The document summarizes Germany's amended Inheritance and Gift Tax Act. Key changes include new rules for tax exemptions on business assets, including requirements that companies have a minimum number of employees and sum of salaries. Tax exemptions are now available at 85% or 100% depending on holding periods. Large inheritances or gifts over 26 million euros face higher taxes with exemptions reduced incrementally. Planning is needed for transferring both business and private assets.
Goods and services are tangible and intangible items produced and purchased to fulfill consumer needs. Goods are physical products while services are intangible support. The Goods and Services Tax (GST), also known as Value Added Tax (VAT) in the Philippines, is a 12% sales tax collected on most sales and imports. RA 9337 expanded VAT coverage to previously untaxed items and services. While it generates government revenue, critics argue it disproportionately burdens the poor. Both costs and benefits must be considered in evaluating its impact.
The document discusses the history and purposes of taxation around the world, from ancient Egypt and Greece to modern systems. It also covers the characteristics of a sound tax system, the different types of taxes in the Philippines including income tax, VAT, and estate tax. The roles and responsibilities of the Bureau of Internal Revenue in collecting taxes to fund government expenditures and promote economic growth are also outlined.
Philippines has an income tax system that taxes residents and citizens on income earned within or outside the country, as well as taxes non-residents on income from Philippine sources. Tax rates range from 5% to 32% for individuals and 30% for corporations. Common tax forms include BIR Form 1700 for individual compensation income and BIR Form 1701 for self-employed individuals. Some exemptions include statutory minimum wage, damages from employer lawsuits, life insurance payouts, and some retirement benefits.
The document discusses the different types of taxes in the Philippines, including both national taxes levied by the Bureau of Internal Revenue such as income tax, value added tax, and estate tax, as well as local taxes imposed by cities, municipalities, and barangays like real property tax, business permits, and community tax. National taxes provide revenue for the national government while local taxes fund activities of local government units. The taxes are designed to raise funds from citizens, businesses, and property owners to support public services and infrastructure projects.
This document discusses key concepts related to income tax in the Philippines. It defines income as profit, gains, or cash flows received within a specified period. Income can come from employment, investments, or business operations. The Philippines uses both a global and schedular system for taxing income. Under the global system, all categories of income are taxed the same. The schedular system taxes different income types differently. Individuals are taxed based on their residency and source of income. Corporations are taxed differently depending on if they are domestic or foreign. The goals of income tax include generating government revenue and offsetting other taxes in a progressive manner.
The document provides information about taxation systems in several countries in Southern Asia, including Australia, India, Myanmar, Philippines, and Thailand. It discusses how each country collects taxes, common tax types like income tax, VAT, and property tax. It also outlines some key aspects of the tax history and rates in each country. The top priorities for how tax revenue is spent include education, infrastructure development, defense, internal affairs, and agriculture.
This document discusses tax law in the Philippines. It identifies the primary objective of enacting tax law as raising revenues for government operations. It outlines the steps in the legislative process for creating tax laws, including readings in Congress and reconciliation between the Senate and House. It also explains the sources of tax law, including the Constitution, statutory enactments passed by Congress like the National Internal Revenue Code, administrative rulings and regulations issued by the Bureau of Internal Revenue and Department of Finance, and judicial decisions from the Court of Tax Appeals and Supreme Court. It notes that tax laws are generally interpreted in favor of taxpayers except in specific cases favoring the government.
This document provides an overview of taxation including:
1) It defines taxation as the act of a taxing authority levying taxes and notes that taxation has existed in various forms throughout history, including in ancient India and other parts of the world.
2) It describes the modern definition of a tax as a financial charge imposed by a government and outlines the main types of direct and indirect taxes.
3) It provides examples of different taxes like income tax, corporate tax, customs duty, excise duty, sales tax, service tax, and VAT and summarizes how they work.
Goods and services are tangible and intangible items produced and purchased to fulfill consumer needs. Goods are physical products while services are intangible support. The Goods and Services Tax (GST), also known as Value Added Tax (VAT) in the Philippines, is a 12% sales tax collected on most sales and imports. RA 9337 expanded VAT coverage to previously untaxed items and services. While it generates government revenue, critics argue it disproportionately burdens the poor. Both costs and benefits must be considered in evaluating its impact.
The document discusses the history and purposes of taxation around the world, from ancient Egypt and Greece to modern systems. It also covers the characteristics of a sound tax system, the different types of taxes in the Philippines including income tax, VAT, and estate tax. The roles and responsibilities of the Bureau of Internal Revenue in collecting taxes to fund government expenditures and promote economic growth are also outlined.
Philippines has an income tax system that taxes residents and citizens on income earned within or outside the country, as well as taxes non-residents on income from Philippine sources. Tax rates range from 5% to 32% for individuals and 30% for corporations. Common tax forms include BIR Form 1700 for individual compensation income and BIR Form 1701 for self-employed individuals. Some exemptions include statutory minimum wage, damages from employer lawsuits, life insurance payouts, and some retirement benefits.
The document discusses the different types of taxes in the Philippines, including both national taxes levied by the Bureau of Internal Revenue such as income tax, value added tax, and estate tax, as well as local taxes imposed by cities, municipalities, and barangays like real property tax, business permits, and community tax. National taxes provide revenue for the national government while local taxes fund activities of local government units. The taxes are designed to raise funds from citizens, businesses, and property owners to support public services and infrastructure projects.
