On 1 July 2014, the Federal Tax Court (BFH) confirmed that the 0.5% monthly interest rate that is applied on tax refunds/payments does not violate German constitutional principles. The taxpayer argued that the interest rate imposed on him while the tax payment was suspended during a court proceeding is not in line with economic reality and that the legislator should be required to adjust the rate to (lower) market rates.
Source: Deloitte.
Lawyers and bankers in Switzerland are warning of a UK-style exodus of the wealthy ahead of a referendum on a 50% inheritance tax for the
The UK non-dom regime had been a distinctive characteristic of the UK tax system for decades, enabling (HNW-, UNW-) individuals whose place of domicile was outside the UK to make an annual claim to be taxed on the remittance basis. The remittance basis of taxation provided that persons would be taxed on their UK-source income and gains, but only on their non-UK-source income and gains to the extent they were actually remitted. This regime has been abolished now.
Introduction: The Government of Cyprus has recently proposed a series of tax amendments aimed at reducing the tax burden on households and businesses, modernizing the tax
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