SETTING UP IN. France FACTS & FIGURES

Size: px
Start display at page:

Download "SETTING UP IN. France FACTS & FIGURES"

Transcription

1 SETTING UP IN France FACTS & FIGURES

2 02 NIS Global is an international group of independent accounting and advisory firms set up to provide mutual clients with support as they establish and maintain operations outside their home country. Services provided by member firms include: Advice on requirements for doing business Entity registration Human resources and payroll Accounting, bank accounts, monthly reporting Year-end compliance and reporting Taxation US GAAP and IFRS Mergers and acquisitions

3 corporate income taxes 03 GENERAL TAX RATES FOR 2014 Standard rate 33.3% Reduced rate 15%* *Applies to small and medium sized companies (SMEs). SMEs are defined as having a turnover less than EUR 7,630,000, being at least 75% owned by individuals or companies qualifying as small and medium size companies and having fully paid up share capital. The first EUR 38,120 of profit is taxed at 15% and the balance of profit at 33.33%. FRENCH ACCOUNTING ENTRY FILE (AEF) A new law enters into force as from January 1st, 2014 regarding French Accounting Entry File. Accounting entries concerned: 1. The file must include all book-entries in all of the ledgers (detail of accounting entries), and not the aggregate entries in the general ledger. The file must comply with French GAAP. 2. Book-entries must be sorted by chronological order. 3. The file includes carry-forward entries and contains for each entry all accounting data included in the electronic accounting system. Non-compliance with this rule may imply a 0.5% penalty, based on turnover. SOCIAL CONTRIBUTION FOR MEDIUM-SIZE COMPANIES A 3.3% social contribution (CSB) is levied on CIT of companies whose turnover exceeds EUR 7.63 million and whose corporate income tax exceeds EUR 763,000.

4 04 TAX LOSS CARRY FORWARD Tax losses can be carried forward indefinitely but may only be offset against the taxable income for a given period to the extent of EUR 1 million plus 50% of the taxable income for that period. LOCAL ECONOMIC CONTRIBUTION TAX (CET) CET is composed of two elements: 1. Corporate property contribution (CFE), based on the value of real estate and 2. Contribution for value added of companies (CVAE), based on the added value (tax). CET is capped at 3% of a company s value added. Some exemptions are available. TAX INCENTIVES R&D. Credits of 30% are given on qualifying expenditure up to EURO 100 million and 5% on any excess. The credit can be carried forward for 3 years and if not fully used within those 3 years then the company can receive a tax refund. Innovation Tax Credit. SMEs (companies with less than 250 employees and sales less than EUR 50 million) qualify for an innovation tax credit. This is calculated at 20% of qualified expenses and capped at EUR 400,000. Patent Box. Income relating to patents or patentable rights may benefit from a 15% tax rate. Capital gains realized on patents or patentable rights held for at least 2 years may also be eligible. Payroll-related incentives. A payroll tax credit (CICE) is available based on the wages of employees earning less than 2.5 times the minimum wage. It is calculated at 4% (increasing to 6% in 2014). Other schemes are available. Regional tax incentives. Tax exemptions and rebates are available to businesses establishing or expanding in specific locations.

5 05 COMPANY CAR TAX (TVS) Company car tax is due quarterly for any car owned or used for more than 30 days in the year. The tax is payable annually and ranges from EUR 750 to EUR 4,500 depending on the vehicle. The tax is not deductible for corporate tax computations. TAX FILING AND PAYMENT DEADLINES Companies subject to French Corporate Income tax (CIT) must file an annual CIT return. The return includes balance sheet information as well as a P&L statement. The return must be filed within three months after the end of the financial year. Four instalments are payable during the financial year. The final CIT payment must be made by the 15th of the fourth month following the end of the fiscal year. Failure to comply triggers a 10% to 40% penalty. Late payment interest of 0.40% per month may also apply.

