A Global Guide To M&A Cyprus

Size: px
Start display at page:

Download "A Global Guide To M&A Cyprus"

Transcription

1 A Global Guide To M&A Cyprus by Chris Damianou Contact: T Th is article in question and answer format is the second in a series provided by Taxand from their Global Guide To M&A : "Quality tax advice, globally" From A Buyer's Perspective 1. What are the main differences among acquisitions made through a share deal versus an asset deal in your country? Share deal In an acquisition of shares, no direct taxes are triggered for the buyer. In situations where the relevant share purchase agreement is found to be subject to stamp duty in Cyprus, the tax obligation rests with the buyer, unless the contract provides otherwise. Of course a contract is exempt from stamp duty when the acquisition is effected as a result of company reorganization. The stamp duty varies from 0.15 to 0.20 percent and is capped at EUR20,000. Asset deal In an acquisition of immovable property, the buyer is liable for a transfer fee. Transfer taxes range from 3 percent to 8 percent depending on the property value. The tax is: 3 percent on amounts up to EUR85,000 of the sale price or market value 5 percent on amounts between EUR85,000 and EUR170,000 8 percent on any amount exceeding EUR170,000 On December 2, 2011 a new law came into effect repealing transfer fees for immovable property owned by individuals. The law is applicable in situations where VAT is not applicable. In these cases the law provides that transfer duties shall be reduced by 50 percent. On the other hand, where a transaction is subject to VAT, an exemption to pay transfer fees is applied. Immovable property situated in Cyprus is taxed on an annual basis on the market value of the property as at January 1, As of January 1, 2012, the following tax rates apply: 0.60 percent for value between EUR1,00 and EUR40,000* 0.80 percent for value between EUR40,001 and EUR120,000

2 0.90 percent for value between EUR120,001 and EUR170, percent for value between EUR170,001 and EUR300, percent for value between EUR300,001 and EUR500, percent for value between EUR500,001 and EUR800, percent for value between EUR800,001 and EUR3,000, percent for value above EUR3,000,000 * Property owners with total property value not exceeding EUR12,500 are exempt from immovable property tax. An agreement to acquire property or any other asset may be also be subject to stamp duty in Cyprus. Stamp duty is imposed on contracts relating to things located or to be done in Cyprus. If provisions of a reorganization are applied, as defined under Cypriot law (which is in line with the provisions of the EU Merger Directive), such a purchase would be tax neutral. Depending on the assets' nature, transfer fees may apply. The purchase of a company's assets unlike the purchase of shares may be subject to VAT, which is currently rated at 19 percent. In terms of utilization of tax losses, such losses are not allowed in the case of a share deal, given that profits from share sales are generally exempt from tax. In the case of a taxable sale of immovable property, any losses realized may be offset against similar profits that may arise in the future. The same principle applies to gains and losses resulting from the sale of other assets where gains are taxable, the deductibility of losses may be allowed. 2. What strategies are in place, if any, to step up the value of the tangible and intangible assets in case of share deals? A re-evaluation of assets can be effected via an independent valuer. Any increase or decrease in the value of assets is reflected accordingly. The increase in value is recorded as a capital reserve. Generally, there is no tax obligation with respect to that reserve. However, depending on the nature of the assets, corporation tax or capital gains tax may be imposed in the case of sale. 3. What are the particular rules of depreciation of goodwill in your country? Goodwill is not subject to depreciation or amortization. Since Cyprus applies International Financial Reporting Standards (IFRS), goodwill is tested for impairment (comparing recoverability with carrying amounts) annually or whenever there is an indication of a possible reduction in value. For impairment testing, goodwill is allocated to the relevant cash-generating unit (the lowest level within the entity for internal management purposes) and this cash-generating unit is tested for impairment.

3 Impairment loss on goodwill cannot be carried back. Goodwill does not appear on individual statutory statements, only in consolidated financial statements. The goodwill is treated as a fixed asset and as such gains are excluded from tax. Since the rules above provide only a general overview, proper advice should be sought on a case-bycase basis. Non-trading assets are considered those that are not readily convertible into cash. 4. Are there any limitations to the deductibility of interest on borrowings? According to Cypriot tax law, expenses may be deducted if they have been incurred wholly and exclusively for the production of taxable income. In line with this, interest paid on a loan that has been used or will be used by the company for trading purposes or for the acquisition of trading fixed assets is fully deductible. Interest paid on borrowings used by a holding company to acquire a fully owned subsidiary is treated as interest used for acquisition of trading fixed assets. Any other interest income not classified as part of trading or related to company's trading activities may not be treated as a deductible expense. Nontrading assets for which interest may not be deductible include: Investments in shares that do not represent stock (as stocks are considered shares used for trading purposes) Passenger cars not used for trading Land that does not represent stock (as stock is considered land used for trading purposes) Buildings that do not generate income. No withholding taxes are imposed on interest paid out of Cyprus to non-resident creditors. 5. What are usual strategies to push-down the debt on acquisitions? With a properly designed tax structure, debt pushdown can be easily achieved. Cypriot law has an absolute prohibition on financial assistance given by a company, whether directly or indirectly, for the acquisition of its own shares. It also prohibits the holding company's shares in the case of a subsidiary company. In line with this, in a transaction with multiple dealings, share acquisition financing may not be linked to debt push-down given that this may be treated as an indirect financial assistance. However, express exclusions from the scope of this provision are included in the law. Th e application of the provisions of EU Merger Directive incorporated into Cypriot law may prove beneficial in achieving debt push-down. An intermediary company may be incorporated in order to acquire the target. The intermediary company can subsequently be merged with the target company. To implement this plan, proper advice should be sought. Generally, if the

