News

The Internal Revenue Service (IRS) announced that it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on September 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes.     “Taxpayers have had several years to come into...

The OECD issued new model disclosure rules that require lawyers, accountants, financial advisors, banks and any other service providers to inform the tax authorities of any schemes they have put in place for their clients to avoid reporting under the Common Reporting Standard (CRS) or prevent the identification of the beneficial owners of entities or trusts.   As the reporting and automatic...

Residents from Belgium who have worked in the Netherlands usually also accrued supplementary pension benefits in the Netherlands. In accordance with the double tax convention concluded between Belgium and the Netherlands, such pensions benefits are in principle taxable in the State of residence. The Dutch supplementary pensions of Belgian workers have therefore been taxed in Belgium. At the...

Income from assets of French nationals who work in a state other than a member state of the EU, the European Economic Area or Switzerland may be subject to French social security contributions according to the European Court of Justice (ECJ). The case involved a French national, who resided and worked in China and sought to obtain reimbursement of the levies collected on his income from...

As of the tax year 2018 it is possible to apply for the new tax regime for “high net worth individuals” based on which a fixed tax amount of Euro 100,000 is due for income derived outside Italy.   The new flat tax:   absorbs the progressive taxes deriving from employment income derived outside of Italy; absorbs all substitute taxes due on foreign dividends from non-qualified...

An extension of the inbound expat regime’s (“forskerordningen”) time frame from 5 to 7 years is good news for Danish companies in need of high-paid / specialized labor. This extension should, however, be followed by a “Note (!)” to potential candidates or already employed individuals on the scheme considering the extension of their stay. Often, the candidate takes up residence in Denmark...

The US Congress has passed the largest re-write of the U.S. tax code since the Tax Reform Act of 1986. Please find attached a brief report on US tax reforms. We will be happy to assist you and your company for all your requirements as per the new US tax policies. Major Highlights of the Tax Reforms: There is increase in standard deduction and repeal of the deduction for personal exemptions....

The Government, through the Kenya Finance Act 2017/ 2018, revised the resident individual tax brackets and increased the monthly personal relief from KES. 1,280 to KES. 1,408 with effect from 1st January 2018. The tax bands and personal relief have been expanded by 10%. This is the second consecutive year that the bands have been expanded by this percentage. The expansion of income tax bands,...

Expatriate employees coming to work in the Netherlands under the highly skilled migrants procedure or as holder of a European Blue Card should meet certain salary criteria. For 2018, the salary criteria is set as follows:   Expatriate migrants of 30 years and older, Euro 4,404 gross per month excluding holiday allowance. Expatriate migrants younger than 30 years, Euro 3,229 gross per...

As of January 1, 2018, the salary criteria for expatriate employees is set as follows: The annual taxable salary for an employee should be at least Euro 37,296 (2017: EUR 37,000). The taxable salary for an employee with a master degree and who is younger than 30 years, should amount to at least Euro 28,350 (2017: 28,125). For scientific researchers, employees working in scientific education...