/Tag:Taxes

Trump’s Corporate Tax Reform

The controversial US president Donald Trump is about to introduce his game-changing tax reform plan, or, as he calls it, something “phenomenal in terms of tax”. During the election campaign and immediately after the elections in November 2016, president Trump signalled about his plans to cut corporate tax rates in order to help businesses that currently [...]

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 [...]

Brussels does not like dancing!!

Brussels Municipality has adopted and enforced tax on ‘usual dancing parties’, which has immediately been called ‘one of Europe’s more obscure fiscal levies’. As result, owners of cafés, bars, and music clubs where dance parties are being held are obliged to pay EUR 0,40 for every person swinging on the dance floor per night. The dancing [...]

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 [...]

Belgium fails to reform its corporate tax regime

After long and intense negotiations, the Belgian federal government announced new tax measures, which will become effective on 1st of January 2017. Although the government was planning to reform the corporate tax regime, the new measures do not alter the rate of the current corporate tax (33.99%). The reforms have been postponed for an indefinite period [...]

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) [...]

A report reveals the countries with lowest and highest rates of property transfer tax

The Australian accountancy association UHY Haines Norton has recently published a report indicating the countries with the highest and the lowest property transfer taxes. The association examined 26 countries, including G7 jurisdictions and the most prominent world emerging economies. The report estimates the property transfer tax rates applying to the purchase of a residential property that [...]

Hungarian Trust

On 15th of March 2014, Hungary introduced the legal structure of “trust” in its legal system. Similarly to the Anglo-American trust, the Hungarian trust consists of three actors, namely, the settlor, the trustee, and the beneficiary. The settlor is the owner of the assets, whereas the trustee manages the settlor’s assets. Subject to certain conditions, the [...]

MASDAR CITY FREE ZONE IN ABU DHABI

Abu Dhabi, the capital of the United Arab Emirates (UAE), is not only the cultural and political center of the country, but also one of the major commercial and industrial areas in the UAE. Abu Dhabi hosts six free zones offering advantageous business environment to foreign investors. MasdarCity Free Zone (MCFZ), a global clean-technology cluster,which specializes [...]

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