4 structure and the transaction have sufficient underlying substance, any risks of avoiding taxation are effectively minimized. Deferment of the debt ( i.e., debt to be carried forward by postponing the payment of future liability) is also possible, allowing allocation of obligations according to annual profits. From a Cypriot perspective, any losses that would have been subject to tax, had they been gains, may be offset against other sources of income in the same tax year. When income is not sufficient, losses may be carried forward and offset against profits in subsequent years. In the case of change of ownership of a company, as well as change in the nature of the activities of a company, previous losses may not be carried forward and used by the new owners. A company may also surrender tax losses to another company from the same group. On the claim by the group company (claimant company), group losses may be offset provided certain following conditions are met: Two companies are considered to belong to the same group for group relief purposes if one is controlled directly or indirectly by the other by at least 75 percent, or both are controlled directly or indirectly by a third party also by at least 75 percent A company will be considered a subsidiary of another company if and so long as not less than 75 percent of its ordinary share capital with voting rights is owned directly by that other company, and that other company is entitled to not less than 75 percent of (i) any profits available for distribution to the equity shareholders and (ii) any assets of the subsidiary company that would be available for distribution to its equity holders on a winding-up Both companies must be Cypriot tax residents Both companies must be members of the same group for the entire year of assessment It is only possible to offset the loss of one company against the profit of another where the loss and profit are attributable to the same year of assessment Any payment for offsetting the tax losses of a group will not be taken into account in the tax computation of the surrendering or claimant company, nor will it be considered to be a dividend or an allowable expense. In the case of reorganization, any of the transferring company's accumulated losses are transferred to the receiving company and the provisions of the Cypriot law relating to the offset and the carryforward of losses apply. 6. Are losses of the target company/ies available after an acquisition is made? Tax losses incurred in any one year that cannot be wholly offset against other income may be carried forward for five years and offset against profits resulting in subsequent years. However, according to the law, losses incurred by a company cannot be carried forward if: Within any three year period there is a change in share ownership of the company and a substantial

5 change in the nature of the company's business (a significant change can be interpreted as a drastic change in the types of activities offered by a company i.e., originally sells computers and then stops to commence trading in pharmaceuticals) At any time since the scale of the company's activities has diminished or has become negligible and before any substantial business reactivation, there is a change in ownership of the company's shares. amount of EUR20,000. In practice it is advisable for the agreement to be sent to the Cyprus stamp duty authority before execution in order to receive a written confirmation on whether it shall need to be stamped. Contracts are exempt from stamp duty in cases where the transaction falls within the provisions of a corporate reorganization. Losses can be carried forward provided that the reorganization process complies with all legal requirements. 7. Is there any indirect tax on transfer of shares (stamp duty, transfer tax etc.)? Stamp duty at nominal rates is payable on a variety of legal documents and may also apply in the case of a transfer of shares. We have seen instances where contracts are not disclosed to the stamp duty authorities in an attempt to evade the stamp duty obligations or even sometimes out of pure negligence. We have advised in many instances on how to redress situations like the latter. Generally, stamp duty is imposed on contracts relating to activities and immovable property located in Cyprus. As of March 1, 2013, the applicable rates that are payable on contracts are zero on sums up to EUR5,000, and EUR1.50 for every amount of EUR1,000 or part of the amount of EUR1,000 on contracts with value between EUR5,001 and EUR170,000. On contracts in excess of EUR170,000, the levy is EUR2 for every amount of EUR1,000 or part of the amount of EUR1,000, with a maximum 8. Are there any particular issues to consider in the acquisition of foreign companies? Cyprus is renowned as a jurisdiction for holding companies. In the majority of cases its domestic legislation allows tax-free treatment of incoming dividends from foreign subsidiaries. It also allows distribution of dividends to non-resident shareholders free from withholding taxes. Equally from a financing perspective, any interest payments to non-residents can also effectively be free from withholding taxes. In any case, transactions between the Cypriot company and other group companies should follow transfer pricing regulations. In Cyprus, transfer pricing regulations are fairly limited: the arm's length principle applies in line with the provisions of the OECD. To mitigate tax effects in the case of acquisitions, an important parameter that should be taken into consideration is the provisions of a relevant agreement for avoidance of double taxation (if any) between

