/Tag:exemption

Kings or presidents – who pay more tax?

A recent public survey commissioned by the Dutch TV programme “EenVandaag” revealed that more than a half of the Dutch population (62%) would like their royal family, King Willem-Alexander, Queen Máxima and the abdicated Queen Beatrix, to pay tax as regular Dutch residents. The survey was conducted among 26.700 respondents who expressed their opinion about different [...]

Importance of China’s VAT Reform

China, one of the world’s most powerful economies, has recently implemented a significant tax reform. In May 2016, the Chinese business tax (BT) was effectively replaced with value-added tax (VAT). The tax reform aims to ease the tax burden on companies and assist the Chinese economy in shifting from labor-intensive manufacturing to service-oriented industries. For a [...]

Georgia amends its Tax Code

Georgia continues to increase its level of attraction as a business hub. On the 1st of January 2017, the latest amendments of the Georgian Tax Code came into force. The new fiscal regime is simplified and made more liberal, in order to stimulate the country’s economic growth. In order to improve its investment environment, Georgia took [...]

Poland reduces Corporate Income Tax

On 1st of January 2017, the new amendments of the Polish Corporate Income Tax (CIT) and Personal Income Tax (PIT) acts entered into force. The major legislative change refers to reducing the CIT rate for small corporate taxpayers and start-up businesses. According to the new amendments, companies which report gross sales of less that EUR 1,2 [...]

Free Zones in Georgia

Georgia, a gateway between Europe and Asia is a compelling jurisdiction, which offers competitive business advantages to start-ups and established enterprises. In order to maintain economic growth, enhance industrial competitiveness, and attract foreign investment, the Georgian government adopted a law providing for the establishment of four free industrial zones in strategic locations, namely, the sea port [...]

Inheritance Taxation in Bulgaria Extremely Low

Bulgarian citizens who inherit property worldwide and foreign individuals who inherit movable and immovable property located in Bulgaria are subject to Bulgarian inheritance tax. Inheritance taxation in Bulgaria is governed by Articles 29 to 43 of the Local Taxes and Fees Law. Who is paying inheritance tax? The following persons are subject to inheritance tax: (1) [...]

US NOT VERY TAX FRIENDLY…

According the Organization for Economic Cooperation and Development (OECD), the United States has the highest corporate income tax rate in the world. Corporate profits in the US are taxed at rather outrageous corporate tax rates, averagely 39,1%. Therefore, an increasing number of large American corporations, including Apple and Google, chose to relocate their businesses overseas to [...]

Macedonia has the lowest tax rate in the world

The World Economic Forum (WEF) released the Global Competitiveness Report 2015-2016. The report identifies the competitiveness index of 140 jurisdictions. The competitiveness index is calculated on the basis of various variables, including the total tax rate. The total tax rate measures the amount of taxes and mandatory contributions which should be paid by a business in [...]

Private Austrian Foundations

The Austrian private foundation is a type of legal entity which allows the grantor to determine the internal organization and the aim of the entity. Although most aspects of private foundations resemble those of limited companies, Austrian private foundations provide grantors with a greater flexibility to:(1) protect and maintain assets, (2) tailor the foundation according to [...]

Taxation in Iran

The recent lifting of financial and economic sanctions against Iran opened new opportunities for businesses aiming at expanding in Iran, the second largest economy in the Middle East. Currently, the trade between the EU and Iran amounts to annual EUR 7,5 billion. However, due to the new trade opportunities, this amount is expected to grow four [...]

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