An interesting read from Family Capital. Although I agree with the net-outflow thesis, the issue is where will these millionaires / billionaires go? America, for example, is starting to see a slow outflow of its… Read More »HNWIs seeking to leave the UK
Hungary blocked an EU directive that would impose a 15% minimum tax on multinational corporations, arguing the levy would deal a “low blow” to European competitiveness and endanger jobs. The tax reform is part of… Read More »Hungary blocks global minimum tax
On March 25, 2021, Senator Bernie Sanders introduced legislation entitled “For the 99.5% Act.” The aim of the bill is to tax the fortunes of the top 0.5% of wealthy Americans. This is the first… Read More »For the 99.5% Act
U.S. Treasury Secretary Janet Yellen argued this week for the imposition of a global minimum corporate tax rate. Her comments were set in the context of increasing U.S. corporate taxes to fund Joe Biden’s USD $2… Read More »US attempts to create a global tax baseline
The United States has never had a wealth tax. European nations have had such things, but many of repealed them over the last few decades. Simply put, wealth taxes don’t work for they spur capital… Read More »Democrats push for a ‘Wealth Tax’
With the Democrats now controlling Congress and the Presidency, the new Biden Administration is set to fundamentally change the nature of tax. How this will impact Americans and business remains an open question. What is… Read More »US taxes set to rise
With all due respect to the BBC, the imposition of such a “one-time” wealth tax would have a disastrous impact on the British economy. Capital flight would occur, much like what is happening already in… Read More »UK wealth tax
Argentinians normally look to Uruguay and then the United States when thinking about tax planning. Those routes seem now insufficient, given the political shift. Arguably, Latin Americans, and even North Americans, with means should now… Read More »Argentina and taxes
Like other major economies in 2020, the UK is facing a tax deficiency in light of covid-19 and the severe contraction of its economy. Governments are now looking to new tax revenue schemes and everything… Read More »UK starts to tax wealth
Like others governments facing revenue shortfalls, India has just recently introduced citizenship-based taxation. Henceforth, Indian nationals, irrespective of physical presence in India, will be deemed to be tax residents in certain circumstances. Although India is… Read More »India introduces citizenship based taxation
With the Democrats now solidifying around a Biden-Harris ticket, the U.S. faces a real choice. Continue with the Trump-Pence paradigm or reject it in favour of something just as earth shattering. Never has politics been… Read More »Tax their obscene wealth.
Austria’s Ministry of Finance has recently provided some guidance on the question of an Austrian home office as it applies to an Austrian tax resident employee and whether such a setup can qualify as an… Read More »Some thoughts on Austria
The Austrian tax court has recently opined on the question of dividend payments from Austria to an intermediate EU holding company which has no substance (while its EU parent does). Generally in Austria dividends paid… Read More »Dividends in Austria
On 12 September 2019, the advocate general of the European Court of Justice held that Hungary’s advertisement tax legislation based on which Google was fined HUF 1 billion (approx. EUR 3 million) constitutes an unjustifiable… Read More »Hungary vs. Google
Recently, the Czech government submitted to parliament a bill implementing DAC 6 on the mandatory disclosure of cross-border tax arrangements. The bill underwent several changes in comparison with the initial draft published in March 2019.… Read More »Czech Cross-Border Disclosure
On 1 January 2019, Albania’s Income Tax Act was amended with respect to imposition of new rules on the indirect transfer of ownership of assets situated in Albania. The new rules deal with the taxation… Read More »Albania tax update
The National Assembly of the Republic of Srpska (RS) adopted amendments to the Profit Tax Law on 28 December 2016. The main changes have become effective as of 1 January 2017 and will be briefly… Read More »Republic Srpska Tax Update
A draft law that would amend the Tax Code of the Republic of Belarus has been posted on the website of the Belarusian Ministry of Finance (the “Draft Law”). This time the draft has been… Read More »Belarus Tax Note