Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks."

Transcription

1 REVIEW OF THE MAIN EVENTS IN THE SPHERE OF TAXATION Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks. The amount of daily business trip expenses that is not included in taxable income Public informational resource, subcategory According to subparagraph of the Tax Code of Ukraine (TC) travel expenses, which are not confirmed by documents, for food and financing other personal needs of an individual (daily expenses) incurred in connection with such a business trip within the territory of Ukraine but not more than 0.2 of the amount of minimum wage established by the law as of January 1 of the tax (reporting) year, calculating for each calendar day of such a business trip, and for business trips abroad - not more than 0.75 of the amount of minimum wage prescribed by the law as of January 1 of the tax (reporting) year, calculating for each calendar day of such a trip, are not included in the taxable income. The amounts and composition of the travel expenses of government officials and other persons who are sent on business by enterprises, institutions and organizations, that Attorney-at-Law, Managing Partner are wholly or partly maintained (financed) on account of budget funds, are determined by the Cabinet of Ministers of Ukraine. The amount of daily allowance for such categories of individuals cannot exceed the amount established by this subparagraph. The amount of daily allowance is determined in case of a business trip: within Ukraine and countries, entering the territory of which by the citizens of Ukraine does not require a visa (entry permit) - according to the order on a business trip and relevant primary documents; to countries the territory of which the citizens of Ukraine enter on the basis of a visa (entry permit) - according to the order on a business trip and checks put by an authorized official of the State Border Guard Service of Ukraine in a foreign passport or document that substitutes it.

2 In the absence of the mentioned relevant supporting documents, order or checks of an authorized official of the State Border Guard Service of Ukraine in a passport or document substituting it the amount of daily allowance is included in the taxable income of a taxpayer. Filling in SSP accounts when the wage is less than a minimum one Letter of the PFU of No 4244/05-10 The Pension Fund of Ukraine explained the peculiarities of filling in table 6 of SSP accounts for January First of all the function "automatic calculation" needs to be disabled in the software by means of which the accounts are formed. If a person worked full month and the salary calculated for them was less than the minimum amount, it should be represented in table 6 of SSP accounts: in detail the day (for January); in detail 17 and 18 - the amount of the salary actually calculated for a month; in detail 19 - the amount of SSP withheld from wages actually calculated. If a person worked partial month and the rest of time they were absent on sick leave, then wages actually calculated for hours worked shall be represented in table 6 of SSP accounts. If wages for hours worked is less than the minimum one, the issue of the necessity of additional accrual of SSP must be considered simultaneously with calculation of a sick leave. Taxes from which entrepreneurs on a simplified system are exempt Under paragraph of the Tax Code of Ukraine (TC) individuals - entrepreneurs - single tax payers are exempt from the duty of calculation, payment and filing tax reports in respect of the following taxes: personal income tax with respect to income (taxation object) that are received as a result of the economic activity of a single tax payer of the first-third groups (individual) and taxed under chapter 1 "The simplified system of taxation, accounting and reporting" of the TC; value added tax with respect to operations of supply of goods, works and services, the place of supply of which is located in the customs territory of Ukraine, except for the value added tax paid by individuals who have chosen the single tax rate specified in subparagraph 1 of paragraph of the TC; property tax (with respect to land tax), except for land tax on plots of land which are not used by single tax payers of the first-third groups for economic activities.

3 Subject to paragraph of the TC calculation, payment and filing reports with respect to other taxes and duties than those mentioned in paragraph of the TC are made by single tax payers in the order, amounts and terms established by the TC. When importing goods into the customs territory of Ukraine taxes and duties and customs payments are paid by a single tax payer on general grounds in accordance with the laws. A single tax payer performs functions of a tax agent provided by the TC in case of charge (payment, provision) of income, taxable by personal income tax, in favour of the individual having labor or civil relations with them (p of the TC). If a legal entity - single tax payer of the third and fourth groups calculates the advance payment of income tax when paying dividends Public informational resource, subcategory According to subparagraph of the Tax Code of Ukraine (TC) in the case of decision regarding payment of dividends an income tax payer - emitter of corporate rights, on which dividends are accrued, makes these payments to the owner of such corporate rights regardless of whether there is a taxable profit calculated according to the rules set out in article 137 of the TC. According to subparagraph of the TC, except for cases provided by subparagraph of the TC, the emitter of corporate rights which decides to pay dividends to its shareholders (owners), calculates and makes the advance payment of income tax to the budget. Attorney-at-Law The advance payment is calculated on the amount of excess of dividends to be paid over the value of the object of taxation for the relevant tax (reporting) year, on the basis of the results of which the dividends are paid, for which the financial obligation is fulfilled. In the case of the outstanding financial obligation the advance payment is calculated on the total amount of dividends to be paid. The advance payment is calculated at the rate specified in paragraph of the TC. The amount of dividends payable is not reduced by the amount of the advance payment. At the same time in the event that dividends are paid for the incomplete calendar year, then to calculate the amount of this excess the value of the object of taxation, calculated in proportion to the number of months for which the dividends are paid, is used. The said advance payment is made to the budget prior to/or simultaneously with the payment of dividends.

