SME taxation International experience

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SME taxation International experience"

Transcription

1 SME taxation International experience Honiara, September 2013

2 Small Business Taxation is burdensome for authorities Cost of administering small taxpayers can outweigh short term revenues raised Small taxpayers neglected or unproductively harassed Example of Vietnam is typical: Collection cost in percentage of tax revenue

3 And tax compliance costs are particularly significant for SMEs Tax complian nce costs as % of Turnover South Africa Ukraine Uzbekistan Armenia India (Bihar) Kenya Georgia Turnover (USD '000) Source: Tax Compliance Cost Surveys in Selected Countries

4 When the cost of formalization is too high Businesses stay out of the formal economy and can get a free-ride However: more risks, fewer opportunities (esp. access to finance) Serious limitations to business growth Spurs vicious cycle of squeezing the few compliers => ticket price Government is not reaching revenue potential 4

5 Alternatives to the standard regime Standard assessments Determine a standard payment for different business types Have been used in Africa, found to be inefficient (too low, rarely adjusted, regressive) Forfait Measure business inputs and assess tax based on regional and business sector characteristics Very administratively intensive. Presumptive system Assess tax based on indicators that are easy to measure and can approximate taxable income Withholding tax system Final withholding taxes avoid the need to assess individual businesses Easy to collect from large business, but not where SMEs are receiving payments from many customers or other SMEs 5

6 Some design issues 1. Simplification of gen. regime - Simplification of tax forms, filing and payment process, alignment of payments - Reduced direct tax rates - VAT simplification for SMEs 2. Special regimes a. Presumptive tax to replace income tax (+VAT) b. Single (presumptive) tax replacing all other taxes What is small? No universal definition How should the system be designed to avoid both over- and under-taxation of SMEs? What kind of safeguards are required to avoid abuse of system by larger businesses? How to align the SME regime with the standard tax regime? System must be perceived as fair and transparent How to provide incentives for keeping proper books and records? 1. Turnover based 2. 2 Indicator based 3. Combined turnover and indicator based tax 6

7 Presumptive systems are widely used outside the OECD: Region # Countries analyzed Countries operating presumptive regimes European Union 21 8 Transition countries The Americas Africa Situation in Asia: Patent system Indicator based tax Refined indicator Turnover tax system Nepal Cambodia Lao PDR Bangladesh Cambodia India Indonesia Pakistan (retail trade) Philippines Turnover tax with net elements Vietnam Standard regime, reduced rates Thailand Malaysia Standard regime Australia China Japan Korea New Zealand 7

8 Presumptive systems are heavily used in non- OECD countries Transition countries: presumptive systems, primarily based on turnover, in almost all countries Latin America: primarily turnover / gross income based regimes for micro and small businesses (in some countries limited to micro businesses; e.g. Chile) Africa: primarily turnover based presumptive systems for MSEs below the VAT threshold 8

9 Examples of turnover tax liabilities under presumptive regimes for small firms Tax liability under a turnover/gross income-based presumptive regime Kazakhstan: 3%-7% (individual) or 4%-9% (legal entities) of gross income Kenya: 3% of turnover Mexico: 2% of gross revenues Russia: 6% of turnover (single tax replacing all other taxes) South Africa: progressive scale from 1% of turnover for small SMEs to 7% of turnover for turnover in the highest bracket Tanzania: progressive scale from 1.1% of turnover for small SMEs to 3.3% of turnover in the highest bracket Zambia: 3% of turnover

10 Whatever the simplified system, a strong SME system needs two equal sides Simplicity of compliance Easy registration Easy ypayment Simple reporting Streamlined dispute resolution Information and outreach Enforcement of compliance Understanding the population by collecting information: Directly from taxpayers Indirectly from other sources Deciding who is most at risk of not complying Targeting audit at the highest risk taxpayers Applying effective penalties A balance is needed neither side will succeed on its own 10

11 Simplify entry and reporting Make it as convenient as possible for taxpayers to register Tax registration simultaneous with business registration eg, New Zealand business registration process On-line tax registration Avoid need for lining up and excessive bureaucracy Bring tax officials to business mobile registration office Consider simple incentives for registration access to services, finance or other benefits Make reporting simple and uncomplicated Self assessment Match forms to the taxpayer s capacity Ask for information that taxpayers will have easy access to Allow electronic lodgement 11

