the major taxes applicable to business; how taxable income is determined; sundry other related taxation and business issues; and the country's personal tax regime. The final section of each country summary sets out the Double Tax Treaty and Non-Treaty rates of tax withholding relating to the payment of dividends, interest, royalties and other related payments. While the WWTG should not to be regarded as offering a complete explanation of the taxation issues in each country, we hope readers will use the publication as their first point of reference and then use the services of their local PKF member firm to provide specific information and advice. Services provided by member firms include: Assurance & Advisory; Financial Planning / Wealth Management; Corporate Finance; Management Consultancy; IT Consultancy; Insolvency - Corporate and Personal; Taxation; Forensic Accounting; and, Hotel Consultancy. In addition to the printed version of the WWTG, individual country taxation guides such as this are available in PDF format which can be downloaded from the PKF website at PKF Worldwide Tax Guide

3 IMPORTANT DISCLAIMER This publication should not be regarded as offering a complete explanation of the taxation matters that are contained within this publication. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF International is a network of legally independent member firms administered by PKF International Limited (PKFI). Neither PKFI nor the member firms of the network generally accept any responsibility or liability for the actions or inactions on the part of any individual member firm or firms. PKF INTERNATIONAL LIMITED JUNE 2014 PKF INTERNATIONAL LIMITED All RIGHTS RESERVED USE APPROVED WITH ATTRIBUTION PKF Worldwide Tax Guide

4 STRUCTURE OF COUNTRY DESCRIPTIONS A. TAXES PAYABLE FEDERAL AND CANTONAL TAXES AND LEVIES CORPORATE TAX CAPITAL GAINS TAX BRANCH PROFITS TAX VALUE ADDED TAX (VAT) LOCAL TAXES OTHER TAXES SOCIAL SECURITY ISSUANCE STAMP DUTY TAX SECURITIES TRANSFER STAMP DUTY TAX B. DETERMINATION OF TAXABLE INCOME DEPRECIATION STOCK / INVENTORY CAPITAL GAINS AND LOSSES DIVIDENDS LOSSES FOREIGN SOURCED INCOME INCENTIVES C. FOREIGN TAX RELIEF D. CORPORATE GROUPS E. RELATED PARTY TRANSACTIONS F. WITHHOLDING TAX G. EXCHANGE CONTROL H. PERSONAL TAX I. TREATY AND NON-TREATY WITHHOLDING TAX RATES PKF Worldwide Tax Guide

5 MEMBER FIRM For further advice or information please contact: City Name Contact information Zurich Daniel Carotta Zug Daniel Carotta Geneva Jean-Claude Roder Lugano Claudio Massa BASIC FACTS Full name: Swiss Confederation Capital: Bern Main languages: German, French, Italian, Romansh Population: 8.18 million (2014 estimate) Major religion: Christianity Monetary unit: Swiss Franc (CHF) Internet domain:.ch Int. dialling code: +41 KEY TAX POINTS In Switzerland, taxes are governed by federal law and 26 different cantonal tax laws. Corporate income tax is payable by Swiss resident companies on corporate net profit. Foreign branch income of a Swiss corporation is exempt from Swiss taxation. Capital gains on real estate for direct federal tax and several cantonal tax purposes are aggregated with and taxed as part of ordinary income. VAT is charged on the domestic delivery of goods and rendering of services and a tax on the importation of goods and services into Switzerland. The VAT rate is usually 8%. Special lower rates (2.5% or 3.8%) apply for various services and goods, except for some exemptions. Dividends paid from Swiss capital companies to Swiss residents and non-residents are subject to 35% withholding tax. Shareholders resident abroad may obtain relief under the appropriate double taxation treaty. There is no federal withholding tax on royalties. Deemed distributions may arise to the extent that prices between related parties exceed those on arm's length terms. Withholding tax may be applied to the deemed distributions. PKF Worldwide Tax Guide

