FOREWORD. Korea. Services provided by member firms include:
|
|
- Helen Miller
- 7 years ago
- Views:
Transcription
1 2015/16
2 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there double tax treaties in place? How will foreign source income be taxed? Since 1994, the PKF network of independent member firms, administered by PKF International Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provide international businesses with the answers to these key tax questions. As you will appreciate, the production of the WWTG is a huge team effort and we would like to thank all tax experts within PKF member firms who gave up their time to contribute the vital information on their country's taxes that forms the heart of this publication. The PKF Worldwide Tax Guide 2015/16 (WWTG) is an annual publication that provides an overview of the taxation and business regulation regimes of the world's most significant trading countries. In compiling this publication, member firms of the PKF network have based their summaries on information current on 1 January 2015, while also noting imminent changes where necessary. On a country-by-country basis, each summary such as this one, addresses the major taxes applicable to business; how taxable income is determined; sundry other related taxation and business issues; and the country's personal tax regime. The final section of each country summary sets out the Double Tax Treaty and Non-Treaty rates of tax withholding relating to the payment of dividends, interest, royalties and other related payments. While the WWTG should not to be regarded as offering a complete explanation of the taxation issues in each country, we hope readers will use the publication as their first point of reference and then use the services of their local PKF member firm to provide specific information and advice. Services provided by member firms include: Assurance & Advisory; Financial Planning / Wealth Management; Corporate Finance; Management Consultancy; IT Consultancy; Insolvency - Corporate and Personal; Taxation; Forensic Accounting; and, Hotel Consultancy. In addition to the printed version of the WWTG, individual country taxation guides such as this are available in PDF format which can be downloaded from the PKF website at PKF Worldwide Tax Guide 2015/16 1
3 IMPORTANT DISCLAIMER This publication should not be regarded as offering a complete explanation of the taxation matters that are contained within this publication. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF International is a family of legally independent member firms administered by PKF International Limited (PKFI). Neither PKFI nor the member firms of the network generally accept any responsibility or liability for the actions or inactions on the part of any individual member firm or firms. PKF INTERNATIONAL LIMITED JUNE 2015 PKF INTERNATIONAL LIMITED All RIGHTS RESERVED USE APPROVED WITH ATTRIBUTION PKF Worldwide Tax Guide 2015/16 2
4 STRUCTURE OF COUNTRY DESCRIPTIONS A. GENERAL INFORMATION TAX LAWS AND REGULATIONS CORPORATE INCOME TAX B. CORPORATE INCOME TAX CAPITAL ALLOWANCES INTEREST DEDUCTIONS THIN CAPITALISATION RULES STOCK / INVENTORY CAPITAL GAINS AND LOSSES DIVIDENDS LOSSES TAX INCENTIVES CREDIT FOR TAX PAID ABROAD C. VALUE ADDED TAX (VAT) D. RELATED PARTY TRANSACTIONS E. NON-RESIDENT INCOME TAXATION F. INCOME TAX G. TREATY AND NON-TREATY WITHHOLDING TAX RATES PKF Worldwide Tax Guide 2015/16 3
5 MEMBER FIRM For further advice or information please contact: City Name Contact information Seoul Sangho Han shhan@doac.co.kr BASIC FACTS Full name: The Republic of Korea Capital: Seoul Main language: Korean Population: 50.2 million (2013 estimate) Major religion: Buddhism, Christianity Monetary unit: Korean Won (KRW) Internet domain:.kr Int. dialling code: +82 KEY TAX POINTS Corporation tax is imposed at the national level under the Corporation Tax Law (CTL). Koreaincorporated companies are required to prepare their financial statements according to Korea Generally Accepted Accounting Principles (GAAPs). Capital gains are included in ordinary corporate income, but in relation to disposals of certain types of property, there is a separate additional tax which is a part of corporate income tax. Value added tax is imposed on the supply of goods and on imports of goods. VAT paid on purchases (input tax) is creditable against the VAT charged on sales (output tax). The standard VAT rate is 10%. The export of goods and the provision of international services are zero-rated. Various tax incentives aimed at achieving specific national economic objectives have been provided under the tax law. A person who has a domicile or has resided in Korea for one year or longer is subject to income tax on all income derived from sources both within and outside Korea. Individuals are tax at progressive rates up to KRW 90.1 million + 38% of the amount exceeding KRW 80 million. Withholding tax applies to certain payments made to non-resident corporations without a permanent establishment in Korea at rates from 2% to 25%. A. TAXES PAYABLE Taxes in Korea comprise national and local taxes. National taxes are divided into internal taxes, customs duties, and three earmarked taxes; the local taxes include province taxes and city and county taxes. Internal taxes consist of direct taxes (income tax, corporation tax, and inheritance and gift tax), indirect taxes (value added tax, individual consumption tax, liquor tax, stamp tax and securities transaction tax), three earmarked taxes (transportation, energy and environment tax (or PKF Worldwide Tax Guide 2015/16 4
