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Baker Tilly Slovakia Tax Alert February 2013

February 13, 2013 Leave a comment

TAX ALERT | SLOVAKIA
February 2013
Baker Tilly
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:
- the lump-sum expenses could be applied to the annual maximum amount 5.040€,
- the lump-sum cannot be applied to rental income,
- authors who contribute to the newspapers, magazines or to the television can decide whether they prefer their honorarium already taxed by withholding tax or an honorarium in the total amount with the possibility to apply real expenses or lump-sum expenses and with the duty to charge social and health insurance.

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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Baker Tilly International Reports Revenue Growth of 3% to US$3.3bn

February 8, 2013 Leave a comment

31 Jan 2013

Baker Tilly International today reported annual revenues of US$3.3bn for the financial year ending 30 June 2012, a year-on-year increase of 3%.

“This is a strong performance in what remains an uncertain trading environment in many markets, and continues our impressive track record of growth over our 25 years of operations,” said Geoff Barnes, CEO and President of Baker Tilly International. “The results were affected by a number of factors including improvement in some mature markets, as well as in a range of developing economies.

“Despite on-going uncertainty and volatility in some markets, especially within the Eurozone, Europe performed well in 2012 with growth across a spread of countries. This contributed to a combined increase of 8% for EMEA.

“In 2012 – as in 2011 – emerging markets were the story. Asia Pacific led the way, reporting a 30% rise in revenues,” said Barnes. “Baker Tilly China was the stand-out performer, in part due to a large increase in the provision of audit-related services in response to the expansion of the Chinese capital markets.

Geoff Barnes, CEO, addressing senior partners of Baker Tilly member firms in the Great Hall of the People, Beijing

Geoff Barnes, CEO, addressing senior partners of Baker Tilly member firms in the Great Hall of the People, Beijing

“In Latin America, revenues rose 14% as our member firms responded to a surge in demand for a range of services from both ambitious domestic businesses and international companies looking for opportunities across the region.

“However, we are also excited by the potential in Africa, and continued development in the Middle East. We have welcomed five new members firms to the network last year from these areas. Increased investment – particularly in Africa – is very much on our agenda. We are continually assessing the changes that are occurring in the marketplace to ensure that we have the necessary resources and capabilities in locations that are of strategic importance to the future of our clients.

“We have an ambitious strategy to continue to grow and strengthen our operations across the continent, which is seeing increased activity by multinational businesses looking to capitalise on its enormous potential especially in sectors including the extractive industries, telecommunications and consumer products. They are looking for first class advice and help on the ground, and we are keen to meet that need.”

Regional breakdown:

  • Asia Pacific US$0.64bn (+30%)
  • Latin America US$0.07bn (+14%)
  • Europe, Middle East & Africa US$1.22bn (+8%)
  • North America US$1.39bn (-10%)


Service line breakdown:

  • Audit US$1.24bn (+8%)
  • Accountancy US$0.53bn (+4%)
  • Taxation US$0.87bn (+2%)
  • Consultancy US$0.68bn (-4%)

Cyprus Tax Guide – 2013

February 7, 2013 Leave a comment

Dear Quoracy.com subscribers

I have the pleasure of sending you our firm’s Cyprus Tax Guide 2013 in Greek and English in electronic versions. Please note that a Russian version is also under preparation and will be sent to you via email as soon as it is ready.

I would also be happy to send you free of charge in hard copies our 2013 tax guides. In that case, please provide me with:

· your postal address

· the versions of Tax guides you would like (Greek, English, Russian) – it could be more than one version; and

· the number of hard copies per version you would like me to send you.

I will also be at your disposal if you need any clarifications (on a friendly basis).

All the best.

Kind regards

Andreas Philippou

Director

Nicosia Office:

Corner C Hatzopoulou & 30 Grivas Dighenis Avenue, 1066 Nicosia, Cyprus | P.O. Box 27783, 2433 Nicosia, Cyprus

Tel: +357-22458500 | Fax: +357-22751648 | E-mail: a.philippou

Web: www.bakertillyklitou.com | Read our Email Disclaimer

BT_TaxGuide_EN_2013_e.pdf
BT_TaxGuide_GR_2013_e.pdf

Travel Advisory from the U.S. Embassy in Warsaw

January 31, 2013 Leave a comment

English: USA Embassy in Warsaw Poland. View fr...

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.

Baker Tilly Slovakia Tax Alert January 2013

January 25, 2013 Leave a comment

Income Tax rates by Country based on OECD 2005...

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
P
ersonal 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.

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

Business and Tax Newsletter Hungary 1/2013

January 21, 2013 Leave a comment

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:
http://www.adobe.com/products/acrobat/readstep2.html

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.

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

web: www.bakertillyhungaria.hu

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.

The 2011 Cyprus Special Exports Award for Services awarded to Baker Tilly Klitou

January 2, 2013 Leave a comment

Guest Editorial by Marios Klitou 17ccf77

We are very pleased to announce that Baker Tilly Klitou (auditors, accountants, tax and management consultants) have been awarded the Cyprus Special Exports Award for services for the year 2011. This is a great honour for our firm. This award is a recognition towards the quality of our services and the dynamism and persistence of our people, in achieving great results in our efforts to promote our services and our country as a business and financial centre. The annual Cyprus Services Exports Award falls under the auspices of the Ministry of Commerce, Industry and Tourism and the Cyprus Chamber of Commerce and Industry. This annual award constitutes an outstanding support towards the Cypriot economy but especially to the businesses in the service industry, which are the backbone of the economic activities of our country, accounting to more than 70 per cent of our GDP. The 2011 Cyprus Special Exports Award for Services opens new horizons for us and demands the setting of higher goals for the future. And we can only achieve this by working closely as one team – one cohesive force with our people and our clients. Committed in providing quality business solutions. Contributing towards the advancement of our country’s economy in these challenging times.

We at Quoracy.com would like to congratulate Marios and his firm on this prestigious award.

2012 in review

December 31, 2012 Leave a comment

The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.

Here’s an excerpt:

600 people reached the top of Mt. Everest in 2012. This blog got about 7,400 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 12 years to get that many views.

Click here to see the complete report.

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