6 A Swiss resident individual is subject to Swiss federal, cantonal and communal taxes on his worldwide income and net wealth, with the exception of income from investments in foreign permanent establishments and real estate situated abroad. Basically, foreigners are regarded as resident from date of registration. Net wealth taxes, inheritance and gift taxes are levied by most cantons, but they are not levied at federal level. A. TAXES PAYABLE FEDERAL AND CANTONAL TAXES AND LEVIES Taxes are governed in Switzerland by federal law and 26 different cantonal tax laws. The cantonal tax laws were harmonised with effect from Tax declaration procedures and the determination of the taxable income in the various cantons are similar and in line with the federal law. However, the cantons do set their own tax rates. The presence of different tax legislation means that the fiscal burden on a Swiss company depends not only on the size of its income and assets but, to a considerable degree, also on the location of its registered office, its business objects and the nature of its operations. Taxation may vary significantly from one canton to another. In general, the cantonal laws are flexible and include tax privileges for special purpose companies e.g. holding companies. CORPORATE TAX Corporate income tax is payable by Swiss resident companies on corporate net profit (i.e. on the profit after taxes). Exceptions to this rule may be found in some cantons where a special tax on capital gains realised on the sale of immovable property may be levied. Income of Swiss resident companies from business operations, permanent establishments and immovable property situated abroad is exempt from income tax but included in calculating progressive corporate income tax rates. Each resident taxpayer has to file an annual tax return. As a rule, non-resident taxpayers have to file tax returns only if they maintain a permanent establishment or own immovable property in Switzerland including gains on the sale of such property and on income from debts secured by real estate situated in Switzerland. Cantonal income tax rates are predominantly flat rates. Some cantons use graduated rates. The federal income tax is 8.5% (statutory tax rate applicable on taxable income after taxes, effective tax rate is 7.83%). Effective ordinary corporate tax rates on income vary significantly from one canton to another (from approximately 12% up to a maximum of approximately 24% in An annual capital tax is due at the cantonal and communal level on taxable capital which is usually at least the value of paid in share capital. The effective ordinary capital tax rates vary from 0.01% to 0.52% depending on the canton of residence. Reduced rates are usually applicable for special purpose companies. There are a number of special purpose companies in Switzerland, i.e. domiciliary and holding companies. PKF Worldwide Tax Guide

7 Domiciliary companies only have administrative activities in Switzerland and are exclusively engaged in international business. Companies qualifying for domiciliary status are completely exempt from cantonal tax on dividend income and on capital gains from qualifying participation. Other Swisssourced income is taxed at ordinary income tax rates whereas profits from trading outside are usually also subject to tax at reduced rates. Swiss federal tax does not provide for any particular relief for domiciliary companies. Holding companies are exempt from cantonal and communal corporate income tax and are often also subject to capital tax at reduced rates. Holding companies may own real estate in Switzerland. However, as an exception, any income or capital gains generated from such real estate is subject to ordinary taxation. Federal income tax is levied at ordinary corporate income tax rates. CAPITAL GAINS TAX Capital gains on real estate for direct federal tax and several cantonal tax purposes are aggregated with and taxed as part of ordinary income. In other cantons, recaptured depreciation is taxed with ordinary income, while the realised increase in value is subject to a special real estate gains tax. Capital gains realised on the sale of investments are (partially) tax exempt, provided: (1) The sales price exceeds the (historical) acquisition costs of the investment; (2) The securities sold amount to at least 10% of the sold company's share capital or entitle the purchaser to at least 10% of the profit or reserves of the sold company; (3) The investment was held for a period of at least one year. BRANCH PROFITS TAX Foreign branch income of a Swiss corporation is exempt from Swiss taxation. Swiss branches of foreign companies are assessed on the profit and capital attributable to the branch. Branches of foreign companies are treated for income tax purposes basically in the same way as those of local corporations. Some cantons apply special rules to Swiss finance branches of foreign companies. The finance branches are subject to reduced income tax rates (a reduced tax basis applies due to special deemed interest deductions) and usually also reduced annual capital tax rates. VALUE ADDED TAX (VAT) VAT is charged on the domestic delivery of goods and rendering of services and a tax on the importation of goods and services into Switzerland. The VAT rate is usually 8%. Special lower rates (2.5% or 3.8%) apply for various services and goods. In addition, various exemptions exist. LOCAL TAXES The municipalities levy income taxes, mostly in the form of annually determined surcharges on the cantonal taxes. The tax rates may differ from one community to another. OTHER TAXES There are no taxes on income other than the federal, cantonal and communal taxes as mentioned above. In many cantons the churches also levy an income tax, generally based on a percentage of PKF Worldwide Tax Guide

8 cantonal taxes. SOCIAL SECURITY Compulsory old age and survivors' insurance/unemployment insurance/children allowance on gross salaries are payable at 12.5% (6.25% payable by the employer and employee respectively). Contributions to compulsory pension plans vary in accordance with the benefits covered and are usually shared by employer and employee. The employer generally has to bear at least half. Health insurance has to be organised and paid on a private basis. ISSUANCE STAMP DUTY TAX The issuance and increase of the nominal capital of the following securities are generally subject to issuance Stamp Duty tax: Rate Shares of Swiss corporations 1* Quotas of Swiss private limited companies 1* Shares in Swiss co-operative societies 1* * Nil % up to a paid-in capital of CHF 1,000,000. Further, capital contributions made by shareholders and credited to reserves (capital surplus) are subject to 1% issuances Stamp Duty tax. Since 1 March 2012 issuance Stamp Duty tax is no longer due on the issuance of debentures and money market papers. SECURITIES TRANSFER STAMP DUTY TAX The transfer of taxable deeds (securities, debentures) is generally subject to securities transfer Stamp Duty tax if a Swiss securities dealer is involved. The tax rate is 0.15% for Swiss taxable deeds and 0.3% for foreign taxable deeds. Various exemptions exist. Except from Swiss banks and brokers, capital companies with taxable deeds of more than CHF 10 million in their balance sheet qualify as a Swiss securities dealer with regard to Stamp Duty law. B. DETERMINATION OF TAXABLE INCOME The starting point for determining taxable income of corporate entities is the net income reported as per the statutory accounts. This means all types of income, including capital gains, are part of the taxable income. The reported profit may be adjusted for tax purposes by adding back, e.g. expenses that are not commercially justified such as excessive depreciation and provisions, hidden profit distributions and costs in connection with the purchase or improvement of fixed assets. DEPRECIATION Depreciation of tangible and intangible assets is allowed where 'commercially justified' and recorded in the books. For tax purposes, both the straight-line and the declining balance methods may be used. The use of one method should be constant over the years and should only be changed if PKF Worldwide Tax Guide

