Thinking Beyond Borders

Size: px
Start display at page:

Download "Thinking Beyond Borders"

Transcription

1 INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Tanzania kpmg.com

2 Tanzania Introduction Taxation of individuals under the Income Tax Act 2004 (ITA) is on the basis of both residence and source. Individuals are classified either as resident or nonresident taxpayers. Resident taxpayers are taxed on their worldwide income. Nonresident taxpayers (and residents who have not been resident for more than two years in total during their entire lives) are taxed on income accrued in, or derived from, Tanzania. Contact David Gachewa KPMG in Tanzania Director T: E: Individual income tax is covered under the Pay-As-You-Earn (PAYE) system, in respect of employment income being usually withheld from salary, wages, payment in lieu of leave, fees, commissions, bonuses, gratuity and other allowances received in respect of employment. Key messages Effective as of 1 January 2012, any nonresident person exiting from Julius Nyerere International Airport will obtain a value-added tax (VAT) refund upon submission of original fiscal receipt(s) provided the following conditions are met: the claim for VAT refund is received within six months after the date of the fiscal receipt the purchases of items should be less than 400,000 Tanzanian shillings (TZS) the goods have not been consumed or used and the seal is intact.

3 Income tax is calculated by applying a progressive tax rate schedule from 0 percent up to a maximum of 30 percent. All employers in Tanzania, including foreign companies operating through a permanent establishment (PE), must deduct PAYE from remuneration paid to all employees, and remit this tax to the authorities within seven days following the month with which the income relates. Income tax Liability for income tax The income of a person for a year of income from any employment, business or investment shall be: in the case of a resident person, the individual s income from employment, business or investment for the year of income, irrespective of the source of income in the case of a nonresident person, the individual s income from the employment, business or investment for the year of income, but only to the extent that the income has a source in Tanzania. The income tax shall be charged to every individual s total income during the year of income, and also repatriated income related to a PE or any person receiving final withholding payments during the year of income. Residence rules Tax residence status is based on the place of residence. The place of domicile or origin is not relevant in determining tax residence. Resident status is determined by the nature and length of stay in Tanzania. An individual is considered to be a Tanzanian resident if the following conditions are met: the individual is present in Tanzania during the year of income for a period or periods aggregating to 183 days or more the individual is present in Tanzania during the year of income, and in each of the two preceding years of income, for periods averaging more than 122 days in each such year of income. For a company, a residence is determined based on the following: it is incorporated or formed under the law of Tanzania at any time during the year, management and control of the company are exercised in Tanzania. Source of income A person shall calculate their income or loss from any employment, business or investment that has a source in the United Republic of Tanzania separately from any income or loss from that employment, business or investment that has a foreign source. Tax trigger points The tax trigger points under the ITA are as follows: statement of estimated tax payable and installment tax payable is due at the end of every quarter of the accounting period of a company. If their year-end is 31 December, then it would be due at the end of March, June, September and December final tax and final return of income is due six months after the end of the accounting period of the company employment taxes and withholding tax is due on the 7th day following the month in which it relates semi-annual PAYE statements and withholding tax statements are due every calendar year, 30 days after the end of each semi-annual period (i.e. 31 July and 31 January). Types of taxable income This will be divided between employment, business and investment incomes. Employment taxable income shall include: payments of wages, salary, payment in lieu of leave, fees, commissions, bonuses gratuity or any subsistence, traveling, entertainment or other allowances received in respect of employment or services rendered payments providing any discharge or reimbursement of expenditure incurred by the individual or an associate of the individual payments for the individual s agreement to any conditions of the employment retirement contributions and retirement payments payment for redundancy or loss or termination of employment other payment made in respect of the employment including quantified benefits-in-kind other amounts as may be required to be included. Business taxable income shall include: service fees earnings for stock trades gains from the realization of business assets or liabilities of the business

4 amounts required to be included under paragraph four of the Third Schedule on the realization of the person s depreciable assets of the business amounts derived as consideration for accepting a restriction on the capacity to conduct the business gifts and other ex-gratia payments received by the person in respect of the business amounts derived that are effectively connected with the business and that would otherwise be included in calculating the person s income from an investment Investment taxable income shall include: any dividend, distribution of a trust, gains of an insured from life insurance, interest, natural resource payment, rent or royalty net gains from the realization of investment assets as calculated under the ITA amounts derived as consideration for accepting a restriction on the capacity to conduct the investment other amounts required to be included. other amounts required to be included. Tax rates Rates Resident companies Corporation tax: Companies that issue at least 30% equity to the public for the first three years after listing in the Dar es Salaam Stock Exchange (DSE) 25% Other companies Capital gains (on assets other than land and premises) 30% Capital gains (on land and premises) 10% Dividend income: Received from a resident company in which it holds at least 25% of the voting power Received from a resident company in which it holds less than 25% of the voting power Paying company is listed in the DSE Paying company not listed in the DSE Received from a nonresident company 30% Exempt Interest income, royalty income, and rent income 30% Mining service fee income 5%* 5%* 10%* 30% For the purposes of this guide, a 30 percent rate for resident companies (above) is equated to a 0-30 percent rate for resident individuals (here below): Income tax 0%-30%** Dividend income: Received from a nonresident company 0%-30%** Interest income from resident financial institution: Received in conducting business Received other than in conducting business Rent income: Received in conducting business Received other than in conducting business 0%-30%** 10%* 0%-30%** 10%* *Tax withheld at source (withholding tax) is a final tax **Individual s income tax table