6 Cyprus and the country in which the subsidiary will be located. 9. Can the group reorganize after the acquisition in a tax neutral environment? What are the main caveats to consider? Cyprus has implemented the EU Merger Directive provisions in its national income tax legislation, enabling tax neutral reorganizations. According to Cypriot law, the transfer of assets and liabilities in the course of reorganization does not give rise to any taxable profits at the transferring company level. Accumulated losses of the transferring company moved to the receiving company may be offset and relevant provisions for the consolidation of losses are applied. Equally, profits derived at the receiving company level as a result of the cancellation of its participation in the transferring company do not give rise to any taxable obligations. The issue of shares in the receiving company to the transferring company's shareholders in consideration of shares in the transferring company does not give rise to any taxation on gains or losses at the shareholder level. Corporate reorganizations include mergers, divisions, partial divisions, transfers of assets, exchange of shares, and transfer of registered seat. In order to qualify for tax exemption, corporate reorganization should not involve a cash payment exceeding 10 percent of the shares' nominal value. Stamp duty exemption on relevant contracts is also allowed. In the reorganization process, losses generated at the transferring company level can be carried forward to the receiving company subject to the provisions of the Cypriot law relating to the offset and carrying forward of losses. Any losses of the receiving company are in turn transferable. 10. Is there any particular issue to consider in case of companies whose main assets are real estate? According to Cypriot tax legislation, a capital gains tax at the rate of 20 percent may be triggered by the sale of shares in companies that derive their value from real estate situated in Cyprus. In this case, possible application of a Double Taxation Treaty (DTT) should be considered, especially when the treaty includes favorable provisions for the taxation of capital gains. Capital gains tax will be triggered only when such shares derive their value from real estate situated in Cyprus. The capital gains tax is not extended to immovable property situated outside Cyprus. Therefore, when a Cypriot company acquires a foreign subsidiary owning real estate situated outside Cyprus, and in turn sells the shares of that subsidiary, no taxes should be triggered in Cyprus. In some cases, however, DTTs allow for the taxation of such gains at the subsidiary level. Acquisition of real estate property by non-cypriot residents, other than those coming from EU countries, requires the approval of the Ministry of Interior, a process that takes between one and four months.

7 Immovable property situated in Cyprus is taxed on an annual basis on the market value of the property as of January 1, The rates for legal entities are the same as for individuals and vary from 0.6 percent to 1.9 percent. For properties with value less than EUR12,500, no tax is due. In the case of a transfer of immovable property, applicable transfer taxes are a liability of the buyer. Transfer taxes are rated between 3 percent and 8 percent. 11. Thinking about payment of dividends out of your country and a potential exit, is there any particular country that provides a tax efficient exit route to invest in your country? Cyprus tax legislation offers a number of benefits to foreign investors. One of the most important is that it does not impose any withholding taxes on dividends paid to foreign shareholders. As a result, this favorable regime will be applied irrespective of the existence of a DTT. The benefits of Cyprus's tax regime may be used in the course of various tax structuring, including as a good exit route. Cypriot companies are most commonly used as holding and financing companies. Accordingly, the gains derived from a potential sale of a shareholding in a subsidiary are generally exempt from Cypriot tax. Any available profits can be distributed to the shareholders free from any withholding tax in Cyprus. Interest payments to nonresident creditors are also exempt from withholding tax in Cyprus. 12. How is foreign debt usually structured to finance acquisitions in your country? The lack of thin capitalization rules in the form of debt-to-equity restrictions makes Cyprus a favorable jurisdiction for financing structures. Accordingly, foreign debt-to-finance acquisitions may take the form of a loan. Alternatively it may take other forms of debt instruments such as debentures, convertible or not. Based on the domestic tax legislation of Cyprus, any interest payment to the non-resident creditor would be free from withholding tax. Interest is deductible if it is incurred wholly and exclusively for the production of income. The arm's length principle should also be taken into consideration. In cases of back-to-back financing, the Commissioner of Inland Revenue Department has identified minimum acceptable interest margins based on the loan amount (see below). up to EUR50m 0.35 percent from EUR50m to EUR200m 0.25 percent over EUR200m percent Interest-free loans would be subject to a deemed interest margin of 0.35 percent applicable irrespective of the amount. The above margins are applicable for the tax year 2008 onwards. For the years , the acceptable margin is 0.3 percent irrespective of the amount and whether it is interest bearing.

8 The above margins are subject to the following conditions: The intermediary company should be a Cyprus resident company The write-off on the loans, either the loans received by the Cyprus company or loans granted by the Cyprus company, should not create any tax liability or benefit for the company. In the case that the Cyprus company also writes off a loan granted, then any interest expense relating to that loan received is not an allowable expense for tax purposes The time elapsed from the date that the company receives a loan and the date it grants the loan should not exceed six months For the purpose of calculating profit margins, any expenses (except exchange differences) relating to acquiring and granting the loans should be deducted. The above rules are applicable if the Cyprus company borrows funds from a bank and it grants the loan to a related company on which the bank holds collateral from other related companies. These rules will also apply if other financial products are used instead of a loan. In this case, prior approval of the tax authorities is required. Since the deductibility of interest is subject to various conditions, seeking expert advice can help reduce the taxable base and the effective tax burden. If interest is not accounted for properly, the Cypriot tax authorities may challenge a deduction. From A Seller's Perspective 13. What are the main differences between share and asset deals? Share deals Assuming that the seller is a Cypriot resident, the gains from the sale of shares will not give rise to a profit subject to corporate income tax. Also the gains do not trigger capital gains tax, unless the assets of the company whose shares are being disposed of include immovable property situated in Cyprus. Asset deals The gains from the disposal of immovable property situated in Cyprus give rise to capital gains tax in Cyprus at a rate of 20 percent. The imposition of capital gains tax on transfers of immovable property is subject to exceptions including, among others: Gains from the sale of shares in listed companies that are exempt from capital gains tax whether or not they own Cypriot immovable property Gains from the disposal of shares other than those identified above that are exempt from the scope of capital gains tax Gains resulting from qualifying company reorganizations, whether related to share transfers or transfers of ownership. No capital gains tax is imposed in Cyprus on gains from the disposal of immovable property situated outside Cyprus.