6 TEE tax), education tax and agriculture and fishery community special tax), and one holding tax (comprehensive real estate tax). TAX LAWS AND REGULATIONS A Presidential Decree may be set in order to enforce the tax laws. The Minister of Finance and Economy also enacts Ministerial Decrees to enforce the Presidential Decree, to make rulings and authoritative interpretations of the laws, and to enforce the decrees. In addition to the Presidential and Ministerial Decrees, the Commissioner of the National Tax Service may issue administrative orders and rules to ensure the consistent application of the laws. The courts of justice have the final authority in interpreting the tax laws, and the rulings and interpretations by tax authorities do not bind. The Constitution also provides for the principle of local autonomy. Under this principle, local governments are given the right to assess and collect local taxes. The Local Tax Law, the Presidential Enforcement Decree on Local Tax Law, and the Ministerial Enforcement Decree on Local Tax Law are enacted under the Constitution. CORPORATE INCOME TAX Corporation tax is imposed at the national level under the Corporation Tax Law (CTL). Companies subject to corporation tax in Korea can be classified into two types: domestic or foreign and forprofit or non-profit. For tax purposes, a company with its head or main office in Korea is deemed to be a domestic company and is liable to tax on its worldwide income. Otherwise, it is considered to be a foreign company, and the tax liabilities of foreign companies are limited to Korean-source income. Capital gains are included in ordinary corporate income, but in relation to disposals of certain types of property, there is a separate additional tax which is a part of corporate income tax. B. DETERMINATION OF TAXABLE INCOME Korea-incorporated companies are required to prepare their financial statements according to Korea Generally Accepted Accounting Principles (GAAPs). The GAAPs are closely modelled on the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The accounting profits are adjusted in accordance with Korea Tax Law to arrive at the taxable income whose computation shall follow the GAAPs or practices, except where the Korea Tax Law specifically provides otherwise. The corporation tax is assessed on the income (including capital gains) during each business year and liquidation income (non-profit domestic and foreign corporations are exempted) except income derived from property of public welfare trusts. Expenses must be incurred wholly and exclusively for the production of income in order to be tax deductible unless specifically disallowed or restricted (e.g. entertainment expenses exceeding the prescribed limits, non-business expenses, excessive or unreasonable expenses, penalties, fines, losses on valuation, etc.). CAPITAL ALLOWANCES Capital allowances, not like normal depreciation, are not granted for plant and machinery acquired PKF Worldwide Tax Guide 2015/16 5
7 and used in a trade or business. INTEREST DEDUCTIONS Interest expenses are tax deductible unless they are incurred in respect of non-taxable income or are regarded to be of a capital nature. THIN CAPITALISATION RULES Where a domestic corporation borrows funds from a foreign controlling shareholder, or from a third party under a payment guarantee (including the offer of a security, etc. for guarantee of payment) by the foreign controlling shareholder, and such borrowings exceed three times as much as the equity shares contributed with shares, etc. by the relevant foreign controlling shareholder, the interest paid and discount fee as to the relevant amount in excess shall be deemed to have been disposed of as a dividend. STOCK / INVENTORY A corporation may elect one of the following methods of inventory evaluation and submit a report on its evaluation method by the due date. 1. Cost method: (a) Individual cost method; (b) First-in first-out method; (c) Last-in first-out method; (d) Weighted average cost method; (e) Moving average cost method; (f) Cost of sale rebate method. 2. Lower of the price estimated by the cost method and the market price estimated by Financial Accounting Standards CAPITAL GAINS AND LOSSES Capital gains and losses from the transfer of property are included in taxable income & expense and thus subject to corporation tax. In addition, in relation to disposals of certain types of property, there is a separate additional tax which is part of corporate income tax. Gains from the transfer of other financial assets are also taxable. DIVIDENDS Dividends paid by Korea companies are taxable income. Foreign sourced dividends remitted into Korea are also subject to corporation tax. However, to avoid double taxation on the dividend income, special rules of proportion of exclusion of gains are applied. In case of a holding company established in accordance with Anti-trust and Fair Trade Law from its subsidiaries, dividend income is not recognized as gains to a certain extent. Also dividend income received by a corporation other than holding companies from its subsidiaries is not recognized as gains to a certain extent with different ration. PKF Worldwide Tax Guide 2015/16 6
8 LOSSES Losses denote the amount of losses and expenses incurred by transactions that decrease the net assets of the corporation, except for the refund of capital or shares, appropriation of surplus, or what may be prescribed in the Corporation Tax Law. The unutilized tax losses can also be carried forward for 10 years. TAX INCENTIVES With an ultimate view of contributing to development of the sound economy, various tax incentives aimed at achieving specific national economic objectives have been provided under the tax law. Korea has a comprehensive list of tax incentives and development schemes to attract investments and to assist investors in expanding their businesses. However, most incentives expire automatically within one to five years unless they are extended and some incentives newly are included every year. So tax incentives are to be checked when its application is necessary. Highlights of key incentives and schemes are summarized below. 1. Categories of tax Incentives on Small and Medium-Sized Enterprises (SME): The tax incentives below provided to SMEs are intended to reduce the concentration of economic wealth by conglomerates and to strengthen the economy. Enterprises are objectively classified based on the number of employees or the amount of capital or turnovers, and all SMEs satisfying the criteria can receive tax benefits. (a) Reserves for investment; (b) Tax credit for investment; (c) Tax incentives for newly established SMEs; (d) Special tax incentive for SMEs. 2. Categories of tax Incentives for Research and Human Resources Development: The tax incentives below are basically provided to all businesses that meet the given objective conditions without any discrimination. (a) Reserves for technology and human resources development; (b) Tax credit for technology and human resources development; (c) Tax credit for investment in facilities for technology and human resources development; (d) Tax Exemption for income from technology transfer; (e) Non-taxation on capital gains of venture capitals. 3. Tax Incentives for the International Capital Transactions: (a) In some cases where interest and commission are paid, income tax or corporation tax shall be exempt. PKF Worldwide Tax Guide 2015/16 7
