business taxation tagged posts

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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Hungary Taxing Migration NGOs

June 20, 2018 Taxation in Hungary

Migration in HungaryBUDAPEST – Hungary’s government is taking an anti-immigration stance, and looking to tax those helping migrants come into the country.

The government of Hungary has announced that it will be implementing a special 25 percent tax on any NGOs which it says are “organizing immigration”.

The tax will presumably be levied on all aid groups which help migrants come to Hungary, however, the exact details of who will be targeted by the tax have not yet been released.

Further, the mechanism for collecting the tax, or when exactly the tax will come into force have also not been detailed.

The government claims that the tax is needed because defending the nation against illegal migration carries a significant financial burden, which has and will continue to weigh down the national budget.

Quest...

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EU Eyes Taxes on Harleys and Bourbon

March 7, 2018 International Tax Cooperation

taxes on harleyWASHINGTON D.C. – A tax war is brewing between the USA and the EU, as a threat to tax EU steel leads to a threat to tax bourbon and Harley Davidson imports.

Earlier this week the EU Commissioner for Trade, Cecilia Malmström, indicated that the EU may retaliate against the US’s threat of import taxes on metal.

The retaliatory taxes will come in the form of targeted levies in the import of items manufactured in the USA.

The items in questions are specifically chosen to cause political pressure against the Trump administration.

Among the items to be taxed are bourbon, orange juice, jeans, t-shirts. Cosmetics, motorbikes, pleasure boats, steel, industrial products, and corn.

The goods chosen are produced in key political states or swing states or are associated with manufacturers which h...

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European Commission Approaches Digital Tax

February 27, 2018 Taxation in EU

digital taxBRUSSELS – Lawmakers in Europe may soon be deciding on a generic new tax on large digital businesses.

The European Commission is understood to be working on a temporary new tax intended to stop large digital companies from diverting their profits to low-tax jurisdictions without facing any tax obligations.

It is hoped that the new tax will target the online businesses based on where they draw their customers, instead of where they register their offices or settle the arising profits.

The tax is aimed squarely at large firms and will apply only to businesses with global revenues exceeding EUR 750 million per year, with at least EUR 10 million being from an EU country.

The exact rate of the tax has not yet been determined but is currently suggested to be set at between 1 percent and 5 per...

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Foreign Firms to Get Chinese Tax Breaks

December 30, 2017 Taxation in China

China taxBEIJING – China hopes to attract more foreign investors into the country by using a series of tax breaks.

The government of China is offering up tax breaks for foreign companies in exchange for re-investing profits into their local operations.

Under the new rules, any foreign business which meets the pre-set criteria and re-invests in profits in China will be eligible to be exempt from paying provisional withholding income tax on the re-invested profits.

The prerequisites include keeping the investments in industries favored by the government, and ensuring that the re-investments flow directly to the target entity and not through some intermediary arrangement.

The government hopes that by encouraging the re-investment of profits into China many companies can be convinced to boost techno...

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