This document provides an overview of the Dutch tax system and opportunities for tax planning for expatriates working in the Netherlands. It outlines the basics of taxation including tax rates, deductions, and social security contributions. It also discusses planning opportunities for structuring compensation packages and benefits to maximize tax efficiency. Grant Thornton's Global Mobility Services team can help expatriates and employers navigate the Dutch tax system and identify tax planning strategies.
1) The document provides an overview of taxation in the United Kingdom, outlining various taxes such as income tax, value added tax, corporate tax, capital gains tax, and others.
2) Key details are given for each tax, including tax rates, allowances, payment deadlines, exemptions, and penalties.
3) Taxes are levied by both central and local governments in the UK, with revenue from taxes going towards public services and programs.
This document provides a summary of 21 things an expat should know about living and working in the Netherlands. It discusses practical matters such as obtaining the necessary permits, the Dutch tax system with income taxed in three boxes, social security requirements, registering as a resident, obtaining health insurance and opening a bank account. It also covers topics like public transportation, importing household goods, obtaining a driver's license and qualifying for the 30% ruling tax benefit for highly skilled expat employees. The document is intended to give general information to help expats with their move and stay in the Netherlands.
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.
This document summarizes different types of taxes in the United Kingdom, including direct and indirect taxes. Direct taxes include income tax, corporation tax, inheritance tax, and capital gains tax. Indirect taxes include value added tax (VAT), stamp duty, stamp duty land tax, and customs duty. It provides brief definitions and details for each of these taxes.
Phuong - Taxation - Chapter 8 - The tax practitioner and the UK tax environme...Phuong Nguyen
This document provides an overview of taxation in the UK. It discusses the main sources of UK tax legislation including Acts of Parliament, statutory instruments, and case law. It also describes the role and organization of HM Revenue & Customs, which administers the UK tax system. Finally, it defines different types of taxes such as income tax, corporation tax, capital gains tax, and inheritance tax, and how income is classified for taxation purposes.
An income tax is a government levy that varies based on an individual or entity's taxable income. It is imposed on income or profits. Many jurisdictions refer to income tax on businesses as corporate tax, and partnerships are not taxed directly but the partners are taxed on partnership income. Income tax is generally computed as the tax rate multiplied by taxable income, and the tax rate may increase as taxable income increases in a graduated system. Capital gains may be taxed at different rates than other income.
The document provides information about income tax rates and deductions in India. Some key points:
- Only 2% of the Indian population files income tax returns due to fear of disclosure or complexity.
- Tax rates range from 0-30% depending on income level and citizen status (senior, very senior).
- Various deductions are available under Section 80C (up to Rs. 150,000) and Chapter VI-A for investments, housing loans, education loans, medical expenses, donations, etc.
- Planning tools like investments in spouse/parents name, housing loans, capital gains exemptions can help reduce tax liability. Proper documentation is important for claiming deductions.
1) The document provides an overview of taxation in the United Kingdom, outlining various taxes such as income tax, value added tax, corporate tax, capital gains tax, and others.
2) Key details are given for each tax, including tax rates, allowances, payment deadlines, exemptions, and penalties.
3) Taxes are levied by both central and local governments in the UK, with revenue from taxes going towards public services and programs.
This document provides a summary of 21 things an expat should know about living and working in the Netherlands. It discusses practical matters such as obtaining the necessary permits, the Dutch tax system with income taxed in three boxes, social security requirements, registering as a resident, obtaining health insurance and opening a bank account. It also covers topics like public transportation, importing household goods, obtaining a driver's license and qualifying for the 30% ruling tax benefit for highly skilled expat employees. The document is intended to give general information to help expats with their move and stay in the Netherlands.
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.
This document summarizes different types of taxes in the United Kingdom, including direct and indirect taxes. Direct taxes include income tax, corporation tax, inheritance tax, and capital gains tax. Indirect taxes include value added tax (VAT), stamp duty, stamp duty land tax, and customs duty. It provides brief definitions and details for each of these taxes.