This document discusses key concepts related to income tax in the Philippines. It defines income as profit, gains, or cash flows received within a specified period. Income can come from employment, investments, or business operations. The Philippines uses both a global and schedular system for taxing income. Under the global system, all categories of income are taxed the same. The schedular system taxes different income types differently. Individuals are taxed based on their residency and source of income. Corporations are taxed differently depending on if they are domestic or foreign. The goals of income tax include generating government revenue and offsetting other taxes in a progressive manner.
The document provides information about taxation systems in several countries in Southern Asia, including Australia, India, Myanmar, Philippines, and Thailand. It discusses how each country collects taxes, common tax types like income tax, VAT, and property tax. It also outlines some key aspects of the tax history and rates in each country. The top priorities for how tax revenue is spent include education, infrastructure development, defense, internal affairs, and agriculture.
This document discusses tax law in the Philippines. It identifies the primary objective of enacting tax law as raising revenues for government operations. It outlines the steps in the legislative process for creating tax laws, including readings in Congress and reconciliation between the Senate and House. It also explains the sources of tax law, including the Constitution, statutory enactments passed by Congress like the National Internal Revenue Code, administrative rulings and regulations issued by the Bureau of Internal Revenue and Department of Finance, and judicial decisions from the Court of Tax Appeals and Supreme Court. It notes that tax laws are generally interpreted in favor of taxpayers except in specific cases favoring the government.
This document provides an overview of taxation including:
1) It defines taxation as the act of a taxing authority levying taxes and notes that taxation has existed in various forms throughout history, including in ancient India and other parts of the world.
2) It describes the modern definition of a tax as a financial charge imposed by a government and outlines the main types of direct and indirect taxes.
3) It provides examples of different taxes like income tax, corporate tax, customs duty, excise duty, sales tax, service tax, and VAT and summarizes how they work.
This document discusses different forms of escaping taxation and exemption from taxation. It covers shifting the tax burden, capitalization, transformation, avoidance, exemption, and evasion. Shifting involves transferring the tax burden legally to another party like consumers. Capitalization is reducing the price of taxed goods based on future taxes. Transformation is improving production to offset tax costs. Avoidance uses legal methods to minimize taxes, while evasion uses illegal means. Exemption grants immunity from taxes to certain groups. Evasion involves fraudulent attempts to lessen taxes owed.
The document discusses the basic tax formula used to calculate individual tax liability in the Philippines. It includes the following key points:
1. Gross income is reduced by deductions for adjusted gross income to arrive at adjusted gross income. Adjusted gross income is then reduced by itemized deductions or the standard deduction and personal exemptions to get taxable income.
2. Taxable income is multiplied by the applicable tax rate to determine tax liability. Tax liability is then reduced by tax credits and prepayments to determine the net tax due or refund.
3. Key components of the tax formula include definitions of gross income, deductions for adjusted gross income, adjusted gross income, itemized vs standard deductions, personal exemptions, tax
- The document outlines general principles of income taxation in the Philippines, including that citizens are taxed on worldwide income while non-citizens are only taxed on domestic income.
- It provides income tax rates for individual citizens and resident aliens that range from 5% to 34% depending on taxable income amount. Married couples file separately.
- Certain types of passive income like interest, royalties, and dividends are subject to final taxes ranging from 6% to 20% instead of the regular income tax rates. Capital gains are also taxed differently depending on the asset type.
The document provides information about understanding corporate tax in India. It discusses key aspects like direct and indirect taxes, computation of taxable income, deductions and exemptions allowed, tax rates for individuals and companies, advance tax payment due dates and examples of corporate tax calculations for different scenarios involving profits, losses and deductions.
This document discusses the general principles of taxation according to a lecture on income taxation. It defines taxation as the means by which a government raises income to fund its necessary expenses. The primary purpose of taxation is to provide funds to promote citizens' welfare and finance government activities. Other purposes include strengthening industries, protecting local industries, and reducing inequality. The principles discuss the theory that government needs revenue and has the right to tax citizens in return for protection. A sound tax system should be fiscally adequate, impose equal burdens based on ability to pay, and be administratively feasible. The document also outlines constitutional and inherent limitations on taxation powers.
General principles-of-taxation.pptx-joni-2jonipaloma
This document defines and classifies various types of taxes. It begins by defining taxation as the process by which governments raise funds through compulsory payments. It then distinguishes between direct and indirect taxes. Direct taxes are borne by the person paying, while indirect taxes can be passed on to others. The document also defines proportional, progressive, and regressive taxes based on tax rates. It provides examples of different taxes classified by subject matter, who bears the burden, how amounts are determined, purpose, scope, and more. It concludes by distinguishing taxes from other terms like tolls, penalties, and debts.
Structure of taxation and classification of taxesshaik moin
Tax is a compulsory payment to the government and can be direct or indirect. Direct taxes have an immediate burden on the taxpayer, like income and wealth taxes. Indirect taxes are collected by intermediaries and included in the price, like sales tax. Governments in India levy various direct and indirect taxes. The central government levies income, wealth, customs, excise and service taxes. State governments levy professional, entertainment, VAT and state excise duties. Local governments levy property, water and sewerage taxes. Direct taxes are more equitable but also more complex and unpopular. Indirect taxes are more convenient but also more inflationary and expensive to collect.