6 value added tax (VAT) 06 VAT IS A TAX ON SUPPLIES OF GOODS OR SERVICES Standard rate on most goods and services 20% Intermediate rate (includes restaurants, passenger transport and other items) 10% Reduced rate (applies to supplies relating to 5.5% basic necessities) Businesses must register and charge VAT on sales. However, exports of goods outside the EU are completely exempt from VAT. VAT is normally a neutral tax for businesses and is ultimately borne by end user consumers. Businesses merely collect VAT on their sales and deduct the VAT which they have paid on purchases. If companies have paid more VAT than they have collected, the difference is refunded on request. VAT returns are usually filed and paid monthly or quarterly between the 15th and 23rd of the following month. EU Sales Lists are required detailing cross border supplies of goods between registered EU businesses within the EU. Further monthly analysis of Sales (Dispatches) and Purchases (Acquisitions) is required under the Intrastat System. The Annual threshold for Acquisitions is EUR 460K but there is no threshold for Dispatches.

7 personal income tax 07 INCOME TAX IS A PERSONAL TAX PAID BY RESIDENTS ON BUSINESS PROFITS, PAYROLL INCOME AND OTHER INCOME Income tax is based on family income, and ranges from 0 45%. An exceptional contribution tax applies at a rate of 3% on income between EUR 250K and EUR 500K and at 4% on income above EUR 500K (the above bands refer to a single taxpayer, doubled bands apply to married couples). There is currently no income tax withholding on payroll income. Income tax returns are filed within five months after the calendar year end. Income tax is paid either monthly or by instalments (February, 15 and May, 15). Each instalment equals to 1/3 of the previous year s tax. The balance has to be paid on September, 15. Monthly instalments equal to 1/10 of previous year s tax. Balance is paid in the last months of the calendar year. An annual wealth tax applies to individuals with a net worth over EUR 1.3 million. Taxable wealth from EUR 800,000 is taxed by layers from 0.45% to 1.5%. The maximum overall annual tax liability for income, wealth and local taxes cannot exceed 75% of that year s income. local and council tax Owners must pay a tax based on the assessed rental value of their dwellings as at 1st of January each year. Occupants must also pay a dwellings tax based on a deemed rental value. Amounts due can differ significantly between localities.

8 payroll tax 08 EMPLOYERS DEDUCT SOCIAL SECURITY FROM SALARY AND MAKE PAYMENTS TO THE SOCIAL SECURITY OFFICES Social security charges are levied on both employer and employee. Employers are responsible for deducting the employee element from gross salaries. RATES FOR 2014: Non executive Executive BENEFICIARY INSTITUTIONS Employee Employer Employee Employer Social Security (including maternity benefit)* 9.00% % 9.00% % Unemployment* 2.40% 4.30% 2.40% 4.30% Pension (main)* 6.80% 8.45% 6.80% 8.45% Pension (complementary)* 12.80% 19.16% 12.66% 20.02% Health insurance (including occupational injury fee)* Variable rate Variable rate Total average cost for the employer from 15% to 40% From 40% to 50% *Individual types of deduction may be assessed on different bases and may or may not be capped. Other minor employer contributions may apply including those for transport, accommodation and training. Social security is payable to the tax authorities by the 15th of the following month on a monthly or quarterly basis. Payroll taxes are summarised and reported by the end of January each year for the prior calendar year.

9 accounts filing 09 COMPANIES There are three main forms of company: Public Limited Company (SA), Simplified Public Limited Company (SAS) and Private Limited Company (SARL). The SARL is the most common form of international subsidiary. Annual financial statements include a balance sheet, income statement and annual notes, and must be prepared within three months following the year end. The General Shareholders Meeting for approval of the accounts must take place within six months following the year end of the company. Accounts are filed within 30 calendar days from the date of their approval. Filing deadline: PREPARATION, ADOPTION, AUDIT, DISCLOSURE (assuming December 31st year end): Corporate Income tax return: April 30th (within 3 months for noncalendar financial years) General Meeting: June 30th + 6 months Filing with the Trade Register: July 30th + 7 months AUDIT Some company structures (SA and SAS belonging to a group) always require statutory auditors. SARLs are usually exempt from audit if two of the following three criteria are met: Turnover Balance Sheet Employees million 1.55 million