4 The amount of maid advance payments of income tax when paying dividends is subject to entry to deduct the tax obligation in respect of income tax declared in the tax return for the reporting (tax) year. Calculation of income of IE if during the year there are both losses and income Public informational resource, subcategory Taxation of income received by an individual - entrepreneur from business activities except for persons, that have chosen a simplified taxation system, is regulated by article 177 of the Tax Code of Ukraine (TC). According to subparagraph of the TC the total annual taxable income is equal to the sum of total monthly taxable income, foreign income, received during such a reporting tax year, income received by an individual - entrepreneur from business activities in accordance with article 177 of the TC. Income of individuals - entrepreneurs received during the calendar year from economic activities are taxed at the rates specified in subparagraph of the TC. In the case of reducing the amount of income, received during the previous calendar quarter of the current year, by more than 20% compared with the calculated expected amount of income in such a quarter the taxpayer have the right to reduce the amount of the advance payment, payable in the next period, in proportion to the amount of reduction of the amount of the said income. For the purpose of reduction of the amount of the advance payment by an individual - entrepreneur before the deadline for payment of such an advance payment the application in any form that contains calculations of reduction of the amount of the advance payment and a brief explanation of the circumstances that led to the reduction in the amount of received income is submitted to the controlling authority. Under paragraph of the TC individuals - entrepreneurs submit a tax return to the controlling authority at the place of their tax address on the basis of the results of the calendar year in terms established by the TC for an annual tax reporting period, in which the advance payments of income tax are also indicated. Thus, the amount of the average monthly annual taxable income is calculated as the sum of the total monthly taxable income divided by the number of calendar months during which the taxpayer received such an income in the tax (reporting) year for which the declaration is made. According to subparagraph of the TC the final calculation of personal income tax for the reporting tax year is carried out by the taxpayer by themselves according to data

5 from the annual tax return, taking into account personal income tax paid by them during the year on the basis of documentary confirmation of the fact of its payment. The amounts of exchange differences are included in income of a legal person-single tax payer of the third group Public informational resource, subcategory In accordance with subparagraph 2 of paragraph of the Tax Code of Ukraine (TC) income of a single tax payer of the third group for a legal entity is any income, including income of representative offices, subsidiaries, branches of such a legal entity, received during the tax (reporting) period in money (cash and/or non-cash); tangible or intangible form, determined by paragraph of the TC. Legal entities - single tax payers, who meet the criteria set out in subparagraph 3 of paragraph of the TC, keep simplified books of income and expenses for the purpose of calculating the object of taxation under the methodology approved by the central executive body which provides formation and implements the national tax and customs policy (p of the TC). Lawyer In accordance with paragraph 10 of section I of the Regulations (Standard) of Accounting 25 "Financial Report of a Small Business", approved by Order of the Ministry of Finance of No 39 (hereinafter - R(S)A 25), for the purpose of formation of financial reporting economic agents that meet the criteria set out in paragraph of the TC and applying the simplified system of taxation, accounting and reporting recognize income and expenses under national regulations (standards) of accounting. In item "Other income" the amounts of other income from operational activity of the enterprise, other than income (proceeds) from sale of products (goods, works, services), namely, income from operational and non-operational exchange differences (subparagraph 2.2 of section III R(S)A 25), are recorded. Determination of exchange rate differences in accounting is conducted according to the Regulations (Standard) of Accounting 21 "The Effect of Changes in Foreign Exchange Rates", approved by Order of the Ministry of Finance of No 193 (hereinafter - R(S)A No 21). The exchange difference is a difference between the valuations of the same number of units of foreign currency at different exchange rates (p. 4 R(S) No 21). Thus, the income from operational and non-operational exchange differences (positive value of exchange differences on conversion of foreign currencies) is included

6 in the income of a legal entity - single tax payer of the third group, negative value of exchange differences does not reduce the base of taxation by a single tax. Obtaining of the certificate of absence of tax debts for exit for permanent residence without presentation of the receipt of payment of PIT Regulation of the CMU of No 36 The Order of obtaining the certificate of payment of personal income tax by a taxpayer resident, who goes abroad for permanent residence, and of absence of tax obligations in respect of such a tax, approved by Regulation of the Cabinet of Ministers of No 1243 has been slightly corrected. In particular, the provision that obliged the above taxpayer to show the document confirming payment of PIT (bank receipt, payment order) to the controlling authority to obtain a relevant certificate has been removed. So the government brought a legal act in accordance with the current laws. After all by order of the Ministry of Revenues and Duties "On Approval of Information Cards of Administrative Services" of No 161 the temporary list of free administrative services provided by the controlling authorities was approved. In particular, the issue of the certificate of payment of PIT by a taxpayer - resident who goes abroad for permanent residence, and of absence of tax obligations in respect of such a tax is referred to such administrative services. The Regulation will enter into force from the date of its official publication. Revised International Accounting Standards have been promulgated International Financial Reporting Standards The Ministry of Finance of Ukraine have published the text of the International Financial Reporting Standards (IFRS), including International Accounting Standards (IAS) and Interpretations (IFRIC, IFRIC) issued by the International Accounting Standards Council amended as of January 1, The draft of the decree of the CMU regarding ensuring implementation of the procedure of making a tax compromise has been promulgated Press Service of the SFS of Ukraine The draft of the decree of the CMU On ensuring implementation of the procedure of making a tax compromise On the official web portal of the State Fiscal Service of Ukraine in the subsection "Drafts of regulatory acts" of section "Regulatory policy" the revised draft of the CMU On ensuring implementation of the procedure of making a tax compromise has been placed.

