IRS Launches FATCA Data System

Posted on December 6th, by Global Tax Weekly in Compliance. No Comments

In late November, the US IRS announced that the Foreign Account Tax Compliance Act (FATCA) International Data Exchange Service (IDES) would be opening for testing in December.

FATCA, which was enacted by the US Congress in 2010 and took effect on July 1, 2014, is intended to ensure that the IRS obtains information on financial accounts held at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients will result in a requirement to withhold 30 percent tax on payments of US-sourced income.

US persons are also required to report, depending on the value, their foreign financial accounts and foreign assets.

The FATCA IDES is an electronic delivery point where financial institutions and host country tax authorities can securely transmit and exchange FATCA data with the United States. The data is in a standard XML … Read More »


Uzbekistan Announces Reforms

Posted on November 28th, by Global Tax Weekly in Corporation Tax, Sales Tax. No Comments

In Uzbekistan, the government confirmed recently announced changes to the country’s corporate income tax and VAT regimes in the 2020 Budget.

In line with an earlier announcement, the Budget included a cut to the VAT rate to 15 percent from 20 percent effective from October 1, 2019. The Budget also confirmed the Government’s plans to remove the flat rate VAT scheme for certain medium-sized enterprises.

Further, the Budget provided for an increase to the headline corporate tax rate from 12 percent to 15 percent.

Other measures included a reduction in the single social payment from 25 to 12 percent for state enterprises, and legal entities in which the state owns at least 50 percent of its authorized capital, and the introduction of a new tax system for individual entrepreneurs, who will newly pay a fixed tax rate based on their actual income.

For more … Read More »


Slovenia Announces Tax Changes

Posted on November 21st, by Global Tax Weekly in Individual Taxation. No Comments

In Slovenia, the government recently announced plans to implement sweeping changes to corporate, personal, and capital gains taxes.

Under proposed legislation, a corporate minimum tax of seven percent will be introduced. This is intended to ensure that companies which substantially reduce their tax liabilities by utilizing tax credits and offsets, including loss carryforwards, pay a minimum level of corporate tax.

For personal income tax payers, the amendments increase tax thresholds and reduce the tax rates for the second and third tax brackets by one percent to 26 and 33 percent.

The proposed amendments also include changes to the rate of taxation for capital income, rental income and income from derivatives, which will increase from 25 to 27.5 percent. For capital gains and derivatives income, the tax rate falls depending on the length of time an asset is held. For assets held for between … Read More »





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IRS Launches FATCA Data System

In late November, the US IRS announced that the Foreign Account Tax Compliance Act (FATCA) International Data Exchange Service (IDES) would be opening for...

Uzbekistan Announces Reforms

In Uzbekistan, the government confirmed recently announced changes to the country’s corporate income tax and VAT regimes in the 2020 Budget.

In line with an...

Slovenia Announces Tax Changes

In Slovenia, the government recently announced plans to implement sweeping changes to corporate, personal, and capital gains taxes.

Under proposed legislation, a corporate minimum tax...