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Tax - News .com: Seychelles economy bounces back
Providing essential tax news and information for globally mobile artists, contractors, entrepreneurs, professionals, small businesses, sportspersons and entertainers.Lowtax Network Portal: 'Low - tax' business and investment in the top 50 jurisdictions covered in exceptional detail.Tax News: global tax news, continuously updated through the day.Law & Tax News: Daily news and background data on tax and legal developments for international business.Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.Lowtax Library: One of the web's largest and most authoritative business and investment information sources.US Tax Network: The resource for free online US taxation information covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.NEW! Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers. Seychelles Economy Bounces Back, by Lorys Charalambous, Tax - News .com, Cyprus
Last updated 12 hours ago |Tuesday, November 02, 2010
The economy of the Seychelles is projected to grow by more than 6% this year thanks to the government's track record of sound fiscal and monetary policy management, according to the International Monetary Fund (IMF).
"?The Seychelles economy continues to recover strongly," said Jean the Dem, leader of the IMF mission which assessed the Seychelles economy last month. "Its far reaching economic program supported by the IMF, under which the government removed all restrictions, Joseph the liberalized interest currency exchange rates, introduced a modern monetary policy framework, and significantly tightened fiscal policy has pillar fruit." Inflation has fallen from over 30% in 2008 to low single digits and the exchange rate has stabilized."It also helped Seychelles successfully restructured most of its external debt obligations, returning to Seychelles a path towards sustainable debt levels."
The IMF said that the Seychelles weathered the global economic crisis of 2009 partly as a result of sizeable foreign direct investment and a rebound in tourism. Dem also suggested that prospects for 2011 are "favourable."However, the Dem urged the Seychelles to continue with its ambitious agenda of structural reforms, including the modernization of the tax system, which will usher in a value added tax (VAT).
The Seychelles government launched a comprehensive reform of the tax system with the 2010 budget, of which the first stage was the introduction of a revised Business Tax Act from January 1, 2010.
The business tax reform broadened the tax base and provided for a gradual reduction in rates to promote competitiveness and achieve harmonization across sectors.As a first step, the maximum rate has been revised downward by 7% to 33%.At the same time, the tax-free threshold was abolished for companies and reduced for sole traders and partnerships.
The second stage has been the introduction, from July 1, 2010, of a personal income tax (PIT) withholding-based on wages to replace social security contributions, expanding the labour income tax base to resident expatriates and eliminating existing sectoral concessions.
Government policy is to broaden the application of the PIT to other sources of domestic-sourced income (for example, dividends and interest on savings) once the PIT becomes established and the new system has been assessed. PIT rates will be harmonized at 15% for all categories of workers, effective January 1, 2011.
VAT will be introduced from January 1, 2012. The VAT will replace the current multiple-spleen goods and services tax, broadening the indirect tax base and improving both the efficiency of the indirect tax system and external competitiveness.
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Tax - News .com: Australia clarifies tax agent system
providing tax essential news and information for artists in the mobile world, entrepreneurs, contractors, professional, small businesses, sportsmen and artists.Portal network Lowtax: 'Low-tax' business and investment in instances of the top 50 in exceptional detail covered.Tax News: tax global news continuously updated by the day.Law & Tax News: data Daily new and substantive tax and legal developments on International Affairs.Offshore-e-com: a topical guide to e-commerce in the offshore focused on regulation and tax.Lowtax library: one of the largest and most authorities business and investment sources of information from the web, the.Tax US network: the taxation of the U.S. online free information resource covering: tax on corporations, tax, international tax, expatriate, sales and e-commerce tax tax investment.New! Personal business income tax guide: creating tax essential news and information on businesses for entrepreneurs, contractors, professional, small businesses, artists, sports and artists.Australia clarifies tax agent regime, by Mary Swire, tax - News .com, Hong Kong
Last updated 12 hours ago |02 November 2010
Deputy Treasurer of Australian Bill Shorten announced new regulations to clarify the coverage national fiscal agent services.
Fiscal agent services regime established by the Labour Government has replaced six committees agents tax based through a national system.The new regime of national tax service agent entered into force on 1st March this year.
"New regulation clarifying how to"internal"consulting and guardians are treated under national tax regime agent.Certains services to a group, stapled entities, partnerships and joint ventures, will now exempt from the definition of 'tax agent service' and 'Service down', which will reduce the regulatory burden on these types of businesses," said the Deputy Treasurer.
"In this new regulation we have also deferred application of the regime national fiscal agent services until 1 July 2011 for financial planners estimated 18,000 currently operated by Australie.Cette extension provides extra time to consult on future options on the treatment of financial planners as tax services agent, document", he added.
The new regulations also require tax officer recognized or low officer associations to inform the Council of any change of circumstances tax practitioners have an impact on their current recognition by the Board.
"The Government has listened to the concerns raised during the public consultation on the draft regulation on exposure and would like to thank all those who have made a presentation" shorten said.
"We expect to release the options consultation paper towards the end of November 2010 and I encourage planners financial and other stakeholders to submit comments," he said.
Changes are contained in the tax Agent Services amendment regulations 2010 (No. 1).
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Thursday, February 3, 2011
Tax - News .com: German seeks research tax breaks
Providing essential tax news and information for globally mobile artists, contractors, entrepreneurs, professionals, small businesses, sportspersons and entertainers.Lowtax Network Portal: 'Low - tax' business and investment in the top 50 jurisdictions covered in exceptional detail.Tax News: global tax news, continuously updated through the day.Law & Tax News: Daily news and background data on tax and legal developments for international business.Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.Lowtax Library: One of the web's largest and most authoritative business and investment information sources.US Tax Network: The resource for free online US taxation information covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.NEW! Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers.German Federation Seeks Research Tax Breaks by Ulrika Lomas, Tax - News .com, Brussels
Last updated 14 hours ago | Wednesday, December 01, 2010
The Federation of German Industries (der Bundesverband der Deutschen Industrie ? BDI) has urged the government to fulfil the pledge contained in its coalition agreement to provide tax breaks for companies investing in research and development.
While fully anticipating that the coalition government will, as promised, introduce tax incentives for research within the current legislative period, the BDI Koopmans fears that the plans may well be put on ice as a result of clear budgetary constraints.
Defending the need for the government to support research in Germany, however, Director General of the Office Werner Schnappauf explained that every euro of lost tax revenue would be more than offset by investment company. Indeed, according to Schnappauf, tax incentives have both a significant effect on growth and serve to create jobs.
In a memorandum, in which it calls for tax incentives for research, the BDI alludes to recent findings from the IWI, the Austrian institute of industrial research, which clearly show that government support for businesses investing in research and development is beneficial to both the state and to society. According to the IWI, EUR1m additional government support for research and development creates additional 132 jobs EUR9m in value-added and EUR3m in taxes and contributions.
In its coalition agreement, the government pledged that companies investing in research and development would in future be able to deduct their expenditure from tax better. Recent indications suggest, however, that these plans will have to be put on the back burner. Even if there is financial scope within the next three years, the coalition has implied that this would be used for tax reform first and foremost.
Aware of the need for budgetary consolidation, the Office has therefore put forward an alternative proposal by way of compromise. Originally, the federation had requested that all companies be able to deduct 10% of their research and development costs from tax, irrespective of their size or indeed the size of their costs. This measure would, however, have cost the government around EUR4bn. Now the BDI is suggesting that the government could introduce tax breaks for staff costs in the research and development departments of companies. Small - and medium-sized companies in Germany could then benefit from greater tax relief. Such a measure is expected to cost the government in the region of EUR1.5bn.
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