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Her Majesty’s Revenue & Customs (HMRC) has published draft regulations about U.K. tax withholding on earnings received after cessation of employment. HMRC had previously announced that, with effect from 6 April 2012, it intends to bring the tax withholding on share-based earnings into line with all other cash payments to former employees2. The draft... »
In December 2011, a new federal law1 introducing changes to the Russian social security system passed the final stage of approval. The new regulations, which came into force on 1 January 2012, expand the scope of individuals considered “insured individuals” and will impact the... »
The French tax authorities released on 28 December 2011, a ruling (dated 23 December 2011)1 clarifying some of the details of the reporting obligations for trustees introduced by article 14 of Amended Finance Law for 2011 of 31 July 2011 (Loi de finances rectificative... »
Tax Rates/Brackets The 2012 income tax rates and brackets have been accepted by the Parliament1. The 2012 tax scale is below. Taxable Income (€) Tax at Lower Limit (€) Tax for Amounts Exceeding Lower Limit (%) 16,100 — 23,900 8 6.5 23,900 — 39,100... »
A number of changes relating to the 2011 wealth tax (l’impôt de solidarité sur la fortune or “ISF”) were contained in the French Amended Finance Law for 20111 which resulted in an extended deadline to file in 2011. However, there were also new rules... »
A public ruling (“PR”) from Malaysia’s tax authorities explains the tax treatment of employment income derived by foreign nationals exercising employment in Malaysia. What the PR Covers The PR covers the following: i. Introduction; ii. Interpretation; iii. Tax Treatment of Foreign Nationals Working in... »
In Ireland, 31 March 2012 is the mandatory due date for filing of ‘Returns of Information’ for employee share participations schemes. Failure to comply with this mandatory filing obligation will result in a penalty, and in the cases of Revenue-approved share schemes (such as... »
Ireland’s Revenue Commissioners have recently publicly issued three e-Briefs dealing with the Universal Social Charge (“USC”). International Assignees to Ireland – Application of the USC Revenue eBrief 81/2011 provides some welcome clarity on the application of the USC for certain “cross border” workers within... »
On 22 December 2011, the Italian Parliament approved new economic measures, dubbed as the “Save Italy” Act, proposed by the new Italian government led by Prime Minister Mario Monti. Law no. 214/2011 was published in the country’s official gazette, Gazzetta Ufficiale, on 27 December... »
Finland’s Supreme Administrative Court (Korkein hallinto-oikeus, hereinafter “SAC”) confirmed in its recent decision (KHO 9.12.2011/3521) that certain equity incentive benefits are subject to the special expatriate source tax instead of progressive standard tax rates. Background Finland has a special expatriate tax regime for foreign... »
As a general rule, there is an obligation for persons with temporary Norwegian Identification numbers (so-called “D-number”) to personally appear at the tax authorities’ offices to get issued with tax cards. The reason for this is so that the tax authorities can verify —... »
The French Supreme Court (Conseil Constitutionnel) late last month validated the tax measures contained in the fourth Amended Finance Law for 2011 (Loi de finances rectificative pour 2011) including a number of targeted tax increases announced by French Prime Minister François Fillon on 7... »
The U.S. Internal Revenue Service (IRS) is offering a new voluntary classification settlement program (VCSP). The purpose of the program is to allow businesses to voluntarily reclassify workers as employees for employment tax purposes for future tax periods and be eligible to pay a... »
On December 23, 2011, U.S. President Barack Obama signed into law the Temporary Payroll Tax Cut Continuation Act of 20111 which extends through February 2012, the 2-percent payroll-tax reduction that was set to expire on December 31, 2011. The United States Congress is expected... »
On January 4, 2012, the U.S. Internal Revenue Service (IRS) issued a release1 announcing that individual taxpayers will have until Tuesday, April 17, 2012, to file their 2011 tax returns and to pay amounts of tax due. This year, April 15 is a Sunday,... »
The Indonesian Tax Authority (Direktorat Jenderal Pajak) has recently escalated its efforts to increase taxpayer compliance by launching the National Tax Census which is part of a concerted drive to broaden Indonesia’s taxpayer base and reduce tax evasion. Based on the official press statement,... »
The U.K. tax authority, Her Majesty’s Revenue & Customs (HMRC), has announced that, with effect from 6 April 2012, it intends to bring the tax withholding on share-based earnings into line with all other cash payments to former employees.1 From 6 April 2012, the... »
India’s Ministry of Home Affairs (”MHA‟) has amended the Frequently Asked Questions (”FAQ‟)1 on work-related visas and has inserted detailed guidelines on the change of employer by a foreign national in India. Key Clarifications • MHA may approve a change of employer only if... »
We highlight some recent developments in Luxembourg, including the treaty with Barbados, transparency and exchange of information, and the new social security parameters. Treaty between Luxembourg-Barbados Enters into Force The income and capital tax treaty and protocol between Luxembourg and Barbados signed on 1... »
