Archive
Polish Radio Appearance by David J. James discussing Post-Balance-Sheet events.
A communication about the Cyprus solidarity levy, by Andreas Phillipou of Baker Tilly Klitou.
English: Nicosia view from skyline by night (late evening). Lights, cafeterias and high rise buldings of banks and hotels in downtown Nicosia, capital of Republic of Cyprus (Photo credit: Wikipedia)
Dear Quoracy.com
We communicate with you to inform you about the latest developments of the ECB/EU/IMF troika financial assistance to Cyprus. Last Saturday the Eurogroup decided in favour of a financial assistance to be provided to Cyprus with a package of measures which include:
• an one off solidarity levy on bank deposits and credit balances of 6,75% for amounts of up to €100.000 and of 9,99% for amounts exceeding €100.000. This levy will apply to all bank accounts (current, deposit, notice etc.) with banks operating in Cyprus (local and international) and bank branches. Depositors will be compensated with the equivalent amount in shares in Cyprus banks, and a plan is being contemplated for those who will keep their deposits in Cypriot banks for the next two years to be given bonds linked to revenues from natural gas; and
• an increase of corporate tax rate from 10% to 12,5%.
The upside of Saturday’s Eurogroup decision is that the uncertainty over the Cyprus economy and the future of its major banks will disappear with the financial assistance agreement. The EU and the IMF have also confirmed that these measures will ensure that the Cyprus economy will be sustainable without any further support or measures.
As a firm, we believe that:
• the increase of the corporate tax rate by 2,5% will not negatively affect international business in any significant way as corporation tax affects mainly trading income. Most international companies in Cyprus are set up as investment holding companies or group financing companies. Cyprus companies will still benefit from full participation exemption on capital gains, full participation exemption on dividend income, no Cypriot withholding tax on dividends, interest and royalties, no thin cap rules, no CFC rules, no exit charges, effective tax on royalty income of 2,5% (from 2%), interest income being taxed on thin margin only and all the other current positives of the Cyprus tax regime. In addition, even with this corporation tax increase, Cyprus remains one of the lowest corporation tax jurisdictions in the EU.
• the imposition of the one off solidarity levy on bank deposits and credit balances in the Cypriot banking system is unacceptable as such a measure is unprecedented and undermines the European banking system. Shares in banks on major international stock exchanges took a pummelling on Monday (yesterday) as a result of the dangerous precedent that has been set.
The Eurogroup decision needs to be ratified by the Cyprus House of Representatives to be effective. The decision with respect to the levy on deposits has sparked huge public anger in Cyprus and beyond and it is currently questionable if the House of Parliament will ratify it – the Parliament is expected to hold a special session for this today at 6pm Cyprus time.
We shall keep you informed of developments on this important issue. Please feel free to contact us for further information, assistance or clarifications.
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- Eurogroup agrees to allow Cyprus to tweak deposit tax as long as agreed target is met (ekathimerini.com)
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Poland Tax Alert April 2013
BTP – Tax Alert – Poland – April 2013
In the above PDF, Baker Tilly Poland kindly share some of the news surrounding the new VAT and income tax changes in Poland that anyone investing or living in this country needs to be aware of.
Baker Tilly Hungaria reports recent successes
The following press-release by Ferenc Kölber, a partner in Baker Tilly Hungária, underscores our observation made recently in these columns that finally the profession is growing again in Central Europe. He writes:
Baker Tilly Hungária is pleased to announce recent successful collaboration with member firms. These included a number of payroll, accounting outsourcing, tax advisory and compliance services assignments.
As a result of these tenders, Baker Tilly Hungária reached a milestone of 1,000 people on outsourced payroll. A new payroll outsourcing service for a manufacturing entity of a large international client helped these figures. This client employs 300 staff in Hungary, generating approximately €28,000 in annual revenue for the firm. However, the firm is hoping to soon exceed this milestone with tenders for payroll of 140 and 1,400 staff also underway, the latter is for a client currently being served by Baker Tilly Czech Republic.
