TAG Tax


Introduction

The effects of globalization and increased capital mobilization have forced most states to take extreme measures when tracing international transactions of taxpayers in order to combat base erosion and harmful tax competition. The differing tax ratios applied by states as a result of their tax policies made it possible for certain taxpayers to conclude their transactions with significantly lower tax burdens. In the aftermath of the economic crisis of 2008, the states all around to world were incentivized to cooperate in order to take measures to prevent wealthy individuals and entities to park their capital to tax havens in order to evade paying tax. More recently, the Panama Papers[1], a massive amount of confidential documents leaked on April 2016, attracted global attention to tax secrecy and tax havens.

Read more: Information Exchange under Turkish Tax Law


It was Theresa May's first Autumn Statement as Prime Minister, Phillip Hammond's first as Chancellor of the Exchequer and the UK's first since the referendum confirming that the UK will be leaving the EU. However, there wasn't much in terms of "firsts" for the content of the Autumn Statement itself, with many measures being known about already. It doesn't seem as though Mr Hammond consulted our wish list of what we wanted to see for our private clients.

Read more: The UK Autumn Statement 2016: What this means for private clients


Introduction

Violation of the provisions of tax codes may result in the imposition of tax penalties (tax evasion and non-compliance penalties) stipulated under the Tax Procedure Code (“TPC”), as well as other liberty bindings and monetary fines that fall within the scope of the criminal courts.

Read more: Dismissal of Tax Penalties in Turkey


The Government has now published the long awaited consultation on its proposals to change the inheritance tax ('IHT') treatment of UK residential property held by foreign domiciled persons alongside further details on the proposed new deemed domicile rules. These rules were first proposed by the then Chancellor, George Osborne, in his post-election Budget in June 2015. Following the shock of Brexit and the political turmoil that followed, there had been rumours that the proposals might be shelved altogether or perhaps postponed by a year, but in the event they are all going ahead as planned and with very few variations from the initial proposals.

Read more: Update on Non-Dom Reforms in the UK


Popov & Partners gave a presentation on “Bulgaria: opportunities for Tax Planning in cooperation with Ukrainian IT business” in a webinar in direct connection with business organizations in Ukraine. The webinar was organized on invitation of OMP Law offices and the Association of Tax Consultants of Ukraine, thanks to the assistance of Bulgarian School of Politics “Dimitry Panitza” and the established contact between its alumni – att. Emiliyan Arnaudov and Robert Korolskiy.

Read more: Popov & Partners participated in a webinar on “Bulgaria: opportunities for Tax Planning in...