Category: Slovakia
Slovak companies are interested in tax havens. Their number continues rising
Hundreds of Slovak companies have moved their headquarters to tax havens since the beginning of the year. Currently, 5,268 Slovak companies reside in countries with tax advantages, as stems from an analysis of the Bisnode consulting company. The number of companies in tax havens rose again in the second quarter… – Continue reading
Iran-Slovakia double taxation avoidance treaty becomes operational
Treaty for the avoidance of double taxation between Iran and Slovakia has become operational from January 1, 2019, Trend reports citing Iranian Foreign Ministry’s website. The agreement was signed between the two sides in January 2016. After the completion of all legal processes in both countries, the treaty will become… – Continue reading
Slovakia is pushing on digital platforms, including booking.com, to pay taxes here
One digital platform has registered on its own and others are being registered ex officio. Foreign digital platforms, which mediate services in transport and accommodation in Slovakia, are obliged to launch so-called permanent establishments in Slovakia. The Finance Ministry wants to force them to pay corporate tax. So far only… – Continue reading
SULTANATE, SLOVAKIA SIGN DOUBLE TAXATION AVOIDANCE AGREEMENT
Muscat – The sultanate on Sunday signed a Double Taxation Avoidance Agreement (DTAA) with Slovakia during talks held at the Ministry of Finance to discuss cooperation in the economic fields, investment and the tax field. The agreement was signed by H E Darwish bin Ismail bin Ali al Balushi, Minister… – Continue reading
Income tax law changes again
Tax residence gets new rules, support for R&D will increase and the spa industry gets new support instruments. The law on income tax is changing again. The Slovak parliament adopted extensive revisions on December 7, bringing changes in the definition of tax residence, new measures to support the spa industry… – Continue reading
International information exchange system to help fight tax evasion: Slovak officials
BRATISLAVA, Oct.18 (Xinhua) — International information exchange system could help fight tax evasion, said President of Slovak Financial Administration Frantisek Imrecze at a press conference here on Wednesday. According to Imrecze, the information exchange system has been available to the Slovak Financial Administration since Sept. 30, the Slovak tax office… – Continue reading
Exchange of information about multinational firms will be easier
Slovakia is the first V4 country to sign the agreement on country-by-country reporting. Slovakia’s Financial Administration has obtained easier access to the information of US multinational companies. The representatives of Slovakia and the US signed a bilateral agreement on country-by-country (CbC) reporting on June 21, the TASR newswire reported. The… – Continue reading
Slovakia Urged To Redouble Efforts Against Tax Evasion
Slovakia should tackle value-added tax and corporate tax evasion, the International Monetary Fund has said. In its annual report for the country, the Fund said that measures to target tax fraud and non-compliance have reduced the VAT gap – the amount lost compared with the theoretical maximum were the headline… – Continue reading
MPs approved exchange of information
The parliament transposed the EU regulation, whose aim is to secure comprehensive and effective administrative collaboration between tax administrations via mandatory automatic exchange of information. International corporations will be required to submit reports about their activities in every EU country in which they do business. This stems from the amendment… – Continue reading
In Slovakia, 2017 brings new tax legislation
The Slovak Government and Parliament made several changes to the tax system with effect from 1 January 2017. The recently adopted amendments concern – among others – corporate and personal income tax, value added tax, special levy in regulated industries, as well as social security and health insurance contributions. Here… – Continue reading
HUNGARY COULD BE A CORPORATE PROFIT TAX HAVEN IN THE EUROPEAN UNION
The new 9 percent flat corporate profit tax – to be introduced 1st of January 2017 – will put Hungary in a very good position in the international race for investments as Hungary will offer even better conditions than Ireland and Cyprus, which are both often regarded as the European… – Continue reading
EU Mulls ‘Substance Test’ to Determine Zero-Rate Tax Havens
European Union member countries are considering a “substance test” to determine whether a country or jurisdiction with a zero corporate tax rate qualifies as a tax haven that doesn’t reflect “real economic activity.” After a host of EU member countries rejected in early November the use of a zero corporate… – Continue reading
EU Parliament May Lose Right to Veto Public Tax Reporting
The European Parliament risks losing the right to veto plans to make multinational companies publish tax and profit details for the countries in which they operate, according to the European Union’s legal advisers. The Council of Ministers’ legal service insisted in its opinion, seen by Bloomberg BNA, that the European… – Continue reading
