/Tag:Taxes

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 [...]

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 [...]

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 [...]

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 [...]

Luxembourg Announces Tax Amnesty Plan

Luxembourg has recently announced its first tax amnesty plan for undeclared income. The temporary tax amnesty scheme for 2016-2017 aims at “laundering” tax evaders and regulating “assets and income held by persons with tax residence in Luxembourg.” According to the current Luxembourg legislation, sanctions for a willful tax fraud and evasion include (i) a fine of [...]

South Dakota: tax haven on the prairie

The U.S. is one of the world’s leading tax havens for high-net-worth individuals and businesses that are seeking to shelter their assets from taxes. The U.S. states of Alaska, Delaware, and Nevada are known for their tax-efficient legislations and well-developed trust laws. Since U.S. trusts are governed by state laws and not by federal laws, the [...]

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