5 Total income (TZS) Rate payable (%) Up to TZS1,620,000 0% TZS1,620,001 - TZS4,320,000 14% TZS4,320,001 - TZS6,480,000 20% TZS6,480,001 - TZS8,640,000 25% Over TZS8,640,001 30% Withholding tax rates on payments made by resident persons to other resident persons Employment payments 0%-30%** Dividend: Paid to another resident company holding at least 25% voting power in the paying company Paid to any other shareholder: Paying company is listed in the DSE Paying company not listed in the DSE Nil 5% 10% Interest 10% Mining service fees 5% Other service fees Rent 10% Natural resource payments 15% Royalties 15% Commuted pension 10% Other pension 15% Insurance premiums **Individual s income tax table Nil Nil Withholding tax rates on payments made by resident persons to nonresident persons (only where different from rates on payments to residents) Employment payments 15% Branch dividends 10% Other service fees 15% Rent 15% Commuted pension 15% Insurance premiums 5% Capital gains tax Capital gains realized on the disposal of land and premises situated within Tanzania are subject to tax, paid by way of a single installment, at the rate of 10 percent in the case of a resident, and 20 percent in the case of a nonresident. All other capital gains (on business and investment assets) are subject to tax at the applicable income tax rate, 30 percent for corporations and the graduated rates for individuals.

6 Social security Liability for social security It is a mandatory requirement by the Social Security Regulatory Act and both the National Social Security Fund (NSSF) and Parastatal Pension Fund (PPF) Acts, that every employer register their employees with the social security schemes. Private sector employers are required to deduct and remit pension contributions to the NSSF and PPF. The rate of contribution is 20 percent (i.e., 10 percent employer portion and 10 percent employee portion) and is based on the gross salary of the employee. Failure to contribute will result in a penalty of 5 percent. Compliance obligations Employee compliance obligations In Tanzania, employees have no legal obligation to remit or file taxes in relation to their employment income. However, salaried directors of a company, nonresidents and/ or residents employed by a nonresident company are all required to remit payroll taxes and file relevant returns to the revenue authority. Employer reporting and withholding requirements The employer is required to withhold PAYE on the employment income of its employees and remit to the revenue authority on or before the 7th day of the month following the month in which the employment income relates. The employer is required to remit pension contributions to the respective pension funds within 30 days of the month in which it relates. Also, the employer is required to file semi-annual PAYE statements 30 days after the end of each six-month calendar period (i.e. January to June period must be filed on or before 31 July and July to December period on or before 31 January). Other issues Double taxation treaties Tanzania has double taxation treaties with the following countries: Sweden, Canada, Denmark, Finland, India, Italy, Norway and South Africa. Double tax treaties and reduced rates Country Dividends (%) Interest (%) Royalties (%) Canada 25%* 15% 20% Denmark 15% 12.5% 20% Finland 20% 15% 20% India 15%* 12.5% 20% Italy 10% 12.5% 15% Norway 20% 15% 20% Sweden 25%* 15% 20% Zambia # # # # There is no limitation under the treaty on withholding tax on dividends, interest and royalties. These payments are only subjected to tax in the originating country if they are not taxable in the recipient country. * These rates are further reduced for certain percentages of ownership. Permanent establishment implications The ITA provides that a PE shall exist generally when a person carries on a business, and shall include: a place where a person is carrying on business through an agent, other than a general agent of independent status acting in the ordinary course of business a place where a person has used or installed, or is using or installing substantial equipment or substantial machinery a place where a person is engaged in a construction, assembly or installation project for six months or more, including a place where a person is conducting supervisory activities in relation to such a project. There is a deemed dividend to the PE repatriated income which will be taxed at a withholding tax rate of 10 percent after having been subjected to a corporate tax of 30 percent. Indirect taxes VAT is charged on any supply of goods or services made in mainland Tanzania where a taxable supply is made by a taxable person in the course or furtherance of any business carried on by that individual. There are four categories of VAT supplies in Tanzania: zero-rated supplies (0 percent), exempt supplies [0 percent; however on exempt supplies you cannot claim input VAT (VAT incurred by an entity). Not claimable input VAT is a distinguishable factor when comparing exempt supplies (zero rated supplies and special relief supplies) from special relief supplies (0 percent) and VAT table supplies (18 percent).

