This document provides an overview of tax systems in Central and Eastern European countries. It begins with a foreword discussing how countries in the region have pursued different tax policies in response to the economic crisis, moving towards more complicated systems. It then provides multi-paragraph summaries of corporate tax rates and structures, VAT and other indirect taxes, and personal income tax rates in 15 countries - Austria, Bosnia and Herzegovina, Croatia, Czech Republic, FYROM, Greece, Hungary, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, and Ukraine. Contact information is provided for Mazars tax experts in each country.
Tobacco products, in particular cigarettes, are a traditional contraband article. The reason is plain to see: a great part of the price of the end product is
accounted for excises and taxes. Therefore, depending on the tax policy of different countries, the price of a pack of cigarettes of the same brand may differ
several-fold. It is quite natural that both residents of border territories, who pass
small batches of cigarettes for sale, and representatives of criminal networks
are trying to make money from this.
A large tax component in the price and relatively low cost incentivize another
type of illegal activity – the manufacturing of counterfeit products and/or the
use of tax evasion schemes in the manufacturing of tobacco products.
On the other hand, from the point of view of the state, tobacco taxes are one of
the main sources of replenishment of the treasury. For example, the budget of
Ukraine for 2020 assumed 57 billion UAH of excise tax revenues from tobacco
products produced in the country and another 1.45 billion – from imported ones.
This is 5.9% of the budget revenue or 11% of the total expected tax revenue for
the current year 1
. Besides the abovementioned amounts, we should also add
the factor of attracting foreign currency to the country – the revenues from the
export of tobacco products from Ukraine in 2019 amounted to $497.1 million.
Poland is located in Central Europe and borders several countries. Its capital is Warsaw and its official language is Polish. There are various taxes in Poland's taxation system, including corporate income tax of 19%, personal income tax with rates from 18-32%, VAT with standard and reduced rates, transaction tax on certain civil law transactions, and real estate tax. Foreign investors can acquire Polish real estate by asset deal or share deal and must follow various rules depending on their country of origin.
As with previous years, our tax experts have prepared a comprehensive yet brief overview of taxation in Hungary.
Our material shall provide you with the necessary information about Hungarian business environment and its statutory framework, therefore we encourage you to pay close attention.
The document discusses the need for a new tax code in Armenia to improve the business environment and lower tax compliance costs. It notes that tax collections have increased in recent years but remain below peer countries due to a lack of a unified tax code. The proposed new tax code aims to broaden tax bases, lower rates, simplify the system, and increase revenues while promoting growth. A draft is under public consultation and the government aims to pass a new tax code by 2017.
This document presents a summary of a study assessing Zimbabwe's value added tax (VAT) system. The study aimed to establish how widening the tax base by restructuring zero-rated and exempt supplies could increase revenue collections. Preliminary findings showed that major zero-rated industries included mining, manufacturing, agriculture, and transportation. Simulations of standard rating sugar production and exempting both domestic and exported gold supplies reduced refunds and increased potential revenue. The conclusion recommends fine-tuning Zimbabwe's VAT system through continuous review and repositioning tax rates along supply chains.
Finland has a progressive tax system where income taxes, capital gains taxes, VAT, and other taxes are paid to the national government and municipalities. Direct taxes include income tax which is progressive up to 31.75% for incomes over €90,000. Indirect taxes include a 24% VAT on most goods and services and lower rates on some items. Municipalities also levy taxes and set their own rates between 16.5-22.5% for community charges paid by residents. Tax exemptions exist for some income like berries/mushrooms and social benefits.
Session 7 a 20140829 rotterdam bruckmeierIARIW 2014
This paper analyzes tax evasion in Italy by:
1. Estimating the total tax gap in Italy using a methodology that integrates top-down and bottom-up approaches.
2. Disaggregating the total tax gap into its components for different taxes and types of taxpayers.
3. Analyzing the effects of tax evasion on primary income distribution and finding it has a negative effect on income inequality.
This document provides an overview of tax systems in Central and Eastern European countries. It begins with a foreword discussing how countries in the region have pursued different tax policies in response to the economic crisis, moving towards more complicated systems. It then provides multi-paragraph summaries of corporate tax rates and structures, VAT and other indirect taxes, and personal income tax rates in 15 countries - Austria, Bosnia and Herzegovina, Croatia, Czech Republic, FYROM, Greece, Hungary, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, and Ukraine. Contact information is provided for Mazars tax experts in each country.