12 Make life easy for compliant taxpayers Make it easy for taxpayers to make payments Self-assessment, so taxpayers determine their own liability Avoid need to visit a tax office and line up ATM payments are an important step forward Consider mobile phone tax payments Mobile phone systems can also provide reminders of key dates Streamline dispute resolution Avoid use of the court system for small taxpayers Use alternative dispute resolution small claims tribunal, arbitration Streamline debt recovery processes 12

13 Case study: Paying taxes through mobile phone in Tanzania NMB introduce mobile phone tax payment system in Nov 2011 simplify payment reduce the need for taxpayers to queue at taxpaying points. free service to all NMB mobile customers reduce the risk of carrying money to banks and reduce cost of doing business by serving time that would be spent in banks. improved tax collection TRA bill Payment Dial *150*66# to Start NMB Mobile service Enter your secret PIN then ok to accept Select (5)for Bill payments from NMB mobile menu Select (4)for TRA Select service number you want to pay eg select (1) for Property Tax Please Enter TRA bill number Enter the amount of the bill Confirm the transaction by ypressing 0 and send

14 Increasing compliance among SMEs tailoring the approach Have decided not to comply Use the full force of the law Don t want to comply but will if we pay attention Deter by detection Tries to but don t always succeed Assist to comply Willing to do the right thing Strategies should aim to create pressure downwards Attitude to compliance Compliance strategies t 14

15 Focus compliance enforcement on those reluctant or lazy When Chile surveyed taxpayers attitude towards tax compliance they found that: Only a small proportion deliberately l do not comply A large proportion are lazy need help and encouragement and threat of enforcement About a quarter will reliably comply 15

16 How to target those who are reluctant to comply? Taxpayers much more likely to comply when they know they re being watched. Important that MSEs understand that there is a risk of being audited! But tax authority audit resources are scare So develop an efficient, well targeted compliance strategy. Collect information to assist audit selection Make audit more effective by using 3 rd party information 16

17 Reluctant compliers comply when they know there s a threat of detection IRS: Tax Year 2001 Individual Income Tax Underreporting Gap : Misreporting of Income and Offsets by Visibility Categories 17

18 An SME audit system has three parts Collecting taxpayer characteristics for risk profiling Information collected from taxpayer returns Direct information on the taxpayer s income/turnover Indirect information that can help verify the taxpayer s declaration of income Collecting third party information for use in audit Cross-matched data from banks, government agencies, business registries Information o from other taxpayers suppliers, s, customers s Cash register information Designing a risk-based audit system Using all information to create benchmarks for typical taxpayers Drawing on benchmarks to create audit criteria Concentrating audit on taxpayers most at risk of non-compliance 18

19 Risk Profiling To detect non-compliance, we need to understand the taxpayer population Need to build a picture of a typical taxpayer in each sector Collect information from taxpayers that can help verify turnover Using this benchmark, can identify outliers those who need further investigation What type of information? Easy to verify and record. Hard to falsify. Shows a sufficient and stable correlation to actual income. For SMEs in a presumptive system, for example: Floor space Electricity consumption Number of employees 19

20 Collecting and using indicators Argentina Monotributo Gross turnover Floor space Electricity consumption over past 12 months Argentian simplified business tax provides a simple tax for small businesses Taxpayers assigned to different rate classes via basic characteristics Turnover Floor space Electricity consumption Rent Simple to comply with Difficult to falsify Unit price for sales Rental cost of business premises 20

21 Conclusions on indicators for risk profiling Simple indicators for key SME sectors are important for profiling simplified system taxpayers Include them in the SME tax return sacrifice some additional compliance costs in order to gain essential information Analyse the information to create an SME profile Use this information to pick out unusual taxpayers for more attention. 21

22 Risk-based audit selection RBA allows audit resources to be targeted t where revenue most at risk Concentrates audit on those most at risk of non-compliance Refine SME risk profile by assigning weights to each risk criterion Develop software that will assess which taxpayers are highest risk and assign them to audit Refine criteria and weights on the basis of audit results 22

23 Many different criteria can be used as risk- based audit criteria 23

24 Conclusions risk-based audit Begin identifying risk criteria for small business taxpayers in each sector. Develop simple software for audit selection Train auditors on risk-based audit approaches Set up a pilot for a specific sector or region Assess audit results and refine criteria 24

25 Third party information Information from independent sources can be used to verify taxpayer returns Information can come from many sources: Banks and other financial institutions Government agencies, eg business registration authority Other taxpayers, eg through requiring reporting on certain transactions Cash registers can be more reliable than taxpayer s accounts Key cash economy sectors often targeted eg construction Information needs to be cross-matched and non-compliant SMEs identified Requires strong IT capacity and good taxpayer ID system Legal rights to collect information need to be place Banking secrecy Reporting requirements from other taxpayers Easy means of reporting to the tax authority are required 25