7 Stamp duty depends on the type of instrument or document that is executed but generally varies between a nominal charge of TZS500 and up to 1 percent of the value of the contract amount. Customs duty depends on the harmonized system code of the products, but varies between 0 and 25 percent. Transfer pricing Tanzania has no transfer pricing rules or regulations, but the ITA includes provisions to ensure that the Tanzanian-sourced taxable income associated with cross-border transactions is at arm s-length prices. Application of the Organisation for Economic Co-operation and Development (OECD) model in determining transfer prices is permitted. Work permit/visa requirements Both purpose of entry and duration of stay in Tanzania will determine the appropriate entry document (visa or residence/ work permit). In the case of a short-term business trip (such as two weeks), a normal visitor visa should be adequate. For non-business trips, a normal visitor visa is adequate. Supervisory works are considered to be employment for purposes of immigration, and the supervisors will therefore require a permit. If the supervisors will be in Tanzania for less than 120 days, the short-term permit (or Certificate of Temporary Assignment) would be adequate. Local data privacy requirements There are no local data privacy requirements. Exchange control All transactions in foreign currency are regulated by the Foreign Exchange Act which permits any person, resident or not, to: hold any amount of foreign currency sell any amount of specified foreign currency to an authorized dealer open and maintain a foreign currency account with a bank which is an authorized dealer. Under the Investment Act 1997, investors are guaranteed unconditional transferability (through any authorized dealer in freely convertible currency) of net profits, foreign loan services, royalties, fees and technology transfer charges, emoluments of foreign personnel and repatriation of capital, after taxes on the sale of the investment. Nondeductible costs for assignees All costs in relation to the assignees qualify for deduction as long as they have been incurred wholly and exclusively for the purpose of running the business of the company. Other There are a number of other taxes as listed below: a services levy of up to 0.3 percent charged by local authorities on the total turnover of enterprises based within their territorial boundaries excise duty on a range of goods and services such as tobacco, alcohol, petroleum products, motor vehicles, carbonated drinks, mobile phones, and satellite television services fuel levy on petrol and diesel (gas oil) at a rate of TZS200 per liter stamp duty on various instruments, generally at ad valorem rates of up to 1 percent.

8 kpmg.com/socialmedia The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. Designed by Evalueserve. Publication name: Thinking Beyond Borders Tanzania Publication number: Publication date: November 2012

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Uganda kpmg.com Uganda Introduction An individual s liability to income tax in Uganda is determined according to the nature of income earned and

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Hong Kong kpmg.com Hong Kong Introduction There is no general income tax in Hong Kong. For income to be subject to tax, it must fall under one of

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Syria kpmg.com Syria Introduction No personal tax declarations are required to be filed in Syria. Residents and nonresidents are generally taxed

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Vietnam kpmg.com Vietnam Introduction Tax residents of Vietnam are taxed on worldwide income, whereas non-tax residents are taxed on Vietnam-sourced

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Turkey kpmg.com Turkey Introduction A person s liability for Turkish tax is determined by residence status for taxation purposes and the source

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Jordan kpmg.com Jordan Introduction Individual income tax is calculated at rate of 7 percent on the first 12,000 Jordan dinars (JOD) of taxable

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Cambodia kpmg.com Cambodia Introduction Residents are taxed on worldwide income while nonresidents are taxed on Cambodian-sourced income only. Cambodia

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Norway kpmg.com Norway Introduction A person s Norwegian tax liability is determined by residence status for taxation purposes and the source of

More information

2013 Thinking Beyond Borders

2013 Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES 2013 Thinking Beyond Borders United Kingdom kpmg.com United Kingdom Introduction An individual s liability to income tax in the United Kingdom (UK) is determined by residence

More information

Canada. Contact James Yager KPMG in Canada Tax Partner T: +1 416 777 8214 E: jyager@kpmg.ca

Canada. Contact James Yager KPMG in Canada Tax Partner T: +1 416 777 8214 E: jyager@kpmg.ca Canada Introduction Liability to Canadian tax is determined by residence status for taxation purposes and the source of income derived by an individual. Income tax is levied at progressive rates on a person

More information

Mexico. Key messages Extended business travelers are likely to be taxed on employment income relating to their Mexican workdays.

Mexico. Key messages Extended business travelers are likely to be taxed on employment income relating to their Mexican workdays. Mexico Introduction A person s liability for Mexican tax is determined by residence status for taxation purposes and the source of income derived by the individual. Contact Nora Solano KPMG in Mexico Director

More information

Macau SAR Tax Profile

Macau SAR Tax Profile Macau SAR Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect

More information

TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK

TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK TRINIDAD AND TOBAGO Introduction TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK CONTACT INFORMATION Myrna Robinson-Walters M. Hamel-Smith &Co Eleven Albion, Dere and Albion Streets, Port-of-Spain,Trinidad

More information

Costa Rica. Key messages Extended business travelers are likely to be taxed on employment income relating to their Costa Rican work days.