7 The draft has been drawn up for the purpose of execution by the bodies of the SFS of the Law of Ukraine "On introduction of amendments to the Tax Code of Ukraine regarding peculiarities of revision of tax obligations in respect of corporate income tax and value added tax in the case of application of a tax compromise" of No 63-VIII. The draft provides for statutory regulation of the issue of carrying out by the bodies of the SFS of documentary inspections during implementation of the procedure of making a tax compromise under conditions of the moratorium on carrying out of inspections of taxpayers in in the way of provision by the Cabinet of Ministers of Ukraine of the permission to the bodies of the State Fiscal Service of Ukraine to carry out such inspections. Bills in respect of real estate tax will be sent by July By 1 July the bodies of the State Fiscal Service must send bills with an indication of the amount of the real estate tax to all owners of apartments. The fee will be charged for the previous year. This year the owners of apartments of the total area of over 120 square meters and houses of more than 250 square meters will have to pay for their dwelling. Kyiv City Council has determined that from May 1, 2016 the annual tax on residential property will be 1% of the minimum wage per square meter of living area exceeding 60 square meters in apartments and 120 square meters in houses. The owners of commercial real estate will have to pay this year already. By February 20 the owners of offices, warehouses or commercial real estate are obliged to apply to the fiscal service, register their object and receive the bill. Senior lawyer In 2015 they have to pay 1% of the minimum wage per square meter per year and in %. The ground for charge of a rent is a leasing contract From the property tax and the single tax are referred to the local taxes. The property tax consists, in particular, of payment for land. According to p of art.12 of the Tax Code country, village and city councils within their authority and taking into account threshold amounts of rates determine by their decisions local taxes and fees that are mandatory for payment in the territory of relevant municipalities. In accordance with subparagraph of paragraph 12.3 of article 12 of this Code the decision on determination of local taxes and duties and in particular payment for land is

8 promulgated by July 15 of the year preceding the fiscal period in which it is planned to use local taxes and duties. By December 25 of the year preceding the reporting one local governments must submit decisions on land tax rates and conferred benefits with respect to payments of land tax to the controlling authorities (p art. 284 of the said Code). Due to the fact that the above provision came into force on and relevant decisions were not passed by local councils, in 2015 land tax payers calculate the amounts of tax liabilities as of January 1 and not later February 20 they submit tax returns as regards payment for land using the rates that have been valid till (subparagraph of paragraph 12.3 of art. 12 of the Tax Code). In 2015 tax liabilities in respect of payment for land are determined according to the form approved by order No 865. At the same time in 2015 the State Agency for Land Resources of Ukraine for the purpose of indexing of the normative monetary value of land of settlements, other nonagricultural land and agricultural land the coefficient is determined. Since for the purpose of determination of the amount of payment for land the normative monetary value of plots of land is used, land users (land owners) need to apply to the local authorities of the State Agency for Land Resources of Ukraine at the place of location of plots of land and receive information of the normative monetary value of plots of land. In addition, for certain categories of land users the Tax Code sets out the conditions under which they may be payers of the land tax. In particular, on transfer of the right of ownership of buildings (and others) the land tax on plots of land on which such buildings are located is paid on general grounds from the date of state registration of the right of ownership of the plot of land (up to from the date of registration of the right of ownership of real estate). The wording of the first part of paragraph of article 288 of the Tax Code has been amended by Law No 71. The ground for charge of a rent for the plot of land as it was earlier is the contract of lease of such a plot of land, but executed and registered in accordance with the law. It should be reminded that the standard form of the contract of lease of the plot of land is approved by the decree No 220. In view of the above, land users should apply to the executive authorities and local self-government (under the authority specified by art. 122 of the Land Code) and register the right of ownership or use during It should be noted that for certain categories of land users the privileges in respect of payment of the land tax have been cancelled by law No 71, that is why they have a duty to calculate and pay the tax on general grounds.

9 At the meeting of the Government the decree "On introduction of amendments to the Order of granting permission to use taxation privileges for enterprises and nongovernmental organizations of disabled people" has been adopted. In particular, the changes provide for application of the criteria set out in subparagraph 3 of paragraph 2 of the Order (the sum of costs of an enterprise, organization of processing of raw materials, components, parts, other purchased goods (services) used for production of goods (rendering services) directly by enterprises, organizations, is not less than 8 per cent of the price for the supply of such produced goods (rendered services)) only in case of considering the issue of granting permission for exemption from value added tax. The above criterion does not apply when considering the issue of granting privileges on payment of income tax and payments for land. Permission for the right of use of taxation privileges for enterprises and nongovernmental organizations of disabled people will be executed by the decision of the head of the local state administration in the form of an order. In addition, the deadline of consideration of documents of the enterprise, organization by regional and Kyiv City state administrations and making by them of a decision (order) on expediency of granting to the enterprise, organization the permission for the right of use of taxation privileges for subsequent sending to the Ministry of Social Policy and making a decision by it has been determined. The set of documents will need to be submitted to the Ministry not less than 15 working days before the beginning of the quarter from which the enterprise, organization are planning to get the permission.

Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks

Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks REVIEW OF THE MAIN EVENTS IN THE SPHERE OF TAXATION Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks The State Fiscal Service of Ukraine

More information

Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation and ATO for the last two weeks

Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation and ATO for the last two weeks REVIEW OF THE MAIN EVENTS IN THE SPHERE OF TAXATION AND ATO Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation and ATO for the last two weeks Taxation of real

More information

LAW ON MANDATORY SOCIAL SECURITY INSURANCE CONTRIBUTIONS

LAW ON MANDATORY SOCIAL SECURITY INSURANCE CONTRIBUTIONS LAW ON MANDATORY SOCIAL SECURITY INSURANCE CONTRIBUTIONS (the Official Gazette no. 84/04, 61/05, 62/06 and 5 / 09) Revised text ended with the Amendments from the Official Gazette of the Republic of Serbia

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

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

REVIEW OF THE MAIN LEGAL NEWS FOR BUSINES

REVIEW OF THE MAIN LEGAL NEWS FOR BUSINES REVIEW OF THE MAIN LEGAL NEWS FOR BUSINES Lawyers of LF «Dmitrieva & Partners» have prepared the list of the main legal news for busines for the last two weeks Attorney-at-Law Ignatova@dmp.com.ua THE RULE

