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Tax seminar 2013 physical persons

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Imposte sul Reddito per le Persone Fisiche, Compresi i Lavoratori Autonomi e le Modifiche alle Assicurazioni Sociale e Sanitaria (Bart Waterloos, VGD/AVOS): Il Dott. Waterloos ha illustrato i …

Imposte sul Reddito per le Persone Fisiche, Compresi i Lavoratori Autonomi e le Modifiche alle Assicurazioni Sociale e Sanitaria (Bart Waterloos, VGD/AVOS): Il Dott. Waterloos ha illustrato i cambiamenti principali nella legislazione fiscale del 2013: la tassazione degli individui fiscali è stata portata in alcuni casi al 25%, mentre la base fiscale rimane al 19%, e vi sono stati cambiamenti alla quantità di riduzioni fiscali ottenibili, alla tassazione sul reddito, sui benefit e sui dividendi. Le entrate della tassazione su questi ultimi andranno in favore dell’assicurazione sanitaria. D’ora in poi inoltre ci sarà una sola base di calcolo sia per l’assicurazione sanitaria che per la previdenza sociale, il che secondo il Dott. Waterloos significa che si pagheranno più tasse per avere lo stesso servizio che in precedenza.

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  • 1. Income Tax of physical persons 2013 Including self-employed persons andchanges to social and health insurance Bart Waterloos 1
  • 2. Table of contents Quick overview of the most important changes Repeating of changes past 2 years Taxation of individuals Dividends Changes to the health and social contributions Simulations Questions and Answers About VGD-AVOS 2
  • 3. Quick overviewTop tax changes for 2013 Introduction of progressive tax rate of 25% Limitation of lump-sum costs Limitation of tax-free amount Limitation of tax bonus Special rate for dividends from profits realised until 2003 No extension of deadline for filing the tax return 3
  • 4. Look back to the pastChanges over the last 2 years Taxation of employment income Extension in the range of insured persons for social insurance Intended periodicity of the remuneration is prevailing over the type of the contract for social insurance Claw-back for social contributions on irregular remunerations All benefits subject to social and health contributions:  Travel allowances  Redundancy payments or severance 4
  • 5. Taxation of individualsOverview Subject to personal income tax are the following types of income:  Employment income (§5)  Entrepreneurial and rental income (§6)  Investment income (§7)  Other income (§8) Tax statement is due by 31 March, deadline can only be extended with foreign income 5
  • 6. Taxation of individualsCancellation of the flat tax rate 19% will remain the base rate, But a new tax rate of 25% being introduced:  For monthly tax base above 2.866,81 € or 34.401,72 € on a yearly basis  In technical terms: for amounts exceeding 176,8-times the valid life-minimum  A special 5% tax on Selected State Officials 6
  • 7. Taxation of individualsDetermining the Tax Base The tax free amount :  Is calculated as 19,2 times the life-minimum valid per 1st of January of the year (19,2 x 194,58 € = 3.735,94€)  Compared to 3.644,74 € for the year 2012  Tax payer can claim the entire tax free amount only if the yearly taxable base is less than 100 times the life-minimum (i.e. less than 19.458 €; compared to 18.983 € for the year 2012  Usually managers and expats are above this limit and can thus not enjoy the tax free amount at all (yearly taxable base is above 34.401,74 €, or 2.866,8 € monthly) (176,8 times the life-minimum) 7
  • 8. Taxation of individualsDetermining the Tax Base Tax free amount (allowance) limited to ‘active income’, i.e.:  Employment income (§5)  Entrepreneurial or other income from self-employment (§6, 1°- 2°)  No longer applicable on “passive” income - e.g. rental income Tax free amount (allowance) for spouse, only if:  She is taking care of the kids till 3 years (6 if disabled), or  She is registered as self-employed, or  She is a disabled person herself 8
  • 9. Taxation of individualsDetermining the Tax Base Tax free amount (allowance) for pension savings  Compensation for lowering of the second pillar  Payments for pension savings up to 2% of tax base from active income  Calculated maximum from 60-times the average salary Tax bonus for children:  Discount of 19,32 € per child per month  Condition: need income above 6-times the minimum salary  Only for ‘active’ income 9