Phuong - Taxation - Chapter 8 - The tax practitioner and the UK tax environme...Phuong Nguyen
This document provides an overview of taxation in the UK. It discusses the main sources of UK tax legislation including Acts of Parliament, statutory instruments, and case law. It also describes the role and organization of HM Revenue & Customs, which administers the UK tax system. Finally, it defines different types of taxes such as income tax, corporation tax, capital gains tax, and inheritance tax, and how income is classified for taxation purposes.
An income tax is a government levy that varies based on an individual or entity's taxable income. It is imposed on income or profits. Many jurisdictions refer to income tax on businesses as corporate tax, and partnerships are not taxed directly but the partners are taxed on partnership income. Income tax is generally computed as the tax rate multiplied by taxable income, and the tax rate may increase as taxable income increases in a graduated system. Capital gains may be taxed at different rates than other income.
The document provides information about income tax rates and deductions in India. Some key points:
- Only 2% of the Indian population files income tax returns due to fear of disclosure or complexity.
- Tax rates range from 0-30% depending on income level and citizen status (senior, very senior).
- Various deductions are available under Section 80C (up to Rs. 150,000) and Chapter VI-A for investments, housing loans, education loans, medical expenses, donations, etc.
- Planning tools like investments in spouse/parents name, housing loans, capital gains exemptions can help reduce tax liability. Proper documentation is important for claiming deductions.
Taxes imposed on the earnings of organizations and individuals are income taxes. Marginal tax rate and flat tax rate. Marginal tax rates are harmful to the economy.
This document provides an example computation of income tax for Mr. De Castro, a professor with a monthly salary of 85,000 pesos. It calculates his monthly and annual tax under two scenarios: as a single filer and as married with 4 dependents. As a single filer, Mr. De Castro's tax due is 270,792 pesos resulting in an overpayment of 55,608 pesos. As married with 4 dependents, his tax due is 238,792 pesos resulting in an overpayment of 87,608 pesos.
This document summarizes the computation of income tax for staff at a quarterly meeting. It defines taxable income and outlines deductions for mandatory contributions, personal exemptions, and additional exemptions for dependents. It provides examples of tax computations for a single person and a married person with dependents. The single person's tax due is P4,084.58 monthly while the married person's is P2,522.08 monthly after applying exemptions and tax rates.
- When starting a limited company, you must register it with Companies House by providing information such as the company name and directors, and creating documents like a memorandum of association.
- As a limited company, it is important to understand the legal status and maintain proper accounts, which includes filing corporate tax returns. You must report pay and dividends as well as the statement of comprehensive income.
- The taxable profits of the limited company are subject to corporation tax, which involves filing a corporate tax return with HMRC by certain deadlines. It is important to comply with all filing requirements for limited companies.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
This document discusses various concepts related to taxation including tax planning, tax avoidance, tax evasion, and tax management. It provides definitions and examples of each concept. Tax planning is legal and involves arranging finances to maximize tax benefits. Tax avoidance finds loopholes in laws but remains legal. Tax evasion is illegal and involves falsifying records or accounts. The document also discusses factors to consider for tax planning like residential status and provides examples of tax planning decisions around capital structure, leasing vs buying assets, and employee compensation.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
This document summarizes taxation policies for expatriates working in Nigeria, including that they are subject to personal income tax rates of up to 25% of taxable income, taxable income can be based on actual or deemed income amounts, and employers are responsible for withholding taxes and filing annual returns on behalf of expatriate employees.
On November 30, 2016, Alan Ellenby and Ron Krupa of Ernst & Young LLP's Workforce Advisory Services provided tips and insights on reporting and compliance under the Affordable Care Act for year-end 2016. This topic was one of many covered in in Ernst & Young LLP's Employment Tax Year in Review webcast.
Here we share with you the slides from their presentation.
This document provides an overview of Canada's tax system. It discusses that personal and corporate income taxes are the main sources of revenue for the federal and provincial governments. It outlines how personal income tax is calculated, including tax brackets and credits. It also summarizes how corporate income tax works and how the taxes on corporate and personal income are integrated. Provincial/territorial tax systems are also addressed.
Objectives & Agenda :
To understand basics of income tax like what is taxable/ non taxable income, residential status, Personal Income tax rates etc. The webinar shall dwell upon other aspects like threshold limit for filing Personal Income tax returns, consequence of not filing/ late filing of returns due dates for filing return and various deductions/reliefs available to individuals. Further it would also provide insights on taxation of overseas income in Singapore.