This document covers principles of business taxation. It discusses major tax principles like equity and efficiency. It describes different types of taxes - direct, indirect, and how tax rates can be progressive, proportional or regressive. It also outlines tax bases, sources of tax rules, calculations for trading income and losses, capital gains tax, VAT, employee taxation, and issues around corporate residence, double taxation, tax avoidance and evasion.
Taxing powers, scope and limitations of nga and lgunormina
This document provides an outline for a presentation on public fiscal administration. It discusses the taxation powers, scope, and limitations of national government agencies and local government units. Specifically, it covers the major sources of funds for the national government, the different types of national taxes imposed by the Bureau of Internal Revenue, and the scope and limitations of the taxation powers of national government agencies.
The Belgian Parliament passed a law granting greater fiscal autonomy to Belgium's three Regions regarding individual income tax. This includes: 1) A new regional additional tax levied by each Region on resident taxpayers; 2) Shifting specific tax reductions from federal to regional authority; 3) Applying regional tax systems to some non-resident taxpayers earning most income in Belgium. The law enables components of Belgium's Sixth State Reform to take effect in 2014, regionalizing aspects of the personal income tax system and impacting taxpayers.
The document discusses the history and principles of taxation in various jurisdictions including Rome, England, the Philippines, and modern industrial nations. It describes how taxes have evolved from customs duties and inheritance taxes to include income taxes and value-added taxes. The key aspects covered include tax bases, tax rates, tax classification, principles of a sound tax system, and the distinctions between taxation, tolls, penalties, and special assessments.
This document provides an overview of taxation in India. It discusses the history of income tax, which was first introduced in India in 1860. It outlines the various tax authorities in India, including central and state governments and municipalities. It defines key terms related to taxation like income, assessment year, and previous year. It also provides examples of statements showing taxable income from sources like salary, house property, business/profession, and a summary statement of total taxable income. Finally, it briefly discusses value-added tax.
This document discusses various aspects of taxation systems including:
1. It outlines basic principles of tax systems such as fiscal adequacy, equality, and administrative feasibility.
2. It describes different classifications of taxes based on subject matter, who bears the burden, and how the amount is determined.
3. It provides examples of direct taxes like income tax and estate tax, as well as indirect taxes like sales tax and value added tax.
This document discusses intergovernmental fiscal relations and revenue assignment between different levels of government. It defines key terms like intergovernmental fiscal relations and fiscal decentralization. It outlines principles for assigning taxes between central and sub-national governments, including market efficiency effects, equity considerations, administrative feasibility, and matching revenues to expenditure needs. While certain taxes are better suited to different levels based on these principles, reconciling the differences is challenging to provide enough revenue for sub-national governments without distortions.
The document discusses key concepts related to taxation including:
- Tax-GDP ratio measures tax revenue as a percentage of GDP and reveals a country's potential taxation and financial position. A higher ratio is generally better.
- Tax effort refers to a government's ability and willingness to collect revenue from its tax capacity. Tax capacity is the maximum potential revenue based on economic/social factors.
- Tax incidence refers to who ultimately bears the economic burden of a tax, which may be passed forward or backward via price changes. The impact is who initially pays the tax.
This document distinguishes between direct and indirect taxes. Direct taxes include income tax, corporation tax, capital gains tax, and capital transfer tax, which are paid by individuals and businesses directly. Indirect taxes are levied on the consumption of goods and services, through taxes like customs duty, excise duty, stamp duty, and sales/consumption taxes that are paid by manufacturers and importers and passed on to consumers. Examples are provided of calculating income tax, capital gains tax, customs duties, and excise taxes to illustrate how these different types of direct and indirect taxes are applied.
The document discusses excise taxes, which are taxes imposed on goods produced within a country. It provides details about the different types of excise taxes in India, including basic excise duty, additional duty, and special duty. The document also discusses the history of excise taxes in various periods in the US, including the Revolutionary War, War of 1812, Civil War, and 20th century. It provides examples of other types of indirect taxes like taxes on fuel, tobacco, alcohol, VAT, tariffs, and fees. In the end, it mentions that the Indian government is considering hiking the general excise duty rate from 10% to 12%.
1. The Philippine taxation system taxes aliens on income from sources within the Philippines regardless of residency status.
2. The tax year is January 1st to December 31st. Income taxes for nonresident aliens range from 5-32% for those engaged in trade/business to 15-25% for those not engaged in trade/business or who are executives of special entities.
3. Fringe benefits provided to managerial/supervisory employees are subject to a 32% fringe benefits tax calculated on the monetary value of benefits. Expatriates working in the Philippines for a definite period are generally considered nonresidents engaged in trade/business.
This document discusses sources of revenue for local governments in the Philippines. It explains that the main sources of revenue are taxes collected locally, fees and licenses, shares of national taxes through the Internal Revenue Allotment (IRA), and occasional grants from the national government. The IRA was increased from 20% to 40% of total national tax collections under the new local government code, and the sharing among provinces, cities, municipalities, and barangays was modified. The document recommends adding revenue collection performance as a criterion for allocating the IRA to incentivize greater tax collection efforts at the local level.
The document discusses the design of the U.S. tax system. It describes how the federal government collects about two-thirds of taxes, mainly from individual income tax and payroll taxes. State and local governments collect the remaining taxes, primarily from sales and property taxes. The goals of the tax system are efficiency by minimizing costs, and equity by fairly distributing the tax burden according to ability to pay.