More information

Basic Rules of Issuing Invoices and Receipts 2014

Basic Rules of Issuing Invoices and Receipts 2014 Basic Rules of Issuing Invoices and Receipts 2014 Most requirements pertaining to invoicing are contained in Act CXXVII of 2007 on Value Added Tax (hereinafter: VAT Act) and the decrees issued on the basis

More information

SK INFORMATION FOR CLIENTS 2 / 2012 1

SK INFORMATION FOR CLIENTS 2 / 2012 1 SK INFORMATION FOR CLIENTS 2 / 2012 1 January 2012 FINANCIAL STATEMENT 2011 Dear Client, The approaching year end brings an increased workload in particular concerning the need to prepare financial statement

More information

LEGISLATIVE AMENDMENTS

LEGISLATIVE AMENDMENTS 111 1 Ukraine Ratified the WTO Agreement on Simplification on Customs Procedures 2 Law on Prevention of Corruption in Sports in Effect 10 December 2015 3 Law on Additional Guarantees to Persons Employed

More information

Chapter 1 Legislative Background and Tax Reform

Chapter 1 Legislative Background and Tax Reform Chapter 1 Legislative Background and Tax Reform The Chinese tax system has recently developed closely to the economic growth of the country. The entry of China into the World Trade Organization (WTO) and

More information

2012 GRAND RAPIDS CORPORATION INCOME TAX FORM AND INSTRUCTIONS For use by corporations doing business in the City of Grand Rapids

2012 GRAND RAPIDS CORPORATION INCOME TAX FORM AND INSTRUCTIONS For use by corporations doing business in the City of Grand Rapids Grand Rapids Income Tax Department P.O. Box 109 Grand Rapids, Michigan 49501-0109 2012 GRAND RAPIDS CORPORATION INCOME TAX FORM AND INSTRUCTIONS For use by corporations doing business in the City of Grand

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

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

Italian corporate income tax for foreign investors

Italian corporate income tax for foreign investors Italian corporate income tax for foreign investors 05 October 15 Corporate income tax Italian corporate income tax (imposta sul reddito delle società, or IRES) is due by resident companies on their worldwide

More information

EMPLOYER S SOCIAL CONTRIBUTIONS AND EMPLOYEE SOCIAL, MEDICAL AND PENSION BENEFIT IN RUSSIA

EMPLOYER S SOCIAL CONTRIBUTIONS AND EMPLOYEE SOCIAL, MEDICAL AND PENSION BENEFIT IN RUSSIA Authors: Jon Hellevig, Anton Kabakov, and Artem Usov. Jon Hellevig, Managing partner of Awara Group LinkedIn: http://www.linkedin.com/in/jonhellevig Facebook: http://www.facebook.com/jonhellevig E-mail:

More information

Insurance Tax Act 1. Section 1 Tax basis

Insurance Tax Act 1. Section 1 Tax basis Insurance Tax Act 1 Date of signature: 8 April 1922 Full citation: Insurance Tax Act as published on 10 January 1996 (Federal Law Gazette I, p. 22), most recently amended by Article 1 of the Act of 5 December

More information

TAXATION LAWS AMENDMENT BILL, 2015

TAXATION LAWS AMENDMENT BILL, 2015 Draft 1 REPUBLIC OF SOUTH AFRICA TAXATION LAWS AMENDMENT BILL, 2015 (As introduced in the National Assembly (proposed section 77)) (The English text is the official text of the Bill) (MINISTER OF FINANCE)

More information

2015 Transfer Pricing Ukraine Overview

2015 Transfer Pricing Ukraine Overview 2015 Transfer Pricing Ukraine Overview 2015 Transfer Pricing Ukraine Overview Regulation Arm s length principle Legislation Yes. Starting from 01/01/2015 the arm s length principle is applicable Tax Code

More information

CHAPTER X: INCOME TAX In the Republic of Panama, it is an essential constitutional principle that no one has to pay any contribution or tax unless it

CHAPTER X: INCOME TAX In the Republic of Panama, it is an essential constitutional principle that no one has to pay any contribution or tax unless it CHAPTER X: INCOME TAX In the Republic of Panama, it is an essential constitutional principle that no one has to pay any contribution or tax unless it is legally established, and unless its collection is

More information

COMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS

COMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS COMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS PRESENTED BY OLUFUNKE SODIPO TAX MANAGER: PEAK PROFESSIONAL SERVICES IN HOUSE SEMINAR SERIES NO 4 PEAK PROFESSIONAL SERVICES (CHARTERED

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

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

TAX DEVELOPMENTS IN POLAND UPDATE 2009

TAX DEVELOPMENTS IN POLAND UPDATE 2009 TAX DEVELOPMENTS IN POLAND UPDATE 2009 WARDYŃSKI & PARTNERS TAX PRACTICE APRIL 2010 1/8 INTRODUCTION The purpose of this report is to present key tax developments in Poland in 2009 which may be relevant

More information

Doing business in Hong Kong

Doing business in Hong Kong I. INTRODUCTION Doing business in Hong Kong Tim Drew Partner timdrew@robertwang.com Karen Yan Associate karenyan@robertwang.com Robert Wang Solicitors 1 On 1 July 1997, sovereignty over Hong Kong transferred

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

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Tanzania kpmg.com Tanzania Introduction Taxation of individuals under the Income Tax Act 2004 (ITA) is on the basis of both residence and source.