Costa Rica. Key messages Extended business travelers are likely to be taxed on employment income relating to their Costa Rican work days. Costa Rica Introduction A person s liability to Costa Rican income tax is determined by the territoriality principle, in opposition to the method of taxation based on residence status. However, residents

More information

Tanzania Tax Data 2015/2016

Tanzania Tax Data 2015/2016 Tanzania tax datacard 2015/2016 Tanzania Tax Data 2015/2016 Income tax - Corporations Corporation rate Profit Turnover Resident corporation* 30 Newly listed companies - reduced rate for 3 years** 25 Technical

More information

Brazil. Contact Patricia Hervelha Quintas KPMG in Brazil Tax Partner T: E:

Brazil. Contact Patricia Hervelha Quintas KPMG in Brazil Tax Partner T: E: Brazil Introduction Any individual that is considered to be a resident for tax purposes in Brazil is subject to Brazilian taxation over worldwide income (wages, interest, dividends, rental income, capital

More information

2013 Thinking Beyond Borders

2013 Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES 2013 Thinking Beyond Borders Ukraine kpmg.com Ukraine Introduction Individuals are subject to Ukrainian income tax as either tax residents or tax non-residents. Residents

More information

Tanzania Tax Data 2016/2017

Tanzania Tax Data 2016/2017 Tanzania Tax Datacard 2016/2017 Tanzania Tax Data 2016/2017 Income tax - Corporations Corporation rate Profit Turnover Resident corporation* 30 Newly listed companies - reduced rate for 3 years** 25 Technical

More information

Taxation of Cross-Border Mergers and Acquisitions

Taxation of Cross-Border Mergers and Acquisitions KPMG INTERNATIONAL Taxation of Cross-Border Mergers and Acquisitions Panama kpmg.com 2 Panama: Taxation of Cross-Border Mergers and Acquisitions Panama Introduction The signing of several Free Trade Agreements

More information

Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year

Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year Worldwide personal tax guide 2013 2014 Brazil Local Information Tax Authority Receita Federal do Brasil (RFB) Website www.receita.fazenda.gov.br Tax Year 1 January to 31 December Tax Return due date: Last

More information

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax USA Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of regulated investment companies: income tax Investment companies in the United States (US) are structured either as openend

More information

BUDGET TAX GUIDE

BUDGET TAX GUIDE 2016 BUDGET TAX GUIDE 1 2 This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2016/17. INCOME TAX: INDIVIDUALS AND TRUSTS

More information

Global Mobility Services: Taxation of International Assignees - Botswana

Global Mobility Services: Taxation of International Assignees - Botswana http://www.pwc.com/bw/en/index.jhtml Global Mobility Services: Taxation of International Assignees - Botswana Taxation issues & related matters for employers & employees 2015/16 Last Updated: June 2016

More information

Monaco Corporate Taxation

Monaco Corporate Taxation Introduction Monaco is a sovereign principality. France is a guarantor of the sovereignty and territorial integrity of Monaco, while Monaco is to conform to French interests. Although the Prince is the

More information

Country Tax Guide.

Country Tax Guide. Country Tax Guide www.bakertillyinternational.com Country Tax Guide Germany Corporate Income Taxes Resident companies, defined as companies which are legally constituted in Germany, or which are legally

More information

CYPRUS TAX CONSIDERATIONS

CYPRUS TAX CONSIDERATIONS TAXATION The following summary of material Cyprus, US federal income and United Kingdom tax consequences of ownership of the GDRs is based upon laws, regulations, decrees, rulings, income tax conventions

More information

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%.

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. Corporations in Turkey can be regarded as either limited or unlimited

More information

Provinces and territories also impose income taxes on individuals in addition to federal taxes

Provinces and territories also impose income taxes on individuals in addition to federal taxes Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)

More information

Country Tax Guide. www.bakertillyinternational.com

Country Tax Guide. www.bakertillyinternational.com www.bakertillyinternational.com International Tax Contact Moscow Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertillyrussaudit.ru Corporate Income Taxes Resident companies, defined as those which

More information

INTERNATIONAL EXECUTIVE SERVICES. Brazil. Taxation of International Executives TAX

INTERNATIONAL EXECUTIVE SERVICES. Brazil. Taxation of International Executives TAX INTERNATIONAL EXECUTIVE SERVICES Brazil Taxation of International Executives TAX : Taxation of International Executives Overview and Introduction 3 Income Tax 4 Tax Returns and Compliance 4 Tax Rates 6

More information

GENERAL OVERVIEW OF TAXES, LEVIED IN UKRAINE

GENERAL OVERVIEW OF TAXES, LEVIED IN UKRAINE GENERAL OVERVIEW OF TAXES, LEVIED IN UKRAINE General information on the tax system of Ukraine For the purposes of further discussion we feel it appropriate to provide first brief overview of the tax system

More information

TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed

TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed TAX NEWSLETTER July 2012 Issues Discussed Tax implications of carrying on business in Trinidad and Tobago Corporation tax Business levy Green Fund Levy Withholding tax PAYE National Insurance Value Added

More information

DOING BUSINESS IN GERMANY Overview on Taxation

DOING BUSINESS IN GERMANY Overview on Taxation DOING BUSINESS IN GERMANY Overview on Taxation March 2015 1. Introduction 1.1. Generally, taxes are administered and enforced by the competent local tax office. These local tax offices administer in particular

