December 5, 2013 Taxation in Bulgaria
On December 4th the members of the Parliament of Bulgaria voted on and approved several amendments to the national Gambling Act, in an effort to make the country a more attractive destination for obtaining a gambling operating license, while also tightening compliance in the industry, and raising the amount of tax revenues gathered from providers.
Currently businesses offering any form gambling products are obliged to pay a 15 percent tax on the revenues earned, however, under the amended rules, operators will be required to pay a one-off licensing fee of BGN 100 000 and a 20 percent tax on the...Read More
December 4, 2013 Taxation in Germany
BOCHUN – German authorities suspect that life insurance policies have been used to facilitate tax evasion, and have conducted raids to uncover proof of the illicit activity.
On December 3rd the Prosecutors Office of Germany announced that the headquarters and 39 other offices of the country’s second largest bank, Commerzbank, have been raided in an effort to find evidence of tax evasion committed by some of the bank’s clients.
The Commerzbank confirmed that the raids have taken place, and underscored that the investigations are not aimed at the bank or its staff, but at “…several employees of another financial services provider.”
Reports in the local media have indicated that the financial institution in question may the Irish division of an Italian insurance provider, offering products...Read More
December 3, 2013 Taxation in Japan
In an effort to bolster economic growth in Japan prior to the introduction of a hike to sales tax next April, the leadership of the country’s coalition parties agreed on December 2nd that tax obligations need to be reduced, and the currently levied temporary 10 percent tax surcharge on corporate should be dropped in March 2014, one year ahead of schedule.
In real terms, removing the surcharge will reduce the effective tax burden faced by companies from 38.01 percent to 35.64 percent.
It is believed that dropping the tax surcharge may provide employers with enough financial leeway to offer wage in...Read More
December 2, 2013 Taxation in China
BEIJING – China intends to significantly deepen and expand the reforms to the socio-economic system in the country, and these changes will be reflected as improvements and updates to the national tax system.
The leadership of China is set to “…actively and steadily push forward the breadth and depth of market-oriented reforms” in the country, while “…vigorously develop[ing] a mixed-ownership economy”, and will “… handle the relationship between government and the market”, in line with the overreaching plan of reform for the next 10 years formalized by the recently held Third Plenum of the 18th Central Committee of the Communist Party of China.
The results of the work of the plenum were released as Decision on Major Issues Concerning Comprehensively Deepening Reforms, a do...Read More