9 absolutely necessary. Safe haven rates have been published by the federal tax authorities, which are considered commercially justified. STOCK / INVENTORY Inventories must be carried at the lower of cost or market value. Cost is generally determined using the FIFO or average method. As a concession, a reserve against stock contingencies may be set up in the books. If this reserve does not exceed one-third of the lower of cost or market value of the inventory at the balance sheet date, it will be admitted by all tax authorities without enquiry. CAPITAL GAINS AND LOSSES See discussion above. As a rule, capital gains realised by corporations are not taxed separately but are added to any other income in the year of realisation and taxed at ordinary tax rates. Exceptions may apply to capital gains realised on the disposal of immovable property. The sale of an investment of at least 20% in another company's share capital by a Swiss company to a foreign or Swiss group company may, under certain circumstances, be made at either book value (tax- exempt restructuring) or fair market value. The sale of an investment of less than 20% in another company's share capital to a foreign affiliated entity or to a Swiss company regardless of the investment may only be completed at fair market value. Capital gains realised by a foreign shareholder on the sale of a Swiss subsidiary company are not subject to Swiss taxation, except for the sale of Swiss real estate companies, which would be considered as a direct sale of the Swiss properties owned by such companies. DIVIDENDS Dividends received are classified as business income but federal law and all cantonal laws allow a relief of taxes payable if the shareholding company owns more than 10% of the share capital or is entitled to at least 10% of the profit or reserves of the dividend distributing company or if the investment has a fair market value of more than CHF 1 million (qualifying investment). If the recipient of a dividend is a holding company, dividend income is exempt from corporate income taxes at cantonal and communal level. Dividends paid from Swiss capital companies to Swiss residents and non-residents are subject to 35% Swiss withholding tax. Shareholders resident in Switzerland may apply for the notification procedure under certain circumstances or can reclaim the withholding tax. Shareholders resident abroad may obtain relief under the appropriate double taxation treaty or the tax savings agreement between Switzerland and the EU. Interest deductions. A company may generally deduct all interest paid or accrued during a business year, although loan arrangements between related parties must be made on an arm's length basis. If the funds raised by interest bearing loans are loaned-on to affiliates, an interest spread of one-quarter to one-half per cent is basically required for the Swiss company if lending and on-lending are made in the same currency. Safe haven rates are published annually by the Swiss Federal Tax Administration for loans from and to affiliates. Thin capitalisation rules apply to reduce the deduction available where the interest relates to monies borrowed from related parties. The Swiss Federal Tax Administration has issued thin capitalisation guidelines in a Circular Letter ("Kreisschreiben"). In general, any interest paid on loans from related PKF Worldwide Tax Guide

10 parties that are classified as hidden equity are treated as hidden profit distributions, i.e. may be added back to taxable income and be subject to withholding tax. The excessive portion of the loan, reclassified as equity, may be subject to capital tax. LOSSES A limited loss carry forward mechanism is available (for seven years) for federal and cantonal income taxes (there is an unlimited use of loss carry forward in certain recapitalisation scenarios "Sanierung"). Swiss tax law provides neither for loss carry back nor for the consolidation of profitable and unprofitable group companies. FOREIGN SOURCED INCOME Switzerland has no controlled foreign company legislation and a foreign company may be treated as a conduit only in instances where it is used for tax avoidance purposes. All income reported by a Swiss company is, in principle, subject to Swiss federal, cantonal and communal taxes (exception see e.g. domiciliary companies). INCENTIVES Tax incentives are granted on a case-by-case basis and their extent and duration largely depend on the size of the investment and the importance attributed to the economic development of the canton or region concerned by the cantonal and federal governments. Such an incentive may be either relief or exemption from income and annual capital tax for up to ten years. Provisions future expenses relating to research and development payable to third parties are tax deductible up to a maximum of 10% of the net profit, with a ceiling of CHF 1 million. Under certain conditions, companies are allowed to set up a tax privileged 'recession reserve' up to an amount of 20% of the company's annual gross salaries paid. The amounts are deductible for federal, cantonal and communal tax purposes. Accelerated write-down on fixed asset investments is granted in certain cantons. A wide variety of non-tax incentives are granted by these regions, such as cash grants, participation in project costs, partial or entire assumption of interest expenses on loans required for realisation of the project, subsidies for training personnel etc. C. FOREIGN TAX RELIEF Double tax relief is granted by means of tax exemption of foreign branch and real property income and by the deduction of any non-recoverable foreign withholding taxes. Based on most double taxation agreements, a credit against Swiss income taxes is granted for the unrelieved portion of foreign withholding taxes on dividends, interest and royalties or similar fees but not for underlying income taxes on dividends received from subsidiaries. The tax credit is granted for taxes derived from treaty countries under which Switzerland has committed itself to such a tax credit. Foreign taxes of these countries are creditable only if they are irrecoverable and actually paid or, in respect of treaties that provide for a tax-sparing credit, if they are deemed to be paid. PKF Worldwide Tax Guide

