Czech Republic: Changes to real estate acquisition tax has approved
The lower chamber of the parliament has approved a bill in the third reading on 1st June 2016 regarding the changes to the Senate Legislative Measure on Real Estate Acquisition Tax. Particularly the Bill gives that the taxpayer of the real estate
See MoreUK: IMF report and selected issues paper look at property taxation
The IMF has published a staff report and a selected issues paper following the conclusion of consultations with the UK under Article IV of the IMF’s articles of agreement. The UK economy has been growing steadily and growth is set to continue at
See MoreLuxembourg: Circular on Reduction of Net Worth Tax
The Luxembourg administration for direct taxes published Circular on 19 November 2015 regarding the reduction of the net worth tax. In order to obtain the tax reduction, a company must allocate a portion of its profits of a tax year to a reserve
See MoreMali: IMF Report on Local Taxation
Following the conclusion of the work of a technical assistance mission on fiscal policy the IMF has compiled a report containing technical advice for the Mali authorities. The report dated July 2015 has been published on the IMF website. The report
See MoreGhana: VAT obligation for mortgage providers and operators
The government of Ghana has issued a statement regarding new VAT obligations for mortgage providers and operators in the real estate and construction sector. Under the statement, the sale of each unit of immovable property by an estate developer is
See MoreUK: Research Report on Effect of the Annual Tax on Enveloped Dwellings
Although most residential property in the UK is owned directly by individuals in some cases the property is owned by a company or other corporate structure. The property can then be said to be enveloped in a corporate wrapper. Until 1 April 2013
See MoreSouth Africa: SARS issues guide on valuation of assets for Capital Gains Tax purposes
The South African Revenue Service (SARS) has recently published an updated guide on the valuation of assets for capital gains tax (CGT) purposes. This guide provides general guidance on valuations. The guide issued by SARS does not go into the
See MoreUS: IRS Issues Notice 2015-54 Limiting Ability to Transfer Property to a Partnership Tax Free
The IRS and Treasury published Notice 2015-54 on August 6, 2015 modifying the rules applicable to the contribution of built-in gain property to a partnership. Under the Notice, a U.S. transferor is required to recognize any built-in gain on the
See MoreMalaysia: IRB Issues Public Ruling On Small Asset Tax Allowance
The Inland Revenue Board of Malaysia (IRBM) has issued a new public ruling providing guidance on the 100 percent special allowance afforded to businesses for capital expenditure incurred on their purchase of small value assets. The objective of this
See MoreTax rate down in Malta’s 2015 Budget
Recent budget of Malta for next year contains a reduction of personal income tax (PIT) brackets, through a rate down on income between €19,500 and €60,000 from 29% to 25%. Those who purchasing their first property they can get tax concession and
See MoreGreek PM Tackles Property Tax Mess
It has been decreed by the Greece's Prime Minister, Antonis Samaras that this year's property tax bills will be based on last year's valuations as lot of taxpayers across the country were sent massively over-inflated demands in error. The Citizens
See MoreFrance- Lawmakers Seek Simpler Tax Regularization Scheme
French members of parliament have indicated that offering taxpayers a chance for tax regularization through a lump sum 10 percent tax on assets repatriated would raise revenue for the government of around EUR 10 billion. Around half of this sum
See MoreEuropean Inheritance Tax Burdens Compared
A recent examination of inheritance tax systems in European countries suggests that there is no consistency in the way that the taxes are applied to family business transfers. The way the tax operates is greatly influenced by the tax relief that can
See MoreIreland Eases Rules for LPT Concessions
Certain relief from Ireland’s Local Property Tax (LPT) is available for some disabled individuals. The Finance Minister has now announced that the scope of these reliefs is to be extended. The exemptions relate to property that are built or
See MoreSwitzerland – Committee rejects IHT and VAT changes
A Swiss government committed has rejected an inheritance tax proposal from the Socialist Party and has also rejected a suggestion to introduce a consumption tax on energy in place of the VAT. The inheritance tax suggested by the Socialists would
See MoreIreland and the UK levy the highest rates of inheritance or estate tax
A recent report published by a firm of accountants has found that Ireland and the UK levy the highest rates of inheritance or estate tax of any major world economies. The report computes that Ireland takes on average 26 percent from the estate of a
See MoreSlovenia – Constitutional Court Suspends Real Estate Tax
Slovenia's Constitutional Court has suspended property tax assessments. The tax imposes a charge based on property value of between 0.15 percent for occupied residences through to 0.5 percent for empty homes and 0.75 for commercial properties.
See MoreRussia-Calculate corporate property tax by using cadastral value
Russia has enacted Law No.307-FZ naming “Concerning the Use of the Cadastral Value of Real Estate for the Calculation of the Corporate Property Tax Base” that was published on November 6, 2013 and it will apply from January 1, 2014. A
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