9 (b) Tax exemption for dividend income from overseas resources development business. 4. Tax Incentives for the Encouragement of Investment: The tax incentives are basically provided to all businesses that meet the given objective conditions without any discrimination. 5. The provisions associated with taxation on re-organisation: The provisions were introduced to facilitate the restructuring by reducing the tax burden that can be a hindrance to the restructuring process such as business reorganization, re-engineering, and financial structure improvement. These provisions are not specific to any particular companies or industries. Developed countries including the U.S. are also known not to levy tax on reorganization (so-called tax-free reorganization) when certain requirements are met. 6. Tax Incentives for the Balanced Development: Tax incentives were introduced to effectively deal with problems such as pollution and traffic congestion in Seoul and metropolitan areas caused by concentration of population and industrial facilities in the area and to develop underdeveloped areas. 7. Tax Incentives for the enhancement of social welfare. 8. Tax Incentives on Interest and Other Income. 9. Foreign Direct Investment: In the aftermath of the Asian financial crisis, the government has been advocating a series of comprehensive reform measures in the corporate, financial, and labor sectors to address some of the more fundamental problems in the economy. Because stimulating foreign investment and injecting market competition into the domestic economy are believed to be critical to the success of the reform drive, the government has accelerated market liberalization in such areas as mergers and acquisitions (M&A), securities, capital transactions, foreign exchange, and the real estate market, virtually opening up all of the previously restricted markets to both portfolio investment and foreign direct investment (FDI). With respect to FDI which entails acquisition of a controlling interest in a foreign firm or affiliate (e.g., a branch or subsidiary) unlike the passive and interest-driven portfolio investment, the enactment of the Foreign Investment Promotion Act (FIPA) in September 1998 is noteworthy. The principal objective of FIPA is to attract FDI by: (a) Eliminating burdensome regulations and anti-competitive market restrictions; (b) Creating a more liberalized, transparent and favourable business environment for foreign businesses and investors; and, (c) Expanding tax incentives such as tax exemptions and reductions for extended periods. CREDIT FOR TAX PAID ABROAD Where a domestic corporation has paid or is liable to pay foreign corporation tax abroad, the tax PKF Worldwide Tax Guide 2015/16 8
10 amount paid or payable abroad is deducted from the corporation tax up to an amount equivalent to the ratio of the income from foreign sources to the total taxable income. If the foreign tax amount paid or payable exceeds the prescribed creditable limit against the corporation tax payable for the year, the excess portion may be carried over for 5 years. The foreign tax paid by a qualifying subsidiary is eligible for foreign tax credit against the dividend income of a parent company if an existing tax treaty between Korea and the country of which the foreign corporation is a resident allows it. A qualifying subsidiary is one in which a domestic corporation owns 20% or more of its shares for more than six consecutive months after the date of dividend declaration. When income from foreign sources earned by a domestic corporation is exempt from tax in a source country, nevertheless the exempted amount of income will be taken into account in calculating the foreign tax credit to the extent that the tax treaty allows. C. VALUE ADDED TAX (VAT) VAT is a broad base consumption tax aimed at taxing the final consumer of the goods and services. An entity or person who engages in the supply of goods or services independently in the course of business, whether or not for profit, is liable to value added tax. Taxpayers include individuals, corporations, national and local governments, associations of local authorities, any bodies of persons, and unincorporated foundations of any other organizations are generally subject to Value Added Tax. The VAT taxpayer has to file a quarterly VAT return to declare the Output VAT collected and the Input VAT incurred. They will pay (or claim) the difference (after netting the Output VAT against the Input VAT) together with the VAT return. Value added tax is imposed on the supply of goods and on imports of goods. VAT paid on purchases (input tax) is creditable against the VAT charged on sales (output tax).the standard VAT rate is 10%. The export of goods and the provision of international services are zero-rated. In general, the taxable period for VAT is divided into two. (1) First period: January 1 to June 30; (2) Second period: July 1 to December 31. D. RELATED PARTY TRANSACTIONS Under the domestic tax law, related party transactions have to satisfy the arm s length principle. The NTS can make adjustments if it is of the opinion that the arm s length principle is not applied appropriately by the taxpayer. E. NON-RESIDENT INCOME TAXATION A succinct overview of taxation on non-residents is presented below to help non-resident taxpayers understand the provisions of the Korean Tax Code related to taxation for non-residents. PKF Worldwide Tax Guide 2015/16 9
