S.Korea Hands Tax Breaks to Tech Startups

July 19, 2018 Taxation in South Korea

tax breaks on r&dSEOUL – South Korea is extending tax breaks to innovative startups doing research and development.

On July 18th the government of South Korea indicated that it will soon enact new tax breaks for businesses which make investments into research and development of new technologies.

So far 157 specific technologies across 11 operational areas have been defined as “new-growth technology” which will fall under the scope of the tax break.

Under current rules for tax breaks for R&D, companies are eligible for tax reductions if they allocate at an amount which is equivalent to 5 percent of the previous year’s sales to research and development, with at least 10 percent of the amount dedicated to new growth technology.

However, it has been suggested that the rules may be amended for this yea...

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Samoan Chruch Tax Stoush Escalates

July 18, 2018 Taxation in Samoa

Church tax in SamoaAPIA – Samoa’s biggest church continues to deny that its ministers should be taxed, and now the church is even refusing to talk about the topic.

The ongoing battle between the government of Samoa and the nation’s biggest church, the Congregational Christian Church of Samoa, has taken another turn, as the church appears to have refused to talk about the matter until next year.

Earlier this year the government enacted a new law which would require church ministers to register to pay income tax, and to pay the tax on the money they receive while carrying out their duties.

The Congregational Christian Church of Samoa contests that the money that ministers receive is all in the form of donation and shouldn’t be taxed, and, further, the thought of taxing the donations is an affront to their...

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Japan to Automate Cryptocurrency Tax Returns

July 17, 2018 Taxation in Japan

Crypto-tax in JapanTOKYO – Japan is simplifying tax filing for cypto-traders, meaning only those making significant profits will be filing returns.

The National Tax Agency of Japan has disclosed its revised rules and systems for declaring profits from cryptocurrency transactions, unveiling a system which automates away a lot of the complexity of calculating the tax obligations.

The tax authority is now working on the implementation of an automated process which would automate the process of calculating the tax obligations arising from trades of cryptocurrencies made by Japanese taxpayers.

Previously traders were required to calculate the profits earned from cryptocurrency by comparing the value of the coin at the time of purchase against the value at the time of sale, and also compare that against what in...

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Returned Church Assets Should be Taxed, Says Czech Communist Party

July 16, 2018 Taxation in Czech Republic

El millor romànic de Praga / Best romanesque in PraguePRAGUE – The Czech Communist Party wants to tax churches for the return of assets originally seized by Communist after World War 2.

A dispute is rising between churches in the Czech Republic and the national Communist Party, as the Party calls for taxes to be applied to the compensation package to be paid to churches around the country.

In 2012 the government struck a deal with churches in the Czech Republic to return assets previously confiscated by the Communist state after World War 2.

As part of the package, any assets which could not be returned would be repaid in as capital over the course of 30 years.

The extent of the assets involved in the agreement is vast, with a value of CZK 75 billion, and include works of art and more than 40 000 hectares, which itself contains vineyards a...

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July 13, 2018 Taxation in USA

TeslaWASHINGTON D.C. – Tesla may have sold more electric cars in America than any other manufacturer, but the success comes at a price for consumers.

On July 12th the American electric vehicle manufacturer, Tesla, confirmed that it has reached the production threshold which triggers the winding down of tax breaks available to American’s buying a Tesla.

Under current US tax rules, individuals purchasing an electric vehicle are eligible to receive a federal tax break of up to USD 7 500 when purchasing a Tesla.

However, as the tax break was not intended to be a permanent measure, the rules also stipulated that it applied in full to the first 200 000 cars shipped by any given manufacturer.

Tesla is now the first manufacturer to reach the 200 00 car threshold, meaning that in six months’ time t...

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