Tobacco products, in particular cigarettes, are a traditional contraband article. The reason is plain to see: a great part of the price of the end product is
accounted for excises and taxes. Therefore, depending on the tax policy of different countries, the price of a pack of cigarettes of the same brand may differ
several-fold. It is quite natural that both residents of border territories, who pass
small batches of cigarettes for sale, and representatives of criminal networks
are trying to make money from this.
A large tax component in the price and relatively low cost incentivize another
type of illegal activity – the manufacturing of counterfeit products and/or the
use of tax evasion schemes in the manufacturing of tobacco products.
On the other hand, from the point of view of the state, tobacco taxes are one of
the main sources of replenishment of the treasury. For example, the budget of
Ukraine for 2020 assumed 57 billion UAH of excise tax revenues from tobacco
products produced in the country and another 1.45 billion – from imported ones.
This is 5.9% of the budget revenue or 11% of the total expected tax revenue for
the current year 1
. Besides the abovementioned amounts, we should also add
the factor of attracting foreign currency to the country – the revenues from the
export of tobacco products from Ukraine in 2019 amounted to $497.1 million.
Poland is located in Central Europe and borders several countries. Its capital is Warsaw and its official language is Polish. There are various taxes in Poland's taxation system, including corporate income tax of 19%, personal income tax with rates from 18-32%, VAT with standard and reduced rates, transaction tax on certain civil law transactions, and real estate tax. Foreign investors can acquire Polish real estate by asset deal or share deal and must follow various rules depending on their country of origin.
As with previous years, our tax experts have prepared a comprehensive yet brief overview of taxation in Hungary.
Our material shall provide you with the necessary information about Hungarian business environment and its statutory framework, therefore we encourage you to pay close attention.
The document discusses the need for a new tax code in Armenia to improve the business environment and lower tax compliance costs. It notes that tax collections have increased in recent years but remain below peer countries due to a lack of a unified tax code. The proposed new tax code aims to broaden tax bases, lower rates, simplify the system, and increase revenues while promoting growth. A draft is under public consultation and the government aims to pass a new tax code by 2017.
This document presents a summary of a study assessing Zimbabwe's value added tax (VAT) system. The study aimed to establish how widening the tax base by restructuring zero-rated and exempt supplies could increase revenue collections. Preliminary findings showed that major zero-rated industries included mining, manufacturing, agriculture, and transportation. Simulations of standard rating sugar production and exempting both domestic and exported gold supplies reduced refunds and increased potential revenue. The conclusion recommends fine-tuning Zimbabwe's VAT system through continuous review and repositioning tax rates along supply chains.
Finland has a progressive tax system where income taxes, capital gains taxes, VAT, and other taxes are paid to the national government and municipalities. Direct taxes include income tax which is progressive up to 31.75% for incomes over €90,000. Indirect taxes include a 24% VAT on most goods and services and lower rates on some items. Municipalities also levy taxes and set their own rates between 16.5-22.5% for community charges paid by residents. Tax exemptions exist for some income like berries/mushrooms and social benefits.
Session 7 a 20140829 rotterdam bruckmeierIARIW 2014
This paper analyzes tax evasion in Italy by:
1. Estimating the total tax gap in Italy using a methodology that integrates top-down and bottom-up approaches.
2. Disaggregating the total tax gap into its components for different taxes and types of taxpayers.
3. Analyzing the effects of tax evasion on primary income distribution and finding it has a negative effect on income inequality.
The new Tax reform in Latvia will come into force from January 1, 2018 and will impact both - individual and corporate tax payers in Latvia. The social tax rate will increase by 1%. Maximum turnover for all micro-enterprises is decreased to EUR 40,000.
The new Accountancy Act (AA) in Bulgaria introduces several changes effective January 1, 2016, including categorizing entities based on size, redefining public interest entities, allowing more entities to prepare financial statements using National Accounting Standards, and requiring new annual reports. It also increases financial statement publication and audit requirements, clarifies management responsibilities, and imposes higher penalties for noncompliance.