26 How other countries make use of 3 rd party data UK: HMRC cross-matches extensive information from public and private sources to verify income Canada: All government construction contracts and goods and services procurement reported to Revenue Canada Australia: Bank account,,government agency etc information is available to ATO Chile: On-line accounting system for business including invoice cross-matching (requires complex IT) Philippines, Sweden: Require use of licensed cash registers to provide verifiable information about transactions by a business. Philippines: simple system using cash register receipts Sweden: complex system using electronic cash register system reporting direct to tax authority via the internet 26

27 Conclusions Reducing compliance costs is important for small businesses in the tax net Simplified systems can promote voluntary compliance Presumptive systems are used in many countries but involve trade-offs between simplicity and equity, accuracy of assessment Simplified systems also open scope for evasion A range of compliance monitoring i also required Good information on the sector is important for compliance enforcement 27

Taxing Micro and Small Businesses

Taxing Micro and Small Businesses Taxing Micro and Small Businesses From Informality to Voluntary Compliance? III LAC Tax Policy Forum Sebastian James The World Bank Group Montevideo 4-5 July, 2013 Table of contents 1. Overview of SME

More information

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

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

More information

Sri Lanka Tax Profile

Sri 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 information

Software Tax Characterization Helpdesk Quarterly June 2008

Software 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 information

Software Tax Characterization Helpdesk Quarterly April 2012

Software 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 information

Cambodia Tax Profile. kpmg.com.kh

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

More information

TRANSFERS FROM AN OVERSEAS PENSION SCHEME

TRANSFERS 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 information

WORKSHOP ON INTELLIGENCE GATHERING AND AUDIT KEY IN COMBATING NON COMPLIANCE

WORKSHOP ON INTELLIGENCE GATHERING AND AUDIT KEY IN COMBATING NON COMPLIANCE WORKSHOP ON INTELLIGENCE GATHERING AND AUDIT KEY IN COMBATING NON COMPLIANCE INTRODUCTION The purpose of this workshop is to consider how intelligence gathering and audit can combat non compliance by taxpayers

More information

KENYA REVENUE AUTHORITY PRESUMPTIVE TAX METHODS. Presentation to the CIAT Technical Conference on The Examination Functions of Tax Administration

KENYA REVENUE AUTHORITY PRESUMPTIVE TAX METHODS. Presentation to the CIAT Technical Conference on The Examination Functions of Tax Administration KENYA REVENUE AUTHORITY PRESUMPTIVE TAX METHODS Presentation to the CIAT Technical Conference on The Examination Functions of Tax Administration ROME 2015 Ms. Alice Owuor COMMISSIONER - DOMESTIC TAXES

More information

BLUM Attorneys at Law

BLUM 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 information

Inland Revenue Department: Managing tax debt

Inland Revenue Department: Managing tax debt Inland Revenue Department: Managing tax debt This is an independent assurance report about a performance audit carried out under section 16 of the Public Audit Act 2001. June 2009 ISBN 978-0-478-32627-7

More information

Trade Finance and Supply Chain Finance Awards 2017

Trade Finance and Supply Chain Finance Awards 2017 In February 2017, Global Finance will publish its annual selections for the World s Best Trade Finance and Supply Chain Finance Providers. Global Finance will name the best trade finance providers in 83

More information

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

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

More information

TAXING MICRO, SMALL- (AND MEDIUM-) SIZED ENTERPRISES

TAXING MICRO, SMALL- (AND MEDIUM-) SIZED ENTERPRISES TAXING MICRO, SMALL- (AND MEDIUM-) SIZED ENTERPRISES COMTAX Michael Keen IMF-Japan High-Level Tax Conference, Tokyo, April 2, 2013 Views should not be attributed to the IMF The Topic Is: Diverse circumstances,

More information

Tax administration changes to raise additional revenue over time

Tax administration changes to raise additional revenue over time Tax administration changes to raise additional revenue over time Background paper for Session 3 of the Victoria University of Wellington Tax Working Group September 2009 Prepared by officials from the

More information

GAO Work on Efforts to Reduce Tax Evasion and Tax Fraud Prepared for the Internal Revenue Service Oversight Board Public Meeting May 1, 2013

GAO Work on Efforts to Reduce Tax Evasion and Tax Fraud Prepared for the Internal Revenue Service Oversight Board Public Meeting May 1, 2013 United States Government Accountability Office Washington, DC 20548 GAO Work on Efforts to Reduce Tax Evasion and Tax Fraud Prepared for the Internal Revenue Service Oversight Board Public Meeting May