11 Individual income tax Resident Non-Resident Definition Residence or domicile in Korea for more than 183 days Any person not deemed a resident Taxable Place Place of business (fixed base) or place of Residence or domicile income source Tax Liability Worldwide income Income from sources within Korea Methods of Taxation Corporate Income taxation Global Taxation Scheduled taxation for capital gains, retirement income, and timber income Withholding taxation Global taxation (in case of fixed base) Scheduled taxation for capital gains, retirement income, and timber income Withholding taxation Taxation Resident corporation Non-resident corporation Definition A corporate business entity with its head or main office in Korea A corporate business entity with its head or main office outside Korea Taxable place Permanent establishment or place of Head or main office income source Tax liability Worldwide income Income from sources within Korea Income repairing Global taxation Special additional tax Taxation on Non-resident Corporations with Permanent Establishment (as of April 2014) Taxable income (Tax base) Tax rates and tax brackets Under 200 million won 10% 200 million won ~ 20 billion won 20 million won + 20% of the amount over 200 million won Over 20 billion won 3.98 billion won + 22% of the amount over 20 billion won Withholding Tax Taxation on Non-Resident Corporations without Permanent Current Domestic Rates establishments Items of Income Interest 25% Dividends 25% Real Estate Income * Lease Income 2% Global taxation (in case of permanent establishment). Special additional tax. Withholding tax (in case of no permanent establishment). Scheduled taxation (timber income and capital gains) PKF Worldwide Tax Guide 2015/16 10
12 Taxation on Non-Resident Corporations without Permanent Current Domestic Rates establishments Items of Income Business Income 2% Independent Personal Services 20% Capital Gains Income * Timber Income * Royalties 25% Capital Gains from Securities Transaction Miscellaneous Income 25% Lesser of 10% of sales or 25% of the gains * Tax rates applied to non-resident corporations without a permanent establishment are identical to those applied to non-resident corporations with a permanent establishment. However, if there is a tax treaty between Korea and the country of non-resident corporations, the tax rate in the treaty applies if it is lower than the domestic tax rate. F. INCOME TAX A person who has a domicile or has resided in Korea for one year or longer is subject to income tax on all income derived from sources both within and outside Korea. Korean public officials, directors and personnel engaged in overseas service on behalf of an employer who is a Korean resident, or a domestic company is deemed to be residents of Korea. Resident individuals deriving employment income and rental income is subject to income tax based on the following progressive rates. Various personal reliefs are available to resident individuals. Table of Basic Tax Rates Tax Base of Global Income Tax Rates 12 million won or less 6% of tax base 12 million won ~ 46 million won 0.72 million won + 15% of the amount exceeding 10 million won 46 million won ~ 88 million won 5.82 million won + 24% of the amount exceeding 40 million won 88 million won ~ 300 million won 15.9 million won + 35% of the amount exceeding 40 million won Over 300 million won 90.1 million won + 38% of the amount exceeding 80 million won A Korea citizen is considered tax resident if the individual normally resides in Korea except for temporary absences that are consistent with the claim to be a resident. A foreigner is considered resident in Korea for tax purposes if the individual is physically present or exercises a Korea employment for 183 days or more during the basis year. A foreigner can select a flat tax rate of 17.5% without any deduction up to Non-Resident Income Taxation A non-resident is liable to tax on income derived from sources within Korea. Two methods of taxation are applied: global taxation and separate taxation. Global taxation is applied to non- PKF Worldwide Tax Guide 2015/16 11
13 resident taxpayers who have a place of business in Korea or those with income from real estate located in Korea (excluding capital gains from the transfer of land or buildings). All domestic source income is subject to global taxation, except for severance pay, capital gains, and timber income, all of which are taxed in the same manner as they would be if earned by a resident. Withholding taxation is applied to each domestic item of income of non-residents who do not have a place of business in Korea and do not have income from real estate located in Korea. Income from domestic sources includes followings: 1. Interest income; 2. Dividend income; 3. Real estate income; 4. Lease income of vessels, aircraft, etc.; 5. Business income; 6. Personal service income; 7. Capital gains; 8. Timber income; 9. Wage and salary income; 10. Royalties, rents, or any other consideration; 11. Gains arising from the transfer of investment securities or shares; 12. Other income. G. TREATY AND NON-TREATY WITHHOLDING TAX RATES As of the end of March, 2003, Korea has entered into bilateral tax treaties with 55 countries all over the world. In addition to the primary objective of avoiding international juridical double taxation, tax treaties serve purposes such as promoting exchanges of advanced technology and capital from abroad as well as encouraging business expansion of domestic companies in foreign countries. The chart shows the withholding tax rates applicable under the Korea tax treaties that are currently in force. The domestic withholding tax rate will apply if it is lower than the treaty rate. There are various limitations on these withholding taxes for residents of countries with a tax treaty with Korea. For dividends, interest, and royalties, the withholding tax rates are limited as follows. Dividends (%) Interest (%) Royalties (%) Treaty Countries: Australia PKF Worldwide Tax Guide 2015/16 12