This document discusses taxation in Canada. It outlines that Canadian residents are taxed on worldwide income and must file a T1 tax return. Non-residents are taxed only on Canadian-source income. Topics covered include types of income tax collected, deductions, filing deadlines, federal and provincial tax structures, and provincial/territorial tax rates. Both federal and provincial governments collect income tax in Canada through the Canada Revenue Agency, with Quebec being the exception.
This document provides an overview of taxation in Nigeria. It defines what a tax is and outlines some key principles of taxation, including equity, certainty, convenience, and economy. It describes different types of taxes, distinguishing between direct and indirect taxes. Direct taxes are paid directly by taxpayers and include personal income tax, while indirect taxes are imposed on goods and services, like VAT. The document outlines Nigeria's personal income tax system, including exemptions, deductions, tax rates, and the relevant tax authorities. It provides details on residency status and tax liability for residents versus non-residents.
Tax planning involves legally arranging one's financial affairs to minimize tax liability and takes advantage of deductions and exemptions allowed by law. It is different from tax avoidance and tax evasion which are not legitimate ways to reduce taxes. Tax planning works within the legal framework while tax avoidance uses loopholes and may be illegitimate. Tax evasion involves illegally underreporting income or overreporting expenses. The objectives of tax planning are to reduce liability, minimize litigation and support economic growth. It is important for taxpayers to understand tax laws and plan accordingly to maximize benefits.
This document provides an overview of employment tax advisory services. It discusses employer and employee obligations related to payroll taxes including registering with tax agencies, paying withheld taxes, filing returns, and responding to notices. It also outlines how the services can help with determining tax status, completing registrations, identifying required documents and due dates, preparing returns, and responding to tax agency notices. The services include assistance with unemployment insurance, process improvement reviews, audit defense, complex advisories, short-term business traveler compliance, transactions, and look-back reviews.
1) The document provides guidance for setting up as a sole trader business, including registering with HMRC, opening a business bank account, considering insurance needs, and setting up a PAYE scheme if employing staff.
2) Key expenses that can be claimed include salaries, national insurance, pension contributions, travel, training costs, computer equipment, and accountancy fees. The document outlines rules around private use of expenses.
3) As a sole trader, tax returns must be filed annually reporting all income and deducting allowable expenses. Payment on account may also be required in two installments to spread out tax payments.
The Finance Act 2015 - How does it affect your clients? By CBW TaxRobert Maas
How will the many significant changes in the Finance Act 2015 affect your clients?
Let us share with you our thoughts on all of the main changes in the Finance Act.
This document summarizes Canada's tax system and provides strategies for tax planning. It discusses key concepts like marginal tax rates, deductions, credits, and preparing a tax return. It also outlines tax-deferred plans, tax-friendly investments, and eligible deductions. Recent tax changes and how an advisor can help with tax planning are briefly mentioned.
This document discusses tax planning, avoidance, evasion and management. Tax planning is arranging one's affairs to minimize tax liability legally by taking deductions. Tax management refers to complying with tax laws by maintaining records and filing returns. Tax avoidance legally reduces taxes by claiming exemptions, while tax evasion illegally avoids taxes by omitting information or submitting false statements, and can result in penalties.
This document provides summaries of recent tax law changes and issues affecting internationally mobile employees in several countries. It discusses increased social security exemptions for foreign executives in Belgium, new detailed reporting requirements for foreign employment income in Germany, employment incentives and tax issues in Ireland, and advantageous tax incentives for returning Italian and EU nationals working in Italy. It also provides an overview of personal tax residence qualifications and benefits of taking up residence in Malta.
The document summarizes changes to individual and corporate income taxation in Belgium for 2012. For individuals, the tax-free amount increased slightly but certain deductions are now limited to active income only. The tax rate remained at 19%. For corporations, the tax base continues to follow accounting profits with some adjustments. Various social security premium rates and maximums were also outlined.
Taxes imposed on the earnings of organizations and individuals are income taxes. Marginal tax rate and flat tax rate. Marginal tax rates are harmful to the economy.