9 Gains deriving from the sale of assets other than immovable property are exempt from capital gains tax. They may, however, be subject to corporate income tax, depending on the nature of the assets. Generally, gains from the sale of trading assets are subject to corporate income tax, while gains from the sale of fixed assets are exempt from tax. Gains from the sale of securities are generally exempt from both capital gains tax and corporate income tax. 14. How are capital gains taxed in your country? Is there any participation exemption regime available? There is no fiscal advantage in Cyprus of reinvesting proceeds from a sale. The proceeds from the sale of shares are generally exempt from tax and, as such, no tax obligations are anticipated to arise. Gains deriving from the sale of assets are taxed accordingly.

GLOBAL GUIDE TO M&A TAX

GLOBAL GUIDE TO M&A TAX Quality tax advice, globally GLOBAL GUIDE TO M&A TAX 2013 EDITION www.taxand.com CYPRUS Cyprus From a Buyer s Perspective 1. What are the main differences among acquisitions made through a share deal versus

More information

A Global Guide To M&A The Netherlands

A Global Guide To M&A The Netherlands A Global Guide To M&A The Netherlands by Marc Sanders, Partner, Taxand Netherlands Contact: Marc Sanders E. marc.sanders@taxand. nl, T. +31 20 435 6456 This article in question and answer format is the

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? Ireland General Ireland 1. What are recent tax developments in your country which are relevant for M&A deals? A reduced rate of Capital Gains Tax (CGT) of 20% (as opposed to 33%) has been introduced for

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? Cyprus General Cyprus 1. What are recent tax developments in your country which are relevant for M&A deals? Originally the Cyprus income tax law from 2002 had introduced major reforms and rearrangements

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? Malta General Malta 1. What are recent tax developments in your country which are relevant for M&A deals? So far there have been no major or significant changes to the tax legislation which are relevant

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? Luxembourg General Luxembourg 1. What are recent tax developments in your country which are relevant for M&A deals? Luxembourg has implemented Directive 2014/86/EU of 8 July 2014 which amends the EU Parent

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? South Africa General South Africa 1. What are recent tax developments in your country which are relevant for M&A deals? Previously, interest incurred on debt acquired to fund acquisitions utilising the

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? United Kingdom General United Kingdom 1. What are recent tax developments in your country which are relevant for M&A deals? The main developments in the UK relevant to M&A transactions are the implications

More information

TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS

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

More information

CYPRUS TAX INTRODUCTION

CYPRUS TAX INTRODUCTION INTRODUCTION The main principles in the tax legislation of Cyprus are: The taxation of companies is based on tax residency. Companies will be considered resident in Cyprus and taxed in Cyprus if they are

More information

As from 2013/2014 Latvia s tax laws provide most of these tax attributes as discussed further.

As from 2013/2014 Latvia s tax laws provide most of these tax attributes as discussed further. Latvia as Holding company location Latvia has already been selected by a number of multinationals groups as a location for their shared service centres (finance, IT, back-office functions) due to certain

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? Netherlands General Netherlands 1. What are recent tax developments in your country which are relevant for M&A deals? Most recent tax developments in the Netherlands are based on the OECD (BEPS) and EU

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? Singapore General Singapore 1. What are recent tax developments in your country which are relevant for M&A deals? The M&A scheme for income tax and stamp duty relief was revised in 2015. This scheme is

More information

1. What are the recent tax developments in your country which are relevant for M&A deals?

1. What are the recent tax developments in your country which are relevant for M&A deals? Germany General Germany 1. What are the recent tax developments in your country which are relevant for M&A deals? Germany has recently seen some legislative developments with relevance for M&A deals. The

More information

A Global Guide To M&A Germany

A Global Guide To M&A Germany A Global Guide To M&A Germany by Nicole Fröhlich, Luther Rechtsanwaltsgesellschaft mbh (Taxand Germany) Contact: Nicole Froehlich nicole.froehlich@ luther-lawfirm.com, T. +49 69 27229 24830 This article

More information

Going Global Real Estate Investments: Czech Republic

Going Global Real Estate Investments: Czech Republic www.pwc.com/goingglobal The tax and legal aspects of real estate investments around the globe 2011 Edition Going Global Real Estate Investments: Czech Republic Real estate investment in the Czech Republic