14 Dividends (%) Interest (%) Royalties (%) Austria 10, Bangladesh 10, Belgium Brazil 15 10, 15 15, 25 Bulgaria 5, Canada China 5, Czech Republic 5, Denmark , 15 Egypt 10, 15 10, Fiji 10, Finland 10, France 10, Germany 10, 15 10, 15 10, 15 Greece 5, Hungary 5, India 15, 20 10, Indonesia 10, Ireland 10, Israel 5, , 10 2, 5 Italy 10, Japan Kuwait Malaysia 10, , 15 Mexico 0, 15 5, 10, Mongolia Morocco 5, , 10 Myanmar , 15 Nepal 5, 10, Netherlands 10, 15 10, 15 10, 15 New Zealand Norway , 15 Oman 5, Pakistan 10, Panama 5, , 10 Papua New Guinea Peru , 15 Philippines 10, 25 10, 15 10, 15 Poland 5, PKF Worldwide Tax Guide 2015/16 13
15 Dividends (%) Interest (%) Royalties (%) Portugal 10, Qatar Romania 7, , 10 Russia 5, Saudi Arabia 5, , 10 Singapore 10, Slovak Republic 5, , 10 Slovenia 5, South Africa (2) 5, Spain 10, Sri Lanka 10, Sweden 10, 15 10, 15 10, 15 Switzerland 5, 15 5, 10 5 Thailand (2) 10 10, 15 5, 10, 15 Tunisia Turkey 15, 20 10, Ukraine 5, United Arab Emirates 5, United Kingdom 5, , 10 United States (2) 10, , 15 Uruguay 5, Uzbekistan 5, , 15 Venezuela 5, 10 5, 10 5, 10 Vietnam , 15 PKF Worldwide Tax Guide 2015/16 14
16
FOREWORD. Namibia. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
More informationFOREWORD. Cape Verde. 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 informationFOREWORD. Costa Rica. 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 informationInternational aspects of taxation in the Netherlands
International aspects of taxation in the Netherlands Individuals resident in the Netherlands are subject to income tax on their worldwide income. Companies established in the Netherlands are subject to
More informationBLUM Attorneys at Law
BLUM Attorneys at Law CORPORATE TAXATION SYSTEM IN SWITZERLAND Outline of Swiss Corporate Tax System Levels of Taxation in Switzerland Resident companies are subject to: federal corporate income tax, and
More informationTHE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY
THE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY Ideal Characteristics for the Location of an International Holding Company Laurence Binge +44 (0)1372 471117 laurence.binge@woolford.co.uk www.woolford.co.uk
More informationBermuda Tax Guide 2013
Bermuda Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationThailand Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: November 2013
Thailand Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2013 Contents 1 Corporate Income Tax 1 2 International Treaties for the Avoidance of Double Taxation
More informationMalta Companies in International Tax Structuring February 2015
INFORMATION SHEET No. 126 Malta in International Tax Structuring February 2015 Introduction Malta is a reputable EU business and financial centre with an attractive tax regime and sound legislative framework.
More informationFOREWORD. Turkey. 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 informationSri Lanka Tax Profile
Sri Lanka Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: September 2014 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation
More informationIndonesia Tax Profile
Indonesia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2013 Contents 1 Corporate Income Tax 3 2 International Treaties for the Avoidance of Double Taxation
More informationNetherlands Country Profile
Netherlands Country Profile EU Tax Centre March 2012 Key factors for efficient cross-border tax planning involving Netherlands EU Member State Yes Double Tax Treaties With: Albania Czech Rep. Jordan Nigeria
More informationKorea Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: February 2013
Korea Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: February 2013 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 10 3
More informationStarting a Business in Israel
Starting a Business in Israel Inspiration Invention Innovation Content: Page 1. Business Entities....... 2 a. Company...... 2 b. Foreign Company (e.g. a branch)...... 2 c. Partnership...... 3 d. Self Employed......
More informationFOREWORD. New Zealand
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 informationBritish Virgin Islands Tax Guide
British Virgin Islands Tax Guide 2013 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
More informationNorway Country Profile
Norway Country Profile Produced by Oslo Revisjon AS P.O. Box 123 Skoyen, N - 0212 Oslo, Norway Phone: +47 22 50 24 50 Fax : +47 22 50 36 80 Email: firmapost@oslorevisjon.no The intention of this profile
More informationTurks and Caicos Islands. Tax Guide
Turks and Caicos Islands Tax Guide 2012 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives
More informationGreece Country Profile
Greece Country Profile EU Tax Centre March 2013 Key factors for efficient cross-border tax planning involving Greece EU Member State Double Tax Treaties With: Albania Estonia Lithuania Serbia Armenia Finland
More informationAppendix 1: Full Country Rankings
Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall Renewable
More informationUAE TAX. Personal Tax
UAE TAX This document aims to provide a brief outline of the laws and treaties in force in the UAE, an overview of the taxation regime in the UAE including a summary of the UAE double taxation treaties
More informationGlobal Effective Tax Rates
www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes
More informationMALTA TRADING COMPANIES IN MALTA
MALTA TRADING COMPANIES IN MALTA Trading companies in Malta 1. An effective jurisdiction for international trading operations 410.000 MALTA GMT +1 Located in the heart of the Mediterranean, Malta has always
More informationJapan Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: November 2012
Japan Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2012 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 7 3 Indirect
More informationNon-Resident Withholding Tax Rates for Treaty Countries 1
Non-Resident Withholding Tax Rates for Treaty Countries 1 firms Non-Resident Withholding Tax Rates for Treaty Countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15%
More informationTax Card 2013 With effect from 1 January 2013 Lithuania. KPMG Baltics, UAB
Tax Card 2013 With effect from 1 January 2013 Lithuania KPMG Baltics, UAB CORPORATE INCOME TAX Taxable profit of Lithuanian and foreign corporate taxpayers is subject to a standard (flat) rate of 15%.