Ferenc Kolber of Baker Tilly Hungária also recently led a successful tender for the tax advisory and compliance service for Olajterv, an international oil and gas company, across 24 countries. The development of a strong offering resulted in this substantial win with Poland already transitioned with full scope accounting and payroll services together with tax advisory and work in Libya and Kazakhstan commencing.
Baker Tilly Hungária believes the success of these tenders resulted from the close working relationships and the quality of service delivered by member firms. This has created opportunities for referrals in other countries as well as the ability to participate in larger tenders for international clients.
Contact details to Ferenc and all other partners of Baker Tilly International member firms can be found on their worldwide directory page .
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Baker Tilly Slovakia Tax Alert February 2013
| TAX ALERT | SLOVAKIA February 2013 |
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| The most significant changes to the taxation of individuals from the start of year 2013:1. Personal tax allowances for spouse– From 1st January 2013, the spouse allowance is possible to apply only if the spouse living with taxpayer in common household is: - taking care of a dependent child, or - receiving a cash allowance for nursing, or - unemployment registered and is actively seeking a job, or - considered a disabled individual or a severely disabled individual.2. Tax allowance related to voluntary contributions to II. pillar – until the 31st December 2016 taxpayers may apply as a tax allowance the amount of voluntary contributions to pension, this amount is 2% of the taxpayer´s tax bases from active income, i.e. income from employment and from business. This amount should not exceed 2% of 60-times average monthly salary reported by Statistics Office of the SR two years previously. 3. Tax bonus – the tax bonus should be apply only by taxpayer, who in the period reached 6 times the minimum wage only from active income, i.e. income from employment and from business. The tax bonus should not be applied by taxpayers who earn only rental income. 4. The lump-sum expenses from business income – changes in the implementation of lump-sum expenses in 2013: |
| Bratislava Eva Belková Managing Director Karadžičova 16 821 08 Bratislava Slovak Republic Tel: +421 250 203 302 Email: ebelkova |
Bratislava Vladimír Bartoš Head of Accounting Department Slovak Tax Advisor Karadžičova 16 821 08 Bratislava Slovak Republic Tel: +421 250 203 304 Email: vbartos |
| Disclaimer: The information contained in this material is general and does not provide a comprehensive analysis of these topics. Despite the fact that we try to ensure the timeliness and accuracy of the information contained in this material, we cannot guarantee that it will still be valid on the date it is read. Therefore users of this information should not base any business or investment decisions on it without first discussing the matter with a professional advisor. Our initial consultation is free.Privacy & Disclaimer Feedback Baker Tilly Slovakia Accounting s.r.o. and Baker Tilly Slovakia Audit s.r.o. are independent member firms of Baker Tilly International which is the world’s 8th largest accountancy and business advisory network by combined fee income of its independent members. Baker Tilly International member firms specialise in providing accountancy and business advisory services to entrepreneurial, growing businesses and mid-market corporates worldwide. |
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Travel Advisory from the U.S. Embassy in Warsaw
English: USA Embassy in Warsaw Poland. View from Aleje Ujazdowskie. (Photo credit: Wikipedia)
The US Embassy has put out the following content to help all those in the Central European part of the world, in particular tailored to Poland, get to grips with the innovations in force from now on in the US Visa system.
Know Before You Go: 10 Tips for Applying for a U.S. Visa
Traveling, especially overseas, can be a complicated undertaking in this day and age. Whether for business or vacation, planning a trip can be downright stressful. If traveling to the United States is on the horizon for you, take one unnecessary worry off your plate and make certain you know the required steps to apply for a U.S. visa in a timely manner.
With the recent implementation of an integrated appointment and information service, the U.S. visa application process in Poland is now more convenient and streamlined than ever. Here is what you need to know before you go:
1. Complete the online application form. Applicants around the world are using a standardized visa application form, which is available at https://ceac.state.gov/genniv/. On the form, you will be asked to submit general biographic data, information on your travel history and plans, and any previous visa applications. You will also be requested to upload a digital photo that meets specific digital requirements.