  • 10. Taxation of individualsTypes of income: employment income Consists of:  Gross salary  Bonuses  Fringe benefits No changes in 2013 10
  • 11. Taxation of individualsTypes of income: entrepreneurial income Taxable income:  Income from small business  Independent profit-making activities (self-employed)  Rent of real estate Tax-free amount of 500 € for rental income 11
  • 12. Taxation of individualsTypes of income: entrepreneurial income Lump-sum expenses:  40% remains  But yearly maximum of 5.040 €, or monthly 420 €  To be applied on a monthly basis Lump-sum for small agricultural income Authors’ revenues:  Different categories, with all effect on tax and health or social contributions  Income for contributions to magazines, newspapers, … can be taxed via withholding tax, then no social and health contributions, but also no lump-sum expenses, 19% 12
  • 13. Taxation of individualsTypes of income: investment income Taxable income:  Interests  Winnings  Yields from additional pension and life insurance Mostly there is a withholding tax, whereby this withholding tax is now considered final in many occasions 13
  • 14. Taxation of individualsTypes of income: other income Taxable income:  Income from occasional activity  Income from the sale of real estate  Transfer of securities, options, shares  Monetary and non-monetary income provided to health care provider or its employee/medical staff by explicitly selected persons, no expenses can be applied Lump-sum for small occasional agricultural income 14
  • 15. Taxation of individualsTechnical issue: allocation of tax to NGO’s For individuals:  2% still available to donate  Unlike legal entities, no conditions and no gifts  Another 1% (3% in total) can be assigned by those volunteers who worked for any NGO’s for free for 40 working hours a year – applicable on tax period of 2012  Should the conditions be not met, penalty of 1% applies 15
  • 16. DividendsHealth insurance 2011-2012 Dividends are subject to health contributions  10% contribution is due by the individual receiving the profit shares  on the amount exceeding the monthly minimum calculation base  Applicable on profits generated for accounting periods starting after 1 January 2011  Includes also the liquidation balance  No obligation for company paying out the dividends  Combine with overall maximum annual calculation base 16
  • 17. DividendsHealth insurance 2013 onwards Dividends are subject to health contributions  14% contribution is due by the individual receiving the profit shares  Completely separate calculation base  Calculation base of 120 times the monthly average salary, or thus cap of 94.320 EUR for 2013  The company paying out the dividends has to ‘withhold’ the contribution  Valid on dividends paid out as from 2013 profits  Only for individuals subject to the Slovak health system 17
  • 18. DividendsProfits from before 2004 Old dividends: if paid out until 2012  19% income tax  health insurance? Old dividends: if paid out in 2013 only  15% income tax  NO health insurance contributions  Done via withholding tax  Decision GM to be taken in 2013 18
  • 19. DividendsGeneral overview dividends Profit till 2004-2010 2011-2012 2013-..... 2003 Health insurance rate Till 31-10- 0% 0% 0% 0% 2010 2011-2012 0%? 0% 10% 0% 2013 0% 0% 10% 14% 2014 0%? 0% 10% 14% .... 0%? 0% 10% 14% 19
  • 20. Health and social insuranceIncreased and unified calculation basis There will be only one calculation basis for all insurances, New amount will be:  3.930 EUR  Or five-times the monthly average salary from 2 years ago. 20
  • 21. Health and social insuranceOverview premiums 2012 Insurance Maximum % employee % employer calculation base Health 2.307,50 € 4% 10% Sickness 1.153,50 € 1,4% 1,4% Pension 3.076,00 € 4% 14% Invalidity 3.076,00 € 3% 3% Unemployment 3.076,00 € 1% 1% Accident no limit - 0,8% Guarantee fund 1.153,50 € - 0,25% Reserve fund 3.076,00 € - 4,75% 13,4% 35,20% 21
  • 22. Health and social insuranceOverview premiums 2013 Insurance Maximum % employee % employer calculation base Health 3.930,00 € 4% 10% Sickness 3.930,00 € 1,4% 1,4% Pension 3.930,00 € 4% 14% Invalidity 3.930,00 € 3% 3% Unemployment 3.930,00 € 1% 1% Accident no limit - 0,8% Guarantee fund 3.930,00 € - 0,25% Reserve fund 3.930,00 € - 4,75% 13,4% 35,20% 22