More informationDOING BUSINESS IN SINGAPORE
DOING BUSINESS IN SINGAPORE INTRODUCTION Singapore is often regarded as one of the world s easiest place to do business (e.g. Doing Business 2012 report by the World Bank). Singapore has excellent infrastructure,
More informationSulfuric Acid 2013 World Market Outlook and Forecast up to 2017
Brochure More information from http://www.researchandmarkets.com/reports/2547547/ Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017 Description: Sulfuric Acid 2013 World Market Outlook and
More informationINTRODUCTION TO THE TAXATION SYSTEM IN ISRAEL
INTRODUCTION TO THE TAXATION SYSTEM IN ISRAEL 1. INTRODUCTION The Israeli tax system is based on UK tax principles with substantial modification. On January 1, 2003, Israel introduced a substantial tax
More informationDominican Republic Tax Guide
Dominican Republic Tax Guide 2013 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
More informationList of tables. I. World Trade Developments
List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade
More informationUnited Arab Emirates Tax Guide
United Arab Emirates Tax Guide 2013 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
More informationwww.fidfinvest.com Taxation in United Arab Emirates
Taxation in United Arab Emirates The United Arab Emirates (UAE) is located on the southern coast of the Arabian Gulf and is a Federation of seven emirates, Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain,
More informationConsolidated International Banking Statistics in Japan
Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector
More informationWorld Consumer Income and Expenditure Patterns
World Consumer Income and Expenditure Patterns 2014 14th edi tion Euromonitor International Ltd. 60-61 Britton Street, EC1M 5UX TableTypeID: 30010; ITtableID: 22914 Income Algeria Income Algeria Income
More informationThe PFS Tax Guide
Algeria Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationGambia Tax Guide 2013
Gambia Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationReview of R&D Tax Credit. Invitation for Submissions
Review of R&D Credit invitation for submissions Review of R&D Credit Invitation for Submissions February 2013 Economic and Fiscal Divisions Department of Finance Government Buildings, Upper Merrion Street,
More informationForeign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
More informationFOREWORD. Bulgaria. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
More informationPhilippines Taxation
Philippines Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of mutual funds A mutual fund company which is established in the Philippines is taxable like any domestic corporation.
More informationEnd-of-year Tax Tips for Expatriates
End-of-year Tax Tips for Expatriates Australian Taxation Seminar July 2010 Presented by: Geoff Taylor MBA CPA Presentation Overview Key issues covered in this presentation include: Determination of tax
More informationInternational Financial Reporting Standards
International Financial Reporting Standards Of Growing Importance for U.S. Companies Assurance Services there is no longer a choice Three factors may influence your need to consider IFRS. First, many organizations
More informationPerrigo Company Acquisition of Elan Corporation plc Exchange of Perrigo common shares Frequently Asked Questions & Answers
Perrigo Company Acquisition of Elan Corporation plc Exchange of Perrigo common shares Frequently Asked Questions & Answers On November 18, 2013, Perrigo Company ( Perrigo ) announced that its shareholders
More informationMALTA TRADING COMPANIES
MALTA TRADING COMPANIES Malta Trading Companies Maltese Registered Companies and Trading Operations in Malta Malta, an EU Member State since May 2004, has developed into a leading and reputable financial
More informationRaveh Ravid & Co. CPA. November 2015
Raveh Ravid & Co. CPA November 2015 About Us Established in 1986 by Abir Raveh, CPA & Itzhak Ravid, CPA 6 Partners, 80 employees Located in Tel Aviv, Israel wide range of professional services highly experienced
More informationFOREWORD. Thailand. 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 informationTRANSFERS FROM AN OVERSEAS PENSION SCHEME
PENSIONS PROFILE DECEMBER 2011 TRANSFERS FROM AN OVERSEAS PENSION SCHEME = Summary A simplified guide to the process: 1. Individual requests transfer from their overseas pension scheme to their UK registered
More informationMIT U.S. Income Tax Presentation Non US Resident Students
MIT U.S. Income Tax Presentation Non US Resident Students PwC Boston Nabih Daaboul Carol McNeil Rich Wagman 1 Basic U.S. Tax Overview for International Students A foreign national is a person born outside
More informationBangladesh Visa fees for foreign nationals
Bangladesh Visa fees for foreign nationals No. All fees in US $ 1. Afghanistan 5.00 5.00 10.00 2. Albania 2.00 2.00 3.00 3. Algeria 1.00 1.00 2.00 4. Angola 11.00 11.00 22.00 5. Argentina 21.00 21.00 42.00
More informationHow many students study abroad and where do they go?