10 subsidiary 10 OR BRANCH OFFICE? Status SUBSIDIARY COMPANY Separate French legal entity Ownership Overseas parent can own directly or indirectly through holding company Control Controlled by its board of directors Scope of activities Defined in the company s articles Corporate Limited to value of paid-up share capital Liability Entity Establish a registered office Incorporation or Check the company name for availability and validity Registration Obtain long stay visas and residence permits for non EEA directors Open a bank account and deposit the required share capital Issue shares Appoint legal representative and, if necessary, auditors Complete application form M0 and prepare associated documentation File a request for company registration with the Centre de Formalités des Entreprises (CFE) Publish a notification of incorporation in a legal gazette Purchase special accounting books from the Commercial Court or authorized shops Register with an employee retirement plan On-going obligations Maintain accounts and records Filings and registrations relating to changes to constitution, directors, shareholders etc. Accounts approval by shareholder meeting within six months after year end Filing of financial statements and tax returns and payment of corporate and other taxes

11 11 FRENCH BRANCH A French branch is normally a permanent establishment in France and has its own decision making powers No independent legal status. A branch is part of the parent company Part of the overseas company A branch may carry out all the operations mandated by its overseas parent company A branch does not have limited liability protection. Therefore the parent company is fully liable Establish a registered office Appoint a representative with power of attorney to represent & manage the Branch Prepare/collect the documentation required for Branch registration File a request for foreign company (branch) registration with the CFE. Including application M0 form File a declaration with the tax authorities if the investment is over EUR 1.5 million and provide a statement certifying that no criminal convictions are held & an affiliation certificate if the parent is from a non-eu country Purchase special accounting books from the Commercial Court or authorized shops. Register with an employee retirement plan Maintain branch accounts and records File its foreign parent company s annual accounts & a French translation with the Companies Register each year

12 12 LIAISON OFFICE STANDALONE REP Status A liaison office is not a separate No legal status and no legal entity and has no permanent establishment in permanent establishment in France France Ownership Part of the overseas company Part of the overseas company Control Controlled by overseas Head Office Controlled by overseas Head Office Corporate Liability Employers are liable for the payment of social charges Employees are personally liable for the payment of social charges Scope of activities Liaison offices can only conduct non-commercial preparatory or auxiliary operations such as market research, advertising and storing merchandise. They cannot carry out commercial activities Entity Company registration is Incorporation automatic with the social or registration Registration Social Security registration required Form M0 needed + original employment contract signed (preferably in French). On-going obligations Payment of payroll-related contributions and other relevant taxes Standalone can only conduct non-commercial preparatory or auxiliary operations such as market research, advertising and storing merchandise. They cannot carry out commercial activities Company registration is automatic with the social registration Social Security registration required Form M0 needed + original employment contract signed (preferably in French). Payment of payroll-related contributions and other relevant taxes

13 employment law 13 LEGAL CONSIDERATIONS Work and residence permits Nationals of all EU/EEA States and Switzerland can work without restriction in France. For all other nationalities a full work and residence permit must be acquired. Employment contract There are 3 contract types: CDI (unlimited term), CDD (fixed term) & Part Time CDI. A written job contract is strongly recommended, preferably in French. Labour regulations Based on employment contracts, legislation and collective agreements. Minimum wage EUR 9.53 per hour Legal working hours Maximum of 35 hours per week. The working day cannot exceed 10 hours but may be extended to 12 hours under a collective agreement. Managerial staff classified as autonomous can work more than 35 hours a week, but are given extra holidays. Legal minimum vacation Two-and-a half working days leave for each month worked, i.e. five weeks of paid leave per year worked. Employee representation Companies with at least 11 employees must have elected employee representatives. Companies with 50 or more employees must also have an elected works council.

