Managing the Global Mobility Function 2012: Now Available
Tax
UK and Remittance Basis and Refunds of Tax
Her Majesty’s Revenue & Customs (HMRC) has been considering the interaction of the remittance basis of taxation with refunds of tax withheld from employment income under the U.K. withholding system Pay As You Earn (PAYE). HMRC’s long-standing practice in relation to Resident but Not Ordinary Resident (RNOR) employees has been to treat PAYE tax... »
UK Government Seeks Views on Integration of Income Tax and NIC
On 11 July 2011, the U.K. government published a consultation document on HM Treasury’s Web site1 concerning the wider issues connected with the merger of income tax and National Insurance Contributions (NICs). »
US: April 18 Filing Deadline
The U.S. Internal Revenue Service (IRS), in Notice 2011-171, reminds taxpayers that the filing deadline for all tax forms and payments required to be filed or completed on or before April 15, 2011 will be Monday, April 18, 2011. »
Ireland: 2010 Share Scheme Reporting Deadline
In Ireland, 31 March 2011 is the mandatory due date for filing of Returns of Information for employee share participation 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 Approved Profit Sharing Schemes, Employee Share Ownership Trusts, “Save As... »
Hungary: New Tax Amnesty Rules
Based on new ‘tax amnesty’ legislation in Hungary, it is possible to apply a favorable 10-percent tax rate on certain foreign income such as: any income paid by or withdrawn from a controlled foreign company (CFC) or a company registered in a low tax jurisdiction; investment income, for example, interest income, income from lending... »
Finland: 2011 Social Security, Personal Income Tax Rates
Finland’s has made changes to it's compulsory social security rates and individual income and other tax rates for 2011. Tax Rates/Brackets: The 2011 income tax rates and brackets have been accepted by the Parliament. »
Italy and 10-Percent Tax for Financial Sector Employees
Italy’s tax authority, the Agenzia Entrate, has announced new rules concerning tax compliance for the 2011 Italian income tax returns, namely, “Modello Unico Persone Fisiche 2011”. Article 33 of law decree number 78 dated 31 May 2010 as modified by law number 122 dated 30 July 2010 introduced an additional tax rate of 10 percent... »
Japan and Tax Reform Proposals for Individuals Reviewed
The Japanese government released an outline of the 2011 tax reform proposals (the Proposal) on 16 December 2010. Although the Proposal itself is only an indicative outline and is unclear with respect to some of the contemplated changes, we have set out below the principal measures affecting individuals. »
India’s New Project Visa for Power, Steel Sector Workers
India’s Ministry of Home Affairs (MHA) has introduced a new visa regime to be called “Project Visa” (hereinafter “P Visa”).1 The P Visa regime has been introduced initially for those foreign nationals employed in the power and steel sectors. In addition, the MHA has issued further clarification with respect to calculating the threshold salary limit... »
United Kingdom: UK and Hong Kong double tax agreement comes into force
The double tax agreement between the United Kingdom and the Hong Kong Special Administrative Region, which was signed on 21 June 2010, came into force on 20 December 2010. The treaty will be effective in the UK from 1 April 2011 for corporation tax, from 6 April 2011 for income and capital gains tax and... »