What is going on in “Good old Germany” in taxes? a Commentary February 22, 2024 Author: By Dr. Filip Schade, Steuerberater, Master of Laws Wagemann + Partner PartG mbB, Berlin, E: [email protected] Edited by: Grant Gilmour, B.SC., MBA, CPA BC, CA, CPA AZ Integra Tax World Newsletter Editor E:  [email protected]   In this article, I will give you a brief overview of the current economic situation in Germany and the reasons for this development. Following this, I will explain existing and planned tax incentives and subsidies and critically assess them. At the end of the article I will make four proposals for a more far-reaching reform of German tax law in order to make Germany attractive again as… Read More
Underused Housing Tax (UHT) Canada – An Update February 16, 2024 Author: Nicholas Raycroft, CPA Senior Manager, Tax Hendry Warren LLP | Chartered Professional Accountants E: [email protected]   Edited by: Grant Gilmour, B.SC., MBA, CPA BC, CA, CPA AZ Integra Tax World Newsletter Editor E:  [email protected]     On June 9, 2022, the Canadian Government enacted the “UHT Act”. This tax is intended to discourage ownership of vacant or underused Canadian real estate.  We had previously provided an overview of the new UHT in our publication on February 23, 2023 https://www.integra-international.net/underused-housing-tax-uht-canada/. Since February 23, 2023, the Canadian Government has released additional guidance and amended UHT Act legislation. We thought it would be helpful to provide… Read More
The US IC-DISC is here to stay: Are you still missing the boat for your exporting clients? February 16, 2024 Author: Paul Ferreira, CPA President of Export Tax Management E: [email protected]   Edited by: Grant Gilmour, B.SC., MBA, CPA BC, CA, CPA AZ Integra Tax World Newsletter Editor E:  [email protected]   The IC-DISC is the most effective tax planning strategy for your clients who deliver their products for use outside of the United States. In 2017, the U.S. Congress enacted the Tax Cuts and Jobs Act of 2017. This landmark legislation provides permanence for the IC-DISC in 2018 and beyond. Many privately held companies that have products delivered to customers outside of the United States, including Canada and Mexico, are significantly reducing their… Read More
Coming to the Netherlands – favorable tax regime for expats November 22, 2023 Author: Mr. M.A. (Maxim) Boschman LL.M Senior Manager Tax, specialized in (international) payroll taxes at Londen & Van Holland The Dutch economy is mainly driven by human recourses (HR), knowledge and innovation. In order to attract foreign employees who bring specific knowledge to the table, the Dutch tax rules provide a favorable tax regime. This regime is called ‘the 30%-ruling’ and is applicable if certain conditions are met. Dutch wage tax system and the 30%-ruling In principle, everything (in money or in kind) reimbursed, given or provided to employees in that capacity is considered wage, subject to Dutch wage tax… Read More
Top fiscal measures proposed by Romanian Government to be implemented for 2024 and their impact November 22, 2023 Author: Nadia Oanea, CA, Tax Advisor NOA Tax & Training SRL The 2023 summer in Romania was a hot one, with a lot of public discussions on the need to change the tax law, to manage the increased budgetary deficit. After many proposals being discussed in mass media, on September 19, 2023, the Romanian Government published a draft law on some fiscal and budgetary measures to ensure Romania's long-term financial sustainability. On September 26, the Government assumed responsibility in Parliament for this bill. On 27 October 2023, the Law no 296 / 2023 was published in the Official Gazette and… Read More
Latvia – Draft Amendments to the Corporate Income Tax Law November 22, 2023 Author: Ina Spridzane, Tax Manager, “Orients Audit & Finance” SIA The Ministry of Finance has prepared a draft for amendments of the Law on corporate income tax for Latvia (CIT) which have been intended for credit institutions and consumer lending service providers. Most countries use so - called standard CIT system where the tax is paid on a company's taxable income, which includes revenue which is reduced for qualifying expenses, for instance, cost of goods sold, general and administrative expenses, selling and marketing, research and development, depreciation, and other operating costs. Thus, the taxpayers pay CIT in the period when… Read More
VAT at 50 in the UK. Will it ever grow up? November 22, 2023 Author: Gavin Barker VAT Director, Bright Grahame Murray The VAT system in its various names (dependant on where you are in the world) has been adopted by 175 countries and yet it has still not been adopted by the US. As many people will be aware, on 1st April 2023, UK VAT turned 50. Now we are part way through the designated VAT party year, I thought I would reflect on some of the history and facts about VAT in general and some of the quirky cases within the UK. First-off a quick history lesson: The creation of VAT is… Read More
New legal framework for transfer pricing in Brazil August 31, 2023 The Brazilian Government has introduced a fresh legal framework for transfer pricing rules through Law No. 14,596/2023, effective from June 15, 2023. This move aligns Brazil's transfer pricing (TP) rules with the Organization for Economic Cooperation and Development (OECD) standards. Previously, Brazil's TP rules diverged from OECD standards, often using fixed margins for TP calculations. This deviation posed challenges for multinational companies with Brazilian subsidiaries. The updated rules apply to transactions with: (i) related parties; (ii) entities in countries that either do not tax income or tax it at a rate below 17%; and (iii) entities benefiting from a privileged… Read More
VAT Exemption to Imported Goods – Greece August 31, 2023 Based on recent decisions of the Independent Authority of Public Revenues in Greece, the application of a VAT exemption to imported goods under certain procedures detailed below shall no longer be granted if the declared customs value is disputed and subsequently increased by the customs authorities. Certain categories of goods are no longer eligible for VAT exemption on import based on the procedures mentioned above. The relevant measures shall be effective as of 24.07.2023.   The procedures and types of goods to which the above decisions apply are the following: Procedures where the new measures apply to cases where a… Read More
A Vat full of VAT August 28, 2023 Author Grant Gilmour B.Sc. HONS , MBA, CPA BC Canada , CA, CPA Arizona USA Recently I attended training on VAT in the UAE. That experience made me think about how different VAT programs are similar and different around the world. VAT is new in the UAE. It was implemented in 2018. Like other VAT programs around the world many questions have already come up and the UAE taxation authorities are rapidly bringing forward guidance and clarification. Looking at Value Added Tax conceptually it is similar around the world. It is usually levied by each participant at each step of the process. I… Read More