SlideShare now has a player specifically designed for infographics. Upload your infographics now and see them take off! Need advice on creating infographics? This presentation includes tips for producing stand-out infographics. Read more about the new SlideShare infographics player here: http://wp.me/p24NNG-2ay
This infographic was designed by Column Five: http://columnfivemedia.com/
No need to wonder how the best on SlideShare do it. The Masters of SlideShare provides storytelling, design, customization and promotion tips from 13 experts of the form. Learn what it takes to master this type of content marketing yourself.
This document discusses different forms of escaping taxation and exemption from taxation. It covers shifting the tax burden, capitalization, transformation, avoidance, exemption, and evasion. Shifting involves transferring the tax burden legally to another party like consumers. Capitalization is reducing the price of taxed goods based on future taxes. Transformation is improving production to offset tax costs. Avoidance uses legal methods to minimize taxes, while evasion uses illegal means. Exemption grants immunity from taxes to certain groups. Evasion involves fraudulent attempts to lessen taxes owed.
The document discusses the basic tax formula used to calculate individual tax liability in the Philippines. It includes the following key points:
1. Gross income is reduced by deductions for adjusted gross income to arrive at adjusted gross income. Adjusted gross income is then reduced by itemized deductions or the standard deduction and personal exemptions to get taxable income.
2. Taxable income is multiplied by the applicable tax rate to determine tax liability. Tax liability is then reduced by tax credits and prepayments to determine the net tax due or refund.
3. Key components of the tax formula include definitions of gross income, deductions for adjusted gross income, adjusted gross income, itemized vs standard deductions, personal exemptions, tax
- The document outlines general principles of income taxation in the Philippines, including that citizens are taxed on worldwide income while non-citizens are only taxed on domestic income.
- It provides income tax rates for individual citizens and resident aliens that range from 5% to 34% depending on taxable income amount. Married couples file separately.
- Certain types of passive income like interest, royalties, and dividends are subject to final taxes ranging from 6% to 20% instead of the regular income tax rates. Capital gains are also taxed differently depending on the asset type.
The document provides information about understanding corporate tax in India. It discusses key aspects like direct and indirect taxes, computation of taxable income, deductions and exemptions allowed, tax rates for individuals and companies, advance tax payment due dates and examples of corporate tax calculations for different scenarios involving profits, losses and deductions.
This document discusses the general principles of taxation according to a lecture on income taxation. It defines taxation as the means by which a government raises income to fund its necessary expenses. The primary purpose of taxation is to provide funds to promote citizens' welfare and finance government activities. Other purposes include strengthening industries, protecting local industries, and reducing inequality. The principles discuss the theory that government needs revenue and has the right to tax citizens in return for protection. A sound tax system should be fiscally adequate, impose equal burdens based on ability to pay, and be administratively feasible. The document also outlines constitutional and inherent limitations on taxation powers.
General principles-of-taxation.pptx-joni-2jonipaloma
This document defines and classifies various types of taxes. It begins by defining taxation as the process by which governments raise funds through compulsory payments. It then distinguishes between direct and indirect taxes. Direct taxes are borne by the person paying, while indirect taxes can be passed on to others. The document also defines proportional, progressive, and regressive taxes based on tax rates. It provides examples of different taxes classified by subject matter, who bears the burden, how amounts are determined, purpose, scope, and more. It concludes by distinguishing taxes from other terms like tolls, penalties, and debts.
Structure of taxation and classification of taxesshaik moin
Tax is a compulsory payment to the government and can be direct or indirect. Direct taxes have an immediate burden on the taxpayer, like income and wealth taxes. Indirect taxes are collected by intermediaries and included in the price, like sales tax. Governments in India levy various direct and indirect taxes. The central government levies income, wealth, customs, excise and service taxes. State governments levy professional, entertainment, VAT and state excise duties. Local governments levy property, water and sewerage taxes. Direct taxes are more equitable but also more complex and unpopular. Indirect taxes are more convenient but also more inflationary and expensive to collect.
This document covers principles of business taxation. It discusses major tax principles like equity and efficiency. It describes different types of taxes - direct, indirect, and how tax rates can be progressive, proportional or regressive. It also outlines tax bases, sources of tax rules, calculations for trading income and losses, capital gains tax, VAT, employee taxation, and issues around corporate residence, double taxation, tax avoidance and evasion.
Taxing powers, scope and limitations of nga and lgunormina
This document provides an outline for a presentation on public fiscal administration. It discusses the taxation powers, scope, and limitations of national government agencies and local government units. Specifically, it covers the major sources of funds for the national government, the different types of national taxes imposed by the Bureau of Internal Revenue, and the scope and limitations of the taxation powers of national government agencies.
The Belgian Parliament passed a law granting greater fiscal autonomy to Belgium's three Regions regarding individual income tax. This includes: 1) A new regional additional tax levied by each Region on resident taxpayers; 2) Shifting specific tax reductions from federal to regional authority; 3) Applying regional tax systems to some non-resident taxpayers earning most income in Belgium. The law enables components of Belgium's Sixth State Reform to take effect in 2014, regionalizing aspects of the personal income tax system and impacting taxpayers.
The document discusses the history and principles of taxation in various jurisdictions including Rome, England, the Philippines, and modern industrial nations. It describes how taxes have evolved from customs duties and inheritance taxes to include income taxes and value-added taxes. The key aspects covered include tax bases, tax rates, tax classification, principles of a sound tax system, and the distinctions between taxation, tolls, penalties, and special assessments.
