Category: Croatia
Croatia, USA start talks on avoidance of double taxation
Dividends for tax non-residents are taxed at a rate of 30%, which causes significant problems for Croatian companies and makes them uncompetitive. ... - Continue reading
PwC tax guru informs Croats abroad about Croatian tax system and double taxation
What non-residing Croats need to know on the Croatian tax laws and double taxation. ... - Continue reading
Gaming Companies Call for Reaching USA-Croatia Double Taxation Avoidance Deal
ZAGREB, August 21, 2019 – Computer gaming is the most propulsive segment of the IT industry worldwide, and this trend is present in Croatia, too, where local gaming companies export all their products, however the biggest challenge in doing business is the absence of a Croatia-USA double taxation avoidance agreement,… – Continue reading
VN, Croatia sign agreement on double taxation avoidance
Viet Nam News HA NOI — Vietnamese Deputy Minister of Finance Do Hoang Anh Tua’n and Croatian Minister of Finance Zdravko Maric on Wednesday signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion with respect to income taxes. According to Tua’n, the agreement is… – Continue reading
UAE Cabinet Approves Tax Deals With Croatia, Moldova
The United Arab Emirates Cabinet on January 7, 2018, approved two double tax agreements concluded by the territory in 2017 with Moldova and Croatia. Double tax agreements seek to facilitate trade and investment between two or more countries by setting out the taxing rights of the territories involved, to ensure… – Continue reading
Croatia Urged To Reform Property Tax To Fund Tax Cuts
In its latest report for the country, the International Monetary Fund has recommended that Croatia modernize its property tax system to enable the country to lower the burden of taxes that weigh more heavily on economic growth. It said a “modern, well-designed real estate tax that is based on objective… – Continue reading
Croatia, New Zealand Eye Double Tax Avoidance Deal
Croatia and New Zealand have agreed that they should negotiate an agreement on the avoidance of double taxation. Croatia’s President, Kolinda Grabar-Kitarovic, said an agreement was discussed in a meeting with New Zealand’s Prime Minister, Bill English, while she was on a state visit to the country. A double tax… – Continue reading
Croatia implements Advance Pricing Agreements (APAs)
APAs were recently implemented in the Croatian tax legislation. Our Transfer Pricing team briefly presents the main points of the Croatian legislation related to an APA. Transfer pricing legislation was introduced in Croatia by way of the Corporate Income Tax Act (CIT) on 1 January 2005. However, the Croatian tax… – Continue reading
OECD’s BEPS 13 implemented in Croatia
With a total of 15 action points, the OECD’s Base Erosion and Profit Shifting (BEPS) project aims at fighting the artificial shift of profits from jurisdictions with high taxes to tax havens, often as a part of an entirely legal strategy used by MNEs. The BEPS Action 13 (Transfer Pricing… – Continue reading
Liberia: Africa’s unknown tax haven with much to lose
As world leaders consider what to do about the revelations emerging from the Panama Papers, Liberia’s government will be worrying about the fall-out that may cross the Atlantic Ocean from the affair. The European Union has announced it will be creating a new “tax haven blacklist”, to be released by… – Continue reading
The Tax Avoidance Battle: Nations vs. Multinationals
At least this is the goal – member states safeguarding their social models by preventing trans-border operating multinational companies from avoiding “their fair share” of the tax burden. According to the European Commission, small and medium-sized enterprises in the EU pay 30% higher tax burden than large multinational companies. With… – Continue reading
Luxembourg – Croatian DTA to enter into force on January 13, 2016
On January 11, 2016 the Luxembourg tax authorities issued a newsletter announcing that on January 13, 2016 the Agreement between the Grand Duchy of Luxembourg and the Republic of Croatia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on… – Continue reading
UK Tax Treaties With Croatia, Bulgaria In Force
The UK tax authority, HM Revenue and Customs (HMRC), has announced that new double tax avoidance treaties with Bulgaria and Croatia have entered into force. The 2015 UK-Bulgaria double tax agreement was signed on March 26, 2015, and replaces the former 1987 treaty. It generally limits the withholding tax rate… – Continue reading
UK – Croatian DTA entered into force
On January 8, 2016 the UK HM Revenue & Customs issued a media release announcing that on November 19, 2015 the Agreement between the United Kingdom of Great Britain and Northern Ireland and the Republic of Croatia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with… – Continue reading
Blacklisted HK: The Italian Case
More good news for Hong Kong before the end of 2015: Italy decided to remove Hong Kong from its national blacklist on November 30, 2015. Italy ratified a comprehensive agreement for the avoidance of double taxation (CDTA) signed with Hong Kong on June 18, 2015. Facilitating an early removal of… – Continue reading
QFC eyeing more firms that can add value to Qatar’s economy
(MENAFN – Gulf Times) The Qatar Financial Centre (QFC) is eyeing more financial and professional services firms, including Islamic finance firms from Asia and South East Asia as part of its strategic move to reach out to the untapped promising markets. The QFC, an onshore platform with a unique offering,… – Continue reading
CROATIA: REDUCED RATE OF INTEREST ON RELATED-PARTY LOANS, DEDUCTIBLE INTEREST
Croatia’s National Bank announced a reduction in the bank discount rate, from 7% per annum to 3% per annum, effective 31 October 2015. This rate reduction has tax implications. Accordingly, for Croatian corporate profit tax law purposes: (1) the maximum amount of deductible interest on loans from a Croatian tax… – Continue reading
Blacklisted HK: The Latvian Case
The blacklisting of Hong Kong by the European Union is over for the moment with Spain explaining to the EU it didn’t have HK on its list. In the course of investigation, Harbour Times receives a quick response from the Latvian embassy in Beijing to clarify their stance on Hong… – Continue reading