14 NIS Global Head office Highlands House Basingstoke Road Spencers Wood Reading Berkshire RG7 1NT United Kingdom e: San Francisco office Suite # Spear St San Francisco California United States e: For further information, please contact Pete Doyle on +44 (0) at our UK Head Office; or Doreen Davis-Owen on +00 (1) at our San Francisco office DISCLAIMER: This booklet is intended for general guidance only. It cannot cover every situation and should not be used for decision making without professional advice. The authors accept no responsibility for loss arising from any action taken or not taken by anyone using this publication. PUBLISHED 01/2014

Setting up your Business in France Issues to consider

Setting up your Business in France Issues to consider Around 20,000 foreign companies are already established, running businesses under many different legal forms. The reforms that France has pursued to improve competitiveness and the business environment

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

Doing business in Sweden. www.pwc.se/doingbusinessinsweden

Doing business in Sweden. www.pwc.se/doingbusinessinsweden Doing business in Sweden www.pwc.se/doingbusinessinsweden 1. What type of presence do we require? 2. What other registrations do we need to be aware of? 3. What tax issues may arise now that we are operating

More information

Setting up your Business in Belgium Issues to consider

Setting up your Business in Belgium Issues to consider Sharing its capital within the European Union, Belgium is one of the smaller European countries in terms of size. Nevertheless, Belgium is a very dynamic country with multilingual, multicultural influences.

More information

Guideline for accounting and tax procedures in NL

Guideline for accounting and tax procedures in NL 1 Guideline for accounting and tax procedures in NL 1. Annual Financial Statement 2. Corporate Income Tax Return 3. Transfer Pricing 4. VAT Return 5. EU Sales Listings 6. Intrastat Reports 7. Payroll Taxes

More information

Facts on Taxation in Denmark

Facts on Taxation in Denmark Facts on Taxation in Denmark Updated by Njord Law Firm, December 2015 www.investindk.com Contents Corporate taxation... 2 Tax liability for different corporate forms... 2 Full or limited tax liability...

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

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

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

Address Bedrijvenzone Machelen Cargo 751 1830 Machelen. Taxe sur la Valeur Ajoutée (TVA) or Belasting over de Toegevoegde Waarde (BTW)

Address Bedrijvenzone Machelen Cargo 751 1830 Machelen. Taxe sur la Valeur Ajoutée (TVA) or Belasting over de Toegevoegde Waarde (BTW) BELGIUM Name of the firm Deny Cargo bvba Address Bedrijvenzone Machelen Cargo 751 1830 Machelen Contact Grégory Moortgat gregory.moortgat@denycargo.be Tel. No. +32 2 752 21 11 Managing Partner www.denycargo.be

More information

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com. DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature

More information

German Tax Facts. The Expatriate Financial Guide to Germany

German Tax Facts. The Expatriate Financial Guide to Germany The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls

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

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

TAX CARD 2014 BULGARNIA

TAX CARD 2014 BULGARNIA BULGARIA TAX CARD TAX CARD 2014 BULGARNIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Residency 1.1.2 Tax Rates 1.1.3 Taxable Income 1.1.4 Exempt Income 1.1.5 Deductible Expenses 1.1.6

More information

Hiring Foreign Staff in the PRC

Hiring Foreign Staff in the PRC Hiring Foreign Staff in the PRC 8 May 2014, Guangzhou / Shenzhen Success beyond borders we advise German businesses worldwide! 1 Agenda I. Residence and Work Permit for Expatriates II. Employment Contract

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

Setting up your Business in The Netherlands Issues to consider

Setting up your Business in The Netherlands Issues to consider The Netherlands, with a historically strong economic financial climate, is traditionally an important gateway to Europe. Situated in the western part of the European continent with its world leading Rotterdam

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

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

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

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

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 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

Ministry of Finance & the Public Service Tax Administration Jamaica

Ministry of Finance & the Public Service Tax Administration Jamaica Ministry of Finance & the Public Service Tax Administration Jamaica REVISED TECHNICAL NOTE Personal Income Tax Threshold & Rate FY 2016/17 Revenue Measures June 30, 2016 Table of Contents PURPOSE.3 LEGISLATION...