  • 23. Effect of changesSimulation 1 Take a senior manager in an international company; earning currently 5.500 EUR gross a month,  This person will have currently net income of 4.161,50 EUR  Costs for the employer: 6.514,50 EUR After the intended changes:  Her net income will drop with 259,50 EUR to 3.902 EUR  Costs for the company will increase with 381,4 EUR to 6.895,9 EUR 23
  • 24. Effect of changesSimulation 2 Take a young professional working at a senior position; earning currently 2.600 EUR gross a month,  This person will have currently net income of 1.875,50 EUR  Costs for the employer: 3.467,50 EUR After the intended changes:  His net income will drop with 22,50 EUR to 1.853 EUR  Costs for the company will increase with 47,65 EUR to 3.515,20 EUR 24
  • 25. Effect of changesSimulation 3 SME company, IT sector, some employees, owner is physical person, also working as manager  Currently company is making profit of 200.000 EUR  Corporate income tax: 38.000 EUR  Net income owner: 154.000 EUR After the intended changes:  Gross profit will drop to 190.000 EUR  Corporate income tax: 43.700 EUR  Net income company: 146.300 EUR  Net income owner: 133.095 EUR 25
  • 26. Health and social insuranceExtension to ‘dohodari’ Dohodari will be considered entirely as ‘employees’,  Therefor not only accident and guarantee insurance, but all types of insurance  Contributions due by the employer and employee  Will be enjoying then also the benefits Some exceptions,  students  Recipients of a pension  These categories still escape the sickness, unemployment and health care insurance. 26
  • 27. Health and social insuranceSelf-employed persons Contributions will increase for them as well,  From currently 44,2% average salary of two years ago to 50%  Calculated from the tax base before deductions of social and health insurance contributions  Further increases for those earning more than 1.200 € monthly Negative impact also from the reduction in the lump-sum expenses 27
  • 28. Health and social insuranceTechnical issues Annual reconciliation  Changed the date till end of September  Done now by the health insurance Changes to the first and second pension pillars  Transfer from the second pillar contributions to the first pillar (from 9% to 4%)  Voluntary extra contributions are possible and are a tax benefit (max. 2% from tax base, overall maximum of 943,20 EUR for 2013-  Calculation bases and percentages for the first pension pillar to be changed yearly 28
  • 29. Health and social insuranceTechnical issues Meal allowances  Increased per 1st of September 2012  Minimum amount is now 4,00 EUR for 5-12 hours trip  Thus mealticket should be min. 3,00 EUR 29
  • 30. Questions & Answers 30
  • 31. The VGD group A professional organization of auditors, accountants, payroll, tax consultants, legal and deal advisors; 30 Partners, 625+ Staff, 30 offices Present in 10 Mid-European countries Started in 1981, constantly growing; Offering high quality services and integrated solutions in the Mid- European region. Member of Nexia International 31
  • 32. VGD AVOS Slovakia More than 10 years of experience in SK Rapidly expanding and growing Offices in Bratislava and Piestany Focus on international clients and larger local SME’s More than 60 staff members in accounting, tax, audit and payroll administration Foreign languages spoken: English, Dutch, German and French 32
  • 33. VGD AVOS office locationsTHE SLOVAK REPUBLIC Bratislava Piešťany Moskovská 13 Námestie SNP 1476/4, 811 08 Bratislava 921 01 Piešťany tel: +421 2 5541 0624 tel: +421 033 7767 321 fax: +421 2 5541 0631 Tel: +421 033 7743 895 vgd.bratislava@vgd.eu vgd.piestany@vgd.eu www.vgd.eu www.vgd.eu OTHER COUTRIES Czech Republic Praha, Liberec, Olomouc Belgium Brussels, Beringen, Brugge, Gent, Willebroek-Blaasveld, Antwerpen, Antwerpen L.O., Kuume, Machelen, Dendermonde, Zele Bulgaria Sofia Germany Düsseldorf, Leipzig, Essen Luxembourg Luxembourg The Netherlands Tilburg, Oisterwijk Hungary Budapest Poland Warszawa Russia Nizhny Novgorod 33
  • 34. Thank you for your attentionThe material contained in this publication is provided for general information only. The application of theinformation included in this publication will depend on specific circumstances. We recommend that readersseek professional advice when dealing with any business or legal issues. The material does not represent, norreplaces legal and tax advisory services. No liability is accepted for acts or omissions taken in reliance uponthe contents of this publication 34

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