More information

Secured Transactions & Collateral Registries: Global Expansion, Global Results

Secured Transactions & Collateral Registries: Global Expansion, Global Results Secured Transactions & Collateral Registries: Global Expansion, Global Results WHY SECURED TRANSACTIONS? CLEAR MARKET FAILURE IN LAC AND BEYOND SME Finance Gap 400 million SMEs in developing world 50%

More information

Asia Pacific Indirect Tax Country Guide

Asia Pacific Indirect Tax Country Guide GLOBAL INDIRECT TAX SERVICES Asia Pacific Indirect Tax Country Guide kpmg.com KPMG INTERNATIONAL 2 Asia Pacific Indirect Tax Country Guide Section Name Given the volume of VAT/GST transactions that must

More information

Guide to Treatment of Withholding Tax Rates

Guide to Treatment of Withholding Tax Rates Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

IN PRACTICE. Small Business Taxation. investment climate. Reform to encourage formality and firm growth

IN PRACTICE. Small Business Taxation. investment climate. Reform to encourage formality and firm growth February 2009 investment climate IN PRACTICE no. 1 BUSINESS TAXATION Small Business Taxation Reform to encourage formality and firm growth Reforming a tax system for small businesses is complicated. No

More information

Transfer Pricing. ICPAK Tax Training. April 2016

Transfer Pricing. ICPAK Tax Training. April 2016 Transfer Pricing ICPAK Tax Training April 2016 Presentation Outline 1 2 3 4 5 6 Introduction to transfer pricing TP methods and comparables Documentation Advance Pricing Agreements Emerging issues Q &

More information

Non-Resident Withholding Tax Rates for Treaty Countries 1

Non-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 information

VAT & the cloud understanding your VAT obligation

VAT & the cloud understanding your VAT obligation VAT & the cloud understanding your VAT obligation February 13, 2013 In brief Value Added Tax (VAT), including Goods and Services Tax (GST), and similar consumption tax systems have been implemented in

More information

The 5th IMF-Japan High-Level Tax Conference for Asian Countries April 21-23, 2014 Tax Administration Diagnostic Assessment Tool

The 5th IMF-Japan High-Level Tax Conference for Asian Countries April 21-23, 2014 Tax Administration Diagnostic Assessment Tool The 5th IMF-Japan High-Level Tax Conference for Asian Countries April 21-23, 2014 Tax Administration Diagnostic Assessment Tool David Kloeden Head of the TADAT Secretariat Why TADAT? Tax collection is

More information

Metopro Associates Limited

Metopro Associates Limited Metopro Associates Limited Management & Accounting Professional Useful Information for Starting the business in Hong Kong Date : 1 st January 2009 Presented by: Metopro Associates Limited Unit A10, 6/F,

More information

Setting up your Business in SINGAPORE Issues to consider

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

More information

Taxation of Cross-Border Mergers and Acquisitions

Taxation of Cross-Border Mergers and Acquisitions KPMG INTERNATIONAL Taxation of Cross-Border Mergers and Acquisitions kpmg.com 2 : Taxation of Cross-Border Mergers and Acquisitions Introduction The (UAE) is a federation of seven Emirates: Abu Dhabi,

More information

Group sales 10% Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance

Group sales 10% Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance 2016 First Quarter Update 4 May 2016 Overview Group sales 1 Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance Gross margin 2.5pp; gross

More information

Doing Business in Australia and Hong Kong SAR, China

Doing Business in Australia and Hong Kong SAR, China Doing Business in Australia and Hong Kong SAR, China Mikiko Imai Ollison Private Sector Development Specialist Nan Jiang Private Sector Development Specialist Washington, DC October 29, 2013 What does

More information

Waterpark Lines World Report

Waterpark Lines World Report Brochure More information from http://www.researchandmarkets.com/reports/1837057/ Waterpark Lines World Report Description: This report provides Market Consumption/Products/Services for 100 countries by

More information

Other Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries. Non-Resident Withholding Tax Rates for Treaty Countries 1

Other Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries. Non-Resident Withholding Tax Rates for Treaty Countries 1 Other Tax Rates Non-Resident Withholding Tax Rates for Treaty Countries Non-Resident Withholding Tax Rates for Treaty Countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria

More information

THE ISRAELI TAX SYSTEM. Iris Stark, CPA

THE ISRAELI TAX SYSTEM. Iris Stark, CPA THE ISRAELI TAX SYSTEM Iris Stark, CPA October 2012 THE ISRAELI TAX SYSTEM Taxation in Israel is based on an individual method. Accordingly, as of 2003, all Israeli residents are liable for payment of

More information

Cambodia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: August 2013

Cambodia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: August 2013 Cambodia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: August 2013 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3

More information

Taxation in the Pharmaceutical Industry

Taxation in the Pharmaceutical Industry Industry Issue Report: Taxation in the Pharmaceutical Industry In this report, we examine the effects of taxation on the pharmaceutical industry in the United States compared to other OECD countries, using

More information

JICA Training Course Plant Variety Protection course

JICA Training Course Plant Variety Protection course Session 4: DUS Training provided by members of the Union DUS Training organized by Japan Tsukasa KAWAKAMI Intellectual Property Division, Ministry of Agriculture, Forestry and Fisheries (MAFF) Japan 1

More information

Managing Tax Administration Reform Program

Managing Tax Administration Reform Program Managing Tax Administration Reform Program June 28 to 30, 2016 Accra, Ghana Mohammad Golam Nobi, Commissioner of Tax, NBR, Dhaka A.S.M. Waheeduzzaman, Director, Tax Academy, Dhaka Bangladesh: Basic Tax

More information

Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017

Sulfuric 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 information

Philippines Taxation

Philippines 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 information

Goal 5: Improve Maternal Health

Goal 5: Improve Maternal Health 107 In the Asia and Pacific region, maternal mortality ranges from 1 per 100,000 live births in Hong Kong, China to 1,800 in Afghanistan. The People s Republic of China (PRC) has a rather low rate of 45

More information

Hong 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 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 information

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace DSV Air & Sea, Inc. Aerospace Sector DSV Air & Sea, Inc. Aerospace Introduction to DSV DSV is a global supplier of transport and logistics services. We have offices in more than 70 countries and an international

More information

FOREWORD. Bangladesh. Services provided by member firms include:

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

More information

Tax administration reform retaining a coherent tax policy framework through change

Tax administration reform retaining a coherent tax policy framework through change Tax administration reform retaining a coherent tax policy framework through change David Carrigan 12 June 2014 Overview What I think this exercise is about Importance of retaining a tax policy framework

More information

TOP 10 THINGS TO KNOW ABOUT DOING BUSINESS IN INDIA

TOP 10 THINGS TO KNOW ABOUT DOING BUSINESS IN INDIA TOP 10 THINGS TO KNOW ABOUT DOING BUSINESS IN INDIA By Dezan Shira & Associates, Delhi Office delhi@dezshira.com 1. What are my options for investment? Foreign investment into India can come in a variety

More information

Consolidated International Banking Statistics in Japan

Consolidated 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 information

Software Tax Characterization Helpdesk Quarterly August 2012

Software Tax Characterization Helpdesk Quarterly August 2012 Software Tax Characterization Helpdesk Quarterly August 2012 Characterizing foreign software revenues is a complex challenge for large and small software firms alike. Variations in the rules around the

More information

MANAGING SMALL AND MEDIUM TAXPAYERS (SMTs): TAX ADMINISTRATION VIEW POINT 1. by Seth Terkper

MANAGING SMALL AND MEDIUM TAXPAYERS (SMTs): TAX ADMINISTRATION VIEW POINT 1. by Seth Terkper INTRODUCTION MANAGING SMALL AND MEDIUM TAXPAYERS (SMTs): TAX ADMINISTRATION VIEW POINT 1 by Seth Terkper Small and medium taxpayers (SMTs) are grouped with the traditionally hard-to-tax (HTT) group, which

More information

Philanthropic Foundations Actual versus Potential Role in International Development Assistance 1

Philanthropic Foundations Actual versus Potential Role in International Development Assistance 1 Philanthropic Foundations Actual versus Potential Role in International Development Assistance 1 The role of private philanthropic foundations in the international development agenda has been drawing significant

More information

GLOBAL INVESTMENTS IN R&D

GLOBAL INVESTMENTS IN R&D Americas North America United States Europe Asia European Union Japan Germany N.I.E. Asia China L.A.C. C.I.S. Europe C.E.O. Europe India Oceania Israel Africa Other in Asia Mexico Arab States (Africa)

More information

Luxembourg Country Profile

Luxembourg Country Profile Luxembourg Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Luxembourg EU Member State Double Tax Treaties With: Albania (a) Argentina

