UK: 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
See MoreProperty tax cut of South Korea
The government of South Korea has decided that the tax cut on home purchases will become effective from 28 August 2013. The tax cut was previously scheduled to come into effect from 1 January 2014. The government has proposed to permanently reduce
See MoreCyprus amends Property Tax
The Government of Cyprus has declared details plans to amend the country’s Immovable Property Tax (IPT), exempting the lowest-valued properties. At present, the property tax in Cyprus is based on valuations made on 1 January 1980. If the
See MoreLithuania: Real estate tax exemption relating to agricultural activities
The tax law of Lithuania has been modified to arrange for an exemption from real estate tax for an entity’s real property when the entity is involved in agricultural activities. The amendment will become effective from January 2014. An exemption
See MoreMalaysia: Hike in Property Gains Tax
Malaysia is considering a hike in the real property gains tax (RPGT), which is imposed on the profits from the sale of properties within certain periods after their purchase. This would be done to restrict what is seen as too much speculation in the
See MoreUK: HM Revenue and Customs (HMRC) revises SDLT group relief regulations
The UK tax authority HMRC has introduced a clarification confirming that intra-group transactions are eligible for group relief related to Stamp Duty Land Tax (SDLT). The declaration follows a meeting by HMRC with representative bodies concerning
See More