More information

A Global Guide To M&A India

A Global Guide To M&A India A Global Guide To M&A India by Vivek Gupta and Rohit Berry Contacts: Vivek Gupta E. vivek.gupta@bmradvisors.com, T. +91 124 339 5052; Rohit Berry E. rohit.berry@bmradvisors.com, T. +91 11 3081 5030 This

More information

Mexico Mergers and acquisitions involving Mexican assets

Mexico Mergers and acquisitions involving Mexican assets p84-88 IM&A - Chevez Rulz 21/03/2013 08:44 Page 84 Mexico Mergers and acquisitions involving Mexican assets by Ricardo Rendon and Layda Carcamo, Chevez, Ruiz, Zamarripa y Cia, S.C. Whenever a corporate

More information

DENMARK AS A HOLDING COMPANY JURISDICTION

DENMARK AS A HOLDING COMPANY JURISDICTION DENMARK AS A HOLDING COMPANY JURISDICTION Introduction Dividends and capital gains on shares in subsidiaries and group companies in Denmark are generally tax exempt with no holding period requirements.

More information

INDIA. 1. Share deals versus asset deals

INDIA. 1. Share deals versus asset deals INDIA India s tax regime is undergoing an overhaul under the Direct Tax Code ( DTC ), which is currently being debated and now proposed to be effective from April 1, 2013. While the basic framework for

More information

Germany. Investment basics

Germany. Investment basics Germany Andreas Maywald Director Tel: +1 212 436 7487 anmaywald@deloitte.com Corporate taxation Residence A corporation is resident if it maintains its registered office (as determined by its articles

More information

IAS Income taxes. By:

IAS Income taxes. By: IAS - 12 Income taxes International Accounting Standard No 12 (IAS 12) Income taxes In October 1996, the council approved the revised Standard, published as IAS 12 (revised 1996), income taxes and repealed

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

Cross Border Tax Issues

Cross Border Tax Issues Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information

More information

Taxation of Cross-Border Mergers and Acquisitions

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

More information

International Tax Finland Highlights 2017

International Tax Finland Highlights 2017 International Tax Finland Highlights 2017 Investment basics: Currency Euro (EUR) Foreign exchange control No Accounting principles/financial statements Finnish GAAP/IFRS. Financial statements must be prepared

More information

Tax Vademecum. Pocket Guide to M&A Transactions in Germany. 1st Edition

Tax Vademecum. Pocket Guide to M&A Transactions in Germany. 1st Edition Tax Vademecum Pocket Guide to M&A Transactions in Germany 1st Edition 2011 www.morganlewis.de This Vademecum is as of January 2011 and provides initial guidance on certain tax terms and definitions. Nothing

More information

CYPRUS TAX CONSIDERATIONS

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

More information

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

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

More information

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

Ireland is considered to be a very attractive holding company location, the benefits of which include:

Ireland is considered to be a very attractive holding company location, the benefits of which include: Ireland is considered to be a very attractive holding company location, the benefits of which include: Extensive tax treaty network; Favourable tax treatment of dividend income; No Withholding Tax ( WHT

More information

Luxembourg Family Wealth Management Company

Luxembourg Family Wealth Management Company Luxembourg Family Wealth Management Company Introduced by the law of 11 May 2007, the Family Wealth Management Company, commonly known as SPF (Société de Gestion de Patrimoine Familial), is the response

More information

Holding companies in Ireland

Holding companies in Ireland Holding companies in Irel David Lawless Paul Moloney Dillon Eustace, Dublin Irel has long been a destination of choice for holding companies because of its low corporation tax rate of 12.5 percent, participation

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

CYPRUS: A gateway for the Qatari investments

CYPRUS: A gateway for the Qatari investments 2013 CONTENTS Introduction 3 Cyprus: Tax Benefits Cyprus: Further Tax Benefits Capital Gains Elimination of Double Taxation Cyprus-Qatar: Double Tax Treaty Cyprus Holding Company Cyprus Holding Company

More information

EN Official Journal of the European Union L 320/53

EN Official Journal of the European Union L 320/53 29.11.2008 EN Official Journal of the European Union L 320/53 INTERNATIONAL ACCOUNTING STANDARD 12 Income taxes OBJECTIVE The objective of this standard is to prescribe the accounting treatment for income

More information

Italian Taxation of Collective Investment Vehicles and Treaty Benefits

Italian Taxation of Collective Investment Vehicles and Treaty Benefits Italian Taxation of Collective Investment Vehicles and Treaty Benefits Mutual funds give investors a way to acquire diversified investment holdings and access to professional management with a relatively

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

Developing a Tax Strategy to Invest in US Real Estate By Steven Schneider, John Grumbacher and Robert Towsner 1, Goulston & Storrs, P.C.

Developing a Tax Strategy to Invest in US Real Estate By Steven Schneider, John Grumbacher and Robert Towsner 1, Goulston & Storrs, P.C. Developing a Tax Strategy to Invest in US Real Estate By Steven Schneider, John Grumbacher and Robert Towsner 1, Goulston & Storrs, P.C. Most non-us persons do not directly invest into US real estate.