From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter
More informationFDI performance and potential rankings. Astrit Sulstarova Division on Investment and Enterprise UNCTAD
FDI performance and potential rankings Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI perfomance index The Inward FDI Performance Index ranks countries by the FDI they receive relative
More informationGuatemala Tax Guide 2013
Guatemala Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationLiberia Tax Guide 2012
Liberia Tax Guide 2012 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationDividends Tax: Summary of withholding tax rates per South African Double Taxation Agreements currently in force Version: 2 Updated: 2012-05-22
Dividends Tax: Summary of withholding tax rates per South African Double Taxation Agreements currently in force Version: 2 Updated: 2012-05-22 Note: A summary of the rates and the relevant provisions relating
More informationKuwait Tax Guide 2012
Kuwait Tax Guide 2012 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationCambodia 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 informationHong Kong (Brenda Chan, Nexia Charles Mar Fan & Co, brenda@charles-marfan.com) Reviewed January 2015
Hong Kong (Brenda Chan, Nexia Charles Mar Fan & Co, brenda@charles-marfan.com) Reviewed January 2015 I MAIN LEGAL FORMS Legal form Characteristics Partnership and Limited Liability Partnership (LLP) Private
More informationClinical Trials. Local Trial Requirements
Clinical Trials Clinical trials insurance covers the legal liabilities of the insured in respect of clinical trials for bodily injury arising from the trial. The coverage provided by Newline is on the
More informationTAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK
ICELAND Introduction TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK CONTACT INFORMATION Ólafur Kristinsson LOGOS legal services Efstaleiti 5 108 Reykjavík Iceland +354-5400300 olafurk@logos.is
More informationEgypt Tax Guide 2013
Egypt Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses?
More informationSoftware Tax Characterization Helpdesk Quarterly June 2008
& McKenzie Software Tax Characterization Helpdesk Quarterly June 2008 Characterizing foreign software revenues is a complex challenge for large and small software firms alike. Variations in the rules around
More informationGreece Tax Guide 2012
Greece Tax Guide 2012 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationNetherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions.
Structure and development of tax revenues Table EL.: Revenue (% of GDP) 2004 2005 2006 2007 2008 2009 200 20 202 203 I. Indirect taxes : : 2.3 2.7 2.7.8 2.6 3.5 3. 3.4 VAT : : 6.8 7. 7.0 6.3 7. 7.2 7.
More informationDOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA) IN INDIA
DOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA) IN INDIA Double taxation may arise when the jurisdictional connections, used by different countries, overlap or it may arise when the taxpayer has connections
More informationFOREWORD. Thailand. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
More informationThe big pay turnaround: Eurozone recovering, emerging markets falter in 2015
The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 Global salary rises up compared to last year But workers in key emerging markets will experience real wage cuts Increase in
More informationMalaysia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: November 2013
Malaysia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2013 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 4
More informationGlobal AML Resource Map Over 2000 AML professionals
www.pwc.co.uk Global AML Resource Map Over 2000 AML professionals January 2016 Global AML Resources: Europe France Italy Jersey / Guernsey 8 Ireland 1 Portugal 7 Luxembourg 5 United Kingdom 1 50 11 Spain
More informationBelize Tax Guide 2013
Belize Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationKPMG s Individual Income Tax and Social Security Rate Survey 2011
KPMG s Individual Income Tax and Social Security Rate Survey 2011 kpmg.com TAX KPMG INTERNATIONAL Contents Commentary 2 Highest Rates of Personal Income Tax 6 Survey Data Graphs 8-26 Effective Income
More information41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.
Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***
More informationIsrael Tax Guide 2012
Israel Tax Guide 2012 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationThe VAT & Invoicing Requirements Update March 2012
The VAT & Invoicing Requirements Update March 2012 Indirect taxes are a massive potential expense. For buyers and sellers of goods and services, how invoices are prepared and processed can affect a company's
More informationI. World trade developments
I. World trade developments The value of world merchandise exports increased by 20 per cent in 2011 while exports of commercial services grew by 11 per cent. Key developments in 2011: a snapshot Trade
More informationEvolution of Territorial Tax Systems in the OECD
www.pwc.com/us/nes Evolution of Territorial Tax Systems in the OECD Evolution of Territorial Tax Systems in the OECD April 2, 203 Prepared for The Technology CEO Council Evolution of Territorial Tax Systems
More informationHungary Tax Guide 2013
Hungary Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationDOING BUSINESS THROUGH MALTA - AN OVERVIEW
A. WHY MALTA 2 B. THE MALTESE COMPANY 2 C. MALTA TAX REFUNDS - LOWEST TAX IN THE EU 3 D. MALTESE TRADING STRUCTURE - 5% EFFECTIVE TAXATION Benefits and Uses of the Maltese Trading Company Basic Trading
More informationAll persons gainfully employed under age 60. Self-employed are covered also.
