721.8 kB - Poledna | Boss | Kurer

More documents

Recommendations

Info

NEWS ROUND-UP: SMEsISSUE 30 | JUNE 6, 2013Spain's Fiscal Package Fosters'Entrepreneurial Culture'The Spanish Government has unveiled details of itsEntrepreneur Support Act, providing for a raft offiscal measures designed to facilitate the creation ofnew companies in Spain, and to support the country'sself-employed and small- and medium-sizedenterprises (SMEs).that invest in a company or in a business projectof a third party. The decision to contribute capitaland/or business knowledge to a new companywill enable individuals to deduct 20 percent oftheir State Personal Income Tax quota. In addition,all profits obtained from the activity aretax-exempt if reinvested in other newly incorporatedcompanies.In the area of fiscal support, the new legislation providesthat the self-employed and SMEs that are notsubject to the modular tax system and with turnoverof less than EUR2m (USD2.6m) will not have topay value-added tax (VAT) on invoices until theyare actually settled. The measure is to apply fromJanuary 1, 2014, and is expected to benefit almost1.3 million self-employed individuals and over 1million SMEs in Spain.The draft law provides for the introduction of afiscal incentive for corporations electing to reinvestpart of their corporate profits in the business.Consequently, companies with a turnover of belowEUR10m will be able to deduct from tax up to 10percent of profits obtained in the tax year in whichthey are reinvested in economic activity. This initiativeis predicted to benefit 200,000 self-employedtaxpayers and 185,00 SMEs.Th e Government also aims to promote the conceptof "business angels," namely individualsTo support funding for entrepreneurs, internationalizationcovered bonds have been created.These are assets secured by loans earmarked for theinternationalization of companies or for exports.Other key non-fiscal measures contained in the legislationinclude plans to create the statute of "limitedliability entrepreneur," intended to ensure thatthe self-employed no longer have unlimited liabilityfor their business debts. Furthermore, their primaryresidence will be exempt from liability, providedthat the value of the property is not in excessof EUR300,000.Finally, the legislation creates the concept of thelimited liability capital growth company, whichallows companies to be set up with share capitalof less than EUR3,000. Under the provisions, thecompany is required to contribute 20 percent ofits corporate profits until such time as the capitalrequired by law is fully paid.72
Singapore Plugs Benefits For SMEsOf e-Filed Simplified Tax FormThe Inland Revenue Authority of Singapore (IRAS)has encouraged small and medium-sized companies(SMEs) to use the simplified tax return, Form C-S,to e-file their income with effect from the 2013 assessmentyear, and enjoy further benefits.All companies normally have to file an estimate oftheir chargeable income within three months afterthe end of their accounting period on Form C.However, with the simplified and shortened 3-pageForm C-S, which was first available for the 2012 assessmentyear, there is no requirement to submit financialaccounts, tax computation and supportingschedules with the tax return. The documents mustbe prepared, but only sent to IRAS if requested.Form C-S is available for a company if a business isincorporated in Singapore, has an annual turnoverof less than SGD1m (USD795,000), has only incometaxed at 17 percent and does not claim anycarryback of capital allowances/losses, group relief,investment allowance, research and developmenttax allowance, or foreign tax credit.Th e initiative was expected to benefit about67,000, or 42 percent, of all companies in Singaporein 2012. They are now also being encouragedto e-file their simplified forms this year andobtain further advantages.If SMEs e-file a Form C-S they will receive