EU Countries Block Use of Rates as Tax Haven Criteria
A “number” of European Union countries are blocking a push to include zero corporate tax rates as criteria for the bloc’s tax haven blacklist, according to Slovakia, which holds the rotating EU presidency. EU members have been unable to reach an agreement on cracking down on offshore structures aimed at… – Continue reading
Armenia eliminates double taxation of property and income with Serbia and Slovakia
The Armenian Parliament has ratified today two agreements to avoid double taxation and prevent tax evasion with respect to taxes on property and income with Serbia and Slovakia. According to Deputy Minister of Finance Armen Hayrapetyan, the document on the mutual avoidance of double taxation on property and income with… – Continue reading
EU Finance Ministers to Target Tax Advisers, Protect Whistle-Blowers
Tough rules to regulate tax advisers, banks and lawyers who help companies avoid tax are set to be advanced by European Union finance ministers. The Council of Economic and Financial Affairs Oct. 11 also will likely move toward a system of automatic exchange of beneficial ownership registers to better target… – Continue reading
OECD Pushes For More Certainty In International Tax Rules
OECD Secretary General Angel Gurría has stressed the need for policy makers to provide a certain tax environment for businesses, to maintain trade and investment. Discussing the tax challenges facing EU countries at the informal meeting of EU finance ministers, held in Bratislava, Slovakia, on September 10, 2016, Gurría said:… – Continue reading
Apple May Face Double Tax on Profits If France Adds to Tab
Apple Inc. may face double taxation on some of its profits if the European Commission’s Aug. 30 ruling inspires France to slap its own tax adjustment on the company, practitioners said. Apple could even face “triple taxation” if it repatriates profits from the European Union to the U.S., Laurent Leclercq,… – Continue reading
Push for EU mandatory disclosure of tax avoidance schemes
Slovakia, the current president of the EU council, challenges finance ministers from all the EU member states to introduce mandatory disclosure rules for intermediaries including accountants who seek to profit from the promotion, design or implementation of tax avoidance schemes The proposals were outlined in a ‘presidency issues’ note presented… – Continue reading
EU finance ministers to discuss how to make tax policy more evenhanded
European Union countries should better coordinate tax rules to avoid hitting corporations too hard, the Slovak presidency of the European Union has proposed. This would be an effort to provide more balance to an EU campaign against tax avoidance by multinational companies. The proposal will be discussed at an informal… – Continue reading
FACTA agreement signed
Slovakia and the United States can now exchange information for tax purposes more easily, thanks to the Foreign Account Tax Compliance Act (FACTA) agreement signed in Bratislava on July 31, 2015. “The objective of the agreement is to prevent tax evasion and tax frauds and improvement of tax collection,” the… – Continue reading
Corporate tax avoidance: New rules adopted
On 12 July 2016, the Council adopted new rules addressing some of the practices most commonly used by large companies to reduce their tax liability. The directive is part of a January 2016 package of Commission proposals to strengthen rules against corporate tax avoidance. The package builds on 2015 OECD… – Continue reading
Liberia: Africa’s unknown tax haven with much to lose
As world leaders consider what to do about the revelations emerging from the Panama Papers, Liberia’s government will be worrying about the fall-out that may cross the Atlantic Ocean from the affair. The European Union has announced it will be creating a new “tax haven blacklist”, to be released by… – Continue reading
Dutch Presidency releases BEPS Roadmap
Following the release of the anti-tax-avoidance (ATA) package on January 28, 2016 by the European Commission, the Dutch Presidency of the Council of the European Union presented an EU-Base Erosion and Profit Shifting (BEPS) Roadmap (the Roadmap) to the Members of the High Level Working Party on Tax issues. The… – Continue reading
Slovak EU Presidency to tackle issue of tax evasion
BRATISLAVA, Feb. 12 (Xinhua) — Preventing VAT evasions should be one of the priorities of the Slovak EU Presidency starting this July, confirmed Andrej Kralik, head of the European Commission’s Representation in Slovakia. Europe is annually losing as much as 168 billion euros (189.5 billion U.S. dollars) on tax evasions… – Continue reading
TAX DEPT INKS SEVEN NEW TRANSFER PRICING PACTS
The new advanced pricing agreements cover sectors like investment advisory, IT enabled services and manufacturing In the current fiscal year, which is the third year of APA programme, 30 agreements have been signed so far. As part of efforts to reduce tax disputes related to international transactions carried out by… – Continue reading
2015: A Watershed Year in Corporate Tax?
