News

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...

Expatriates assigned from the Netherlands to China   Under this social security treaty, employees of the Netherlands who are assigned to China may remain subject to a part of the Dutch social security schemes for a maximum period of 60 months.  The social security Acts the expatriate may continue participate in the Netherlands are:   ·         the general Old Age Pensions Act (AOW)...

What are the conditions? Overseas Workday Relief applies to non-UK domiciled employees who have recently arrived in the UK or are returning to the UK after a significant period of non-UK residency. The following conditions must be satisfied: resident but not domiciled in the UK, remittance basis user for the tax year in which the duties are performed, duties of employment carried out wholly...

The Irish Revenue has this year recruited more than 100 additional staff to undertake audit and compliance activities.   Prior to his retirement as Finance Minister, Michael Noonan was asked to provide parliament with information on the Revenue staff resources allocated to tax audit and investigation activities.   Answering a written parliamentary question, Noonan said that the...

Tax Changes back on track for non-domiciled taxpayers (‘non-doms’)   The Finance Bill introduced in March 2017 provided for a number of changes to the tax legislation that were withdrawn after the general election was called. At that time, the Treasury confirmed there was no policy change and these provisions would be legislated at the first opportunity in the new Parliament: a further...

On January 19, 2017, the country launched a six-month amnesty during which taxpayers can pay a low eight percent tax rate on previously undeclared income held overseas on December 31, 2016, provided those funds are reinvested in Mexico. The preferential tax rate represents a significant reduction when compared with the 30 percent headline corporate tax rate and the top 35 percent individual...

The Swedish support scheme to small companies will amount to SEK 160 million (€ 16.35 million) over ten years. The aid will be granted through a reduction in the taxation of employee share options. In particular, employers will pay lower social security contributions, and employees will benefit from income tax relief when exercising their share options. Start-ups and small companies in Sweden...

As establishing a company seems to be one of the major hurdles for foreigners relocating to Peru, below an overview of the most important which should be considered in this regard.   Choosing the Type of Company Foreign investors can find a large variety of companies that can be established in Peru. There are many kinds of limited liability companies, i.e. shareholders are liable up to the...

July 31, 2017 is the deadline for regularizing the financial and estate assets held abroad by individuals who, in the years between 2009 and 2015 (and in some cases since 2004), qualified as resident taxpayers in Italy. The assets object of the voluntary disclosure procedure are also those instruments such as stock options, shares, restricted stock units, phantom stocks, stock appreciation...

The OECD as well as the UN Model conventions defines a permanent establishment (PE) as a fixed place of business through which the business of an enterprise is wholly or partly carried on. Accordingly, for a foreign enterprise to be regarded as having fixed place PE in a source state, the following conditions must be satisfied:   There must be a place of business Such place of business...