OECD, 2nd Task Force Meeting on Charting Illicit Trade - Kristiina KangaspuntaOECD Governance
This document discusses trafficking in persons. It defines trafficking as having three elements and is categorized by form of exploitation, victim profile, and type of country. The largest forms of exploitation are sexual exploitation (58%) and forced labor (36%). Victims detected globally are mostly women (59%) and children (27% girls, 10% boys). Trafficking occurs domestically within countries (27%), regionally within subregions (45%), and trans-regionally across regions (24%). Countries can be origin, transit, or destination countries. Trafficking has negative individual, political, rule of law, human/national security, and economic impacts. However, the global financial scale is difficult to estimate due to the hidden nature of
The document analyzes the impact of an Economic Partnership Agreement between the EU and Togo on Togo's customs revenues and the challenges of transitioning the tax system. It finds that tariff dismantling under the EPA will reduce Togo's customs duties from the EU by 55% by year 20, resulting in a 16% overall decrease in customs revenues. It also outlines Togo's fiscal transition program and actions needed to address expanding the tax base, promoting compliance, controlling exemptions, and fighting corruption to compensate for declining border revenues.
Spain is considered one of five major criminal hubs in Europe due to its role in drug and human trafficking into the continent. Organized crime in Spain involves drug smuggling, robberies, and corruption. Corruption exists within law enforcement, customs, politics, the judiciary, and the private sector. While Spain has anti-organized crime units, organized criminal groups still operate through activities like interfering with law enforcement, influencing societies and economies, and avoiding attention from authorities. Corruption remains an issue that facilitates organized criminal activities in the country.
Prévisions économiques du printemps 2019 pour le LuxembourgPaperjam_redaction
Luxembourg's GDP is forecast to grow at a steady pace over 2019 and 2020, driven mainly by domestic demand supported by strong labor market conditions. Inflation is set to remain under 2.0% as moderating oil prices offset wage growth and tax measures. The headline budget surplus is forecast to decline from recent high levels as revenue growth slows and expenditures rise, falling to 1.4% of GDP in 2019 and 1.1% in 2020.
The document discusses Ukraine's systems of taxation, including the general system and simplified system. The general system includes income tax for individuals (15-17% of income) and legal entities (16-18% of profits), VAT (17%), and a single social contribution for individuals (34.7% of profits) and legal entities (36.76-49.7% of payroll). The simplified system includes four groups of single tax payers taxed at different rates depending on factors like income, employees, and activities. In conclusion, Ukraine's tax system has drawbacks like its fiscal direction lacking regulatory functions and a complicated VAT return process contributing to shadow economic activity.
The document provides an overview of tax regimes in GCC countries and factors affecting business entities. It summarizes that GCC countries traditionally offered tax benefits to encourage foreign investment. No customs duties are levied between GCC states, but there is a 5% tariff on most imports from outside. Business is usually conducted through limited liability companies, although foreign ownership restrictions apply in some countries. Tax rates vary across GCC states and some like Bahrain do not tax most companies, while others tax oil and gas entities higher. Withholding taxes on dividends, interest and royalties range from 0-15% depending on the country. Social security contributions are required from both employers and employees in all GCC states. Many GCC countries have extensive double taxation treat
The International Tax Competitiveness Index (ITCI) seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality.
A competitive tax code is one that keeps marginal tax rates low. In today’s globalized world, capital is highly mobile. Businesses can choose to invest in any number of countries throughout the world to find the highest rate of return. This means that businesses will look for countries with lower tax rates on investment to maximize their after-tax rate of return. If a country’s tax rate is too high, it will drive investment elsewhere, leading to slower economic growth. In addition, high marginal tax rates can lead to tax avoidance.
To measure whether a country’s tax system is neutral and competitive, the ITCI looks at more than 40 tax policy variables. These variables measure not only the level of taxes, but also how taxes are structured. The Index looks at a country’s corporate taxes, individual income taxes, consumption taxes, property taxes, and the treatment of profits earned overseas. The ITCI gives a comprehensive overview of how developed countries’ tax codes compare, explains why certain tax codes stand out as good or bad models for reform, and provides important insight into how to think about tax policy.
The document summarizes various Latvian tax law changes and rates that took effect in 2011, including increases to the corporate income tax (CIT) investment allowance, the personal income tax (PIT) rate and tax-free threshold, social security contribution rates, real estate tax rates, excise tax rates on certain goods, and the introduction of a new bank levy. It also discusses new rules regarding VAT refunds, customs duties, and the passenger car tax.
The document provides an overview of taxation and business laws in Romania. It discusses the various legal forms of business in Romania including limited liability companies and joint stock companies. It also summarizes social security contributions and labor laws regarding employees. Additionally, it outlines the corporate income tax system including the standard 16% rate and deductions for research and development expenses or reinvested profits. The document also discusses withholding taxes on dividends, interest, and royalties paid to non-resident companies.
