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Tax news

2015-11-30 16:45
Many countries all over the world will start apply Standard on Automatic Exchange of Information in Tax Matters since 2017. It should be noted too, that at the moment of automatic exchange of information will be transferred data about financial account, including balances, interest, dividends, and sales proceeds from financial assets, reported to governments by financial institutions and covering accounts held by individuals and entities, including trusts and foundations. The UK government has issued regulations allowing it to automatically exchange bank account information with other jurisdictions under its various international agreements in one act -International Tax Compliance Regulations 2015. Swiss said banks are working on the practical implementation of the Common Reporting Standard through large-scale projects. Legal basis need to be put in place for Swiss banks to exchange tax-relevant information and in this regard, the Swiss Federal Council has submitted the dispatch for implementing AEOI framework to the Parliament in June. You can also read full article in Lithuanian here.
2015-09-01 14:45
Uber provides taxi services which passengers can order by using the app in their phones. The drivers of Uber taxi working according to Licencing Agreements which determine the relations between drivers and company, and in this Agreements drivers are called 'independent contractors'.[1]This occasion also influences that persons often do not have financial security such as, medical care insurance or minimum salary even labour relations between him and the company actually exist.[2] Also, in accordance with the status of natural person who performs such activities differ the rules for tax counting and paying.
2015-09-01 12:45
Juridicon, notes that 2 of 10 employees in United States are incorrectly classified as independent contractors. In such case, employer would not have to pay compensations, social insurance taxes, income tax and on the whole he suffers 20 percent lower costs. Statistics are showing that in US where Uber business are widely developed, the government budget lost around USD 3,2 milliard of income tax. Business which avoids labor relations usually suffers much more lower costs both in Lithuania and in foreign countries.
2015-07-24 17:00
27 May 2015, the European Union and Switzerland signed a bilateral agreement on the automatic exchange of financial information that commits both parties to collect information on banking accounts starting in 2017 and to exchange this data from 2018. The new agreement is fully in line with the strengthened transparency requirements that EU Member States agreed last year. It is also consistent with the OECD’s Common Reporting Standard (CRS) for the automatic exchange of information.
2015-07-15 09:30
European Commission announced Action Plan on A Fair and Efficient Corporate Tax System in the European Union on 17th of June. The purpose of Action Plan is to reform corporate taxation system in EU, solve problems of tax abuse, ensure support of the long-term income and improve the business environment in the Single market. The list of 30 non-cooperative offshore jurisdictions (“black list”) was also published. It should be noted that in the ‘black list’ of EU mentioned offshore jurisdictions, such as, Liechtenstein, Guernsey, Mauritius and Seychelles in 2017 and in Andorra and Hong Kong in 2018 will start performance of Standards on Automatic Exchange of Information in tax matters.
2015-06-25 12:00
Many countries all over the world will start apply Standard on Automatic Exchange of Information in Tax Matters since 2017. OECD at the moment has 34 member states and initiates this automatic information exchange. Lithuania does not belong to this organization, but negotiations on Lithuania’s membership are underway. So far, it is unlikely that Lithuania will become a member in very near future. It should be noted that residents of Norway, Sweden should start take care of tax planning as bilateral Tax Information Exchange Agreements are already written between Norway, Sweden and most popular offshore jurisdictions such as, The Bahamas, Belize, Cayman Islands, Cyprus and others. It should be noted too, that at the moment of automatic exchange of information will be transferred data about financial account, including balances, interest, dividends, and sales proceeds from financial assets, reported to governments by financial institutions and covering accounts held by individuals and entities, including trusts and foundations. It sets out the financial account information to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. Full article about automatic exchange of information in Lithuanian language you can find here.
2015-01-29 20:45
Our tax attorney Laimonas Marcinkevičius and attorney-at-law Ingrida Steponavičienė drew up an article on business taxes in Lithuania which was published in the 2015 edition of International Comparative Legal Guide to: Corporate Tax.
2014-11-04 21:00
A publication on legal regulation of taxes on inbound investment in Lithuania has been prepared by our attorneys at law (advocates) Laimonas Marcinkevičius and Ingrida Steponavičienė for the 2015 edition of Tax on Inbound Investment, which contains information about 31 country. The publication deals with the latest business-related amendments to tax legislation.
2013-12-26 20:45
Our attorneys-at-law Laimonas Marcinkevičius and Ingrida Steponavičienė drew up an article on business taxes in Lithuania which was published in the 2014 edition of International Comparative Legal Guide to: Corporate Tax.
2013-11-26 21:00
A publication on legal regulation of taxes on inbound investment in Lithuania has been prepared by our attorneys at law (advocates) Laimonas Marcinkevičius and Ingrida Steponavičienė for the 2014 edition of Tax on Inbound Investment, which contains information about 34 countries. The publication deals with the latest business-related amendments to tax legislation.

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