Lausanne, Switzerland

Novelties in the Swiss Tax at Source

By Cédric-Olivier Jenoure and Sascha Wohlgemuth, Bratschi Ltd.

Multiple novelties and changes in the Swiss tax at source hold risks for companies and groups concerning the correct declaration of the income of employees who are foreign residents without settlement permits. Companies, as employers who are liable for the payment of the tax, must take the following into account:

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London, UK

Reverting to the Two-Tier System

By Deborah Nadav, Citroen Wells Chartered Accountants

Since 01 April 2015, the UK has had one flat rate of corporation tax, currently 19%. This is set to change effective 01 April 2023, with the Finance Act 2021 reintroducing the small profits rate. The main rate of corporation tax will increase to 25% for companies with profits over GBP 250,000 and a small profits rate of 19% will apply to most companies with profits up to GBP 50,000. Companies earning profits of between GBP 50,000 and GBP 250,000 will apply marginal relief.

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Moscow, Russia

Further Revision of Russian DTTs

By Valeria Khmelevskaya, KBK Accounting

Beginning in 2020 Russia initiated negotiations to amend the incentives on dividend and interest payments set forth in Double Taxation Treaties (DTTs) with so-called “transit jurisdictions”. Cyprus, Malta, Luxembourg, and Netherlands were offered the option to either agree to amend their DTTs or face the consequences of Russia’s withdrawal from these agreements.

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President Biden’s Tax Proposals: Change is Coming to US Taxation

By Howard Bakrins, Kutchins, Robbins & Diamond, Ltd.

On 28 April 2021, in an address to a Joint Session of Congress, United States President Biden introduced the “American Families Plan,” which is the President’s plan for spending and a series of tax changes to pay for it. The White House also published a fact sheet that provides details about the plan. This fact sheet is available at:

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Warsaw, Poland

Beneficial Ownership and Actual Business Activity

By Wojciech Jaskuła, Penteris

The definition of beneficial owner (BO) has changed the tax landscape in the EU. Severe obligations have been imposed on companies who are now obliged to verify numerous premises, when payment abroad is made, in order to determine whether BO conditions are met and, therefore, if a lower WHT tax rate or exemption might be applied.

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Bangkok, Thailand

Thailand’s Board of Investment (BOI) is a Road to Foreign Ownership, Even if Incomes Remain Taxed

By James Fraser, MBMG Group

The Board of Investment (BOI) offers a wide range of tax and, interestingly, non-tax incentives to promote targeted business initiatives in sectors across the board. To help reduce the initial investment costs and improve the overall rate of return to investor, the BOI offers an exemption or a reduction of import duties on new machinery, materials and components, and zero corporate income tax for up to 10 years, as well as exemption on dividend withholding tax and, in some cases, personal income tax.

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Amsterdam, The Netherlands

Go Dutch After Brexit! The Advantages of Incorporating a Dutch B.V.

By Britt Vrijburg, JAN© Accountants and Business consultants B.V.

At the end of 2020, all seemed signed and sealed. UK Prime Minister Boris Johnson had promised that British entrepreneurs would finally be free to trade after Brexit. This turned out to be completely wide off the mark. British entrepreneurs are now looking for a way to avoid the enormous amount of paperwork and unforeseen VAT charges. The early adaption of awareness-raising measures and incentives has been crucial for the continuation of their business. The most frequently discussed solution? Go Dutch!

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Ahmedabad, India

Taxation Amendments Affecting Foreign Investment

By Janvi Khatri, Zinzuwadia & Co. CA

Indian Direct Taxation was amended in a big way by The Finance Act, 2020, which can affect the computed cost of investment made in India. The changes will be made applicable from the current financial year, hence are highlighted here for your understanding:

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New Home Office Reform in Mexico

By Prof Sergio Guerrero Rosas, Guerrero y Santana, S.C.

The chamber of deputies recently approved reforms to the Federal Work Law, whose purpose is to regulate telework, or “home offce”. These reforms began in January 2021, providing more precision to the definition of telework, that consists of performing paid activities, in a place different to that or those of the employer, using information and communication technologies.

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