This document provides an example computation of income tax for Mr. De Castro, a professor with a monthly salary of 85,000 pesos. It calculates his monthly and annual tax under two scenarios: as a single filer and as married with 4 dependents. As a single filer, Mr. De Castro's tax due is 270,792 pesos resulting in an overpayment of 55,608 pesos. As married with 4 dependents, his tax due is 238,792 pesos resulting in an overpayment of 87,608 pesos.
This document summarizes the computation of income tax for staff at a quarterly meeting. It defines taxable income and outlines deductions for mandatory contributions, personal exemptions, and additional exemptions for dependents. It provides examples of tax computations for a single person and a married person with dependents. The single person's tax due is P4,084.58 monthly while the married person's is P2,522.08 monthly after applying exemptions and tax rates.
- When starting a limited company, you must register it with Companies House by providing information such as the company name and directors, and creating documents like a memorandum of association.
- As a limited company, it is important to understand the legal status and maintain proper accounts, which includes filing corporate tax returns. You must report pay and dividends as well as the statement of comprehensive income.
- The taxable profits of the limited company are subject to corporation tax, which involves filing a corporate tax return with HMRC by certain deadlines. It is important to comply with all filing requirements for limited companies.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
This document discusses various concepts related to taxation including tax planning, tax avoidance, tax evasion, and tax management. It provides definitions and examples of each concept. Tax planning is legal and involves arranging finances to maximize tax benefits. Tax avoidance finds loopholes in laws but remains legal. Tax evasion is illegal and involves falsifying records or accounts. The document also discusses factors to consider for tax planning like residential status and provides examples of tax planning decisions around capital structure, leasing vs buying assets, and employee compensation.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
This document summarizes taxation policies for expatriates working in Nigeria, including that they are subject to personal income tax rates of up to 25% of taxable income, taxable income can be based on actual or deemed income amounts, and employers are responsible for withholding taxes and filing annual returns on behalf of expatriate employees.
On November 30, 2016, Alan Ellenby and Ron Krupa of Ernst & Young LLP's Workforce Advisory Services provided tips and insights on reporting and compliance under the Affordable Care Act for year-end 2016. This topic was one of many covered in in Ernst & Young LLP's Employment Tax Year in Review webcast.
Here we share with you the slides from their presentation.
This document provides an overview of Canada's tax system. It discusses that personal and corporate income taxes are the main sources of revenue for the federal and provincial governments. It outlines how personal income tax is calculated, including tax brackets and credits. It also summarizes how corporate income tax works and how the taxes on corporate and personal income are integrated. Provincial/territorial tax systems are also addressed.
Objectives & Agenda :
To understand basics of income tax like what is taxable/ non taxable income, residential status, Personal Income tax rates etc. The webinar shall dwell upon other aspects like threshold limit for filing Personal Income tax returns, consequence of not filing/ late filing of returns due dates for filing return and various deductions/reliefs available to individuals. Further it would also provide insights on taxation of overseas income in Singapore.
This document discusses taxation in Canada. It outlines that Canadian residents are taxed on worldwide income and must file a T1 tax return. Non-residents are taxed only on Canadian-source income. Topics covered include types of income tax collected, deductions, filing deadlines, federal and provincial tax structures, and provincial/territorial tax rates. Both federal and provincial governments collect income tax in Canada through the Canada Revenue Agency, with Quebec being the exception.
This document provides an overview of taxation in Nigeria. It defines what a tax is and outlines some key principles of taxation, including equity, certainty, convenience, and economy. It describes different types of taxes, distinguishing between direct and indirect taxes. Direct taxes are paid directly by taxpayers and include personal income tax, while indirect taxes are imposed on goods and services, like VAT. The document outlines Nigeria's personal income tax system, including exemptions, deductions, tax rates, and the relevant tax authorities. It provides details on residency status and tax liability for residents versus non-residents.
Tax planning involves legally arranging one's financial affairs to minimize tax liability and takes advantage of deductions and exemptions allowed by law. It is different from tax avoidance and tax evasion which are not legitimate ways to reduce taxes. Tax planning works within the legal framework while tax avoidance uses loopholes and may be illegitimate. Tax evasion involves illegally underreporting income or overreporting expenses. The objectives of tax planning are to reduce liability, minimize litigation and support economic growth. It is important for taxpayers to understand tax laws and plan accordingly to maximize benefits.