More information

Mergers & Acquisitions A Strategic Tax Perspective

Mergers & Acquisitions A Strategic Tax Perspective Mergers & Acquisitions A Strategic Tax Perspective National Level Workshop, 26 May Sri Bhagwan Mahaveer Jain College of Engineering Accretive Business Consulting Private Limited Tax Aligned with Business

More information

Chile Tax Alert. Sweeping tax reform bill presented to congress. Income tax rates. Taxation on accrual basis. International Tax.

Chile Tax Alert. Sweeping tax reform bill presented to congress. Income tax rates. Taxation on accrual basis. International Tax. International Tax Chile Tax Alert Contacts Joseph Courand jcourand@deloitte.com Regina Scherzer rescherzer@deloitte.com 17 April 2014 Sweeping tax reform bill presented to congress Chile s new president,

More information

Why Spain? Why Austria?

Why Spain? Why Austria? Briefing Overseas investments by Brazilian corporations Summary In this briefing we look at how the Austrian and Spanish domestic tax regimes for holding companies may be relevant when structuring international

More information

What is a SPF? What type of investments can be placed into a SPF? What type of investors can invest into a SPF?

What is a SPF? What type of investments can be placed into a SPF? What type of investors can invest into a SPF? THE SPF What is a SPF? SPF stands for Société de Gestion de Patrimoine Familial. The SPF is a tax neutral investment company which sole purpose is the management of the private wealth of individuals. The

More information

Spain's 2015 tax reform approved: What foreign investors and M&A players should know

Spain's 2015 tax reform approved: What foreign investors and M&A players should know Spain's 2015 tax reform approved: DECEMBER What foreign investors and M&A players should know Spain's 2015 Tax Reform approved: What foreign investors and M&A players should know 1 Contents 1. Tax deduction

More information

HONG KONG. Country M&A Team Country Leader ~ Guy Ellis Nick Dignan Rod Houng-Lee Tony Tong James Strong Patrick Yim Sandy Fung Nicholas Lui

HONG KONG. Country M&A Team Country Leader ~ Guy Ellis Nick Dignan Rod Houng-Lee Tony Tong James Strong Patrick Yim Sandy Fung Nicholas Lui 57 PricewaterhouseCoopers HONG KONG Country M&A Team Country Leader ~ Guy Ellis Nick Dignan Rod Houng-Lee Tony Tong James Strong Patrick Yim Sandy Fung Nicholas Lui 58 PricewaterhouseCoopers Name Designation

More information

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

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

More information

New Zealand. Country M&A Team Country Leader ~ Peter Boyce Declan Mordaunt Mike Morgan Eleanor Ward Ian Fay Michelle Redington Ravi Mehta

New Zealand. Country M&A Team Country Leader ~ Peter Boyce Declan Mordaunt Mike Morgan Eleanor Ward Ian Fay Michelle Redington Ravi Mehta New Zealand Country M&A Team Country Leader ~ Peter Boyce Declan Mordaunt Mike Morgan Eleanor Ward Ian Fay Michelle Redington Ravi Mehta Mergers & Acquisitions Asian Taxation Guide 2008 New Zealand March

More information

NOVA SCOTIA UNLIMITED COMPANIES. Hybrid entity for Canada - United States income taxation purposes.

NOVA SCOTIA UNLIMITED COMPANIES. Hybrid entity for Canada - United States income taxation purposes. NOVA SCOTIA UNLIMITED COMPANIES PART 2 - WHY YOU MIGHT USE AN UNLIMITED COMPANY Hybrid entity for Canada - United States income taxation purposes. a. For US tax purposes the unlimited company is classified

More information

Taxation of the Dutch Cooperative

Taxation of the Dutch Cooperative Tax Structuring Mergers & Acquisitions International Clients NGO's Memorandum Taxation of the Dutch Cooperative www.blueclue.nl The attractiveness of the Dutch cooperative - 1/2012-1/15 Table of Contents

More information

International Tax Sweden Highlights 2017

International Tax Sweden Highlights 2017 International Tax Sweden Highlights 2017 Investment basics: Currency Swedish Krona (SEK) Foreign exchange control No Accounting principles/financial statements Principles applied are in accordance with

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

Hong Kong. Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui

Hong Kong. Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui Hong Kong Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui Mergers & Acquisitions Asian Taxation Guide 2008 Hong Kong March

More information

to which insurance legislation applies.

to which insurance legislation applies. International comparison of insurance taxation Ireland General insurance overview Definition Definition of property and casualty insurance company Commercial accounts/ tax and regulatory returns Basis

More information

Tax Planning for U.S. Business Operations of French-Owned Enterprises

Tax Planning for U.S. Business Operations of French-Owned Enterprises Volume 73, Number 11 March 17, 2014 Tax Planning for U.S. Business Operations of French-Owned Enterprises by Leonard Schneidman Reprinted from Tax Notes Int l, March 17, 2014, p. 1017 Tax Planning for

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

SPANISH TAX REFORM: MAIN ISSUES FOR M&A AND FINANCING TRANSACTIONS DECEMBER 2014

SPANISH TAX REFORM: MAIN ISSUES FOR M&A AND FINANCING TRANSACTIONS DECEMBER 2014 TAX BRIEFING SPANISH TAX REFORM: MAIN ISSUES FOR M&A AND FINANCING TRANSACTIONS DECEMBER 2014 THIS BRIEFING FOCUSES ON THOSE MEASURES INCLUDED IN THE CIT ACT WHICH AFFECT M&A, FINANCING & REFINANCING TRANSACTIONS.

