/Tag:tax authorities

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 [...]

Google Keeps EU 10 Billion in Bermuda

Google tax strategies and accountancy practices are widely discussed topics not only in media, but also on a governmental level. News website shave recently disclosed information that, every year, Google sends profits of about EU 10 billion to the Bermuda Island, one of the world’s tax havens offering a 0% corporate tax rate. However, the only [...]

The EU VAT Mini One Stop Shop (MOSS) scheme

On 1st of January 2015, the EU started applying new VAT rules for businesses operating in the fields of (1) telecommunications, (2) broadcasting, and (3) electronic services (e.g., supply of websites, software, databases, films, music, distant teaching, web-hosting). According to the new VAT rules, the services provided by such businesses will be taxed in the country [...]

IKEA’s Founder Paid Tax for the First Time in 42 Years

In 2015, after returning from a 40 years-long Swiss tax exile, IKEA’s founder and the 11th richest person in the world, Ingvar Kamprad, paid Swedish tax for the first time. In 2014, Kamprad declared income of €1.9 million in Sweden. As a result, he was subject to Swedish personal income tax amounting to €640.000. Taking into [...]

Italian Taxpayers Voluntary Disclose €30 Billion of Funds

In the end of 2014, Italian government approved provisions on money laundering and tax evasion, the so-called Tax Voluntary Disclosure Program. The results of the program are outstanding. As for September 2015, over 2.5 million Italians voluntarily disclosed a total of nearly €30 billion.   The legislation of Voluntary Disclosure aims at stimulating Italians to declare [...]

New Zealand Changes Property Tax in Order to Avoid Money Laundering

New Zealand has recently taken measures against money laundering and tax evasion. The government introduced the Taxation (Land Information and Offshore Persons Information) Bill that aims at detecting people who intentionally avoid their tax obligations. The bill proposes two measures that focus on strengthening property tax rules, namely:   During the process of property transferring, buyers [...]