Multinational companies have enjoyed a sustained period of falling corporate tax rates around the world. However, with the conclusion of the OECD’s base erosion and profit shifting project earlier this year marking the start of fundamental changes to the international tax system, and with governments more determined than ever to… – Continue reading
Mohammed receives Slovak Prime Minister
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday received Robert Fico, Prime Minister of Slovakia, and members of the accompanying delegation at Zabeel Palace. During the meeting, Sheikh Mohammed accepted an invitation from the Slovak prime minister… – Continue reading
IP BOX: Italian and European Legal Framework
On 22 December 2014, the Italian Parliament approved the Budget for 2015.40 Among other measures, the Law introduces the possibility of an exemption from corporate income tax (IRES, generally levied at 27,5%) and local tax (IRAP, generally levied at 3,9%) on income derived from qualifying intangible assets (such as patents,… – Continue reading
Corporate taxation proposals: Malta ‘breaks silence on reservations’
Finance Minister Edward Scicluna pushes for ‘flexibility’ during today’s meeting of EU finance ministers in Brussels Malta has come out strongly against applying “rigid rules”, urging the European Commission to adopt a more flexible approach as it drafts legislation on taxation. Corporate tax was high on the agenda of EU… – Continue reading
CEE countries must share best practices better to successfully combat VAT fraud
Officials from the ministries of finance and economy of five CEE countries (Czech Republic, Hungary, Poland, Romania and Slovakia) have called for a joint approach to combat VAT fraud and increase VAT collection in a conference hosted by PricewaterhouseCoopers (PwC) in Budapest on Thursday. According to the EU Commission data,… – Continue reading
France wants financial transactions tax accord in Brussels
France wants an agreement on a financial transactions tax (FTT) struck on Monday after a meeting of euro zone finance ministers, Finance Minister Michel Sapin said, reports Reuters. “We have done most of the technical work. I think the time has come to make a decision,” Sapin told reporters. “We… – Continue reading
Barbados, Slovakia Sign Double Taxation Agreement
Barbados and Slovakia signed a double tax agreement on October 28, 2015, to boost investment and trade prospects. The DTA allocates taxing rights to the two territories, to ensure that cross-border income is not taxed twice. It further stipulates that cross-border income from dividends will be subject to a withholding… – Continue reading
Barbados and Slovakia sign tax agreement
A DOUBLE TAXATION agreement was signed between Barbados and the Slovak Republic this afternoon. Minister of International Business Donville Inniss signed on Barbados’ behalf at a ceremony at Hilton Barbados. It is the 37th treaty signed between Barbados and another territory while Barbados became the 74th country to sign an… – Continue reading
Tax havens become less attractive
THE NUMBER of Slovak companies with ownership registered in a tax haven decreased in the first half of 2015 by 112, to a total of 4,250. The biggest outflows were recorded in Monaco and the British island of Jersey. The declining trend of companies selecting a tax haven for their… – Continue reading
India: No MAT for FIIs/FPIs For Period Pprior To April 2015
The CBDT has clarified that MAT provisions will not be applicable to those FIIs /FPIs which do not have a permanent establishment in India, for the period prior to 1 April 2015. An amendment to the IT Act will be made in the winter session of Parliament and directions have… – Continue reading
The rise of Europe’s unlikeliest tax haven
Two hundred miles off the coast of Morocco, the Canary Islands remainamong Spains farthest-flung territories, appearing as a few specks of volcanic rock against the endless Atlantic blue. Tourists roast on its beaches, and everything moves at a snails pace. That includes, unfortunately, the economy, which suffers from high unemploymentand… – Continue reading