More information

International aspects of taxation in the Netherlands

International 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 information

DOING BUSINESS IN AUSTRALIA

DOING BUSINESS IN AUSTRALIA DOING BUSINESS IN AUSTRALIA DEMOGRAPHICS The population of Australia is approximately 22 million. There are six states and two territories. The capital city is Canberra which is located in the Australian

More information

THE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY

THE 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 information

Goal 2: Achieve Universal Primary Education

Goal 2: Achieve Universal Primary Education 92 Goal 2: Achieve Universal Primary Education In eight economies in the region including a number from the Pacific, total net enrollment ratios in primary education are below 80%. Eleven economies including

More information

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 World Stock Market Capitalization Year-end 2012 18.5% 9.6% United States International: Other Europe United Kingdom Japan Other Pacific

More information

Introducing GlobalStar Travel Management

Introducing GlobalStar Travel Management Introducing GlobalStar Travel Management GlobalStar is a worldwide travel management company owned and managed by local entrepreneurs. In total over 80 market leading enterprises, representing over US$13

More information

The VAT & Invoicing Requirements Update March 2012

The 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 information

FreeAgent simplifies bookkeeping; it will produce your invoices for you and you can upload your bank statements into it to capture expenditure.

FreeAgent simplifies bookkeeping; it will produce your invoices for you and you can upload your bank statements into it to capture expenditure. New to Contracting If you have already been working for yourself through a limited company you will already have some knowledge of what is required to manage your company and personal finances on an on-going

More information

The Doing Business report presents

The Doing Business report presents Doing Business 2016 Distance to frontier and ease of doing business ranking The Doing Business report presents results for two aggregate measures: the distance to frontier score and the ease of doing business

More information

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO

MAUVE 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 information

Indonesia Tax Profile

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

More information

Erasmus Mundus Action 2 / External Cooperation Window Participation of Finnish Higher Education Institutions 2007-2014. Updated 21.7.

Erasmus Mundus Action 2 / External Cooperation Window Participation of Finnish Higher Education Institutions 2007-2014. Updated 21.7. Erasmus Mundus Action 2 / External Cooperation Window Participation of Finnish Higher Education Institutions 2007-2014 Updated 21.7.2014 Participation of Finnish HEI s in Erasmus Mundus External Cooperation

More information

Global Transfer Pricing Review

Global Transfer Pricing Review GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Australia kpmg.com TAX 2 Global Transfer Pricing Review Australia KPMG observation The transfer pricing landscape in Australia continues

More information

Management of Accounts Receivable

Management of Accounts Receivable Management of Accounts Receivable December 1997 Contents Preface Introduction The Accounts Receivable Process Re-Engineering Accounts Receivable Risk Management Use of Advanced Technology Debt Collection

More information

REAL ESTATE AND RENTAL INCOME TAXATION WHAT YOU NEED TO KNOW

REAL ESTATE AND RENTAL INCOME TAXATION WHAT YOU NEED TO KNOW ISO 9001:2008 CERTIFIED The Law REAL ESTATE AND RENTAL INCOME TAXATION WHAT YOU NEED TO KNOW Rental income is taxable under Section 3(2) (a) (iii) of the Income Tax Act, Cap 470 Laws of Kenya. In addition,

More information

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO

MAUVE 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 information

Tax Risk Management. From risk to opportunity. Edited by Anuschka Bakker and Sander Kloosterhof IBFD

Tax Risk Management. From risk to opportunity. Edited by Anuschka Bakker and Sander Kloosterhof IBFD Tax Risk Management From risk to opportunity Edited by Anuschka Bakker and Sander Kloosterhof IBFD Foreword Acknowledgements v ix Chapter 1: Introduction to Tax Risk Management 1. 2. 3. 4. 5. 6. 7. 8.

More information

KINGDOM OF CAMBODIA NATION RELIGION KING 3

KINGDOM OF CAMBODIA NATION RELIGION KING 3 KINGDOM OF CAMBODIA NATION RELIGION KING 3 TOURISM STATISTICS REPORT February 2016 MINISTRY OF TOURISM Statistics and Tourism Information Department No. A3, Street 169, Sangkat Veal Vong, Khan 7 Makara,

More information

Foreign A id and Foreign Investment

Foreign A id and Foreign Investment 13 Foreign A id and Foreign Investment Financial flows to developing countries take two main forms aid that comes from foreign governments, often called official development assistance, and investment

More information

Global AML Resource Map Over 2000 AML professionals

Global 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 information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign 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 information

Taxation in Vietnam and Myanmar

Taxation in Vietnam and Myanmar CLICK TO EDIT MASTER TITLE STYLE Taxation in Vietnam and Myanmar Bernard Cobarrubias 8 May 2013 BANGLADESH CAMBODIA INDONESIA LAO P.D.R. MYANMAR SINGAPORE THAILAND VIETNAM Contents 1 Income Tax. Tax Incentives.