More information

News Flash. September, 2015. Tax guide for property investment in Hungary

News Flash. September, 2015. Tax guide for property investment in Hungary News Flash September, 2015 Tax guide for property investment in Hungary Tax guide for property investment in Hungary In our current newsletter we would like to inform you about the most important taxation

More information

TAX ADMINISTRATION LAWS AMENDMENT ACT

TAX ADMINISTRATION LAWS AMENDMENT ACT REPUBLIC OF SOUTH AFRICA TAX ADMINISTRATION LAWS AMENDMENT ACT REPUBLIEK VAN SUID-AFRIKA WYSIGINGSWET OP BELASTING- ADMINISTRASIEWETTE No 21, 12 GENERAL EXPLANATORY NOTE: [ ] Words in bold type in square

More information

CHAPTER 318C SMALL BUSINESS DEVELOPMENT

CHAPTER 318C SMALL BUSINESS DEVELOPMENT 1 L.R.O. 2007 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Interpretation. 3. Small business. 4. Approved small business

More information

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the DECREE PROMULGATING THE LAW ON FOREIGN CURRENT AND CAPITAL TRANSACTIONS (Official Gazette of Montenegro

More information

7. LAW ON LOCAL SELF-GOVERNMENT FINANCING. Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the

7. LAW ON LOCAL SELF-GOVERNMENT FINANCING. Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the Decree Promulgating the Law on Local Self-Government Financing (Official Gazette of the Republic of Montenegro

More information

Guide to Japanese Taxes

Guide to Japanese Taxes Guide to Japanese Taxes CONTENTS 1. Introduction --------------------------------------------------------------------------------------------- 1 (1) Principle of Taxation under the Law (2) Self-Assessment

More information

ASCII file structure, FORM #044 File TSD.txt Identifier, data record, data lines #044 Form TSD with annexes #0. . Taxpayer's registration number

ASCII file structure, FORM #044 File TSD.txt Identifier, data record, data lines #044 Form TSD with annexes #0. . Taxpayer's registration number Electronic submission of DECLARATION OF INCOME AND SOCIAL TAX, UNEMPLOYMENT INSURANCE PREMIUMS AND CONTRIBUTIONS TO MANDATORY FUNDED PENSION (form TSD)/ from 012012 ASCII file structure, FORM #044 File

More information

G E N C S V A L T E R S L A W F I R M B A L T I C T A X C A R D 2 0 1 5

G E N C S V A L T E R S L A W F I R M B A L T I C T A X C A R D 2 0 1 5 PERSONAL INCOME TAX IN BALTICS Personal Income Tax Rates in Baltics Country Social Tax- employee share Social Tax- employer share Personal Income Tax Latvia 10.50% 23.59% 23% Lithuania 9% 30.98% - 32.6%

More information

CHAPTER 15.16 FISCAL INCENTIVES ACT

CHAPTER 15.16 FISCAL INCENTIVES ACT SAINT LUCIA CHAPTER 15.16 FISCAL INCENTIVES ACT Revised Edition Showing the law as at 31 December 2005 This is a revised edition of the law, prepared by the Law Revision Commissioner under the authority

More information

Setting up your Business in Bulgaria Issues to consider

Setting up your Business in Bulgaria Issues to consider Bulgaria is a parliamentary republic situated in the heart of the Balkan Peninsula at the south - east part of Europe. It is a member of NATO since 2004 and of the European Union since 2007. The territory

More information

State of Israel. Income Tax Reform. Tal Yaron-Eldar, Adv. Income Tax and Real Property Tax Commissioner

State of Israel. Income Tax Reform. Tal Yaron-Eldar, Adv. Income Tax and Real Property Tax Commissioner State of Israel Income Tax Reform Tal Yaron-Eldar, Adv. Income Tax and Real Property Tax Commissioner Starting 1/1/2003 Please notice, The following review (written in a presentation format) is a general

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

Home Savings Act. The Slovak National Council has approved the following Act: P A R T O N E. Basic Provisions. Article 1

Home Savings Act. The Slovak National Council has approved the following Act: P A R T O N E. Basic Provisions. Article 1 Home Savings Act The full wording of Act of the National Council of the Slovak Republic No. 310/1992 Coll. of 6 May 1991, Home Savings Act, as amended by Act of the National Council of the Slovak Republic

More information

Chapter 2 Personal Income Tax

Chapter 2 Personal Income Tax Chapter 2 Personal Income Tax 2.1 General Principles The new law on personal income taxes (Personal Income Tax Law, or PIT Law) replaced Ordinance 35, which only taxed the income of individuals in the

More information

Lecturer: Tal Yaron-Eldar,Adv. Income Tax and Real Property Tax Commissioner starting: 1/1/2003

Lecturer: Tal Yaron-Eldar,Adv. Income Tax and Real Property Tax Commissioner starting: 1/1/2003 Lecturer: Tal Yaron-Eldar,Adv. Income Tax and Real Property Tax Commissioner starting: 1/1/2003 Please notice, The following presentation is a general overview of the reform in Israel. This synopsis does

More information

This notice provides that Internal Revenue Service (IRS) Form 8922, Third-Party

This notice provides that Internal Revenue Service (IRS) Form 8922, Third-Party Reporting Sick Pay Paid by Third Parties Notice 2015-6 PURPOSE This notice provides that Internal Revenue Service (IRS) Form 8922, Third-Party Sick Pay Recap, must be used by third parties and employers

More information

International Accounting Standard 19 Employee Benefits. Objective. Scope IAS 19

International Accounting Standard 19 Employee Benefits. Objective. Scope IAS 19 International Accounting Standard 19 Employee Benefits Objective 1 The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA. N$4.80 WINDHOEK - 30 December 2015 No. 5912

GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA. N$4.80 WINDHOEK - 30 December 2015 No. 5912 GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA N$4.80 WINDHOEK - 30 December 2015 No. 5912 CONTENTS Page GOVERNMENT NOTICE No. 311 Promulgation of Income Tax Amendment Act, 2015 (Act No. 13 of 2015), of