This document provides an overview of taxation in India. It discusses the history of income tax, which was first introduced in India in 1860. It outlines the various tax authorities in India, including central and state governments and municipalities. It defines key terms related to taxation like income, assessment year, and previous year. It also provides examples of statements showing taxable income from sources like salary, house property, business/profession, and a summary statement of total taxable income. Finally, it briefly discusses value-added tax.
This document discusses various aspects of taxation systems including:
1. It outlines basic principles of tax systems such as fiscal adequacy, equality, and administrative feasibility.
2. It describes different classifications of taxes based on subject matter, who bears the burden, and how the amount is determined.
3. It provides examples of direct taxes like income tax and estate tax, as well as indirect taxes like sales tax and value added tax.
This document discusses intergovernmental fiscal relations and revenue assignment between different levels of government. It defines key terms like intergovernmental fiscal relations and fiscal decentralization. It outlines principles for assigning taxes between central and sub-national governments, including market efficiency effects, equity considerations, administrative feasibility, and matching revenues to expenditure needs. While certain taxes are better suited to different levels based on these principles, reconciling the differences is challenging to provide enough revenue for sub-national governments without distortions.
The document discusses key concepts related to taxation including:
- Tax-GDP ratio measures tax revenue as a percentage of GDP and reveals a country's potential taxation and financial position. A higher ratio is generally better.
- Tax effort refers to a government's ability and willingness to collect revenue from its tax capacity. Tax capacity is the maximum potential revenue based on economic/social factors.
- Tax incidence refers to who ultimately bears the economic burden of a tax, which may be passed forward or backward via price changes. The impact is who initially pays the tax.
This document distinguishes between direct and indirect taxes. Direct taxes include income tax, corporation tax, capital gains tax, and capital transfer tax, which are paid by individuals and businesses directly. Indirect taxes are levied on the consumption of goods and services, through taxes like customs duty, excise duty, stamp duty, and sales/consumption taxes that are paid by manufacturers and importers and passed on to consumers. Examples are provided of calculating income tax, capital gains tax, customs duties, and excise taxes to illustrate how these different types of direct and indirect taxes are applied.
The document discusses excise taxes, which are taxes imposed on goods produced within a country. It provides details about the different types of excise taxes in India, including basic excise duty, additional duty, and special duty. The document also discusses the history of excise taxes in various periods in the US, including the Revolutionary War, War of 1812, Civil War, and 20th century. It provides examples of other types of indirect taxes like taxes on fuel, tobacco, alcohol, VAT, tariffs, and fees. In the end, it mentions that the Indian government is considering hiking the general excise duty rate from 10% to 12%.
1. The Philippine taxation system taxes aliens on income from sources within the Philippines regardless of residency status.
2. The tax year is January 1st to December 31st. Income taxes for nonresident aliens range from 5-32% for those engaged in trade/business to 15-25% for those not engaged in trade/business or who are executives of special entities.
3. Fringe benefits provided to managerial/supervisory employees are subject to a 32% fringe benefits tax calculated on the monetary value of benefits. Expatriates working in the Philippines for a definite period are generally considered nonresidents engaged in trade/business.
This document discusses sources of revenue for local governments in the Philippines. It explains that the main sources of revenue are taxes collected locally, fees and licenses, shares of national taxes through the Internal Revenue Allotment (IRA), and occasional grants from the national government. The IRA was increased from 20% to 40% of total national tax collections under the new local government code, and the sharing among provinces, cities, municipalities, and barangays was modified. The document recommends adding revenue collection performance as a criterion for allocating the IRA to incentivize greater tax collection efforts at the local level.
The document discusses the design of the U.S. tax system. It describes how the federal government collects about two-thirds of taxes, mainly from individual income tax and payroll taxes. State and local governments collect the remaining taxes, primarily from sales and property taxes. The goals of the tax system are efficiency by minimizing costs, and equity by fairly distributing the tax burden according to ability to pay.
SlideShare now has a player specifically designed for infographics. Upload your infographics now and see them take off! Need advice on creating infographics? This presentation includes tips for producing stand-out infographics. Read more about the new SlideShare infographics player here: http://wp.me/p24NNG-2ay
This infographic was designed by Column Five: http://columnfivemedia.com/
No need to wonder how the best on SlideShare do it. The Masters of SlideShare provides storytelling, design, customization and promotion tips from 13 experts of the form. Learn what it takes to master this type of content marketing yourself.
This document provides tips to avoid common mistakes in PowerPoint presentation design. It identifies the top 5 mistakes as including putting too much information on slides, not using enough visuals, using poor quality or unreadable visuals, having messy slides with poor spacing and alignment, and not properly preparing and practicing the presentation. The document encourages presenters to use fewer words per slide, high quality images and charts, consistent formatting, and to spend significant time crafting an engaging narrative and rehearsing their presentation. It emphasizes that an attractive design is not as important as being an effective storyteller.
10 Ways to Win at SlideShare SEO & Presentation OptimizationOneupweb
Thank you, SlideShare, for teaching us that PowerPoint presentations don't have to be a total bore. But in order to tap SlideShare's 60 million global users, you must optimize. Here are 10 quick tips to make your next presentation highly engaging, shareable and well worth the effort.