This document provides an overview of Poland's transfer pricing regulations. It outlines the applicable legislation, transactions subject to documentation, scope of documentation requirements, thresholds, methods, deadlines, country-by-country reporting, advance pricing agreements, and penalties. Key points include a three-tier documentation structure, documentation thresholds based on revenue, acceptable transfer pricing methods in line with OECD guidelines, extended deadlines for 2017-2018 documentation, and penalties for noncompliance.
This document provides an overview and analysis of tax systems across the European Union and European Free Trade Association (EU & EFTA) region based on data from 189 economies worldwide. Some key findings from the EU & EFTA section include:
- The average total tax rate in the region was 41.1% in 2012, which has decreased slightly over the past 9 years. Labor taxes make up the largest portion at around 65% of the total tax rate.
- The time to comply with taxes in the region has decreased significantly over 9 years, though the rate of decline has slowed recently. Labor taxes require the most time at around 48% of the total in 2012.
- The number of tax payments
The summary provides an overview of the main taxes in Colombia that should be considered for business models, including national taxes like income tax, VAT, national excise tax, and regional taxes. Income tax rates range from 20% to 31%. VAT is generally charged at 19% but some goods and services are exempt. Various other taxes apply to activities like financial transactions, gasoline, vehicles, cigarettes, and alcohol. The document provides brief descriptions of how these different taxes work.
The structure of a country’s tax code is an important determinant of its economic performance. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities. In contrast, poorly structured tax systems can be costly, distort economic decision-making, and harm domestic economies.
Many countries have recognized this and have reformed their tax codes. Over the past few decades, marginal tax rates on corporate and individual income have declined significantly across the Organisation for Economic Co-operation and Development (OECD). Now, most nations raise a significant amount of revenue from broad-based taxes such as payroll taxes and value-added taxes (VAT).
The International Tax Competitiveness Index (ITCI) seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality.
This document summarizes the key tax policies of various UK political parties ahead of the 2015 general election. It outlines each party's stances on personal and business taxes, including income tax rates, corporation tax rates, capital gains tax rates, inheritance tax, and proposed new taxes such as a mansion tax or wealth tax. The Conservative, Liberal Democrat, Labour, UKIP, Green, and SNP parties' tax plans are compared.
As a general rule, natural persons in Poland are subject to personal income tax
calculated in accordance with a progressive tax scale with income thresholds of
18% and 32%.
10 facts about taxation in Romania | Infographic Accace
Targeting both current business owners but also future entrepreneurs, our “10 facts about taxation in Romania” is an essential overview of local taxation aspects - find out more bellow!
The main requirements and steps for VAT registration for Romanian businesses and foreign companies doing business in the country. Find out more: https://www.romania-company.com/registration-for-vat-purposes.php
Sherman Nigretti - Finland - corporate and tax highlights 2016Gianmauro Nigretti
Finland has a population of 5.4 million people with a capital of Helsinki. There are several forms of business organizations including general partnerships, limited partnerships, limited companies, cooperatives, and private entrepreneurs. Accounting is compulsory for all businesses and follows good practice standards. Auditing requirements depend on the size of the business. Taxes include 20% corporate tax for limited companies and cooperatives and progressive income tax for individuals. VAT applies at standard 24%, reduced 14%, and reduced 10% rates on various goods and services.
The new Tax reform in Latvia will come into force from January 1, 2018 and will impact both - individual and corporate tax payers in Latvia. The social tax rate will increase by 1%. Maximum turnover for all micro-enterprises is decreased to EUR 40,000.
The new Accountancy Act (AA) in Bulgaria introduces several changes effective January 1, 2016, including categorizing entities based on size, redefining public interest entities, allowing more entities to prepare financial statements using National Accounting Standards, and requiring new annual reports. It also increases financial statement publication and audit requirements, clarifies management responsibilities, and imposes higher penalties for noncompliance.
OECD, 2nd Task Force Meeting on Charting Illicit Trade - Kristiina KangaspuntaOECD Governance
This document discusses trafficking in persons. It defines trafficking as having three elements and is categorized by form of exploitation, victim profile, and type of country. The largest forms of exploitation are sexual exploitation (58%) and forced labor (36%). Victims detected globally are mostly women (59%) and children (27% girls, 10% boys). Trafficking occurs domestically within countries (27%), regionally within subregions (45%), and trans-regionally across regions (24%). Countries can be origin, transit, or destination countries. Trafficking has negative individual, political, rule of law, human/national security, and economic impacts. However, the global financial scale is difficult to estimate due to the hidden nature of
The document analyzes the impact of an Economic Partnership Agreement between the EU and Togo on Togo's customs revenues and the challenges of transitioning the tax system. It finds that tariff dismantling under the EPA will reduce Togo's customs duties from the EU by 55% by year 20, resulting in a 16% overall decrease in customs revenues. It also outlines Togo's fiscal transition program and actions needed to address expanding the tax base, promoting compliance, controlling exemptions, and fighting corruption to compensate for declining border revenues.