More information

UPDATE ON CANADA-U.S. M&A

UPDATE ON CANADA-U.S. M&A Page 1 of 5 UPDATE ON CANADA-U.S. M&A by Jack Bernstein and Francesco Gucciardo Aird & Berlis LLP Toronto To be submitted for publication in Tax Notes International, 2015 2014 was a boom year for M&A.

More information

Delphi information Setting up business in Sweden Decmeber 2005

Delphi information Setting up business in Sweden Decmeber 2005 Delphi information Setting up business in Sweden Decmeber 2005 1 (5) General A foreign company or individual wishing to establish itself in Sweden can mainly choose to do so through a local branch office

More information

Israeli Tax Reform of 2005

Israeli Tax Reform of 2005 Israeli Tax Reform of 2005 The Israeli Parliament approved on July 25, 2005 the proposed income tax reform legislation (the Tax Reform ) pursuant to the recommendations of a committee appointed by the

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

Taxation of Cross-Border Mergers and Acquisitions

Taxation of Cross-Border Mergers and Acquisitions KPMG INTERNATIONAL Taxation of Cross-Border Mergers and Acquisitions Ireland kpmg.com 2 Ireland: Taxation of Cross-Border Mergers and Acquisitions Ireland Introduction Irish tax provisions on mergers and

More information

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS NAS 21 NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2-14 Identifying a business combination 5-10 Business combinations involving entities under common control

More information

This version includes amendments resulting from IFRSs issued up to 31 December 2010.

This version includes amendments resulting from IFRSs issued up to 31 December 2010. International Accounting Standard 12 Income Taxes This version includes amendments resulting from IFRSs issued up to 31 December 2010. IAS 12 Income Taxes was issued by the International Accounting Standards

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

Cyprus Taxation Cyprus International Business Company (IBC) as an investment vehicle from / to China

Cyprus Taxation Cyprus International Business Company (IBC) as an investment vehicle from / to China Cyprus Taxation Cyprus International Business (IBC) as an investment vehicle from / to China JULY 2013 www.accordserve.com Introduction Benefits of Cyprus Cyprus, with a business friendly environment,

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET June 2010 IFRS 3 Business Combinations (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial

More information

CHINESE TAX SYSTEM. Liability to tax Taxable basis Tax rates

CHINESE TAX SYSTEM. Liability to tax Taxable basis Tax rates 1 CHINESE TAX SYSTEM Chinese tax system is relatively new. Primarily concerned by domestic enterprises, China s tax system has been reformed during the 1980s, in order to regulate also foreign enterprises

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? France General France 1. What are recent tax developments in your country which are relevant for M&A deals? Horizontal tax consolidation Following the decisions by the Court of Justice of the European

More information

The Cyprus Intellectual Property Rights 'Box'

The Cyprus Intellectual Property Rights 'Box' FEATURED ARTICLES ISSUE 28 MAY 23, 2013 The Cyprus Intellectual Property Rights 'Box' by Elias Neocleous Philippos Aristotelous, Partners, Andreas Neocleous & Co LLC, Cyprus Background In May 2012 Cyprus

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

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee. International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out

More information

Income Taxes. International Accounting Standard 12 IAS 12

Income Taxes. International Accounting Standard 12 IAS 12 International Accounting Standard 12 Income Taxes This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 12 Income Taxes was issued by the International Accounting Standards

More information

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates Sri Lanka Accounting Standard-LKAS 28 Investments in Associates -690- Sri Lanka Accounting Standard-LKAS28 Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates is set

More information

CALFRAC WELL SERVICES LTD. Dividend Reinvestment Plan INCOME TAX CONSIDERATIONS

CALFRAC WELL SERVICES LTD. Dividend Reinvestment Plan INCOME TAX CONSIDERATIONS CALFRAC WELL SERVICES LTD. Dividend Reinvestment Plan INCOME TAX CONSIDERATIONS Terms used but not otherwise defined herein shall have the meaning attributed thereto in the Calfrac Well Services Ltd. Dividend

More information

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008 INFORMATION SHEET NO.54 Setting up a Limited Liability Company in Poland December 2008 General The Commercial Companies Code (KSH) regulates all issues related to the establishment, activity and dissolution

More information

How Should a Central Bank Be Treated for Tax Purposes?

How Should a Central Bank Be Treated for Tax Purposes? How Should a Central Bank Be Treated for Tax Purposes? Legal Department Last Updated: July 31, 2007 Summary Generally, a central bank law should exempt the central bank from income taxation. Exemption

More information

The Maltese Corporate Tax System.