More information

R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract

R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract s m a r t m o n e y R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract Since buying a house or an apartment is one of the most important financial decisons you will ever make, you need to

More information

Statutory Instruments EUROPEAN COMMUNITIES (TAXATION OF SAVINGS INCOME IN THE FORM OF INTEREST PAYMENTS) REGULATIONS 2003

Statutory Instruments EUROPEAN COMMUNITIES (TAXATION OF SAVINGS INCOME IN THE FORM OF INTEREST PAYMENTS) REGULATIONS 2003 Statutory Instruments S.I. No. 717 of 2003 EUROPEAN COMMUNITIES (TAXATION OF SAVINGS INCOME IN THE FORM OF INTEREST PAYMENTS) REGULATIONS 2003 PUBLISHED BY THE STATIONERY OFFICE DUBLIN To be purchased

More information

I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers

I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers I. GENERAL PROVISION Article 1 The Instruction on Application of the

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

GENERAL INSTRUCTIONS FOR COMPLETING YOUR RETURN

GENERAL INSTRUCTIONS FOR COMPLETING YOUR RETURN GENERAL INSTRUCTIONS FOR COMPLETING YOUR RETURN PITTSBURGH CITY & SCHOOL DISTRICT The City of Pittsburgh Earned Income Tax is levied at the rate of 1% under ACT 511. The Pittsburgh School District Earned

More information

L A W ON AMENDMENTS TO THE LAW ON PENSION AND DISABILITY INSURANCE. Article 1

L A W ON AMENDMENTS TO THE LAW ON PENSION AND DISABILITY INSURANCE. Article 1 L A W ON AMENDMENTS TO THE LAW ON PENSION AND DISABILITY INSURANCE Article 1 In the Law on Pension and Disability Insurance (RS Official Gazette, nos. 34/03, 64/04 and 84/04), in Article 9, the words:

More information

TAXATION OF FINANCIAL INSTRUMENTS

TAXATION OF FINANCIAL INSTRUMENTS 2 Ing. Katarína Vavrová Faculty of Business Management University of Economics in Bratislava Investment in securities is influenced not only by the relation between the intrinsic value and market price

More information

Chapter one: Definitions. Chapter Two: Conditions for Employment

Chapter one: Definitions. Chapter Two: Conditions for Employment FOREIIGN WORKERS ((Prrohiibiittiion off unllawffull emplloymentt and assurrance off ffaiirr condiittiions)) LAW,, 5751--1991 Chapter one: Definitions 1. In this law - Foreign worker - worker who is not

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE This appendix contains a summary of laws and regulations in respect of taxation and foreign exchange in Hong Kong and the PRC. I. TAXATION IN THE PRC 1. Taxes Applicable to Joint-Stock Limited Companies

More information

BY REQUEST OF THE REVENUE AND TRANSPORTATION INTERIM COMMITTEE A BILL FOR AN ACT ENTITLED: "AN ACT REVISING CERTAIN PROVISIONS RELATED TO THE

BY REQUEST OF THE REVENUE AND TRANSPORTATION INTERIM COMMITTEE A BILL FOR AN ACT ENTITLED: AN ACT REVISING CERTAIN PROVISIONS RELATED TO THE SB00.0 SENATE BILL NO. INTRODUCED BY F. THOMAS BY REQUEST OF THE REVENUE AND TRANSPORTATION INTERIM COMMITTEE A BILL FOR AN ACT ENTITLED: "AN ACT REVISING CERTAIN PROVISIONS RELATED TO THE ADMINISTRATION

More information

BPT Return INSURANCE COMPANIES

BPT Return INSURANCE COMPANIES BPT Return INSURANCE COMPANIES MIRA 0 Version. BPT TIN (Taxpayer Identification Number) Taxpayer Name Your TIN as it appears on your Notification of Registration Your name as it appears on your Notification

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

Member State Option Comparison Table

Member State Option Comparison Table Member State Option Comparison Table The purpose of this document is to highlight the changes in the options available to Member State when transposing the Accounting Directive of 26 June 2013, as compared

More information

Law of Georgia On the Investment Activity Promotion and Guarantees

Law of Georgia On the Investment Activity Promotion and Guarantees Law of Georgia On the Investment Activity Promotion and Guarantees The present law defines the legal bases for realizing both foreign and local investments and their protection guarantees on the territory

More information

G E N C S V A L T E R S L A W F I R M B A L T I C T A X C A R D 2 0 1 5

G E N C S V A L T E R S L A W F I R M B A L T I C T A X C A R D 2 0 1 5 CORPORATE INCOME TAX IN BALTICS Corporate Income Tax Rates in Baltics Country Standard rate Decreased rate Transfer of loses to next periods Latvia 15% 11% microenterprises Unlimited Lithuania 15% Estonia

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

SOLUTION: ADVANCED TAX MAY, 2014. Chargeable assets under section 97 of Internal Revenue Act is as follows;

SOLUTION: ADVANCED TAX MAY, 2014. Chargeable assets under section 97 of Internal Revenue Act is as follows; SOLUTION 1 (a) (i) Chargeable assets under section 97 of Internal Revenue Act is as follows; - Building of a permanent or temporary nature situated in Ghana - Business and business assets, including goodwill

More information

Fire Protection Tax Act

Fire Protection Tax Act Übersetzung durch den Sprachendienst des Bundesministeriums der Finanzen. Translation provided by the Language Service of the Federal Ministry of Finance. Stand: Die Übersetzung berücksichtigt die Änderung(en)

More information

I BASIC PROVISIONS Scope of application Article 1.