This document provides an overview of employment tax advisory services. It discusses employer and employee obligations related to payroll taxes including registering with tax agencies, paying withheld taxes, filing returns, and responding to notices. It also outlines how the services can help with determining tax status, completing registrations, identifying required documents and due dates, preparing returns, and responding to tax agency notices. The services include assistance with unemployment insurance, process improvement reviews, audit defense, complex advisories, short-term business traveler compliance, transactions, and look-back reviews.
1) The document provides guidance for setting up as a sole trader business, including registering with HMRC, opening a business bank account, considering insurance needs, and setting up a PAYE scheme if employing staff.
2) Key expenses that can be claimed include salaries, national insurance, pension contributions, travel, training costs, computer equipment, and accountancy fees. The document outlines rules around private use of expenses.
3) As a sole trader, tax returns must be filed annually reporting all income and deducting allowable expenses. Payment on account may also be required in two installments to spread out tax payments.
The Finance Act 2015 - How does it affect your clients? By CBW TaxRobert Maas
How will the many significant changes in the Finance Act 2015 affect your clients?
Let us share with you our thoughts on all of the main changes in the Finance Act.
This document summarizes Canada's tax system and provides strategies for tax planning. It discusses key concepts like marginal tax rates, deductions, credits, and preparing a tax return. It also outlines tax-deferred plans, tax-friendly investments, and eligible deductions. Recent tax changes and how an advisor can help with tax planning are briefly mentioned.
This document discusses tax planning, avoidance, evasion and management. Tax planning is arranging one's affairs to minimize tax liability legally by taking deductions. Tax management refers to complying with tax laws by maintaining records and filing returns. Tax avoidance legally reduces taxes by claiming exemptions, while tax evasion illegally avoids taxes by omitting information or submitting false statements, and can result in penalties.
This document provides summaries of recent tax law changes and issues affecting internationally mobile employees in several countries. It discusses increased social security exemptions for foreign executives in Belgium, new detailed reporting requirements for foreign employment income in Germany, employment incentives and tax issues in Ireland, and advantageous tax incentives for returning Italian and EU nationals working in Italy. It also provides an overview of personal tax residence qualifications and benefits of taking up residence in Malta.
The document summarizes changes to individual and corporate income taxation in Belgium for 2012. For individuals, the tax-free amount increased slightly but certain deductions are now limited to active income only. The tax rate remained at 19%. For corporations, the tax base continues to follow accounting profits with some adjustments. Various social security premium rates and maximums were also outlined.
Income tax in India is governed by the central government and applies to non-agricultural income. It consists of the Income Tax Act of 1961, rules, notifications, finance acts, and court decisions. Individuals and entities are taxed on certain income depending on residential status, with taxes administered by the Central Board of Direct Taxes. Total tax revenue collection increased substantially between 1997-1998 and 2007-2008. In 2018-2019, direct tax collections were approximately ₹11.17 trillion. Tax is also collected through tax deduction at source on various types of payments according to thresholds. Key documents needed for filing taxes include Form 16, salary slips, Form 26AS, PAN card, and Aadhaar
The German taxation system differs from the Indian system in several key ways:
1) Taxes in Germany are levied by the federal government, state governments, and municipalities, while India has a three-tier system of central, state, and local governments.
2) Germany taxes worldwide income of residents while India only taxes income generated within the country.
3) Major taxes include income tax, corporate tax, VAT/GST, and inheritance/gift tax in both countries but the rates and structures vary.
4) Germany has a progressive income tax rate up to 45% while India has slab-based rates.
5) Both systems provide some tax incentives but Germany incentivizes specific industries while India focuses on
If you are considering to expand your business activities in Central and Eastern Europe, Slovakia should be on the top of your destinations list. Thank to its political stability, strategic location, common European currency, competitive taxation system and well-educated and highly skilled workforce Slovakia counts as one of the most attractive country in the region of CEE.
