United Kingdom – Sending employees to work in the United Kingdom? Take a look at Overseas Workday Tax Relief (OWR)
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...
Ireland – Irish Revenue Brings In New Anti-Evasion Staff
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...
United Kingdom – Tax Changes back on track for non-domiciled taxpayers
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The Finance Bill introduced in March 2017 provided for a number of changes to the tax legislation that were withdrawn after the general election was called.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...
Mexico’s Inland Revenue is extending the deadline for an amnesty for the repatriation of undeclared overseas assets and income to October 19, 2017
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 EU Commission approved a Swedish scheme to reduce the taxation of employee share options.
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...
Peru – Establishing a company
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...
Deadline for regularizing financial and estate assets held abroad
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...
Formula One Circuit held as Permanent Establishment for Corporate tax purpose
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...
Bulgaria has removed Panama from its tax haven blacklist
Bulgaria has removed Panama from its tax haven blacklist in recognition of the South American country’s efforts to improve transparency and tax co-operation.
Panama said the decision reflects its move to ratify the Convention on Mutual Administrative Assistance in Tax Matters in March.
“Panama meets the highest international standards in terms of fiscal transparency,”...
French withholding tax system for 2018
The French Finance Act for 2017 was adopted on December 29, 2016 introducing a new withholding tax system coming into force as of January 1, 2018. As a result of the new French tax law, French tax residents will be subject to a monthly withholding tax on their 2018 income beginning January 1, 2018 rather than paying the 2018 income tax when they file their 2018 tax return in 2019.
The scope of...