I BASIC PROVISIONS Scope of application Article 1. I BASIC PROVISIONS Scope of application Article 1. This Law regulates foreign investment into companies and other forms of business establishments with the aim of profit gaining (hereinafter referred to

More information

FEDERAL LAW NO. 40-FZ OF FEBRUARY 25, 1999 ON INSOLVENCY (BANKRUPTCY) OF CREDIT INSTITUTIONS (with the Amendments and Additions of January 2, 2000)

FEDERAL LAW NO. 40-FZ OF FEBRUARY 25, 1999 ON INSOLVENCY (BANKRUPTCY) OF CREDIT INSTITUTIONS (with the Amendments and Additions of January 2, 2000) FEDERAL LAW NO. 40-FZ OF FEBRUARY 25, 1999 ON INSOLVENCY (BANKRUPTCY) OF CREDIT INSTITUTIONS (with the Amendments and Additions of January 2, 2000) Approved by the State Duma 18, 1998 Approved by the Federation

More information

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES CHAPTER 1. GENERAL PROVISIONS CHAPTER 2. FOUNDATION OF LIMITED LIABLITY COMPANY CHAPTER 3.AUTHORIZED CAPITAL OF A COMPANY CHAPTER 4. PROPERTY

More information

CHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS

CHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS 241-1 CHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS Section 241-1 Definitions 241-1.5 Time of application of tax and other provisions

More information

VAT Certificate Course

VAT Certificate Course VAT Certificate Course Session 6 VAT Registrations & Compliance Obligations Saviour Bezzina 26 November 2014 Session 6 Agenda 2 Part 1 VAT Registrations 1.1 Article 10 Registration 1.3 Article 12 Registration

More information

Central Bank Survey. General Provisions

Central Bank Survey. General Provisions Summary Methodology Central Bank Survey, Credit Institutions Survey, Banking System Survey, Other Financial Institutions Survey, Financial Sector Survey Central Bank Survey, Credit Institutions Survey,

More information

M E M O R A N D U M LIMITED LIABILITY: KNOW THE LIMITS

M E M O R A N D U M LIMITED LIABILITY: KNOW THE LIMITS M E M O R A N D U M TO: The Members or Managers FROM: Terri L. Giampetroni Legal Strategies, P.C. You have chosen to do business through the use of a Michigan limited liability company. Your company provides

More information

CANADA REVENUE AGENCY. INTERPRETATION BULLETIN - No: IT-85R2

CANADA REVENUE AGENCY. INTERPRETATION BULLETIN - No: IT-85R2 CANADA REVENUE AGENCY INTERPRETATION BULLETIN - No: IT-85R2 DATE: July 31, 1986 SUBJECT: INCOME TAX ACT Health and Welfare Trusts for Employees REFERENCE: Paragraph 6(1)(a) and section 104 (also subsections

More information

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 49 TAX STRATEGY OF 2004

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 49 TAX STRATEGY OF 2004 COALITION PROVISIONAL AUTHORITY ORDER NUMBER 49 TAX STRATEGY OF 2004 Pursuant to my authority as Administrator of the Coalition Provisional Authority (CPA), and under the laws and usages of war, and consistent

More information

Company Car Tax and Related Certain Personal Income Tax Issues 2014.

Company Car Tax and Related Certain Personal Income Tax Issues 2014. Company Car Tax and Related Certain Personal Income Tax Issues 2014. The tax liability relating to company cars is regulated in Chapter IV. of Act LXXXII of 1991 on the Motor Vehicle Tax (hereinafter:

More information

1. Introduction... 2. 2. Business profit tax... 3. Resident airlines... 3. Non-resident airlines... 3

1. Introduction... 2. 2. Business profit tax... 3. Resident airlines... 3. Non-resident airlines... 3 Contents 1. Introduction... 2 2. Business profit tax... 3 Resident airlines... 3 Non-resident airlines... 3 Tax computation and return filing requirements... 6 3. Withholding tax... 9 4. Goods and services

More information

Basic Rules of Accounting the Expenses of the Operation of Vehicles in the Personal Income Tax and Corporate Income Tax System 2015.

Basic Rules of Accounting the Expenses of the Operation of Vehicles in the Personal Income Tax and Corporate Income Tax System 2015. Basic Rules of Accounting the Expenses of the Operation of Vehicles in the Personal Income Tax and Corporate Income Tax System 2015. The Act on Personal Income Tax 1 defines the expenses associated with

More information

Introduction of the tax law office of Jelle Folkeringa

Introduction of the tax law office of Jelle Folkeringa Introduction of the tax law office of Jelle Folkeringa As the client, you determine the target. I will add my creativity, expertise and passion in my work in finding solutions for challenging tax affairs

More information

ADMINISTRATIVE RELEASE. Maryland Income Tax. Administrative Release No. 6. Subject: Taxation of Pass-through Entities Having Nonresident Members.