The Maltese Corporate Tax System. The Maltese Corporate Tax System. Brief Information on: Integrated Imputation System Tax Accounts Participation Exemption Double taxation relief Refunds of Malta tax paid No outbound withholding taxes

More information

International Accounting Standard 28 Investments in Associates

International Accounting Standard 28 Investments in Associates International Accounting Standard 28 Investments in Associates Scope 1 This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates

More information

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries [Under Japanese GAAP]

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries [Under Japanese GAAP] Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries [Under Japanese GAAP] Mizuho Financial Group, Inc. Non-Consolidated Balance Sheets 188 Non-Consolidated Statements

More information

Cyprus Tax update. Presented by Savvia Stavrou, Director K. Treppides & Co Ltd

Cyprus Tax update. Presented by Savvia Stavrou, Director K. Treppides & Co Ltd Cyprus Tax update Presented by Savvia Stavrou, Director K. Treppides & Co Ltd Agenda Changes in Income Tax law 1. Notional Interest Deduction 2. IP regime 3. FX gains/losses 4. Group Relief 5. Taxation

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

CHAPTER 13 INCOME TAXES (IAS

CHAPTER 13 INCOME TAXES (IAS CHAPTER 13 Page 1 of 51 INCOME TAXES (IAS 12) Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how

More information

Reference Guide TAX PLANNING FOR THE SALE OF YOUR BUSINESS

Reference Guide TAX PLANNING FOR THE SALE OF YOUR BUSINESS Reference Guide TAX PLANNING FOR THE SALE OF YOUR BUSINESS If you own a corporation that carries on an active business, you may be in a position at some point to consider the sale of your business. This

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? India General India 1. What are recent tax developments in your country which are relevant for M&A deals? The Finance Act 2015 amended the requirements for determining the tax residency of companies. Earlier

More information

1. What are the main authorities responsible for enforcing taxes on corporate transactions in your jurisdiction? Who is liable. Transfer stamp duty

1. What are the main authorities responsible for enforcing taxes on corporate transactions in your jurisdiction? Who is liable. Transfer stamp duty Tax on Transactions 2010/11 Country Q&A Switzerland Switzerland Markus Weidmann and Reto Heuberger Homburger AG www.practicallaw.com/9-501-6176 TAX AUTHORITIES Include the taxpayer s view of the possible

More information

Beacon Lighting Group Limited ACN ACCOUNTING POLICIES. March 2014

Beacon Lighting Group Limited ACN ACCOUNTING POLICIES. March 2014 Beacon Lighting Group Limited ACN 164 122 785 ACCOUNTING POLICIES March 2014 1 Basis of preparation This summary relates to the Financial Information contained in the prospectus lodged with ASIC and ASX

More information

Taxation of Cross-Border Mergers and Acquisitions

Taxation of Cross-Border Mergers and Acquisitions KPMG INTERNATIONAL Taxation of Cross-Border Mergers and Acquisitions Malta kpmg.com 2 Malta: Taxation of Cross-Border Mergers and Acquisitions Malta Introduction Malta is seeking to strengthen its status

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

Application of Treaties to Nonresidents: Taxation of Capital Gains

Application of Treaties to Nonresidents: Taxation of Capital Gains Application of Treaties to Nonresidents: Taxation of Capital Gains Diane Ring Professor of Tax Law Boston College Law School UN-ITC Workshop on Administration of Tax Treaties and Addressing Base-Eroding

More information

Tax Implication of Structuring and Financing Mergers and Acquisitions

Tax Implication of Structuring and Financing Mergers and Acquisitions Tax Implication of Structuring and Financing Mergers and Acquisitions Cristian Ianca Academy of Economic Studies, Bucharest Abstract. The structuring and financing of mergers and acquisitions has substantial

More information

Transfer Pricing Country Profile (to be posted on the OECD Internet site

Transfer Pricing Country Profile (to be posted on the OECD Internet site Transfer Pricing Country Profile (to be posted on the OECD Internet site www.oecd.org/ctp/tp/countryprofiles) Name of Country: POLAND / Date of profile: January 2012 1. Reference to the Arm s Length Principle

More information

Despite being among the

Despite being among the Cyprus an ideal holding company location Presented by Elias Neocleous, Olga Mikhailova and Jacob Kilcoyne-Betts of Andreas Neocleous & Co LLC Despite being among the world s smallest countries, Cyprus

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

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

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

More information

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries [Under Japanese GAAP]

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries [Under Japanese GAAP] Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries [Under Japanese GAAP] Mizuho Financial Group, Inc. 252 Non-Consolidated Balance Sheet 253 Non-Consolidated Statement

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

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

Tax Considerations in Choosing the Form of Organization for a New Business

Tax Considerations in Choosing the Form of Organization for a New Business Tax Considerations in Choosing the Form of Organization for a New Business By Charles A. Wry, Jr. mbbp.com Morse, Barnes-Brown & Pendleton, PC Waltham, MA Cambridge, MA mbbp.com CityPoint 230 Third Avenue,

More information

Myanmar Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: May 2016

Myanmar Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: May 2016 Myanmar Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: May 2016 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect

More information

An Introduction to Canada s Tax System

An Introduction to Canada s Tax System s Tax System by SEAN AYLWARD & JACK SILVERSON Several federal and provincial tax considerations are relevant to non-residents seeking to do business in. One of the most important considerations is whether

More information