Spain is considered one of five major criminal hubs in Europe due to its role in drug and human trafficking into the continent. Organized crime in Spain involves drug smuggling, robberies, and corruption. Corruption exists within law enforcement, customs, politics, the judiciary, and the private sector. While Spain has anti-organized crime units, organized criminal groups still operate through activities like interfering with law enforcement, influencing societies and economies, and avoiding attention from authorities. Corruption remains an issue that facilitates organized criminal activities in the country.
Prévisions économiques du printemps 2019 pour le LuxembourgPaperjam_redaction
Luxembourg's GDP is forecast to grow at a steady pace over 2019 and 2020, driven mainly by domestic demand supported by strong labor market conditions. Inflation is set to remain under 2.0% as moderating oil prices offset wage growth and tax measures. The headline budget surplus is forecast to decline from recent high levels as revenue growth slows and expenditures rise, falling to 1.4% of GDP in 2019 and 1.1% in 2020.
The document discusses Ukraine's systems of taxation, including the general system and simplified system. The general system includes income tax for individuals (15-17% of income) and legal entities (16-18% of profits), VAT (17%), and a single social contribution for individuals (34.7% of profits) and legal entities (36.76-49.7% of payroll). The simplified system includes four groups of single tax payers taxed at different rates depending on factors like income, employees, and activities. In conclusion, Ukraine's tax system has drawbacks like its fiscal direction lacking regulatory functions and a complicated VAT return process contributing to shadow economic activity.
The document provides an overview of tax regimes in GCC countries and factors affecting business entities. It summarizes that GCC countries traditionally offered tax benefits to encourage foreign investment. No customs duties are levied between GCC states, but there is a 5% tariff on most imports from outside. Business is usually conducted through limited liability companies, although foreign ownership restrictions apply in some countries. Tax rates vary across GCC states and some like Bahrain do not tax most companies, while others tax oil and gas entities higher. Withholding taxes on dividends, interest and royalties range from 0-15% depending on the country. Social security contributions are required from both employers and employees in all GCC states. Many GCC countries have extensive double taxation treat
The International Tax Competitiveness Index (ITCI) seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality.
A competitive tax code is one that keeps marginal tax rates low. In today’s globalized world, capital is highly mobile. Businesses can choose to invest in any number of countries throughout the world to find the highest rate of return. This means that businesses will look for countries with lower tax rates on investment to maximize their after-tax rate of return. If a country’s tax rate is too high, it will drive investment elsewhere, leading to slower economic growth. In addition, high marginal tax rates can lead to tax avoidance.
To measure whether a country’s tax system is neutral and competitive, the ITCI looks at more than 40 tax policy variables. These variables measure not only the level of taxes, but also how taxes are structured. The Index looks at a country’s corporate taxes, individual income taxes, consumption taxes, property taxes, and the treatment of profits earned overseas. The ITCI gives a comprehensive overview of how developed countries’ tax codes compare, explains why certain tax codes stand out as good or bad models for reform, and provides important insight into how to think about tax policy.
The document summarizes various Latvian tax law changes and rates that took effect in 2011, including increases to the corporate income tax (CIT) investment allowance, the personal income tax (PIT) rate and tax-free threshold, social security contribution rates, real estate tax rates, excise tax rates on certain goods, and the introduction of a new bank levy. It also discusses new rules regarding VAT refunds, customs duties, and the passenger car tax.
The document provides an overview of taxation and business laws in Romania. It discusses the various legal forms of business in Romania including limited liability companies and joint stock companies. It also summarizes social security contributions and labor laws regarding employees. Additionally, it outlines the corporate income tax system including the standard 16% rate and deductions for research and development expenses or reinvested profits. The document also discusses withholding taxes on dividends, interest, and royalties paid to non-resident companies.
This document provides an overview of Poland's transfer pricing regulations. It outlines the applicable legislation, transactions subject to documentation, scope of documentation requirements, thresholds, methods, deadlines, country-by-country reporting, advance pricing agreements, and penalties. Key points include a three-tier documentation structure, documentation thresholds based on revenue, acceptable transfer pricing methods in line with OECD guidelines, extended deadlines for 2017-2018 documentation, and penalties for noncompliance.