Legislation update and current structure developmentsInfotropic Media
This document provides an update on legislation and developments in the Netherlands as of June 2013. It summarizes:
1) Recent legislation changes as of January 2013 regarding interest deductions and anti-abuse rules.
2) Amendments to the Dutch Cooperative structure as of January 2012 to prevent artificial constructions and ensure real economic activity.
3) Narrowing the scope of substantial ownership regulations starting in 2012.
4) Requirements for substance in Dutch structures to avoid reclassification.
5) Other Dutch tax advantages such as participation exemption, tax treaties, and rulings.
6) Proposed changes to tax arrangements with Curacao starting in 2014, including new dividend withholding rates
This document provides information about setting up a business and VAT rates in the Netherlands. It discusses:
1) Several legal forms a business can take such as sole proprietorship, partnership, or private limited company.
2) VAT rates of 19% for luxury goods and 21% for air travel which includes a 2% environmental tax.
3) Requirements for setting up a business including registering with the Chamber of Commerce and obtaining necessary permits from the tax authorities.
This document outlines several proposed changes to the South African tax system that were announced in the 2013 budget speech, including:
1) Retirement savings reforms that will treat employer contributions as taxable fringe benefits and allow individuals to deduct up to 27.5% of income for retirement fund contributions up to R350,000.
2) The introduction of tax-preferred savings accounts with an annual contribution limit of R30,000 and lifetime limit of R500,000.
3) The implementation of an automated tax clearance system and an employment incentive for first-time job seekers.
4) A 1% tax on gross gambling revenue to be implemented by the end of 2013.
Short memo on changes to the Dutch regime on foreign entities with a substantial interest in a DutchCo and changes to the withholding of dividends on profit distributions by a Dutch cooperative to its members.
The document summarizes key aspects of personal income taxation and the 30% ruling for expatriates in the Netherlands. Personal income tax uses a progressive scale with four tax brackets, with higher incomes facing higher tax rates up to 52%. Assets are also taxed, with a 4% deemed return taxed at 30%. The 30% ruling provides expatriates a substantial income tax exemption of up to 30% of remuneration for up to 10 years to offset higher costs of living abroad. The employer grants a tax-free allowance and the exemption can be renewed after 5 years if the employee still meets conditions.
Geen aangifte inkomstenbelasting voor niet-inwoners van Nederland of werknemers met de 30%-regeling door middel van 13e payroll run,
No individual income tax returns for non-resident employees or employees with the 30%-ruling.
This document provides an overview of tax and financial strategies for both businesses and individuals for the 2017/18 tax year. It discusses key changes such as the new Lifetime ISA and changes to inheritance tax rules. For businesses, it outlines strategies for starting a new venture, choosing a business structure, claiming deductible expenses and capital allowances, and involving family members. It recommends contacting the accounting firm for specific tax advice tailored to individual circumstances.
This document provides an overview of taxation in India. It discusses various direct and indirect taxes collected by the central and state governments. Direct taxes include personal income tax, corporate income tax, and capital gains tax. Indirect taxes previously included excise duty, service tax, customs duty, and central sales tax. Recent reforms like GST have subsumed many indirect taxes. The document also explains concepts like tax deductions, tax collected at source, minimum alternate tax, and taxes on gifts, inheritance, wealth, securities transactions, and more.
This document provides information on payroll and employment solutions available through Access Financial in various European countries and Switzerland. It lists each country/location and provides details on the typical minimum and maximum contractor retentions available, whether work permits or locally seconded resources are available, average costs and processing times for work permits, key features of the local solutions, and an overview of tax and social security requirements. Countries included are Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Gibraltar, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain
Top tax saving tips for small businessesPractice Eye
1. The document provides 13 tips for small businesses to save on taxes, including claiming expenses for items purchased before starting a business as a sole trader, withdrawing earnings of up to £38,474 from a limited company without paying additional income tax or national insurance, and maximizing the Annual Investment Allowance which was increased to £500,000 for 2014-2015 and 2015-2016.
2. Additional tips include paying a small salary up to the personal allowance and the rest as dividends from a limited company, claiming expenses for a business mobile phone, and claiming home office expenses at a flat rate of £4/week or using the appointment method for higher claims.
3. Married couples or civil partners should
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.