11 D. CORPORATE GROUPS Each entity in Switzerland is subject to taxes independent from the corporate group and tax returns have to be filed for each Swiss subsidiary and branch. Revenue and capital losses cannot be transferred within a corporate group. E. RELATED PARTY TRANSACTIONS Intra-group transactions are not challenged by the tax authorities if they are made on an arm's length basis. There are neither provisions in tax laws nor any administrative practices that would challenge a transaction solely on the grounds of being made between related parties. However, intra-group transactions, where the consideration paid for goods or services is higher than what an independent third party would be willing to pay or the consideration for goods or services sold is less than what an independent third party would require, may be deemed as hidden profit distributions and be adjusted for determining taxable income. Hidden profit distributions are, in addition, subject to withholding tax in the same way as dividends. Payments to foreign affiliates in respect of management fees, research and development, general and administrative expenses are deductible, if made on an arm's length basis. They should, however, be specific and identifiable as a commercially justified charge to the Swiss entity. F. WITHHOLDING TAX The company must withhold a tax of 35% and remit this amount to the tax authorities on all cash dividends and dividends in kind, including bonus shares and surplus liquidation proceeds. As per 1 January 2011 reserves that have been paid in directly by shareholders can be distributed withholding tax free. This tax is in general levied at source. However, it can be applied through the notification procedure under certain circumstances. Most treaties provide for a reduction of the normal 35% rate. Withholding tax on interest is levied at a rate of 35% but only on bonds, bond-like loans and deposits accepted by Swiss banks from non-bank clients. No withholding tax is levied on inter-company loans. There is no withholding tax on royalties. G. EXCHANGE CONTROL There are, at present, no currency restrictions on inward investments, and the Swiss franc is freely convertible into any other currency. Bank accounts may be maintained in local or foreign currencies either in or outside Switzerland without restriction. There is no distinction between resident and non-resident accounts. If the Swiss accounts are kept in a currency other than Swiss francs (i.e. in a functional currency), exchange gains or losses from the conversion of the functional currency accounts to CHF accounts are no longer taxable or tax deductible since the issuance of a respective federal court law decision in October H. PERSONAL TAX A Swiss resident individual is subject to Swiss federal, cantonal and communal taxes on his worldwide income and net wealth, with the exception of income from investments in foreign permanent establishments and real estate situated abroad. Basically, foreigners are regarded as PKF Worldwide Tax Guide

12 resident from date of registration (usually within one week of arrival where the individual intends to stay permanently in Switzerland). The cantons levy a wage source tax on salaries paid by domestic employers to expatriates. The tax is deducted monthly from the expatriate's gross income, including any benefits in kind, based on the cantonal tax table. Individuals resident abroad and drawing income from or owning net assets in the form of a permanent establishment or real estate in Switzerland are subject to Swiss taxes thereon at the rates that would apply to their worldwide taxable income or net assets. The tax liability is, however, limited to their Swiss taxable income and net assets. Income tax is payable on assessable income less allowable deductions. The assessable income must include, in gross income, all compensation received as salary, living and housing allowances, tax reimbursements and the fair market value of any benefits in kind. The tax rates of direct federal tax on income and all cantonal taxes on income and net wealth are on a progressive basis. The federal tax rates apply separately to single and married taxpayers. These rates are valid as per 1 January The married taxpayers' rate also applies to registered couples of the same sex living together and to widowed, separated and divorced or single persons living with children who are minors and studying at their expense. The tax rates for unmarried taxpayers are as follows: If taxable Income is between (CHF) Tax on lower amount is (CHF) Tax on excess is ,800-31, ,600-41, ,400-55, ,200-72, ,500-78,099 1, , ,599 1, , ,599 3, , ,999 5, , ,199 10, ,200 or above 86, If taxable income exceeds CHF 755,200 the exceeding income is subject to a flat rate of 11.50%. The tax rate for married taxpayers is as follows: PKF Worldwide Tax Guide