For more content marketing tips: http://www.oneupweb.com/blog/
This document provides tips for getting more engagement from content published on SlideShare. It recommends beginning with a clear content marketing strategy that identifies target audiences. Content should be optimized for SlideShare by using compelling visuals, headlines, and calls to action. Analytics and search engine optimization techniques can help increase views and shares. SlideShare features like lead generation and access settings help maximize results.
Each month, join us as we highlight and discuss hot topics ranging from the future of higher education to wearable technology, best productivity hacks and secrets to hiring top talent. Upload your SlideShares, and share your expertise with the world!
Not sure what to share on SlideShare?
SlideShares that inform, inspire and educate attract the most views. Beyond that, ideas for what you can upload are limitless. We’ve selected a few popular examples to get your creative juices flowing.
How to Make Awesome SlideShares: Tips & TricksSlideShare
Turbocharge your online presence with SlideShare. We provide the best tips and tricks for succeeding on SlideShare. Get ideas for what to upload, tips for designing your deck and more.
SlideShare is a global platform for sharing presentations, infographics, videos and documents. It has over 18 million pieces of professional content uploaded by experts like Eric Schmidt and Guy Kawasaki. The document provides tips for setting up an account on SlideShare, uploading content, optimizing it for searchability, and sharing it on social media to build an audience and reputation as a subject matter expert.
Grant Thornton Hungary Tax News - November 2014 en (2)Alex Baulf
Tax Service News from Grant Thornton Hungary:
Grant Thornton Hungary would like to call your attention to the most important tax law changes. Most of the changes will enter into force by 1 January 2015. We indicate separately, if legislation enters into force at a different date.
The information provided herein is of general nature and is based on facts subject to change. Such information may not be regarded and therefore in no way interpreted as accountancy, legal or taxation advice provided to the reader by Grant Thornton Hungary. These materials are not aimed at complying with particular scenarios and to be suitable for application in certain situations, therefore the consideration of certain taxation law and other factors not
discussed herein may be necessary. With regard to this – should you resolve upon any action whatsoever based on the information provided herein – it is recommended to establish contact with Grant Thornton Hungary or other taxation specialists. Amendments of the taxation laws and other factors may influence the contents communicated herein – in certain cases even with retroactive effect. Grant Thornton Hungary assumes no responsibility of informing the readers of these changes.
The document summarizes recent updates to Italian tax law, including:
1. A reduction of the IRES corporate tax rate from 27.5% to 24% beginning in 2017.
2. Introduction of a new tax credit for investments in machinery and equipment located in southern Italian regions.
3. Expansion of the tax relief for transfers of assets from companies to shareholders.
4. Updates to the IRPEF personal income tax rates and brackets.
vat implementing regulations for public consultationSwamy Nlnj
The Saudi Arabian Tax Authority has released draft VAT implementing regulations for public consultation, with VAT to be implemented on January 1, 2018. The standard VAT rate will be wide in scope with few exemptions. Key provisions in the draft regulations include registration requirements, VAT grouping rules, taxable financial services, exemptions for residential leasing and medical supplies, rules for government entities, and documentation requirements for invoices, returns, and record keeping. Businesses should assess the VAT impact and prepare compliance plans across key areas like finance, supply chain, and IT systems.
The document provides a summary of tax and superannuation measures announced in the 2016/17 Australian Federal Budget. Key points include:
- A 40% diverted profits tax will be introduced for multinational profits artificially diverted from Australia from July 2017. Transfer pricing and hybrid mismatch rules will also be strengthened.
- Tax concessions for small businesses will be increased through higher turnover thresholds and an expanded unincorporated business tax discount.
- The company tax rate will be cut to 25% over 10 years, and early stage investment incentives will be expanded.
- Personal income tax thresholds will increase and superannuation contribution caps will be reduced or introduced to restrict tax concessions for high balances.
- Tobacco
The document provides a summary of tax and superannuation measures announced in the 2016/17 Australian Federal Budget. Key points include:
- A 40% diverted profits tax will be introduced for multinational profits artificially diverted from Australia from July 2017. Transfer pricing and hybrid mismatch rules will also be strengthened.
- Tax concessions for small businesses will be increased through higher turnover thresholds and an expanded unincorporated business tax discount.
- The company tax rate will be cut to 25% over 10 years, and early stage investment incentives will be expanded.
- Personal income tax thresholds will increase and superannuation contribution caps will be reduced or introduced to restrict tax concessions for high balances.
- Tobacco
The new Direct Tax Code will replace India's 61-year old Income Tax Act and aims to simplify the tax system. It introduces easier income tax slabs of 10%, 20%, and 30% for different income levels. It expands the tax base to include various perquisites and benefits. Contributions to certain savings instruments up to Rs. 3 lacs will be allowed as a deduction. Capital gains will be taxed as ordinary income at applicable rates, with indexation to account for inflation. The Code also reforms taxation of capital markets, property income, and introduces taxes on non-profits and high net worth individuals.
The budget aims to boost investment in agriculture, social sectors, infrastructure and job creation. Total expenditure is budgeted at Rs. 19.7 lakh crores, with Rs. 10.5 lakh crores from tax receipts. Key tax proposals include increasing tax rebates for individuals earning under Rs. 5 lakhs, expanding presumptive taxation schemes for MSMEs and professionals, and providing tax exemptions for pension withdrawals and annuity funds. Measures also promote affordable housing, resource mobilization for rural development and clean environment, and reducing litigation through tax amnesty and settlement schemes.
