Uncategorized

01
Sep

On 13 August 2012, the Ministry of Finance issued General Resolution No. 80, which clarifies the scope of the recently introduced individual income tax (IRP) The resolution addresses the issue of profits earned before the IRP came into force, as well as dividends from those profits. Such profits or dividends are not subject to IRP, even though paid after the entry into force of the IRP. tmagazine.ey.com

15
Aug

Amendments to the Czech Investment Incentives Act that came into effect on 12 July 2012 create additional opportunities for investments in manufacturing and in technology centers and strategic service centers Investors satisfying the conditions set out below are eligible for 10 years of corporate income tax relief of generally 40% of eligible investment costs. Eligible investment costs are calculated as the fixed assets for production or as the payroll costs of the new jobs incurred with respect to the project during the 24-month period after filling the vacancy for technology centers and strategic service centers. Basic investment requirements are as follows: • Manufacturing - The minimum investment must be EUR 2 or 4 million (depending on the region), at least 50% of which must be invested in new machinery. • Technology centers - The minimum investment must be EUR 400,000 and at least 40 new jobs must be created. • Strategic service centers - There is no minimum investment requirement, but at least 100 new jobs (40 for software development) must be created. • In general, whether in manufacturing or in a technology center, at least 50% of the minimum investment must be financed from the company's own equity. source:deloitte

20
Jul

On 6 July 2012, the Law Decree No. 95/2012 on the spending review was published in the Official Gazette No. 156 The decree, which entered into force on 7 July 2012, contains several urgent spending cut measures and will be debated in the Parliament. Under article 21 of the decree, the increase in the VAT rates from the current 21% (standard rate) and 10% (reduced rate) to 23% and 12% respectively, scheduled for 1 October 2012, has been provisionally deferred. If, however, on 30 June 2013, certain financial targets are not met: • The increased rates of 23% and 12% will apply from 1 July 2013 to 31 December 2013. • A standard rate of 22% and a reduced rate of 11% will apply from 1 January 2014. tmagazine.ey.com

09
Jun

Transportation Secretary Ray LaHood and a panel of lawmakers took turns Wednesday hammering a proposed requirement that airlines operating in European countries trade emissions. Appearing before the Senate Commerce, Science and Transportation Committee, LaHood said the proposed European Union emission trading system was a "lousy, bad policy." "The United States takes a backseat to no one" when it comes to reducing airlines' impact on the environment, LaHood said in defense of the United States's own emission reduction efforts. "The airlines, and the companies that build their airplanes … have done an outstanding job in trying to reduce emissions," LaHood told the committee Wednesday. "They get it. It helps their bottom lines obviously. All the airlines are now buying much more efficient airplanes." Under the proposed EU emission trading system, which is similar to cap-and-trade proposals environmentalists once tried to push in the United States, airlines from any country would have to trade credits for pollution emitted by flights to European destinations. The plan calls for airlines to reduce their emissions from 2006 levels by 3 percent by 2013 and 5 percent by 2020. Emissions would be counted for the entire length of the flight, not just the time an airplane spends over European ...

29
Feb

From 1 January 2013 Beginning from next year, dividends paid by Latvian resident companies to nonresident companies will be exempt from withholding tax, except where payments are made to residents of tax havens. This rule will apply to interest and royalties as from 1 January 2014. source:deloitte