13 If taxable Income is between (CHF) Tax on lower amount is (CHF) Tax on excess is 0 29, ,000 50, ,900 58, ,400 75, ,300 90, , , , ,699 2, , ,199 2, , ,699 3, , ,299 4, , ,199 4, , ,099 4, , ,999 5, , ,799 5, , , * If taxable income exceeds CHF 889,500, the exceeding income is subject to a flat rate of CHF 11.50%. In addition, cantonal and municipal taxes are payable which are considerably higher. The tax rates are dependent on the canton in which the individual is resident. There are also net wealth taxes, inheritance and gift taxes levied by most cantons. I. TREATY AND NON-TREATY WITHHOLDING TAX RATES Ordinarily the rate of Swiss withholding tax is 35%. Relief, when granted, is generally by way of refund. The table below stipulates the remaining tax for the recipient for each type of income. The information contained therein is valid as at 10 October On 1 July 2005 the agreement on the taxation of savings income between Switzerland and the EU came into effect. A limited company with a direct participation of 25% or more which is held longer than two years can file a request for the application of the declaration procedure. In this case, a 0% rate results. Dividends Portfolio Substantial Holdings¹ Interest Resident corporations and individuals Non-resident corporations and individuals Non-treaty countries: PKF Worldwide Tax Guide

14 Dividends Portfolio Substantial Holdings¹ Interest Treaty countries: Albania Algeria /10 Argentina Armenia /10 Azerbaijan Australia Austria Belarus /5/8 Belgium /10 Bangladesh /10 Bulgaria /10 Canada /10 Chile /5 China Colombia Croatia /5/10 Czech Republic Denmark /10 10 Ecuador /10 Egypt /15 Estonia /10 Finland France Georgia Germany 26,375/ Ghana Greece Hungary Iceland 15/18/ India Indonesia Iran /10 PKF Worldwide Tax Guide

15 Dividends Portfolio Substantial Holdings¹ Interest Ireland, Republic of Israel /5/10 Italy Ivory Coast /15 Jamaica /10 Japan 10 0/5 0/10 Kazakhstan /10 Korea, Republic of /10 Kyrgyzstan Kuwait Latvia Liechtenstein 0/ 2 Lithuania Luxembourg /10 Macedonia /10 Malaysia Malta Mexico /10 Moldova /10 Mongolia /10 Montenegro Morocco Netherlands New Zealand Norway Pakistan Philippines Poland /10 Portugal Qatar 15 5/10 0 Romania /5 Russia /10 Serbia PKF Worldwide Tax Guide

16 Dividends Portfolio Substantial Holdings¹ Interest Singapore Slovak Republic /5 Slovenia South Africa Spain Sri Lanka /10 Sweden /5 Tajikistan /10 Thailand /10/15 Trinidad and Tobago Tunisia Turkey /10 Ukraine /10 United Kingdom United States Uruguay Uzbekistan /5 Venezuela Vietnam 15 7/10 0/10 NOTES: 1 The rates necessary to constitute a substantial holding vary on a country by country basis accordingly reference should be made to the individual treaties. 2 The zero rate applies to loans secured on immovable property. The domestic rate applies in all other cases. PKF Worldwide Tax Guide

17

FOREWORD. Estonia. Services provided by member firms include:

FOREWORD. Estonia. Services provided by member firms include: 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? Are

More information

FOREWORD. Finland. Services provided by member firms include:

FOREWORD. Finland. 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

FOREWORD. Egypt. Services provided by member firms include:

FOREWORD. Egypt. Services provided by member firms include: 2015/16 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

More information

FOREWORD. Services provided by member firms include:

FOREWORD. Services provided by member firms include: 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? Are

More information

Switzerland Country Profile

Switzerland Country Profile Switzerland Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Switzerland EU Member State No. Please note that, in addition to Switzerland

More information

Switzerland Country Profile

Switzerland Country Profile Switzerland Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Switzerland EU Member State No. Please note that, in addition to Switzerland

More information

FOREWORD. Denmark. Services provided by member firms include:

FOREWORD. Denmark. 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

FOREWORD. Slovak Republic

FOREWORD. Slovak Republic 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

(of 19 March 2013) Valid from 1 January A. Taxpayers

(of 19 March 2013) Valid from 1 January A. Taxpayers Leaflet. 29/460 of the Cantonal Tax Office on withholding taxes applicable to pension benefits under private law for persons without domicile or residence in Switzerland (of 19 March 2013) Valid from 1

More information

FOREWORD. Cayman Islands

FOREWORD. Cayman Islands 2015/16 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

More information

FOREWORD. Cyprus. Services provided by member firms include:

FOREWORD. Cyprus. Services provided by member firms include: 216/17 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? Are

More information

Valid from 1 January A. Taxpayers

Valid from 1 January A. Taxpayers Leaflet. 29/410 of the Cantonal Tax Office on withholding taxes applicable to pension benefits under public law for persons without domicile or in Switzerland (of 19 March 2013) Valid from 1 January 2013

More information

Setting up in Denmark

Setting up in Denmark Setting up in Denmark 6. Taxation The Danish tax system for individuals rests on the global taxation principle. The principle holds that the income of individuals and companies with full tax liability

More information

FOREWORD. Austria. Services provided by member firms include:

FOREWORD. Austria. 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

FOREWORD. Jersey. Services provided by member firms include:

FOREWORD. Jersey. Services provided by member firms include: 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? Are