2. Check to see if you require an interview with a consular officer. Some applicants may be eligible to apply for a visa by mail. Applicants who received a visa after December 10, 2007, travelers under the age of 14 or over the age of 80, and foreign government officials and international government representatives should check the U.S. Embassy Warsaw website to determine if they meet the criteria for an interview waiver.
3. Register online. Register online at www.ustraveldocs.com/pl in order to later schedule your visa interview at the location of your choice, the U.S. Embassy in Warsaw or the U.S. Consulate General in Krakow. After registering online, you will be prompted to print a payment form required by Bank Pocztowy in order to pay the visa fee (see step 4). You will also be required to select the TNT location where you will pick up your passport with a visa once it has been approved and printed.
4. Pay the visa fee. In most cases visa applicants must pay a non-refundable, non-transferable application fee, whether a visa is issued or not. The type of visa for which you apply determines the visa application fee. You can pay at any one of the Bank Pocztowy branch locations listed on www.ustraveldocs.com/pl. After accepting your payment, the bank will give you a receipt. Please keep this receipt, since you will need the receipt number to schedule an interview with a consular officer.
5. Schedule an interview. You can schedule an appointment with a consular officer the next business day after you pay the visa fee, either via www.ustraveldocs.com/pl or by calling the information and scheduling line at: +48 22 307 1361 in Poland +1 (703) 988-7101 in the United States. There is no fee for these calls though your regular calling charges may apply. The average wait time for an appointment is two business days.
6. Prepare the required documents. You must have a passport valid for six months beyond the date that you intend to depart from the United States. If you have any valid U.S. visas, including ones in an expired passport, please bring them to the interview.
7. Your Interview. Appointment times are available in 30-minute intervals and most applicants spend no more than an hour at the embassy, from the security screening to end of the interview. Consular staff will verify that you have the correct documents before you begin your interview. The spacious and comfortable waiting room offers an array of travel brochures while waiting for your interview. Interviews typically last about four minutes.
8. Collect your passport and visa. If you qualify for a visa, you will leave your passport with the officer for visa printing. Once your passport is processed, it will be available for pick-up, usually between three and five business days after your interview, at the TNT location that you selected when you registered online. TNT will hold your passport for pick-up for up to 14 days. There are no extra fees associated with this service.
9. If circumstances require, choose expedited passport pick-up. Sometimes even the most organized travelers cannot anticipate a change in plans or an unforeseen emergency. For this reason, there are two TNT branch locations that offer expedited passport pick-up: TNT Express Warsaw Ul. Annopol and TNT Express Krakow Ul. Rzemieślnicza. At these locations, you can pick up your passport sooner, usually within two business days following your interview.
10. Pack your bags and enjoy your trip! Now that you have completed the visa application process, enjoy your trip. Whether you are headed to the United States for business or pleasure, we hope your stay is productive and enjoyable.
For detailed visa application procedures, please visit www.usatraveldocs.com/pl or call +48 22 307 1361 in Poland +1 (703) 988-7101 in the United States. The telephone information service is open 0800 to 2000 Monday – Friday for the number in Poland and is toll free for callers in Poland. The U.S. number is available 0700 to 1500, Eastern Standard Time.
Branka Bell and Elżbieta Iwaszko, U.S. Embassy Warsaw.
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Baker Tilly Slovakia Tax Alert January 2013
Income Tax rates by Country based on OECD 2005 data. “OECD Tax Database”. Organisation for Economic Co-operation and Development . . Retrieved 2007-01-30 . (Photo credit: Wikipedia)
There’s a lot going on in all our region with taxes at the turn of the year. Below Baker Tilly Slovakia have been kind enough to share their update on some of the key issues undergoing change. As always on these pages, the updates provided are subject to the usual caveats and these are on the page on this site marked disclaimers.
Parliament has approved the governmental Amendment to the Income Tax Act effective from 1st January 2013. The most significant changes resulting from the amendment are as follows:
1. Personal income tax
Personal income will be taxed at two tax rates depending on the amount of the income of the tax payer. A tax base of up to 176,8 times the subsistence minimum (for the year 2013 it is the amount 34.401,75€) will be taxed at a 19% tax rate, while a tax base exceeding this amount will be taxed at a 25% tax rate.
