Tax advantageous structures to be disclosed by advisors
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...
Belgium – Belgian expatriates and taxation of old age pension accrued in the Netherlands
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...
France – Income from assets of French expatriates who work in a State other than a Member State of the EU/EEA or Switzerland
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...
Italy – New tax regime for “high net worth individuals”
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...
Denmark – Expatriate regime in Denmark extended from 5 to 7 years
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...
USA – Highlights of the Tax Reforms in the USA
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....
Kenya – PAYE tax rates in Kenya
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,...
The Netherlands – Salary criteria Dutch residence/work permits for highly skilled migrants
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...
The Netherlands – Salary criteria Dutch 30% expatriate ruling 2018
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...
Brexit – social security coordination rules for expatriate employees
Brexit negotiators recently agreed phase 1 of the UK’s withdrawal from the European Union and included agreement on the social security position in their report.
The intention appears to be for the UK to be treated as an EU Member State for social security purposes (i.e. the same position as Switzerland) and therefore for Regulations (EC) No 883/2004 and (EC) No 987/2009 to continue to apply...