More information

FOREWORD. Czech Republic

FOREWORD. Czech Republic 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

FOREWORD. Isle of Man

FOREWORD. Isle of Man 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

FOREWORD. Slovak Republic

FOREWORD. Slovak Republic 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? Are

More information

Belgium Country Profile

Belgium Country Profile Belgium Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Belgium EU Member State Double Tax Treaties Yes With: Albania Algeria Argentina

More information

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%) Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes

More information

Romania Country Profile

Romania 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 information

FOREWORD. Lebanon. Services provided by member firms include:

FOREWORD. Lebanon. Services provided by member firms include: 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? Are

More information

FOREWORD. Uruguay. Services provided by member firms include:

FOREWORD. Uruguay. Services provided by member firms include: 2015/16 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

More information

Other Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries 1

Other Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries 1 Other Tax Rates Non-Resident Withholding Tax Rates for Treaty Countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15% 15% 0/15% 15/25% Argentina 7 12.5 10/15 3/5/10/15

More information

FOREWORD. Spain. Services provided by member firms include:

FOREWORD. Spain. 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

Belgium Country Profile

Belgium Country Profile Belgium Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Belgium EU Member State Double Tax Treaties Yes With: Albania Algeria Argentina

More information

Finland Country Profile

Finland Country Profile Finland Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Finland EU Member State Double Tax Treaties With: Argentina Armenia Australia

More information

Austria Country Profile

Austria Country Profile Austria Country Profile EU Tax Centre March 2014 Key tax factors for efficient cross-border business and investment involving Austria EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia

More information

Non-resident withholding tax rates for treaty countries 1

Non-resident withholding tax rates for treaty countries 1 Non-resident withholding tax rates for treaty countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15% 15% 0/15% 15/25% Argentina 7 12.5 10/15 3/5/10/15 15/25 Armenia

More information

Gerry Weber International AG

Gerry Weber International AG The German Tax Agency (the BZSt) offers an electronic tax relief program (the DTV) designed to facilitate and accelerate German tax reclaims on equities by financial institutions. Acupay provides custodian

More information

Latvia Country Profile

Latvia Country Profile Latvia Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Latvia EU Member State Double Tax Treaties With: Albania Armenia Austria Azerbaijan

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

Romania Country Profile

Romania Country Profile Romania Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Romania EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia

More information

Withholding Tax Rate under DTAA

Withholding Tax Rate under DTAA Withholding Tax Rate under DTAA Country Albania 10% 10% 10% 10% Armenia 10% Australia 15% 15% 10%/15% [Note 2] 10%/15% [Note 2] Austria 10% Bangladesh Belarus a) 10% (if at least 10% of recipient company);

More information

ORD ISIN: DE / CINS CUSIP: D (ADR: / US )

ORD ISIN: DE / CINS CUSIP: D (ADR: / US ) The German Tax Agency (the BZSt) offers an electronic tax relief program (the DTV) designed to facilitate and accelerate German tax reclaims on equities by financial institutions. Acupay provides custodian

More information

FOREWORD. Trinidad and Tobago

FOREWORD. Trinidad and Tobago 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? Are

More information

Withholding tax rates 2016 as per Finance Act 2016

Withholding tax rates 2016 as per Finance Act 2016 Withholding tax rates 2016 as per Finance Act 2016 Sr No Country Dividend Interest Royalty Fee for Technical (not being covered under Section 115-O) Services 1 Albania 10% 10% 10% 10% 2 Armenia 10% 10%

More information

Turkey Country Profile

Turkey Country Profile Turkey Country Profile EU Tax Centre June 2018 EU Tax Centre June 2018 Turkey Key tax factors for efficient cross-border business and investment involving Turkey EU Member State Double Tax Treaties No

More information

Luxembourg Country Profile

Luxembourg Country Profile Luxembourg Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Luxembourg EU Member State Yes Double Tax Treaties With: Albania (a) Andorra

More information

FOREWORD. Bahrain. Services provided by member firms include:

FOREWORD. Bahrain. 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

ide: FRANCE Appendix A Countries with Double Taxation Agreement with France

ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Fiscal operational guide: FRANCE ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Albania Algeria Argentina Armenia 2006 2006 From 1 March 1981 2002 1 1 1 All persons 1 Legal

More information

Slovakia Country Profile

Slovakia Country Profile Slovakia Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Slovakia EU Member State Double Tax Treaties Yes With: Australia Austria Belarus

More information

FOREWORD. Panama. Services provided by member firms include:

FOREWORD. Panama. 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

Guide to Treatment of Withholding Tax Rates. January 2018

Guide to Treatment of Withholding Tax Rates. January 2018 Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

Albania 10% 10%[Note1] 10% 10% Armenia 10% 10% [Note1] 10% 10% Austria 10% 10% [Note1] 10% 10%

Albania 10% 10%[Note1] 10% 10% Armenia 10% 10% [Note1] 10% 10% Austria 10% 10% [Note1] 10% 10% Country Dividend (not being covered under Section 115-O) Withholding tax rates Interest Royalty Fee for Technical Services Albania 10% 10%[Note1] 10% 10% Armenia 10% Australia 15% 15% 10%/15% 10%/15% Austria