Italy sees progress on euro zone financial transactions tax
The finance ministers of 11 euro zone countries willing to introduce a financial transactions tax (FTT) are expected to make progress on the thorny issue in a meeting on Saturday in Luxembourg, Italy’s economy minister said. Germany and France proposed the tax in 2012, in the midst of the euro… – Continue reading
EU States Told To Address Widening VAT Gap
Tax Commissioner Pierre Moscovici has urged European Union (EU) member states to “take the steps needed to fight tax evasion and tax fraud,” after new figures showed that the value-added tax (VAT) gap did not narrow in 2013. According to a new Commission report, the total amount of VAT lost… – Continue reading
FACTA agreement signed
REPRESENTATIVES of the US and Slovakia signed the Foreign Account Tax Compliance Act (FACTA) on July 31 in Bratislava. Based on this agreement, the countries will exchange information for tax purposes, the SITA newswire reported. “The objective of the agreement is to prevent tax evasion and tax frauds and improvement… – Continue reading
Government continues to combat tax evasion
THE ROBERT Fico government is preparing an additional 30 measures by which it wants to combat tax avoidance and tax evasion in Slovakia. It wants, for example, to use cover companies to uncover criminal deeds, names of debtors should be published on the website of the Financial administration and excise… – Continue reading
FATCA – Which Countries Are In And Out
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
EU Seeks Transaction Tax as 11 States Meet in Bid to Choose Path
The 11 European nations seeking a financial-transactions tax will meet Thursday in Luxembourg in a bid to decide how to design the measure, according to European Union officials. Participating states are wrangling over which trades to tax and who should collect revenue, according to planning documents obtained by Bloomberg News…. – Continue reading
Malaysia, Slovak sign agreement to avoid double taxation
PUTRAJAYA: Malaysia and Slovak today signed a protocol agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, here. The agreement was signed by Foreign Minister Datuk Seri Anifah Aman and Slovak Republic’s Deputy Prime Minister Miroslav Lajčák in conjuction with… – Continue reading
Armenian and SlovakFMs sign agreement on ruling out double taxation
YEREVAN, 15 MAY, ARMENPRESS. On May 15, Minister of Foreign Affairs of the Republic of Armenia Edward Nalbandyan, who is on a working visit to Bratislava, met with Deputy Prime Minister of Slovakia, Minister of Foreign and European Affairs Miroslav Lajčák. As the Department of Press, Information and Public Relations… – Continue reading
Fewer Slovak companies based in tax havens
THE NUMBER of Slovak companies residing in tax havens dropped in the first three months of this year to 4,248, which is by 114 less than in the end of last year. Most companies left Monaco and Jersey. The trend is the opposite rose by 23 to 13,270, the TASR… – Continue reading
Luxembourg: Luxembourg’s Direct Tax Administration Publishes Circular On Residency Certificates For Funds
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
Offshore property diversification spree continues
More JSE-listed counters announce offshore opportunities. It is becoming increasingly difficult for JSE-listed property companies to find value and attractive deals in the local market, which has seen the offshore diversification spree continue. Industry players believe that the sector has turned over the last few years, with more property counters… – Continue reading
COMPANY COMMENT: Offshore property funds; Shaft Sinkers
OFFSHORE property funds should outpace most local property funds in terms of capital growth this year. Many developed countries’ property markets are offering developers low interest rates amid increasing economic growth, while SA is expected to struggle to grow and a number of property funds here will be beset with… – Continue reading