The threshold for payment of advance tax has also been increased from 1.659,70€ to 2.500€.
2. Corporate income tax
From 1st January the corporate income tax rate has been increased from 19% to 23%. Following the change of tax rate, corporate income tax advances paid for periods from January 2013 should be re-calculated with the 23% tax rate.
3. Extension of tax return filing deadline
The deadline for filing tax returns will be extended only for taxpayers whose income includes income from a foreign source. The deadline will be extended by 3 calendar months on the basis of a written notification delivered to the tax authority before the usual deadline for filing tax returns.
For taxpayers whose tax period is a financial year starting in 2012 and ending in 2013, the tax base to be decreased by any tax losses will be distributed proportionally based on the number of months in the tax period up to 31.12.2012 (taxed at the 19% rate) and the number of months in the tax period after 31.12.2012 (taxed at the 23% rate).
4. Tax assignation by legal entities
A legal entity liable to pay corporate income tax will be able to assign 2% of paid tax to entitled beneficiaries (not-for-profit organizations, civil associations, etc.), provided that during the term for filing of the tax return such entity makes a donation equal to at least 0,5% of the tax paid. In other cases, the legal entities will only be able to assign 1,5% of any tax paid.
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Bratislava
Eva Belková
Managing Director Karadžičova 16 821 08 Bratislava Slovak Republic Tel: +421 250 203 302
Email: ebelkova@bakertilly.sk |
Bratislava
Vladimír Bartoš
Head of Accounting Department Slovak Tax Advisor Karadžičova 16 821 08 Bratislava Slovak Republic Tel: +421 250 203 304
Email: vbartos@bakertilly.sk |
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Business and Tax Newsletter Hungary 1/2013
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| Tisztelt Hölgyem/Uram,A Baker Tilly Hungária megjelentette legújabb „Business & Tax Newsletter” című kiadványát,melyet a következő linkre kattintva tekinthet meg: Newsletter 1/2013
Hírlevelünk témája a Társasági és cégeljárási törvénnyel kapcsolatos aktuális kötelezettségek Hírlevelünk Acrobat Reader szoftverrel olvasható, mely ingyenesen letölthető a következő helyről: Amennyiben hírlevelünket hasznosnak találja, és szeretné, hogy mások is megkapják, vagy a jövőben nem szeretné, hogy hírlevelünket megküldjük Önnek, akkor kérjük, ezt a newsletter címre küldött e-mail-ben jelezze. |
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| Dear Sir / Madam,Baker Tilly Hungária issued its latest „Business &Tax Newsletter”which can be accessed by clicking on the following link: Newsletter 1/2013
The actual topic covered therein is the obligations related to the act on business associations and company administration Our newsletter can be read with Acrobat Reader which is downloadable by clicking on the following link: http://www.adobe.com/products/acrobat/readstep2.html If you found our newsletter useful and would like to include anyone else on, or would like to remove your e-mail address from our mailing list, please notify us at newsletter. Üdvözlettel / Best regards, Baker Tilly Hungária an independent member of Baker Tilly International Address: H-1124 Budapest, Jagelló út 14., Hungary phone.: +36 1 225 34 90 fax: +36 1 225 34 91 e-mail: newsletter; info |
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| Baker Tilly is a trademark of the UK firm Baker Tilly UK Group LLP, used under licence.Baker Tilly Hungária is an independent member of Baker Tilly International. Baker Tilly International Limited is an English Company. Baker Tilly International provides no professional services to clients. Each member firm is a separate and independent legal entity and each describes itself as such. Baker Tilly Hungária is not Baker Tilly International’s agent and does not have authority to bind Baker Tilly International or act on Baker Tilly International’s behalf. None of Baker Tilly International, Baker Tilly Hungária, nor any of the other independent member firms of Baker Tilly International has any liability for each other’s acts or omissions. In addition, neither Baker Tilly International nor any other member firm has a right to exercise management control over any other member firm. |
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