This document provides an overview of tax and national insurance regulations in the UK. It discusses income tax rates and personal allowances, as well as common tax codes. National insurance is paid to receive state benefits and rates vary depending on employment status. The document also covers topics like tax years, tax-free thresholds, and forms like P45 and P46.
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 Molade Trust Management B.V. (MTM), a licensed trust company in the Netherlands. MTM provides services like corporate administration, accounting, legal services, and tax assistance to companies operating in the Netherlands. Key benefits of using MTM include low costs compared to establishing an independent office, a complete service offering, and personal attention. MTM ensures clients meet all regulatory requirements and maintains close relationships with professional advisors.
1. This fact sheet provides an overview of the Dutch tax
system and planning opportunities…
…expatriates taking up employment in The Netherlands
will be subject to our comprehensive rules.
Grant Thornton’s Global Mobility Services team can help
expatriates and their employers in dealing with Global
Mobility Services.
In particular Grant Thornton can assist expatriates and
their employers in identifying Dutch tax planning
opportunities and provide compliance services.
INTRODUCTION
Tax Year
The Dutch tax year runs from 1 January to 31 December.
Pre-arrival Procedures
The employers of non-EU nationals are usually required to
apply for a work permit and a residence permit prior to the
employee taking up employment in The Netherlands.
Further it is important that the expatriate's employment
contract and benefit package is structured in a tax efficient
manner before the start of the assignment.
Employment Visas
A work permit and a residence permit must be acquired to
allow the expatriate to live and work in The Netherlands.
When the expatriate is an EU national the above procedure
is usually not required.
Tax Return Deadline
The tax year-end is December 31. Filing should be done
before April 1 of the year following the tax year. However,
under certain conditions, extension of the deadline is
possible.
Charge to Tax
A charge to Dutch tax is dependent on the facts and
circumstances. Certain levy rebates may be applicable.
BASIS OF TAXATION
Residence and Domicile
The taxation of individuals in The Netherlands is based
either on residence or on certain Dutch-source types of
income.
Residents
A resident of The Netherlands is taxable for his worldwide
income.
Non-residents
A non-resident of The Netherlands is only taxable for
certain types of Dutch source income. The most relevant
ones are employment performed in The Netherlands and
real estate located in The Netherlands.
Special tax regime for expatriates
For expatriates, a special regime applies. If all the relevant
conditions are met, 30% of the gross remuneration may be
paid out free of tax to the expatriate. The effective top tax
rate is then 36.4% instead of 52%. In addition to this,
several cost items may be reimbursed tax-free. Careful
planning is recommended.
Income from Employment
Wages are subject to Dutch wage withholding tax. The tax
rate is similar to the Dutch income tax rates. Dutch wage
withholding tax may be credited against Dutch income tax.
Dutch wage withholding tax applies to all income from
employment including weekly wages, monthly salaries,
annual salaries, bonuses, commissions, director’s fees, non-
approved pensions and any other cash earnings or benefits
in kind. A non-Dutch based employer is in principle not
obliged to withhold this tax on wages. However, if that
employer has a so-called permanent establishment in The
Netherlands, there is an obligation to withhold. A non-
Dutch based employer may also voluntarily apply for
withholding.
Source of Employment
As mentioned above, where duties are performed in The
Netherlands, any remuneration received in respect of these
duties is treated as Dutch source income and subject to
Dutch income tax regardless of the expatriate's tax
residence status (subject to the relevant Double Taxation
Agreement).
Benefit In Kind
In general where the benefit is enjoyed in The Netherlands,
a Dutch income tax charge will arise.
Relief for Foreign Taxes
Relief for double taxation may apply on the basis of tax
treaties and/or the unilateral regulations for such relief.
Deductions against Income
In The Netherlands, no deduction by the employee is
allowed for business expenses. On the other hand, an
employer has numerous possibilities to reimburse business
related costs. The total salary package should therefore be
structured carefully.
Pension scheme contributions borne by the
employee are tax deductible provided that the pension
scheme qualifies for Dutch pension purposes.
Mortgage interest paid by the employee for the main
residence is tax deductible. Also, within certain limits, gifts,
life insurance contributions and medical costs are tax
deductible.