More information

opinion piece Meeting the Challenges of Supplier Relations in a Multisourcing Environment

opinion piece Meeting the Challenges of Supplier Relations in a Multisourcing Environment opinion piece Meeting the Challenges of Supplier Relations in a Multisourcing Environment New approaches and skills are required to effectively manage the increased volume and complexity of relationships

More information

IRAS-OECD Regional GST/VAT Conference (May 2013) Taxing cross-border supply of services and intangibles

IRAS-OECD Regional GST/VAT Conference (May 2013) Taxing cross-border supply of services and intangibles IRAS-OECD Regional GST/VAT Conference (May 2013) Taxing cross-border supply of services and intangibles Case Studies Technical Summary of discussions Naoki Oka (1) Rapporteur Introduction GST/VAT - A tax

More information

THE UK FILM MARKET AS A WHOLE. BFI Research and Statistics PUBLISHED DECEMBER Image: The Lady in the Van courtesy of Sony Pictures

THE UK FILM MARKET AS A WHOLE. BFI Research and Statistics PUBLISHED DECEMBER Image: The Lady in the Van courtesy of Sony Pictures THE UK FILM MARKET AS A WHOLE BFI Research and Statistics PUBLISHED DECEMBER 2015 Image: The Lady in the Van courtesy of Sony Pictures THE UK FILM MARKET AS A WHOLE THE UK WAS THE SECOND LARGEST FILM MARKET

More information

Tax Planning Checklist

Tax Planning Checklist Tax Planning Checklist For the year ended 31 March 2014 Contents Year end tax planning checklist 1 General tips on minimising tax 4 Help us to process your records efficiently and quickly 5 Help yourself

More information

ATO compliance program for 2014/15. Sydney CBD - 19 June 2014

ATO compliance program for 2014/15. Sydney CBD - 19 June 2014 ATO compliance program for 2014/15 Sydney CBD - 19 June 2014 CCH Corporate Tax Managers Network ATO Indirect Tax compliance program for 2014/15 Improving the integrity of business systems through assurance

More information

Well, the filing timeline is

Well, the filing timeline is tax Updates on tax reliefs for individuals What are the tax deductions or reliefs available for the year 2012? MIA Professional Standards and Practices Well, the filing timeline is around the corner. For

More information

360 o View of. Global Immigration

360 o View of. Global Immigration 360 o View of Global Immigration In a fast moving global economy, remaining compliant with immigration laws, being informed and in control is more challenging than ever before. We are a globally linked

More information

Starting a Business in Israel

Starting 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 information

MIT U.S. Income Tax Presentation Non US Resident Students

MIT 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 information

Tax System Challenges in the 21 st Century

Tax System Challenges in the 21 st Century Tax System Challenges in the 21 st Century American taxpayers paid about $1.9 trillion in combined federal taxes, including income, payroll, and excise taxes, in fiscal year 2004. These taxes, along with

More information

Brief Prepared for Policy Symposium on Tax Reforms in Pakistan

Brief Prepared for Policy Symposium on Tax Reforms in Pakistan Tax Reforms in Pakistan Brief Prepared for Policy Symposium on Tax Reforms in Pakistan 29 th November 2013 1 Taxes matter. Taxes affect citizens, economy of the country, businesses, and delivery of public

More information

The investment fund statistics

The investment fund statistics The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal

More information

Total Domestic Factoring FCI 594, , , , , , , %

Total Domestic Factoring FCI 594, , , , , , , % Accumulative Turnover Figures for All FCI Members Compared to Worldwide Factoring Turnover (in Millions of EUR and USD) EUR EUR EUR EUR EUR EUR EUR INCREASE 2006 2007 2008 2009 2010 2011 2012 2011/2012

More information

ATO Submission Inquiry into penalties for white collar crime

ATO Submission Inquiry into penalties for white collar crime ATO Submission Inquiry into penalties for white collar crime Senate Economics References Committee 1 April 2016 EXTERNAL UNCLASSIFIED Table of Contents Introduction... 3 Executive summary... 3 The scope