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

Name of the firm Tax Support Ltd. Address A.Metaxa 33. Nikos Dimitrakopoulos Tel. No

Name of the firm Tax Support Ltd. Address A.Metaxa 33. Nikos Dimitrakopoulos Tel. No GREECE Name of the firm Tax Support Ltd Address A.Metaxa 33 16674 Glyfada Contact Nikos Dimitrakopoulos forotech@forotech.gr Tel. No. +30 2108981633 Partner www.taxsupport.gr AT A GLANCE Name of the tax

More information

Setting up your Business in the UK Issues to consider

Setting up your Business in the UK Issues to consider The United Kingdom (UK) continues to be one of the world s leading locations for global investment, being rated again as the most attractive place in Europe for foreign investment. i Also, the World Bank

More information

Spain Tax Alert. Corporate tax reform enacted. Tax rate. Tax-deductible expenses. International Tax. 2 December 2014

Spain Tax Alert. Corporate tax reform enacted. Tax rate. Tax-deductible expenses. International Tax. 2 December 2014 International Tax Spain Tax Alert 2 December 2014 Corporate tax reform enacted Contacts Brian Leonard bleonard@deloitte.es Francisco Martin Barrios fmartinbarrios@deloitte.es Elena Blanque elblanque@deloitte.es

More information

Setting up your Business in Argentina Issues to consider

Setting up your Business in Argentina Issues to consider Argentina boasts many natural resources, qualified human resources and the synergies deriving from our commercial partnership with countries like Brazil make it an attractive country in which to invest.

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

Paper F6 (ZWE) Taxation (Zimbabwe) Specimen questions for June 2015. Fundamentals Level Skills Module

Paper F6 (ZWE) Taxation (Zimbabwe) Specimen questions for June 2015. Fundamentals Level Skills Module Fundamentals Level Skills Module Taxation (Zimbabwe) Specimen questions for June 2015 Time allowed This Reading is and not planning: a full specimen 15 minutes paper, it is a selection of specimen Writing:

More information

Spanish Tax Facts. The Expatriate Financial Guide to Spain

Spanish Tax Facts. The Expatriate Financial Guide to Spain The Expatriate Financial Guide to Spain Spanish Tax Facts Introduction Tax Year Assessment Basis Taxation in Spain occurs at a national level and at a regional ( Autonomous Community ) or municipal level.

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

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

TAX GUIDE: NON RESIDENT ENTERTAINERS IN THE UK

TAX GUIDE: NON RESIDENT ENTERTAINERS IN THE UK TAX GUIDE: NON RESIDENT ENTERTAINERS IN THE UK Definition of Domicile and Residence Domicile A person s domicile is the country with which they have the most lasting connection or affiliation, whether

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

Mock Exam ANSWERS. PageCAMBODIAN TAXATION. 1 of 19

Mock Exam ANSWERS. PageCAMBODIAN TAXATION. 1 of 19 MOCK EXAM PAPER ANSWERS PageCAMBODIAN TAXATION 1 of 19 1) (a) Angkor Luxury Hotel (ALH) Tax on Profit (ToP) calculation For the year ended 31 December 2011 Notes USD USD Accounting profit after income

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

Singapore SMEs. Introduction to Korean taxation. July 2013

Singapore SMEs. Introduction to Korean taxation. July 2013 Singapore SMEs Introduction to Korean taxation July 2013 Topics to cover Korean tax system Overview Corporate Income Tax (CIT) Individual Income Tax (IIT) Value Added Tax (VAT) Customs Duty (CD) Entity

More information

Spain Tax Alert. Broad-based corporate tax reform proposed. Tax rate. Tax-deductible expenses. International Tax. 2 July 2014

Spain Tax Alert. Broad-based corporate tax reform proposed. Tax rate. Tax-deductible expenses. International Tax. 2 July 2014 International Tax Spain Tax Alert 2 July 2014 Broad-based corporate tax reform proposed Contacts Brian Leonard bleonard@deloitte.es Francisco Martin Barrios fmartinbarrios@deloitte.es Elena Blanque elblanque@deloitte.es

More information

Fact Sheet No.14 Corporate Tax and Depreciation

Fact Sheet No.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

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

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

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

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

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

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

Luxembourg. Luxembourg Generally Accepted Accounting Principles (GAAP) and the Luxembourg Law dated December 8, 1994.