ADMINISTRATIVE RELEASE. Maryland Income Tax. Administrative Release No. 6. Subject: Taxation of Pass-through Entities Having Nonresident Members. Maryland Income Tax ADMINISTRATIVE RELEASE Administrative Release No. 6 Subject: Taxation of Pass-through Entities Having Nonresident Members. I. General Under 10-401 of the Tax-General Article, Annotated

More information

WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016

WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC BALANCE SHEET (Amount in ` except share and per share data, unless otherwise stated) As at March 31, 2016

More information

CHAPTER 318C SMALL BUSINESS DEVELOPMENT

CHAPTER 318C SMALL BUSINESS DEVELOPMENT 1 L.R.O. 2002 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Definitions. 3. Small business. 4. Approved small business

More information

FISCAL ASPECTS REGARDING TRADING COMPANIES IN ROMANIA

FISCAL ASPECTS REGARDING TRADING COMPANIES IN ROMANIA FISCAL ASPECTS REGARDING TRADING COMPANIES IN ROMANIA Author: Dragomir & Asociatii Law Office Law Firm: Dragomir & Asociatii Law Office Published on: August 2011 Updated on: August 2011 1. Premises In

More information

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12 International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes

More information

Ministry Of Finance VAT Department. VAT Guidance for Financial Services Version 4: June 09, 2015

Ministry Of Finance VAT Department. VAT Guidance for Financial Services Version 4: June 09, 2015 Ministry Of Finance VAT Department VAT Guidance for Financial Services Version 4: June 09, 2015 Introduction This guide is intended to provide businesses offering financial services with information about

More information

technical factsheet 180 Related parties

technical factsheet 180 Related parties technical factsheet 180 Related parties CONTENTS 1. Introduction 1 2. Legislative requirement 1 3. Accounting standards 3 4. Example 5 5. Checklist 7 6. Sources of information 10 This technical factsheet

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

The above are the rates of the personal income tax (imposta sul reddito delle persone fisiche, or IRPEF).

The above are the rates of the personal income tax (imposta sul reddito delle persone fisiche, or IRPEF). Worldwide personal tax guide 2013 2014 Italy Local information Tax Authority Italian Revenue Agency Website www.agenziaentrate.gov.it Tax Year 1 January to 31 December Tax Return due date 30 September

More information

Social security system and simplified taxation in Ukraine: how should they be combined?

Social security system and simplified taxation in Ukraine: how should they be combined? INSTITUTE FOR ECONOMIC RESEARCH AND POLICY CONSULTING IN UKRAINE GERMAN ADVISORY GROUP ON ECONOMIC REFORM Reytarska 8/5-A, 01034 Kyiv, Tel. (+38044) 228-6342, 228-6360, Fax 228-6336 E-mail: institute@ier.kiev.ua,

More information

SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------- Law No. 21/2012/QH13 Hanoi, November 20, 2012 LAW

SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------- Law No. 21/2012/QH13 Hanoi, November 20, 2012 LAW THE NATIONAL ASSEMBLY -------- SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------- Law No. 21/2012/QH13 Hanoi, November 20, 2012 LAW AMENDING AND SUPPLEMENTING A NUMBER OF

More information

Large Company Limited. Report and Accounts. 31 December 2009

Large Company Limited. Report and Accounts. 31 December 2009 Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities

More information

LAW ON FOREIGN CURRENT AND CAPITAL OPERATIONS I BASIC PROVISIONS

LAW ON FOREIGN CURRENT AND CAPITAL OPERATIONS I BASIC PROVISIONS Law on Foreign Current and Capital Operations In accordance with Article 88 Item 2 of the Constitution of the Republic of Montenegro I hereby pass the ENACTMENT ON PROCLAMATION OF THE LAW ON FOREIGN CURRENT

More information

Draft Examples Clause 33: Hybrid and other mismatches

Draft Examples Clause 33: Hybrid and other mismatches Draft Examples Clause 33: Hybrid and other mismatches The following draft examples are provided to assist understanding of the application of the draft hybrids mismatch legislation published on 9 December

More information

Tax Consequences of Providing IT Consulting Services

Tax Consequences of Providing IT Consulting Services Tax Consequences of Providing IT Consulting Services Presented By:, CA, CPA And Offices in Toronto & Chicago 1-888- US TAXES Canadian IT Contractors Can Work: As employees; Pros & Cons of Being an Employee

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

Greece New Tax Laws Aim to Raise More Revenue. Law No. 4110. In This Issue: March 4, 2013 2013-041

Greece New Tax Laws Aim to Raise More Revenue. Law No. 4110. In This Issue: March 4, 2013 2013-041 flash International Executive Alert A Publication for Global Mobility and Tax Professionals by KPMG s International Executive Services Practice Greece New Tax Laws Aim to Raise More Revenue by Georgia

More information

5 Remittances. A. Economic Concept of Remittances and Why They Are Important

5 Remittances. A. Economic Concept of Remittances and Why They Are Important APPENDIX 5 Remittances A. Economic Concept of Remittances and Why They Are Important A5.1 Remittances represent household income from foreign economies arising mainly from the temporary or permanent movement

More information

Finnvera Plc s transition to International Financial Reporting Standards (IFRS)

Finnvera Plc s transition to International Financial Reporting Standards (IFRS) Finnvera Plc s transition to International Financial Reporting Standards (IFRS) In accordance with a regulation laid down in 2001 by the EU Commission European companies listed in an EU securities market

More information

International Accounting Standard 12 Income Taxes

International Accounting Standard 12 Income Taxes EC staff consolidated version as of 21 June 2012, EN IAS 12 FOR INFORMATION PURPOSES ONLY International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the

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

EMPLOYEE STOCK OPTIONS

EMPLOYEE STOCK OPTIONS TAX LETTER May 2015 EMPLOYEE STOCK OPTIONS FOREIGN EXCHANGE GAINS AND LOSSES CAREGIVER AND INFIRM DEPENDENT CREDITS MAKING TAX INSTALMENTS EARNED INCOME FOR RRSP PURPOSES AROUND THE COURTS EMPLOYEE STOCK

More information

AFGHANISTAN INCOME TAX LAW

AFGHANISTAN INCOME TAX LAW AFGHANISTAN INCOME TAX LAW (consolidation to 31 March 2005) A translation of the Income Tax Act 1965 as published in Gazette number 25 of 1965 and as amended to date.. * This is not an official translation

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