an extensionof their filing due date to December 15, 2013,instead of November 15. They will also be able touse the iHelp facility to fill in the form, minimizecompletion and computation errors with in-builtformulae that auto-fill relevant fields, and have anestimate of tax payable auto-computed.IRS Facilitates ExtensionOf US Empowerment ZonesThe United States Internal Revenue Service (IRS)has issued a simplified procedure for a state or localgovernment to amend its nomination of an empowermentzone (EZ), and thereby facilitate its extensionto a new termination date of December 31, 2013.Since 1993, the US tax code has allowed a state orlocal government to nominate an area or areas in itsjurisdiction for designation as an EZ. The governmentshave generally provided in their nominationthat the designation would remain in effect untilDecember 31, 2009.The enactment of the Tax Relief, UnemploymentInsurance Reauthorization, and Job Creation Actof 2010, and then the American Taxpayer ReliefAct of 2012, has extended those EZ designations,firstly to December 31, 2011, and then to December31, 2013.The IRS's new procedure provides simply that anynomination for an EZ that was in effect on December31, 2009, is deemed to be amended to providefor a new termination date of December 31, 2013,unless the state or local government sends written73
Page 1 and 2:
GLOBAL TAX WEEKLYa closer lookISSUE
Page 3 and 4:
GLOBAL TAX WEEKLYa closer lookISSUE
Page 5 and 6:
FEATURED ARTICLESISSUE 30 | JUNE 6,
Page 7 and 8:
taxation treaties concluded by Swit
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
UK, its offshore dependencies, and
Page 15 and 16:
financing and all forms of financia
Page 17 and 18:
Th e Government pointed out in part
Page 19 and 20:
Talks are now underway. The TIEA wi
Page 21 and 22: through which they can clamber in o
Page 23 and 24: fi nally, and most egregiously, the
Page 25 and 26: office space, or own tangible asset
Page 27 and 28: extended for 2 years in December 20
Page 29 and 30: Financial transactions ( e.g. inter
Page 31 and 32: OECD Section E - Redraft On Safe Ha
Page 33 and 34: suggests that the following items m
Page 35 and 36: FEATURED ARTICLESISSUE 30 | JUNE 6,
Page 37 and 38: State Interest And IntangibleExpens
Page 39 and 40: States generally define "intangible
Page 41 and 42: Code Sec. 1563(controlledgroup)Stat
Page 43 and 44: ConnecticutGeorgiaIllinoisIndianaRe
Page 45 and 46: Rhode IslandTennesseeVirginiaWest V
Page 47 and 48: Table 4. Comprehensive Income Tax T
Page 49 and 50: include federal interest income, st
Page 51 and 52: Recurring IssuesRestructuring of th
Page 53 and 54: M&A. Nick has extensive experience
Page 55 and 56: and consumers." As Germany and Chin
Page 57 and 58: on many levels. The panel found tha
Page 59 and 60: equirements placed on the states, i
Page 61 and 62: NEWS ROUND-UP: COUNTRY FOCUS - ITAL
Page 63 and 64: NEWS ROUND-UP: REAL ESTATE AND PROP
Page 65 and 66: ates - such that, in 2014, the 4 pe
Page 67 and 68: NEWS ROUND-UP: FTTISSUE 30 | JUNE 6
Page 69 and 70: NEWS ROUND-UP: ENVIRONMENTAL TAXESI
Page 71: Finally, the Federal Council veheme
Page 75 and 76: TAX TREATY ROUND-UPISSUE 30 | JUNE
Page 77 and 78: CONFERENCE CALENDARISSUE 30 | JUNE
Page 79 and 80: Key speakers: John Capasso (Alvarez
Page 81 and 82: Key speakers: TBA6/27/2013 - 6/27/2
Page 83 and 84: 6/14/2013 - 6/14/2013http://www.con
Page 85 and 86: THE CYPRUS BAIL-OUT ANDFOREIGN CLIE
Page 87 and 88: Chair: Jonathan Levy (Partner, Reyn
Page 89 and 90: IN THE COURTSISSUE 30 | JUNE 6, 201
Page 91 and 92: on including the profit from the do
Page 93 and 94: deduct VAT as a result of incomplet
Page 95 and 96: where the taxpayer had somehow offs
Page 97 and 98: een paid in the destination State.
Page 99 and 100: that Spain has gone its own way fir
show all

721.8 kB - Poledna | Boss | Kurer

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?