This document provides an overview and analysis of tax systems across the European Union and European Free Trade Association (EU & EFTA) region based on data from 189 economies worldwide. Some key findings from the EU & EFTA section include:
- The average total tax rate in the region was 41.1% in 2012, which has decreased slightly over the past 9 years. Labor taxes make up the largest portion at around 65% of the total tax rate.
- The time to comply with taxes in the region has decreased significantly over 9 years, though the rate of decline has slowed recently. Labor taxes require the most time at around 48% of the total in 2012.
- The number of tax payments
The summary provides an overview of the main taxes in Colombia that should be considered for business models, including national taxes like income tax, VAT, national excise tax, and regional taxes. Income tax rates range from 20% to 31%. VAT is generally charged at 19% but some goods and services are exempt. Various other taxes apply to activities like financial transactions, gasoline, vehicles, cigarettes, and alcohol. The document provides brief descriptions of how these different taxes work.
The structure of a country’s tax code is an important determinant of its economic performance. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities. In contrast, poorly structured tax systems can be costly, distort economic decision-making, and harm domestic economies.
Many countries have recognized this and have reformed their tax codes. Over the past few decades, marginal tax rates on corporate and individual income have declined significantly across the Organisation for Economic Co-operation and Development (OECD). Now, most nations raise a significant amount of revenue from broad-based taxes such as payroll taxes and value-added taxes (VAT).
The International Tax Competitiveness Index (ITCI) seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality.
This document summarizes the key tax policies of various UK political parties ahead of the 2015 general election. It outlines each party's stances on personal and business taxes, including income tax rates, corporation tax rates, capital gains tax rates, inheritance tax, and proposed new taxes such as a mansion tax or wealth tax. The Conservative, Liberal Democrat, Labour, UKIP, Green, and SNP parties' tax plans are compared.
As a general rule, natural persons in Poland are subject to personal income tax
calculated in accordance with a progressive tax scale with income thresholds of
18% and 32%.
10 facts about taxation in Romania | Infographic Accace
Targeting both current business owners but also future entrepreneurs, our “10 facts about taxation in Romania” is an essential overview of local taxation aspects - find out more bellow!
The main requirements and steps for VAT registration for Romanian businesses and foreign companies doing business in the country. Find out more: https://www.romania-company.com/registration-for-vat-purposes.php
Sherman Nigretti - Finland - corporate and tax highlights 2016Gianmauro Nigretti
Finland has a population of 5.4 million people with a capital of Helsinki. There are several forms of business organizations including general partnerships, limited partnerships, limited companies, cooperatives, and private entrepreneurs. Accounting is compulsory for all businesses and follows good practice standards. Auditing requirements depend on the size of the business. Taxes include 20% corporate tax for limited companies and cooperatives and progressive income tax for individuals. VAT applies at standard 24%, reduced 14%, and reduced 10% rates on various goods and services.
Gianmauro Sherman Nigretti - Austria - corporate and tax highlightsGianmauro Nigretti
Austria has a population of 8.22 million with its capital in Vienna. It has a federal republic political system. Common forms of business organization include sole proprietorships, partnerships (general and limited), GmbH and Co KGs, civil law partnerships, corporations (GmbH and AG), and foundations/trusts. Accounting requires annual financial statements. Large companies and some others require statutory audits. Corporate income tax is 25% and individual income tax ranges from 0-50%. VAT is 20% with some reduced rates. Other taxes include capital transfer, real estate, insurance, and social security taxes.
Peru 2016 - Corporate and Tax Highlights by Gianmauro NigrettiGianmauro Nigretti
This document summarizes key information about doing business in Peru, including:
- Common forms of business organization are corporations and closed corporations. Corporations require a minimum of 25% of capital stock be paid and forbid contribution of services.
- Corporate income tax is currently 28% but will decrease to 26% by 2019. Resident companies pay tax on worldwide income.
- Individuals are taxed progressively up to 30% on income exceeding 45 times the annual tax unit. Domiciled individuals pay tax on global income while non-domiciled pay only on Peruvian source income.
- Peru has signed numerous double taxation treaties and is negotiating more. VAT of 18% applies to most goods
Spanish corporate income tax rates range from 15% to 30%, depending on the size and age of the company. Individual income tax rates range from 24.75% to 52%, depending on taxable income amounts. Spain also levies value added tax of 4%, 10%, or 21% on most goods and services. The document provides details on various Spanish taxes, including corporate income tax, personal income tax, value added tax, property taxes, environmental taxes, and incentives for businesses.