Luxembourg. Luxembourg Generally Accepted Accounting Principles (GAAP) and the Luxembourg Law dated December 8, 1994. Luxembourg International Comparison of Insurance * May 2009 Luxembourg General Insurance Definition Definition of property and casualty insurance company A company operating in the following insurance

More information

Income Tax in Australia

Income Tax in Australia www.webbmartinconsulting.com.au Income Tax in Australia Issues for New Zealand residents Robert Power July 2013 Take the guesswork out of tax >>> enhance your service offering and increase profit and productivity

More information

Setting up your Business in Turkey Issues to consider

Setting up your Business in Turkey Issues to consider Turkey is located as a bridge between two continents and in close proximity to Europe, the Middle East and the Caucasus. The proximity to the Balkans and the rest of Europe as well as to the growing emerging

More information

IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY

IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY July 2012 M-10855059-6 IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH PROPERTY FOR FOREIGN INVESTORS

More information

INCOME TAX Rates 14/15 15/16 Starting rate on savings income up to*

INCOME TAX Rates 14/15 15/16 Starting rate on savings income up to* Tax Tables 2015/16 INCOME TAX Rates 14/15 15/16 Starting rate on savings income up to* 10 2,880 0 5,000 Basic rate of 20 on income up to 31,865 31,785 Maximum tax at basic rate 6,373 6,357 Higher rate

More information

The ConocoPhillips Share Incentive Plan EXPLANATORY BOOKLET

The ConocoPhillips Share Incentive Plan EXPLANATORY BOOKLET The ConocoPhillips Share Incentive Plan EXPLANATORY BOOKLET September 2014 Contents Page 1. Introduction 1 2. Summary of how the Plan works 2 3. Eligibility and joining the Plan 4 4. Shares of Common Stock

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

Unofficial translation

Unofficial translation Amendments up to 8.8.2014 included No. 879 Act on the Supervision Fees of the Financial Supervisory Authority Adopted in Helsinki on 19 December 2008 Pursuant to the decision of Parliament, the following

More information

Year End Tax Guide: 2014/15

Year End Tax Guide: 2014/15 Year End Tax Guide: 2014/15 A short guide to rates, reliefs and allowances available for use by 5 April 2015 Contents Personal tax and allowances Income and personal allowances 3 Capital gains tax 3 Inheritance

More information

CORPORATION TAX SYSTEM IN FRANCE

CORPORATION TAX SYSTEM IN FRANCE CORPORATION TAX SYSTEM IN FRANCE Direct taxes at a Glance Corporate Income Tax Rate (%) Standard rate 33.1/3 (a) Small companies (reduced rate) Royalties (capital gain tax rate) Capital gains on qualifying

More information

AUGHTON AINSWORTH International Law Firm. 2 Merchants Quay Salford Quays Manchester, United Kingdom M50 3XR

AUGHTON AINSWORTH International Law Firm. 2 Merchants Quay Salford Quays Manchester, United Kingdom M50 3XR AUGHTON AINSWORTH International Law Firm 2 Merchants Quay Salford Quays Manchester, United Kingdom M50 3XR SETTING UP A BUSINESS IN THE UNITED KINGDOM Setting up a business Commonly used: Subsidiary Branch

More information

FEDERAL TAXATION OF RESIDENT ALIENS

FEDERAL TAXATION OF RESIDENT ALIENS Chapter 9 FEDERAL TAXATION OF RESIDENT ALIENS Jennifer A. Mace 1 9.1 INTRODUCTION Planning a foreign national s transfer to the United States requires consideration of a number of tax and non-tax related

More information

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS Background A United Kingdom Limited Liability Partnership (LLP) has become a very popular vehicle for international commercial activity. This is because the

More information

Most of the hard work of setting up and running a Limited Company is at the beginning of the process which Exceed will be able to assist you with.

Most of the hard work of setting up and running a Limited Company is at the beginning of the process which Exceed will be able to assist you with. Limited Companies Introduction Forming a Limited Company may appear to be very daunting to some people, and it is true that a lot of legislation is in place relating to company formation and operation.

More information

DOING BUSINESS IN AZERBAIJAN

DOING BUSINESS IN AZERBAIJAN DOING BUSINESS IN AZERBAIJAN CONTENTS 1 Introduction 3 2 Business environment 4 3 Foreign Investment 6 4 Setting up a Business 7 5 Labour 8 6 Taxation 9 7 Accounting & reporting 11 8 UHY Representation

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

In this month s enews we report on key announcements made in the Pre-Budget Report.