More information

INTERNATIONAL EXECUTIVE SERVICES. Australia. Taxation of International Executives TAX

INTERNATIONAL EXECUTIVE SERVICES. Australia. Taxation of International Executives TAX INTERNATIONAL EXECUTIVE SERVICES Australia Taxation of International Executives TAX : Taxation of International Executives Overview and Introduction 3 Income Tax 4 Tax Returns and Compliance 4 Tax Rates

More information

FOREWORD. Namibia. Services provided by member firms include:

FOREWORD. Namibia. 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

TAX CARD 2015 GREECE. Table of Contents

TAX CARD 2015 GREECE. Table of Contents GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3

More information

THE CODE. On Taxes and Other Obligatory Payments

THE CODE. On Taxes and Other Obligatory Payments THE CODE of the Republic of Kazakhstan On Taxes and Other Obligatory Payments TO THE BUDGET (THE TAX CODE) Effective January 1, 2015 Developed by ITIC in cooperation with the Information Bulletin of the

More information

Cambodia Tax Profile. kpmg.com.kh

Cambodia Tax Profile. kpmg.com.kh Cambodia Tax Profile kpmg.com.kh Content 1 2 Tax Profile Income Tax Treaties for the Avoidance of Double Taxation 6 Indirect Tax (e.g. VAT/GST) 7 8 Personal Taxation Other Taxes 9 11 Free Trade Agreements

More information

14. Corporate Tax and Depreciation

14. Corporate Tax and Depreciation 14. Corporate Tax and Depreciation Corporate income tax is levied on income from the worldwide operations of Czech tax residents and on Czech-source income of Czech tax non-residents. Czech tax residents

More information

Taxation. 1. Individual Taxation in Malta

Taxation. 1. Individual Taxation in Malta Taxation The combination of Malta s tax system and its extensive double tax treaty network (over 50) means that, with proper planning and structuring, investors can achieve considerable fiscal efficiency

More information

AFGHANISTAN INCOME TAX LAW. An unofficial translation of the Income Tax Law 2009 as published in Official Gazette number 976 dated 18 th March 2009

AFGHANISTAN INCOME TAX LAW. An unofficial translation of the Income Tax Law 2009 as published in Official Gazette number 976 dated 18 th March 2009 AFGHANISTAN INCOME TAX LAW 2009 An unofficial translation of the Income Tax Law 2009 as published in Official Gazette number 976 dated 18 th March 2009. This translation has been prepared by the Afghanistan

More information

Greece Country Profile

Greece Country Profile Greece Country Profile EU Tax Centre March 2013 Key factors for efficient cross-border tax planning involving Greece EU Member State Double Tax Treaties With: Albania Estonia Lithuania Serbia Armenia Finland

More information

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income.

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income. Worldwide personal tax guide 2013 2014 The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst www.belastingdienst.nl

More information

Saudi Arabia Tax Guide

Saudi Arabia Tax Guide Saudi Arabia Tax Guide I IMPORTANT DISCLAIMER: No person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining

More information

EMPLOYMENT INCOME INCOME TAX IMPLICATIONS

EMPLOYMENT INCOME INCOME TAX IMPLICATIONS EMPLOYMENT INCOME INCOME TAX IMPLICATIONS June 2009 Index 1 Background... 1 2 Income tax implications for individuals... 1 2.1 Resident and domiciled individuals... 2 2.2 Resident or domiciled individuals...

More information

Slovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk

Slovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk Chapter Avbreht, Zajc & Partners Ltd. Ursula Smuk 1 General: Treaties 1.1 How many income tax treaties are currently in force in? 44 income tax treaties are currently in force in. 1.2 Do they generally

More information

An Introduction to Taxation in Indonesia. November 2012 Steven Solomon

An Introduction to Taxation in Indonesia. November 2012 Steven Solomon An Introduction to Taxation in Indonesia November 2012 Steven Solomon Contents 1. Introduction 2. Key facts about the Indonesia tax system 3. Investing in Indonesia 4. Trading with Indonesia 5. Using the

More information

Brunei Darussalam Tax Profile

Brunei Darussalam Tax Profile Brunei Darussalam Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: April 2013 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation

More information

COUNTRY PROFILE HONG KONG

COUNTRY PROFILE HONG KONG COUNTRY PROFILE HONG KONG 1. Economy and foreign investments 2. Tax Rates 3. Tax Treaties 4. Tax Credits 5. Property Tax 6. Excise Tax 7. Stamp Duty 8. Capital Duty 9. Estate Duty 10. Other duties, fees

More information

Uganda Fiscal Guide 2012/13 kpmg.com

Uganda Fiscal Guide 2012/13 kpmg.com Tax Uganda Fiscal Guide 2012/13 kpmg.com Introduction: Uganda Fiscal Guide 2012/13 Income tax Basis of taxation Income tax is levied on both companies and individuals under the Income Tax Act, (Cap 340)

More information

Corporate taxation and asset depreciation rules are described in the Fact Sheet on Corporate Tax and Depreciation.