Nigretti Gianmauro: Jordan 2016 - Corporate and Tax HighlightsGianmauro Nigretti
This document provides information about forms of business organizations and taxation requirements in Jordan. It outlines 14 different types of business entities that can be formed, including general partnerships, limited partnerships, limited liability companies, and public shareholding companies. It also summarizes Jordan's corporate and individual income tax rates, VAT rate, and double taxation treaties.
In order to set up a company in Romania, you first need to choose the type of business form, to prepare the file and to submit the application at the Trade Register. Note that the most common forms of business used in Romania are the Limited Liability Company along with the Joint Stock Company and Branches.
This document summarizes key aspects of Poland's tax system according to a 2016 brochure by Baker & McKenzie. It outlines the corporate income tax rate of 19%, personal income tax rates ranging from 18-32%, and a standard VAT rate of 23% with some reduced rates. It also discusses social security contributions that are split between employers and employees, as well as other taxes such as tax on civil law transactions and real estate tax.
Colombia has had continuous economic growth over the past 60 years except one. Opportunities exist in infrastructure, manufacturing, tourism, and agriculture. Recent events like the peace agreement and improving business conditions create an attractive environment for foreign investment. The tax system includes a corporate income tax rate of 34% in 2017 and 33% in 2018+, with exemptions and credits available in priority sectors. Main taxes are income tax, VAT, capital gains, debit tax, and fuel/carbon taxes.
Nigretti Gianmauro: Croazia 2016 - Corporate and Tax HighlightsGianmauro Nigretti
Croatia provides several types of business entities for foreign investors including limited liability companies and joint stock companies. Registering a company is straightforward and involves checking company name availability, notarizing documents, paying share capital, and registering with various government agencies. Accounting and taxation laws are generally in line with international standards. Corporate income tax is 20% and personal income tax rates range from 12-40%. VAT is charged at rates from 5-25% depending on the goods or services.
Sherman Nigretti - Norway corporate and tax highlights 2016Gianmauro Nigretti
Financial statements must be submitted in Norwegian and should be in NOK.
Accounting records should be kept in Danish, Swedish, Norwegian or English.
Branches/ Norwegian registered foreign companies are also required to keep and file
separate financial accounts for their Norwegian operations (regardless of any tax
liability status).
The Colombian tax system includes national, regional and municipal taxes. The main national taxes are the income tax, the value added tax (VAT), the consumption tax and the debit tax (GMF). Income tax is a levy on revenues realized within the taxable year that have the potential to increase taxpayer’s net equity and are not expressly excluded. The general income tax rate for national companies and permanent establishments is 33% for 2018 and following years. An additional 4% surcharge applies in 2018 for taxpayers with taxable income over approximately USD 275,862. Free trade zone users, excluding commercial users, have an income tax rate of 20%.
This document summarizes key investment and tax information for Romania. It outlines that the Romanian currency is the New Leu, foreign exchange is generally permitted, and accounting standards follow the EU directives or IFRS. The main business entities are joint stock companies, general partnerships, limited partnerships, limited liability companies and branches or representative offices of foreign companies. Corporate taxes are levied on worldwide income for residents and Romania-source income for nonresidents at a rate of 16%. Notable exemptions include dividends and capital gains from qualifying subsidiaries. Withholding taxes apply to dividends, interest and royalties paid to nonresidents, though may be reduced under tax treaties. Anti-avoidance rules address transfer pricing and
This document is a legal guide for doing business in Colombia that was last updated in March 2019. It provides an overview of Colombia's main legal aspects for foreign investors, including chapters on corporate regulations, foreign trade, labor laws, taxation, intellectual property, real estate, and accounting standards. The guide notes that Colombia has experienced strong economic growth and stability in recent decades, making it an attractive investment destination in Latin America.
This document provides a summary of the Colombian tax regime for foreign investors. It outlines some key national taxes such as corporate income tax (CIT), value added tax (VAT), wealth tax, and financial transaction tax (GMF). It also describes important local taxes like industry and commerce tax and property tax. The summary defines relevant tax terms and provides tax rates for CIT, capital gains, VAT, GMF, and WHT on foreign payments. It notes Colombia has double tax treaties with countries like Spain, Canada, and South Korea to avoid international double taxation.