Prepared by First Life Financial Company. I SUMMARY Social Security Eligibility Retirement Contributions All persons gainfully employed under age 60. Self-employed are covered also. 60M/F To Social Security:
More informationAustralia s position in global and bilateral foreign direct investment
Australia s position in global and bilateral foreign direct investment At the end of 213, Australia was the destination for US$592 billion of global inwards foreign direct investment (FDI), representing
More informationSenate Committee: Education and Employment. QUESTION ON NOTICE Budget Estimates 2015-2016
Senate Committee: Education and Employment QUESTION ON NOTICE Budget Estimates 2015-2016 Outcome: Higher Education Research and International Department of Education and Training Question No. SQ15-000549
More informationSchedule of Accreditation issued by United Kingdom Accreditation Service 21-47 High Street, Feltham, Middlesex, TW13 4UN, UK
Schedule of United Kingdom Service 21-47 High Street, Feltham, Middlesex, TW13 4UN, UK ISO/IEC 17021:2011 to provide environmental management systems certification Kitemark Court Davy Avenue Knowlhill
More informationSweden Tax Guide 2013
Sweden Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationKnow the Facts. Aon Hewitt Country Profiles can help: Support a decision to establish or not establish operations in a specific country.
Aon Hewitt Country Profiles Your eguide to employment requirements and practices Profiles for nearly 90 countries worldwide Risk. Reinsurance. Human Resources. Know the Facts Whether you are a newcomer
More informationMAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO
MAUVE GROUP GLOBAL SOLUTIONS PORTFOLIO At Mauve Group, we offer a variety of complete employee management services such as Global Employment Solutions (GES), Professional Employment Outsourcing (PEO),
More informationQatar Tax Guide 2013
Qatar Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses?
More informationAn overview of using Hong Kong as a platform for trade and investment with China. Daniel Booth Director Vistra (Hong Kong)
An overview of using Hong Kong as a platform for trade and investment with China Daniel Booth Director Vistra (Hong Kong) Breda May, 2012 The role of Hong Kong A recognized and respected jurisdiction for
More informationCzech Republic Tax Guide
Czech Republic Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas
More informationSoftware Tax Characterization Helpdesk Quarterly April 2012
Software Tax Characterization Helpdesk Quarterly April 2012 Characterizing foreign software revenues is a complex challenge for large and small software firms alike. Variations in the rules around the
More informationTAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK
TRINIDAD AND TOBAGO Introduction TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK CONTACT INFORMATION Myrna Robinson-Walters M. Hamel-Smith &Co Eleven Albion, Dere and Albion Streets, Port-of-Spain,Trinidad
More informationGlobal Dialing Comment. Telephone Type. AT&T Direct Number. Access Type. Dial-In Number. Country. Albania Toll-Free 00-800-0010 888-426-6840
Below is a list of Global Access Numbers, in order by country. If a Country has an AT&T Direct Number, the audio conference requires two-stage dialing. First, dial the AT&T Direct Number. Second, dial
More informationEliminating Double Taxation through Corporate Integration
FISCAL FACT Feb. 2015 No. 453 Eliminating Double Taxation through Corporate Integration By Kyle Pomerleau Economist Key Findings The United States tax code places a double-tax on corporate income with
More informationINDEXES INDEX DEFINITIONS. Index Marketing. February 2015
INDEXES INDEX DEFINITIONS Index Marketing February 2015 FEBRUARY 2015 CONTENTS MSCI Regional Equity Indexes... 3 MSCI Index Variants... 7 Definition of Terms for MSCI Indexes... 9 MSCI.COM PAGE 2 OF 12
More informationLibya Tax Guide 2011
Libya Tax Guide 2011 foreword For any business moving into new markets, a key deciding factor will be the target country s tax regime. What is the corporate tax rate? Are there any incentives for overseas
More informationTAX 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 informationCMMI for SCAMPI SM Class A Appraisal Results 2011 End-Year Update
CMMI for SCAMPI SM Class A 2011 End-Year Update Software Engineering Institute Carnegie Mellon University Pittsburgh, PA 15213 1 Outline Introduction Current Status Community Trends Organizational Trends
More information89% 96% 94% 100% 54% Williams 93% financial aid at Williams. completion statistics $44,753 76% class of 2013 average four-year debt: $12,749
financial aid at Average - $, financial aid is comprehensive, covering books, health insurance, study abroad costs, travel, and personal expenses % % % % cost met by average % of with demonstrated need
More informationLogix5000 Clock Update Tool V2.00.36. 12/13/2005 Copyright 2005 Rockwell Automation Inc., All Rights Reserved. 1
Logix5000 Clock Update Tool V2.00.36. 1 Overview Logix5000 Clock Update Tool 1. 1. What is is it? it? 2. 2. How will it it help me? 3. 3. How do do I I use it? it? 4. 4. When can I I get get it? it? 2
More informationIncome in the Netherlands is categorised into boxes. The above table relates to Box 1 income.
Worldwide personal tax guide 2013 2014 The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst www.belastingdienst.nl
More information