Corporate taxation and asset depreciation rules are described in the Fact Sheet on Corporate Tax and Depreciation. 13. Taxation The system of taxation described below is derived from the Czech tax legislation and may be modified by a particular Double Taxation Treaty. The current tax system was introduced in January

More information

MEXICO TAXATION GUIDE

MEXICO TAXATION GUIDE THE FLORES LAW FIRM Attorney and Counselor at Law 9901 IH-10 West, Suite 800 San Antonio, TX 78230 TEL. (210) 340-3800 FAX (210) 340-5200 MEXICO TAXATION GUIDE I. RECOGNIZED MEXICAN BUSINESS ENTITIES A.

More information

Helpful information on taxation, VAT and customs duties for operators involved in oil and gas exploration on the Faroe Islands

Helpful information on taxation, VAT and customs duties for operators involved in oil and gas exploration on the Faroe Islands Helpful information on taxation, VAT and customs duties for operators involved in oil and gas exploration on the Faroe Islands Tax liability In addition to the ordinary tax regime in the Faroe Islands,

More information

Laos Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June 2015

Laos Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June 2015 Laos Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect

More information

TAX GUIDE BELGIUM. Professional advice should be obtained before acting on any information contained herein.

TAX GUIDE BELGIUM. Professional advice should be obtained before acting on any information contained herein. TAX GUIDE BELGIUM DISCLAIMER This document is for guidance only. Professional advice should be obtained before acting on any information contained herein. Last up date : December 2010 1 1. INDIVIDUAL INCOME

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE 1. TAXATION OF SECURITY HOLDERS The taxation of income and capital gains of holders of H Shares is subject to the laws and practices of the PRC and of jurisdictions in which holders of H Shares are resident

More information

Tax Card 2013 With effect from 1 January 2013 Lithuania. KPMG Baltics, UAB

Tax Card 2013 With effect from 1 January 2013 Lithuania. KPMG Baltics, UAB Tax Card 2013 With effect from 1 January 2013 Lithuania KPMG Baltics, UAB CORPORATE INCOME TAX Taxable profit of Lithuanian and foreign corporate taxpayers is subject to a standard (flat) rate of 15%.

More information

represents 70 percent of the Federal Government

represents 70 percent of the Federal Government GENERAL TAX ISSUES Income tax represents approximately 70 percent of the total tax revenue of the Australian Federal Government Income tax represents approximately 70 percent of the total tax revenue of

More information

Thailand Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: November 2013

Thailand Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: November 2013 Thailand Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2013 Contents 1 Corporate Income Tax 1 2 International Treaties for the Avoidance of Double Taxation

More information

Cyprus Country Profile

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

More information

IE Singapore iadvisory Seminar Doing Business in Japan: General Overview of Taxation in Japan

IE Singapore iadvisory Seminar Doing Business in Japan: General Overview of Taxation in Japan IE Singapore iadvisory Seminar Doing Business in Japan: General Overview of Taxation in Japan KPMG Tax Corporation March 12, 2013 Overview of Japanese tax (1/4) In general, a high tax jurisdiction Primary

More information

INTERNATIONAL EXECUTIVE SERVICES. India. Taxation of International Executives TAX

INTERNATIONAL EXECUTIVE SERVICES. India. Taxation of International Executives TAX INTERNATIONAL EXECUTIVE SERVICES India Taxation of International Executives TAX India: Taxation of International Executives Overview and Introduction 2 Income Tax 3 Tax Returns and Compliance 3 Tax Rates

More information

Income Tax and Social Insurance

Income Tax and Social Insurance The Global Employer: Focus on Global Immigration & Mobility Income Tax and Social Insurance An employee who works abroad is always concerned about the possibility of increased income taxation and social

More information

Mozambique Fiscal Guide 2012/13 kpmg.com

Mozambique Fiscal Guide 2012/13 kpmg.com TAX Mozambique Fiscal Guide 2012/13 kpmg.com Introduction: Mozambique Fiscal Guide 2012/13 Income tax Business Income The residence basis of taxation is applied in Mozambique to the worldwide income of

More information

Papua New Guinea Tax Profile

Papua New Guinea Tax Profile Papua New Guinea Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation

More information

Worldwide personal tax guide 2013 2014. Japan. Local information. 2013 National Income Tax Rates Taxable Income Band National Income Tax Rates

Worldwide personal tax guide 2013 2014. Japan. Local information. 2013 National Income Tax Rates Taxable Income Band National Income Tax Rates Worldwide personal tax guide 2013 2014 Japan Local information Tax Authority Ministry of Finance Website www.mof.go.jp Tax Year 1 January to 31 December Tax Return due date 15 March Is joint filing possible

More information

A 5.5% solidarity surcharge is imposed on the income tax liability of all taxpayers.