More information

Netherlands Country Profile

Netherlands 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 information

Review of R&D Tax Credit. Invitation for Submissions

Review 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 information

VISA EASY PAYMENT SERVICE MERCHANT BEST PRACTICES

VISA EASY PAYMENT SERVICE MERCHANT BEST PRACTICES VISA EASY PAYMENT SERVICE MERCHANT BEST PRACTICES VISA EASY PAYMENT SERVICE MERCHANT BEST PRACTICES Table of Contents Make Payment Processing Faster While Increasing Sales........................1 Visa

More information

Follow-Up of IMF Mission Recommendations by the Iranian National Tax Administration

Follow-Up of IMF Mission Recommendations by the Iranian National Tax Administration Iranian National Tax Administration (INTA) Follow-Up of IMF Mission s by the Iranian National Tax Administration Tehran, May 2012 1 I. Error! Bookmark not defined.error! Bookmark not defined.2009 IMF Mission

More information

IATJ APRIL 20, 2010 TELEPHONE CONFERENCE CALL SUMMARY

IATJ APRIL 20, 2010 TELEPHONE CONFERENCE CALL SUMMARY IATJ APRIL 20, 2010 TELEPHONE CONFERENCE CALL SUMMARY Participants: Chief Justice Gerald J. Rip, Tax Court of Canada Associate Chief Justice Eugene P. Rossiter, Tax Court of Canada Justice Patrick Boyle,

More information

MULTI-COUNTRY ANALYSIS OF EXISTING TRANSFER PRICING SIMPLIFICATION MEASURES 2012 UPDATE

MULTI-COUNTRY ANALYSIS OF EXISTING TRANSFER PRICING SIMPLIFICATION MEASURES 2012 UPDATE MULTI-COUNTRY ANALYSIS OF EXISTING TRANSFER PRICING SIMPLIFICATION MEASURES 2012 UPDATE 6 June 2012 This Report was approved for release by the Committee on Fiscal Affairs on 22 May 2012 ORGANISATION FOR

More information

Overview of the OECD work on transfer pricing

Overview of the OECD work on transfer pricing Overview of the OECD work on transfer pricing Written contribution to the Conference Alternative Methods of Taxation of Multinationals (13-14 June 2012, Helsinki, Finland) by Marlies de Ruiter, Head of

More information

Global Student Mobility 2025 Forecasts of the Global Demand for Pathways to Higher Education in the Schools, VET and ELICOS sectors

Global Student Mobility 2025 Forecasts of the Global Demand for Pathways to Higher Education in the Schools, VET and ELICOS sectors Global Student Mobility 2025 Forecasts of the Global Demand for Pathways to Higher Education in the Schools, VET and ELICOS sectors Andrew Hewett IDP Education Australia Agenda and Key Issues Pathways

More information

TURKISH VAT SYSTEM. Timur CAKMAK Head of Department Turkish Revenue Administration

TURKISH VAT SYSTEM. Timur CAKMAK Head of Department Turkish Revenue Administration Timur CAKMAK Head of Department Turkish Revenue Administration GENERAL OVERVIEW The beginning of the studies on Value Added Tax (VAT) in Turkey goes back to 1970. In 1974, a draft VAT law, which was the

More information

Digital vs Traditional Media Consumption

Digital vs Traditional Media Consumption Digital vs Traditional Media Consumption Summary Comparing time spent on traditional and digital media at a global level as well as analyzing behaviors between countries and across the age groups GWI Q3

More information

End-of-year Tax Tips for Expatriates

End-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 information

The Importance of Credit Bureaus in Lending Decisions

The Importance of Credit Bureaus in Lending Decisions The Importance of Credit Bureaus in Lending Decisions Lessons Learned from International Experience Peer Stein, Principal Investment Officer August 24, 2004 Challenges for the Financial Industry Historically:

More information

Second Quarter and First Half 2015 Trading Update

Second Quarter and First Half 2015 Trading Update Second Quarter and First Half 2015 Trading Update Trading Performance Year-on-Year Gross Profit Reported ( m) Constant 2015 2014 % % Q2 145.3 137.1 +6.0% +10.6% H1 281.0 263.7 +6.6% +10.8% Q2 Gross Profit

More information

Contents. 1. Overview of AIPN 2. Access to Dossier Information 3. Access to Patent Family and Legal Status 4. Demonstration 5.

Contents. 1. Overview of AIPN 2. Access to Dossier Information 3. Access to Patent Family and Legal Status 4. Demonstration 5. Contents 1. Overview of AIPN 2. Access to Dossier Information 3. Access to Patent Family and Legal Status 4. Demonstration 5. Exercises 1 What is AIPN? AIPN is the Web based Service only for Examiners

More information