Back to the future seminar 2017 | Family Business Accountants | WestcourtCraig Seddon
The document provides tips and strategies for individuals and businesses to minimize tax before the end of the financial year on June 30th, as well as changes coming into effect in future years. It discusses opportunities to make superannuation and other contributions, claims deductions for expenses, and manages capital gains and losses. It also outlines reforms increasing small business tax concessions and farm management deposit limits.
Changes in Polish corporate income tax 2020PwC Polska
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1. Germany: Tax exemptions for
business assets under the amen-
ded Inheritance and Gift Tax Act
March 2017
2. Seite 2
AGENDA
► The new rules on tax exemptions for business assets – Overview
► All you need to know – Highlights
► Summary and Outlook
The amended Inheritance and Gift Tax Act
3. Page 3
The new rules on tax exemptions for
business assets – Overview
Sum of salaries requirement
► Applies to companies with more than 5
employees
► Different brackets for minimum sum of salaries
(> 5 to ≤ 10, > 10 to ≤ 15, > 15 employees)
Sum of salaries term/holding requirement
► 5 years in case of regular relief (85%)
► 7 years in case of optional relief (100%)
Non-operating assets
► Several amendments (definition of non-
operating assets, items serving private
lifestyle)
► Reinvestment clause (in the case of an
acquisition by way of death)
► non-harmful non-operating assets = 10% of
operating assets
► consolidated financial statement for the
determination of non-operating assets
► Non-operating assets fully subject to taxation
Types of tax exemption
► Acquisition of privileged assets up to mEUR 26:
regular relief (85%) or optional relief (100%)
► Acquisition of privileged assets within the range
of more than mEUR 26 and mEUR 90 („large
acquisitions“): reduction of regular or optional
relief by one percentage point for each full kEUR
750 exceeding mEUR 26 (upon irrevocable
request)
► Acquisition of privileged assets > mEUR 26:
assessment of need for tax relief: 50% of
„available non-privileged assets“ to be used for
tax payment
Other matters
► Amendments of the Tax Valuation Act:
retroactive reduction of capitalization factor
from 17.86 to 13.75 as of January 1, 2016
► Retroactive application of the amended
Inheritance and Gift Tax Act as of July 1, 2016
The amended Inheritance and Gift Tax Act
4. Page 4
Significant deterioration for large donations or
inheritances
Tax-privileged
assets
received by
donation or
inheritance
Assets with value
≤ mEUR 26
Assets with value
> mEUR 26
≤ mEUR 90
Assets with value
> mEUR 90
Types of tax
exemption
Regular relief:
85% exemption
Optional relief:
100% exemption
(upon irrevocable
request)
Option 1:
Reduction of regular /
optional relief by one
percentage point for each
full kEUR 750 exceeding
mEUR 26
(upon irrevocable request)
Option 2:
Assessment of need for
tax relief
(upon request)
Assessment of need for
tax relief
(upon request)
Otherwise no tax
exemption granted
Several transfers by donation or inheritance of tax-privileged assets between the same
persons within a ten years rolling period are added together
The amended Inheritance and Gift Tax Act
5. Page 5
Assessment of need for tax relief
Available assets = 50% of the FMV of the
assets transferred with the inheritance or
gift which are not privileged as well as non
privileged assets already belonging to the
acquirer
The acquirer is not able to pay the tax from
his available assets
Tax that exceeds his
available assets will be
remitted upon request
► If the assessment of need for tax relief is
requested, it cannot be combined with other
tax reliefs
► Inheritance tax will be remitted according to
the following requirements:
► Seven years sum of salaries
requirement and holding regulations
have to be fulfilled
► No further gratuitous acquisition of
available assets inter vivos or by way of
death within ten years (otherwise:
revocation of tax remittance, new
request is possible)
► Furthermore, the tax payment can be
deferred up to 6 months. During this period
can acquirer can sell private or non-
operating assets to obtain liquidity
The amended Inheritance and Gift Tax Act
6. Page 6
Discount on value for assets of family
businesses
Discount on value of up to 30 % for family businesses if the following requirements are
put down in the relevant partnership or shareholders agreement:
Limitation of distributions or
withdrawals:
Maximum of 37.5 percent of the taxable
profit after deduction of the taxes on
income falling to the relevant share in
profits; withdrawals for the payment of
taxes on income can be made additionally
Limitation of disposition of
partnership interest or shares:
Disposition limited to other partners /
shareholders, family members or a
foundation set up in the interest of a
family
Limitation of compensation:
► In the case of the withdrawal of a
partner / shareholder, the
compensation must be lower than the
FMV of the interest in the partnership
or share in the corporation
► The discount on value is proportional
to the limitation of the compensation,
limited to 30%
Other aspects:
► It has to be verified by the taxpayer
that these requirements are actually
met
► The requirements have to be met
within the two years before and
twenty years after the acquisition
The amended Inheritance and Gift Tax Act
7. Page 7
Reinvestment clause
► In the case of an acquisition by way of succession, a so-called ‘reinvestment
clause’ is granted for non-operating assets
► This means that non-operating assets retroactively become tax privileged
assets if they are reinvested within the inherited business into assets which
would have been tax privileged
► Overview
► Applies only to acquisitions by way of succession
► Investment of non-operating assets in tax privileged assets
► Preconceived plan of the deceased required (unclear how this can apply in the case of a
company)
► Reinvestment within two years after deceased‘s death
► Consequence: Retroactive conversion of non-operating assets into tax
privileged assets
The amended Inheritance and Gift Tax Act
8. Page 8
Valuation of companies
► Amendment of the simplified capitalized earnings valuation according to the
Tax Valuation Act
► The capitalization rate to be applied on the average net operating income of
the three last fiscal years is no more linked to the interest rates of long-term
public bonds, but is set to 13.75 (previously 17.86), and will in the future be
adjusted by the Federal Ministry of Finance with the consent of the Upper
House of Parliament
► Example:
► Average net operating income mEUR 2 × 17.86 = company value of mEUR 35,72
► Average net operating income mEUR 2 × 13.75 = company value of mEUR 27,5
► This amendment applies retroactively as of January 1, 2016, which can also
have adverse effects for the tax exemption of business property under the
rules applicable until 30 June 2016
The amended Inheritance and Gift Tax Act
9. Page 9
Retroactive Application of the amended
Inheritance and Gift Tax Act
► Prevailing view in professional literature: The retroactive application of the
amended Inheritance and Gift Tax Act as of July 1, 2016 is unconstitutional.