A 5.5% solidarity surcharge is imposed on the income tax liability of all taxpayers. Worldwide personal tax guide 2013 2014 Germany Local information Tax Authority Website Tax Year Tax Return due date 31 May 2013 Is joint filing possible Are tax return extensions possible 2013 income tax

More information

THE TAXATION INSTITUTE OF HONG KONG CTA QUALIFYING EXAMINATION PILOT PAPER PAPER 5 ADVANCED TAXATION PRACTICE

THE TAXATION INSTITUTE OF HONG KONG CTA QUALIFYING EXAMINATION PILOT PAPER PAPER 5 ADVANCED TAXATION PRACTICE THE TAXATION INSTITUTE OF HONG KONG CTA QUALIFYING EXAMINATION PILOT PAPER PAPER 5 ADVANCED TAXATION PRACTICE Advance Tax- pilot_1007_q&a_jy R28/3/2013 1 QUESTIONS Section A Case Answer Question 1 in this

More information

United States Corporate Income Tax Summary

United States Corporate Income Tax Summary United States Corporate Income Tax Summary SECTION 1: AT A GLANCE CliftonLarsonAllen LLP 222 Main Street, PO Box 1347 Racine, WI 53401 262-637-9351 fax 262-637-0734 www.cliftonlarsonallen.com Corporate

More information

Income tax for individuals is computed on a monthly basis by applying the above progressive tax rates to employment income.

Income tax for individuals is computed on a monthly basis by applying the above progressive tax rates to employment income. Worldwide personal tax guide 2013 2014 China Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible State Administration of Taxation

More information

www.pwc.com.na Namibia Tax Reference and Rate card

www.pwc.com.na Namibia Tax Reference and Rate card www.pwc.com.na Namibia Tax Reference and Rate card 2016 Source basis of Income Tax Normal tax is levied on taxable income of companies, trusts and individuals from sources within or deemed to be within

More information

TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS

TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS LAWS AND DECREES The Income Tax (Amendment) Law of 2005 The Special Contribution for Defence (Amendment) Law of 2004 The Assessment and Collection

More information

Ghana Fiscal Guide 2013/14 kpmg.com

Ghana Fiscal Guide 2013/14 kpmg.com TAX Ghana Fiscal Guide 2013/14 kpmg.com 1 Ghana Fiscal Guide 2013/2014 INTRODUCTION Ghana Fiscal Guide 2013/2014 Ghana Fiscal Guide 2013/2014 2 Income tax Business income Generally, residents are taxable

More information

TAXATION INTRODUCTION

TAXATION INTRODUCTION TAXATION INTRODUCTION India has a complex tax structure and levy ranges from taxes and duties on corporate income, personal income, manufacturing, sale of goods, works contract, rendition of services,

More information

THE UNITED REPUBLIC OF TANZANIA THE INCOME TAX ACT CHAPTER 332 REVISED EDITION 2006

THE UNITED REPUBLIC OF TANZANIA THE INCOME TAX ACT CHAPTER 332 REVISED EDITION 2006 THE UNITED REPUBLIC OF TANZANIA THE INCOME TAX ACT CHAPTER 332 REVISED EDITION 2006 This edition of the Income Tax Act, Cap. 332 incorporates all amendments up to 30 th November, 2006 and is printed under

More information

Ireland Country Profile

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

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE TAXATION OF EQUITY HOLDERS The following is a summary of certain PRC and Hong Kong tax consequences of the ownership of H Shares by an investor that purchases such H Shares in the Global Offering and holds

More information

Company Income Tax and Other Taxes

Company Income Tax and Other Taxes Company Income Tax and Other Taxes Company Taxation Arrangements The company tax rate (also known as the corporate) is 30%. The treatment of business expenditure for the mining and petroleum industries

More information

REMUNERATION TO DIRECTORS DIRECTORS

REMUNERATION TO DIRECTORS DIRECTORS Directors are classified as follows: REMUNERATION TO DIRECTORS DIRECTORS EXECUTIVE NON-EXECUTIVE Remuneration to Executive Directors: A Company can remunerate its executive directors i.e. Managing Director

More information

Taxation. General. 1. Taxation UK. Mondi plc Ordinary Shareholders

Taxation. General. 1. Taxation UK. Mondi plc Ordinary Shareholders Taxation The statements set out below are intended only as a general guide to United Kingdom ( UK ) and South Africa ( SA ) current law and practice and apply only to certain categories of person who are

More information

An Overview of Taxation in Malaysia. Regina PC Lau Executive Director 9 April 2014

An Overview of Taxation in Malaysia. Regina PC Lau Executive Director 9 April 2014 An Overview of Taxation in Malaysia Regina PC Lau Executive Director 9 April 2014 Malaysian Tax Overview - Contents Categories of Taxes Tax Authorities Direct Taxes Indirect Taxes Tax Obligations Tax Calendar

More information

Individual income tax in China

Individual income tax in China Individual income tax in China Individual income tax ( IIT ) is a complicated tax framework and many expatriates are confused about how to determine their tax liability in China. It is strongly recommended

More information

GLOBAL INDIRECT TAX. South Korea. Country VAT/GST Essentials. kpmg.com TAX

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

More information

Tax Overview Setting up a Fund Manager in Singapore

Tax Overview Setting up a Fund Manager in Singapore www.pwc.com Tax Overview Setting up a Fund Manager in Singapore 8 July 2014 Singapore Agenda - Overview of Singapore tax system - Taxation of fund manager and individuals - Treatment of onshore and offshore