This document provides a summary of Colombia's tax regime for foreign investors looking to do business in Colombia. It outlines some of the key national taxes such as corporate income tax, dividends tax, capital gains tax, wealth tax, and VAT. It also discusses local taxes like industry and commerce tax and property tax. The tax rates and requirements vary depending on the type of business and location within Colombia. The document is intended to provide basic information on Colombia's tax system and recommends seeking specialized legal counsel for specific tax matters.
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
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There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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3. • Limited liability company
• Joint stock company
• General partnership
• Limited partnership
• Limited partnership on shares
• Branches and subsidiaries of a foreign company
FORMS OF BUSINESS ORGANIZATIONS
4. • Companies are generally required to use double-entry bookkeeping and prepare annual
financial statements.
• Small companies (as defined) may opt to use a simplified accounting system.
• Annual financial statements must be accompanied by the directors’ report, the audit
report (if applicable), and the proposal for the distribution of profit for covering the loss.
• Parent companies are generally required to prepare individual and consolidated annual
financial statements.
• Companies are required to prepare their financial statements and consolidated financial
statements in accordance with the International Financial Reporting Standards (IFRS)
(mandatory for certain companies) or the Romanian Accounting Standards. Simplified
Romanian Accounting Standards may be used by qualifying small companies.
ACCOUNTING
5. • The annual financial statements of the following entities are subject to a statutory audit: (i)
legal entities of public interest, (ii) unincorporated subunits in Romania belonging to legal
entities domiciled abroad , (iii) entities required to do so by specific legislation or by order of
the relevant Minister.
• Accounts must be kept in the Romanian language and currency.
• Accounting transactions in a foreign currency must display the national and foreign
currencies.
• Accounting records and supporting documentation underlying the financial accounting
records are required to be maintained for 10 years (50 years for payroll). The relevant Minister
may permit records and supporting documentation to be kept for a period of five years.
6. • The standard corporate income tax rate is 16% applied to taxable profit.
• Certain activities, including nightclubs, casinos, and sports betting, are subject
to a minimum tax of 5% from the revenues derived from such activities.
• Qualifying microenterprises (as defined) are generally subject to
microenterprise income tax at the rate of 3% applied on total revenues.
CORPORATE TAXATION
7. Romanian resident individuals are generally subject to tax on their worldwide income. Other
resident individuals are generally subject to tax on their worldwide income from 1 January of
the calendar year following the calendar year in which they become a resident in Romania.
Non-resident individuals are generally subject to income tax on their Romanian source
income.
However, Romanian resident individuals that change their state of residence to a country with
which Romania has a double tax treaty, are generally subject to tax on their worldwide
income for the calendar year in which the change of residence occurs, and the following three
calendar years.
The standard personal income tax rate for the taxable income of individuals is 16%, subject to
personal allowances, deductions and exemptions. Income from gambling in excess of set
limits is generally subject to withholding tax at the rate of 25%. Taxable income must generally
include any taxable capital gains.
Gains from real property are generally subject to tax at rates of between 1% and 3%, subject
to exemptions (eg for qualifying relatives). Income or goods received by way of gift or
inheritance are not generally subject to tax. However, inherited estates may be subject to tax
at the rate of 1% if succession occurs more than two years after death. There is no wealth tax
in Romania.
INDIVIDUAL TAXATION
8. The standard VAT rate is 24% (set to be reduced to 20% from 1 January 2016 and19% from 1
January 2017).
A reduced rate of 9% applies to certain supplies, including drugs, prostheses and related
accessories, orthopaedic aids, hotel or similar accommodation, foodstuffs, non-alcoholic
beverages, seeds and plants, and restaurant and catering services.
A reduced 5% rate applies to certain supplies including textbooks, books, newspapers and
magazines (except those used solely or principally for advertising), admissions to castles,
museums, exhibitions and cultural events, and social housing.
VAT exempt supplies include medical care and dental services, certain financial and banking
services, insurances and reinsurance services, and most exports. The registration threshold is
generally annual turnover of the RON equivalent of EUR 65,000.
VAT
9. This publication must not be regarded as offering a complete explanation of the taxation
and corporate matters that are contained within this publication.
This publication has been prepared on the express terms and understanding that the
publishers are not responsible for the results of any actions which are undertaken on the
basis of the information which is contained within this publication.
The publishers and the authors expressly disclaim all and any liability and responsability to
any person, entity or corporation who acts or fails to act as a consequence of any reliance
upon the whole or any part of the contents of this publication.
Accordingly no person, entity or corporation should act or rely upon any matter or
information as contained or implied within this publication without first obtaining advice
from an appropriately qualified professional person, and ensuring that such edvice
specifically relates to their particular needs.
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