Therefore, no Inheritance and Gift Tax applies between July 1, 2016 and
November 4, 2016
► The former Inheritance and Gift Tax Act remained in force and was applicable
until November 4, 2016, again on the basis of the argument that the
retroactive application of the amended Inheritance and Gift Tax Act as of July
1, 2016 is unconstitutional
► According to the wording of the law: The amended Inheritance and Gift Tax
Act is to be applied retroactively as of July 1, 2016
The amended Inheritance and Gift Tax Act
10. Page 10
Summary and Outlook (1)
► The amended Inheritance and Gift Tax Act provides legal certainty, though it is very
likely that the Federal Constitutional Court will declare the amended act unconstitutional
at a later stage.
► The retroactive application of the act between July 1 and November 4, 2016 might be
unconstitutional, too.
► The transfer of private assets influences the tax burden of tax privileged business
assets if the assessment of need for tax relief applies
► Tax privileged and non tax privileged assets should be legally segregated and
transferred separately:
► 100% optional relief only applies if non-operating assets do not exceed 20% of the total assets
► Non tax privileged assets exceeding 10% of the tax privileged assets are fully subject to tax
► The transfer of non privileged assets/private assets correlates negatively to the assessment of
need for tax relief
Legal certainty as a result of the amended Inheritance and Gift Tax Act
Long-term tax planning inevitable for large business acquisitions (1)
The amended Inheritance and Gift Tax Act
11. Page 11
Summary and Outlook (2)
► For large gifts or inheritances > mEUR 26 the respective tax consequences should be
examined at an early stage.
► Regarding the first gift from parent to child, a transfer of tax privileged assets should be
taken into consideration to benefit from the assessment of need for tax relief
► The discount on value for family businesses of up to 30% is applicable only in
exceptional cases due to its strict requirements.
► Upfront gifts to minors/young adults require new considerations regarding asset
structuring and intra-family rules („family governance“)
Long-term tax planning inevitable for large business acquisitions (2)
The amended Inheritance and Gift Tax Act
12. Page 12
Summary and Outlook (3)
Long-term tax planning also inevitable for private assets
► Since private assets cannot be transferred tax privileged anymore, long-term tax planning is
required
► Due to the fact that the transfer of private assets directly affects the tax burden for large gifts or
inheritances of tax privileged assets, a clear tax strategy over a long period of time is essential
► Granting an usufruct (lifelong use) will play an important role to reduce the value of available assets
that are relevant for the assessment of need for tax relief, especially in the field of real estate.
► Family foundations will become a more relevant planning tool to minimize the Inheritance and Gift
Tax burden
► Alternative privileged assets like agricultural and forestry land should be considered for tax planning
purposes
► Income tax consequences have to be taken into account during all stages of succession planning
Joint and long-term (tax and civil law) planning is essential in succession planning
for family businesses
►
The amended Inheritance and Gift Tax Act
14. Page 14
Notes to this presentation
By nature, the information made available within the context of this presentation can neither be
exhaustive nor tailored to the circumstances of an individual case. This information does not constitute
advice, any other form of legally binding information or a legally binding proposal on our part.
This presentation is based on the law as of the date of this presentation and reflects our interpretation of
the applicable laws and regulations and the corresponding court rulings.
In the course of time, laws, their interpretation and court rulings may change. Such changes may
necessitate a revision of this presentation.
Please note that we are not obliged to review and revise this presentation in the event of changes in the
underlying facts, assumptions, laws or court rulings, unless we are engaged to do so.
We make no warranty, guarantee or representation as to the accuracy or completeness of the content of
this presentation. To the extent legally permissible, we do not assume any liability for any action or
omission that you have based solely on information provided herein. This also applies should the
information prove to be imprecise or inaccurate.
The amended Inheritance and Gift Tax Act
15. Page 15
Your contact at EY
The amended Inheritance and Gift Tax Act
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Mergenthalerallee 3-5
65760 Eschborn/Frankfurt
Germany
Tel. +49 6196 996 24486
Mobil +49 160 939 24486
Fax +49 181 3943 24486
Email joergchristian.klette@de.ey.com
Jörgchristian Klette
Executive Director
Private Client Services Tax