In this month s enews we report on key announcements made in the Pre-Budget Report. DECEMBER 2009 - INTRODUCTION In this month s enews we report on key announcements made in the Pre-Budget Report. Please browse through the articles using the links below and contact us if any issues or

More information

Belgium: Tax treatment of immigrating taxpayers

Belgium: Tax treatment of immigrating taxpayers Belgium: Tax treatment of immigrating taxpayers IFA Congres Madrid 30 May 2014 Marc Vandendijk Tax Lawyer VANDENDIJK & PARTNERS Rue Edith Cavellstraat 66 1180 Brussels Tel.: + 32 (0)2.343.33.45 E-MAIL:

More information

Fundamentals Level Skills Module, Paper F6 (HUN)

Fundamentals Level Skills Module, Paper F6 (HUN) Answers Fundamentals Level Skills Module, Paper F6 (HUN) Taxation (Hungary) 1 Mr Darabos June 2011 Answers and Marking Scheme Marks (a) (i) Taxation of the holiday coupons Holiday coupons provided by an

More information

Practical Guide. How to start up a business in Copenhagen

Practical Guide. How to start up a business in Copenhagen Practical Guide How to start up a business in Copenhagen Table of contents 1. Intro... 3 2. Choice of business entity... 4 2.1 Company... 4 2.2 A/S ApS limited liability company... 5 2.3 DK company as

More information

Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016. www.fi sconti.com

Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016. www.fi sconti.com Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016 www.fi sconti.com Table of contents Changes in Dutch payroll and income tax Tax credits and rates in 2016 ----------- 3 Emigration of substantial interest

More information

COST Canadian Tax Workshop Introduction to Mexico VAT (IVA)

COST Canadian Tax Workshop Introduction to Mexico VAT (IVA) COST Canadian Tax Workshop Introduction to Mexico VAT (IVA) September 30th, 2015 Enrique Agresott Garcia Ernst & Young Sandra D. Robertson WestRock Agenda Introduction to Mexico VAT (IVA) VAT (IVA) rate

More information

Luxembourg income taxes 2016 Guide for individuals

Luxembourg income taxes 2016 Guide for individuals Luxembourg income taxes 2016 Guide for individuals www.pwc.lu 2 Table of Contents Basic principles Employment income Directors fees Dividend and interest income 1 2 3 4 5 Capital gains p4 p7 p8 p8 p9 Real

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

Doing Business in Trinidad and Tobago. Introduction

Doing Business in Trinidad and Tobago. Introduction Doing Business in Trinidad and Tobago Introduction This guide has been prepared by Baker Tilly Montano Ramcharitar an independent member of Baker Tilly International. This document is designed to assist

More information

Annual International Bar Association Conference 2014. Tokyo, Japan. Recent Developments in International Taxation. Portugal. Guilherme Figueiredo

Annual International Bar Association Conference 2014. Tokyo, Japan. Recent Developments in International Taxation. Portugal. Guilherme Figueiredo Annual International Bar Association Conference 2014 Tokyo, Japan Recent Developments in International Taxation Portugal Guilherme Figueiredo Eurofin Capital S.A. gfigueiredo@eurofincapital.com 1. RECENT

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

Investment and Doing Business. in the Czech Republic

Investment and Doing Business. in the Czech Republic Investment and Doing Business in the Czech Republic 8 Residence permit The matters related to foreigner s stay in the Czech Republic are regulated by the Act No. 326/1999 Coll., Act on Foreigner s Stay

More information

A. INCOME TAX LAW 118(I)/2002 AS AMENDED

A. INCOME TAX LAW 118(I)/2002 AS AMENDED RELEVANT TO ACCA QUALIFICATION PAPER P6 (CYP) Amendments to the Paper P6 (CYP) syllabus Relevant for students taking exams in June or December 2013 The syllabus for the June and December 2013 papers for

More information

FOREWORD. Saint Lucia

FOREWORD. Saint Lucia 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

DOING BUSINESS IN SWEDEN

DOING BUSINESS IN SWEDEN DOING BUSINESS IN SWEDEN CONTENTS 1 Introduction 3 2 Business environment 4 3 Foreign Investment 7 4 Setting up a Business 9 5 Labour 12 6 Taxation 14 7 Accounting & reporting 17 8 UHY Representation in