More information

FOREWORD. Georgia. Services provided by member firms include:

FOREWORD. Georgia. Services provided by member firms include: 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? Are

More information

APA & MAP COUNTRY GUIDE 2017 CANADA

APA & MAP COUNTRY GUIDE 2017 CANADA APA & MAP COUNTRY GUIDE 2017 CANADA Managing uncertainty in the new tax environment CANADA KEY FEATURES Competent authority APA provisions/ guidance Types of APAs available APA acceptance criteria Key

More information

Turkey Country Profile

Turkey Country Profile Turkey Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Turkey EU Member State Double Tax Treaties With: Albania Algeria Australia Austria

More information

Panama. Services provided by member firms include:

Panama. Services provided by member firms include: 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? Are

More information

FOREWORD. Mauritius. Services provided by member firms include:

FOREWORD. Mauritius. Services provided by member firms include: 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? Are

More information

Sweden Country Profile

Sweden Country Profile Sweden Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Sweden EU Member State Double Tax Treaties With: Albania Armenia Argentina Azerbaijan

More information

FOREWORD. Libya. Services provided by member firms include:

FOREWORD. Libya. Services provided by member firms include: 2015/16 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

More information

Estonia Tax Guide 2012

Estonia Tax Guide 2012 Estonia Tax Guide 2012 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

More information

Withholding Tax Handbook BELGIUM. Version 1.2 Last Updated: June 20, New York Hong Kong London Madrid Milan Sydney

Withholding Tax Handbook BELGIUM. Version 1.2 Last Updated: June 20, New York Hong Kong London Madrid Milan Sydney Withholding Tax Handbook BELGIUM Version 1.2 Last Updated: June 20, 2014 Globe Tax Services Incorporated 90 Broad Street, New York, NY, USA 10004 Tel +1 212 747 9100 Fax +1 212 747 0029 Info@GlobeTax.com

More information

FOREWORD. Colombia. Services provided by member firms include:

FOREWORD. Colombia. Services provided by member firms include: 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? Are

More information

Norway Country Profile

Norway Country Profile rway Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving rway EU Member State Double Tax Treaties With: Albania Argentina Australia Austria

More information

FOREWORD. Burundi. Services provided by member firms include:

FOREWORD. Burundi. Services provided by member firms include: 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? Are

More information

Spain Country Profile

Spain Country Profile Spain Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Spain EU Member State Double Tax Treaties With: Albania Algeria Andorra Argentina

More information

Poland Country Profile

Poland Country Profile Poland Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Poland EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia

More information

FOREWORD. Montenegro. Services provided by member firms include:

FOREWORD. Montenegro. Services provided by member firms include: 2015/16 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

More information

FOREWORD. Colombia. Services provided by member firms include:

FOREWORD. Colombia. Services provided by member firms include: 2015/16 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

More information

FOREWORD. Serbia. Services provided by member firms include:

FOREWORD. Serbia. Services provided by member firms include: 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? Are

More information

FOREWORD. Romania. Services provided by member firms include:

FOREWORD. Romania. Services provided by member firms include: 2015/16 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

More information

Czech Republic Country Profile

Czech Republic Country Profile Czech Republic Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Czech Republic EU Member State Yes Double Tax Treaties With: Albania

More information

FOREWORD. Bermuda. Services provided by member firms include:

FOREWORD. Bermuda. Services provided by member firms include: 2015/16 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

More information

Slovenia Country Profile

Slovenia Country Profile Slovenia Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Slovenia EU Member State Double Tax Treaties With: Albania Armenia Austria

More information

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 This table shows the maximum rates of tax those countries with a Double Taxation Agreement

More information

Czech Republic Country Profile

Czech Republic Country Profile Czech Republic Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Czech Republic EU Member State Yes Double Tax Treaties With: Albania

More information

Lithuania Country Profile

Lithuania Country Profile Lithuania Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Lithuania EU Member State Yes Double Tax Treaties With: Armenia Austria Azerbaijan

More information

FOREWORD. Saint Lucia

FOREWORD. Saint Lucia 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? Are

More information

Definition of international double taxation

Definition of international double taxation Definition of international double taxation Juridical double taxation: imposition of comparable taxes in two (or more) States on the same taxpayer in respect of the same subject matter and for identical

More information

FOREWORD. Ecuador. Services provided by member firms include:

FOREWORD. Ecuador. Services provided by member firms include: 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? Are

More information

Czech Republic Country Profile

Czech Republic Country Profile Czech Republic Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Czech Rep. EU Member State Yes Double Tax With: Treaties Albania Armenia

More information

INTESA SANPAOLO S.p.A. INTESA SANPAOLO BANK IRELAND p.l.c. 70,000,000,000 Euro Medium Term Note Programme