More information

Ghana Tax Data Cards. February 2016 www.kpmg.com.gh

Ghana Tax Data Cards. February 2016 www.kpmg.com.gh Tax Data Cards February www.kpmg.com.gh Contents Tax Data Cards A. Corporate Tax Rates B. Location Incentives C. Free Zone Enterprise D. Gains on Realisation of Assets or Liabilities and Gifts Received

More information

TAX CARD 2015 ROMANIA

TAX CARD 2015 ROMANIA ROMANIA TAX CARD TAX CARD 2015 ROMANIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Rates 1.1.2 Taxable Income 1.1.3 Exempt Income 1.1.4 Deductible Expenses/Allowances 1.2 Social

More information

Indonesia Tax Profile

Indonesia Tax Profile Indonesia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2013 Contents 1 Corporate Income Tax 3 2 International Treaties for the Avoidance of Double Taxation

More information

TAX FACTS TAX GUIDE 2016/17 The Leader for Exceptional Client Service

TAX FACTS TAX GUIDE 2016/17 The Leader for Exceptional Client Service Audit Advisory Tax TAX FACTS TAX GUIDE 2016/17 The Leader for Exceptional Client Service RATES OF TAX Individual, special trusts (N1), insolvent and deceased estates Year of assessment ending 28 February

More information

Tax Guide 2014/15 South Africa

Tax Guide 2014/15 South Africa Tax Guide 2014/15 South Africa Individuals and Trusts Tax Rates 1 March 2014 to 28 February 2015 Individual Taxpayers and Special Trusts Taxable Income R0 174 550 Rate of Tax 18% of taxable income R174

More information

Expanding into Brazil

Expanding into Brazil Expanding into Brazil Support for your Business kpmg.ie Expanding into Brazil 1 Are you looking to expand your business into Brazil? Dynamic Irish businesses are looking to new markets to expand and grow.

More information

MEXICAN TAX BILL FOR 2016

MEXICAN TAX BILL FOR 2016 MEXICAN TAX BILL FOR 2016 On September 8, 2015, the President sent to Congress the Tax Bill where some proposals are made to change current Mexican tax legislation. The main proposals are the following:

More information

REGULATORY OVERVIEW. PRC Laws and Regulations Relating to the Product Liability

REGULATORY OVERVIEW. PRC Laws and Regulations Relating to the Product Liability Although our Company was incorporated in the Cayman Islands, a substantial part of our Group s operations are conducted in the PRC and are governed by PRC Laws and Regulations. This section sets out summaries

More information

Income Basic Tax, Otherwise Known as Alternative Minimum Tax ("AMT")

Income Basic Tax, Otherwise Known as Alternative Minimum Tax (AMT) Corporate Taxation System in Taiwan Corporate Income Tax The amount of income of a profit-seeking enterprise shall be the net income, i.e., the gross yearly income after deduction of all costs, expenses,

More information

Setting up your Business in SINGAPORE Issues to consider

Setting up your Business in SINGAPORE Issues to consider SINGAPORE is commerce, industry, heritage, culture and entertainment all rolled into a little island of slightly over 700 square kilometres with a population of 5.4 million. Here at the crossroads of Asia,

More information

Comparing REITs. kpmg.ca

Comparing REITs. kpmg.ca Comparing REITs US vs. Canada January 2013 kpmg.ca Table of Contents REITs US & Canada Tax at Shareholders Level el US & Canada Corporate domestic shareholders Individual domestic shareholders Foreign

More information

Switzerland Taxation

Switzerland Taxation Switzerland HEDGE FUNDS 2010 Hedge fund managers/advisors Tax rates applying to hedge fund managers/advisors Most Swiss hedge funds are legally set-up as contractual funds with a fund of funds structure.

More information

LIST OF APPROVED TAXES AND LEVIES FOR THE THREE TIERS OF GOVERNMENT

LIST OF APPROVED TAXES AND LEVIES FOR THE THREE TIERS OF GOVERNMENT TAXATION AND FISCAL REGULATIONS IN NIGERIA INTRODUCTION The Nigerian Tax System has undergone significant changes in recent times. The Tax Laws are being reviewed with the aim of repelling obsolete provisions

More information

INTRODUCTION TO THE TAXATION SYSTEM IN ISRAEL

INTRODUCTION TO THE TAXATION SYSTEM IN ISRAEL INTRODUCTION TO THE TAXATION SYSTEM IN ISRAEL 1. INTRODUCTION The Israeli tax system is based on UK tax principles with substantial modification. On January 1, 2003, Israel introduced a substantial tax

More information

Budget 2014 26 February 2014

Budget 2014 26 February 2014 1 Budget 2014 Budget 2014 26 February 2014 The Minister of Finance, Mr Pravin Gordhan, today announced a revised consolidated net tax revenue estimate for 2014/2015 of R997,7 billion and a slightly reduced

More information