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

Setting up your Business in Switzerland Issues to consider

Setting up your Business in Switzerland Issues to consider Switzerland is a modern country that offers local and foreign investors efficient surroundings with the greatest possible independence. However, as in every country, it is advisable to clarify strategic

More information

Setting up your Business in Jersey Issues to consider

Setting up your Business in Jersey Issues to consider Jersey is a pro-business Island and provides the ideal location for future European operations. Jersey has an accessible, business-focused, independent government offering some of the lowest direct tax

More information

Company Formation in Austria. Tax l Accounting l Audit l Advisory

Company Formation in Austria. Tax l Accounting l Audit l Advisory Tax l Accounting l Audit l Advisory Company Formation in Austria When considering an investment abroad thought must be given to taxation of income received as dividends and interest as well as any capital

More information

UNIQUE TAX INCENTIVES in BELGIUM

UNIQUE TAX INCENTIVES in BELGIUM Federal Public Service Finance UNIQUE TAX INCENTIVES in BELGIUM 2014 Fiscal Department for Foreign Investments 25 22,3 23 24,2 26,3 25,1 28,2 31 31,3 34 34,3 37,1 37,9 36,5 38,6 40,1 2 Effective (Average)

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

VAT Registration. Scope. Inputs and outputs. Supplies

VAT Registration. Scope. Inputs and outputs. Supplies VAT is a tax that is charged on goods and services that are provided in the UK. It is also charged on some goods and services which are imported from the EU. There are special rules for the provision of

More information

Investing in Asia Pacific 2015: Hong Kong

Investing in Asia Pacific 2015: Hong Kong Investing in Asia Pacific 2015: Hong Kong Australia China Hong Kong India Indonesia Japan Korea Malaysia Maldives Singapore Taiwan Thailand Vietnam Audit Tax Advisory All lasting business is built on friendship.

More information

FOREWORD. Botswana. Services provided by member firms include:

FOREWORD. Botswana. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

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

1.1 Self-employed professionals taxable income

1.1 Self-employed professionals taxable income Recepção Web version Update preferences Unsubscribe TABLE OF CONTENTS 1. PERSONAL INCOME TAX 1.1 Self-employed professionals taxable income 1.2 Per diem allowances 1.3 Rates, additional solidarity rate

More information

Setting up your Business in Australia Issues to consider

Setting up your Business in Australia Issues to consider According to a recent International Monetary Fund study, Australia is in the top ten wealthiest countries in the world. With an educated and skilled workforce, it presents great opportunity for expansion.

More information

Country Tax Guide. www.bakertillyinternational.com

Country Tax Guide. www.bakertillyinternational.com Country Tax Guide www.bakertillyinternational.com Baker Tilly Russia www.bakertilly.ru Eduard Kutcherov T: +7 (495) 783 88 00 kutcherov@bakertilly.ru Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertilly.ru

More information

ENCHANCING PORTUGUESE CORPORATE TAX REGIME

ENCHANCING PORTUGUESE CORPORATE TAX REGIME December 2013 ENCHANCING PORTUGUESE CORPORATE TAX REGIME The Parliament has approved the Portuguese Corporate Income Tax Reform. This Reform, which follow largely the recommendations of the Reform Commission,

More information

A registered corporate tax payer subject to insurance legislation. A registered corporate tax payer subject to insurance legislation.

A registered corporate tax payer subject to insurance legislation. A registered corporate tax payer subject to insurance legislation. International comparison omparison of insurance taxation Turkey General insurance overview verview Definition Definition of property and casualty insurance company A registered corporate tax payer subject

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

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

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

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

LATVIAN CONSTRUCTION COMPANIES DOING BUSINESS IN NORWAY

LATVIAN CONSTRUCTION COMPANIES DOING BUSINESS IN NORWAY LATVIAN CONSTRUCTION COMPANIES DOING BUSINESS IN NORWAY RIGA, FEBRUARY 4, 2014 JENS LIENG & MARTIN WIKBORG Page 1 VISMA The leading provider of business software and services (BPO) in the Nordic More than

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