INTESA SANPAOLO S.p.A. INTESA SANPAOLO BANK IRELAND p.l.c. 70,000,000,000 Euro Medium Term Note Programme PROSPECTUS SUPPLEMENT INTESA SANPAOLO S.p.A. (incorporated as a società per azioni in the Republic of Italy) as Issuer and, in respect of Notes issued by Intesa Sanpaolo Bank Ireland p.l.c., as Guarantor

More information

FOREWORD. Somaliland. Services provided by member firms include:

FOREWORD. Somaliland. Services provided by member firms include: 2015/16 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

More information

Denmark Country Profile

Denmark Country Profile Denmark Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Denmark EU Member State Double Tax Treaties With: Argentina Armenia Australia

More information

FOREWORD. Iraq. Services provided by member firms include:

FOREWORD. Iraq. Services provided by member firms include: 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? Are

More information

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)

More information

Croatia Country Profile

Croatia Country Profile Croatia Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Croatia EU Member State Double Tax Treaties With: Albania Armenia Austria Azerbaijan

More information

Technical Newsletter. The Cyprus Holding Company. Seize the advantage of our expertise. Contents. Seize the Aspen advantage

Technical Newsletter. The Cyprus Holding Company. Seize the advantage of our expertise. Contents. Seize the Aspen advantage Seize the advantage of our expertise Technical Newsletter This publication should be used as a source of general information only. For the specific applications of the Law, professional advice should be

More information

FOREWORD. Gambia. Services provided by member firms include:

FOREWORD. Gambia. 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

FOREWORD. Dominican Republic

FOREWORD. Dominican Republic 2015/16 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

More information

Tax Card 2018 Effective from 1 January 2018 The Republic of Estonia

Tax Card 2018 Effective from 1 January 2018 The Republic of Estonia Tax Card 2018 Effective from 1 January 2018 The Republic of Estonia KPMG Baltics OÜ kpmg.com/ee CORPORATE INCOME TAX In Estonia, corporate income tax is not levied when profit is earned but when it is

More information

FOREWORD. Gambia. Services provided by member firms include:

FOREWORD. Gambia. Services provided by member firms include: 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? Are

More information

Spain Country Profile

Spain Country Profile Spain Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Spain EU Member State Double Tax Treaties With: Albania Algeria Andorra Argentina

More information

Contents. Andreas Athinodorou Managing Director International Tax Planning

Contents. Andreas Athinodorou Managing Director International Tax Planning Seize the advantage of our expertise Technical Newsletter This publication should be used as a source of general information only. For the specific applications of the Law, professional advice should be

More information

INTERNATIONAL JOURNAL OF RESEARCH AND ANALYSIS VOLUME 5 ISSUE 2 ISSN

INTERNATIONAL JOURNAL OF RESEARCH AND ANALYSIS VOLUME 5 ISSUE 2 ISSN CRITICAL ANALYSIS ON DOUBLE TAXATION AVOIDANCE AGREEMENT **AASTHA SUMAN & HIMANSHU SHUKLA The DTAA, or Double countries) so that taxpayers can avoid paying double taxes on their income earned from the

More information

FOREWORD. Poland. Services provided by member firms include:

FOREWORD. Poland. Services provided by member firms include: 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? Are

More information

Guatemala Tax Guide 2012

Guatemala Tax Guide 2012 Guatemala Tax Guide 2012 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

More information

Portugal Country Profile

Portugal Country Profile Portugal Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Portugal EU Member State Double Tax Treaties Yes With: Algeria Andorra (a)

More information

TAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov

TAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,

More information

Denmark Country Profile

Denmark Country Profile Denmark Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Denmark EU Member State Double Tax With: Treaties Argentina Armenia Australia

More information

Tax Card KPMG in Bulgaria. kpmg.com/bg

Tax Card KPMG in Bulgaria. kpmg.com/bg Tax Card 2017 KPMG in Bulgaria kpmg.com/bg CORPORATE TAX Corporate income tax (CIT) is due on the accounting profit after adjustments for tax purposes. The applicable tax rate for the year 2017 is 10%.

More information

Dutch tax treaty overview Q3, 2012

Dutch tax treaty overview Q3, 2012 Dutch tax treaty overview Q3, 2012 Hendrik van Duijn DTS Duijn's Tax Solutions Zuidplein 36 (WTC Tower H) 1077 XV Amsterdam The Netherlands T +31 888 387 669 T +31 888 DTS NOW F +31 88 8 387 601 duijn@duijntax.com

More information

Real Estate & Private Equity workshop

Real Estate & Private Equity workshop Real Estate & Private Equity workshop Moderator: Panelists: Joseph Hendry, Managing Director, Brown Brothers Harriman Gautier Despret, Senior Manager, Ernst & Young Patrick Goebel, Counsel, Allen & Overy

More information

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017 GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL

More information

FOREWORD. Guatemala. Services provided by member firms include:

FOREWORD. Guatemala. 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

Serbia Country Profile

Serbia Country Profile Serbia Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Serbia EU Member State Double Tax Treaties With: Albania Austria Azerbaijan Belarus

More information

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because

More information