A Tax Revolution in the Making in EU
Europe’s stiff-neckedness is difficult to cure. To come to an agreement for supranational treatment of a certain issue there needs to be a large cataclysm or at least a large scandal. In the case of taxation policy the problem begins to gain urgent and most importantly European status after the… – Continue reading
EU blacklists Hong Kong as ‘non-cooperative tax jurisdiction’
Kenneth Leung (PC,F-Accountancy) explains what he – and the government – are doing to get Hong Kong off the EU’s undeserved blacklisting as a “non-cooperative tax jurisdiction”. Why has Hong Kong been placed on this list? There are ten European countries that have named Hong Kong as a tax haven…. – Continue reading
EU States Told To Address Widening VAT Gap
Tax Commissioner Pierre Moscovici has urged European Union (EU) member states to “take the steps needed to fight tax evasion and tax fraud,” after new figures showed that the value-added tax (VAT) gap did not narrow in 2013. According to a new Commission report, the total amount of VAT lost… – Continue reading
LUXEMBOURG: TAX TREATY UPDATE, STATUS REPORT
Luxembourg currently has 76 income tax treaties in force, and there are 29 treaties under negotiation. Tax treaties can provide a legal framework not only for the avoidance of double taxation and fiscal evasion, but also for international administrative cooperation between Luxembourg and its treaty partners in terms of mutual… – Continue reading
OECD Releases Its Annual Tax Administration Report
On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the economic and social well-being of people around the world.” The OECD describes its annual report as follows: Tax… – Continue reading
Spain removes Barbados from blacklist
FOLLOWING A PROTEST from the Ministry of International Business, Spain has removed Barbados from its tax blacklist. This latest development comes after a recent decision was taken by members of the European Union to blacklist this country for being a non-cooperative tax jurisdiction. International Business Minister, Donville Inniss, praised the… – Continue reading
OECD backs Guernsey in fight against tax haven status
The OECD has backed Guernsey in its fight against tax haven status, describing the crown dependency’s inclusion on the European Commission’s list of top 30 non-compliant tax jurisdictions as “very surprising”. Monica Bhatia, head of the secretariat of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and… – Continue reading
BIBA: Time to talk tax havens
ARBADOS’ CONTROVERSIAL BLACKLISTING by a group of European Union (EU) countries is “hypocritical” and “grossly discriminatory”, says outgoing Barbados International Business Association (BIBA) president Connie Smith. But Smith also thinks the time is right for “engaging in bilateral discussions which could hopefully conclude in double taxation agreements and bilateral investment… – Continue reading
Business Monday: BIBA official: See blacklist as an opportunity
“THE decision by a group of European Union (EU) Member States to blacklist Barbados as being non-cooperative and further claim that Barbados and 29 other countries, mostly small islands, do not meet its standards of transparency, exchange of information and fair tax competition, is hypocritical and on the face of… – Continue reading
Antigua – Antigua wants EU to apologize for naming it a tax haven
ST. JOHN’S –– Antigua and Barbuda has written to the European Union’s representative in the Caribbean, strongly objecting to the twin-island nation being named a tax haven and calling on the EU to apologize and withdraw the list. In a strongly worded letter to Head of the Delegation of the… – Continue reading
FATCA – Which Countries Are In And Out
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
Caribbean states urged to object to EU tax-haven blacklisting
Critics of an EU tax-haven blacklist say the organisation is playing dice with small states’ reputations, while ignoring European tax avoidance hubs BRIDGETOWN, Barbados, June 19, 2015 (AMG) — Doubts have been cast over the methodology and motives behind the naming of fourteen Caribbean countries among a list of thirty… – Continue reading
FinMin says no one in Croatia untouchable over tax evasion
There are no untouchables in Croatia when it comes to tax evasion, Finance Minister Boris Lalovac said on Tuesday, commenting on investigations of several Croatian citizens with huge amounts in foreign bank accounts. They have been called to the Tax Administration to explain “such large amounts and declare their assets,”… – Continue reading
Countries and Companies Square Off Over International Tax
An OECD initiative on tax evasion is causing ripples around the world While a host of topics — from the necessity and the proposed scope of corporate tax reform, to corporate rate reduction and corporate inversions — are of major concern to those engaged in international tax, the overriding issue… – Continue reading
Tiny Liberland seeking statehood, status as world’s newest tax haven?
PRAGUE – The world’s latest contender for statehood, Liberland, is a tiny new, self-proclaimed country sandwiched between Croatia and Serbia that lives up to its “live and let live” motto by offering optional taxes, its president said Monday. “The key idea is voluntary taxes, creating a state so small that… – Continue reading
Global Tax Transparency Goes Live in 2016
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
Croatia and US sign agreement to prevent tax fraud and evasion
Croatia and the United States have signed an agreement on the application of the Foreign Account Tax Compliance Act (FATCA) concerning accounts in foreign financial institutions, in order to improve transparency between the two countries in the area of taxes, the Croatian Finance Ministry announced in a statement on Friday…. – Continue reading
Passports for cash: the countries selling citizenship to tax havens
Citizenship has been turned into a commodity by countries including Cyprus, Grenada, Antigua, Malta and St. Kitts in the Caribbean, which is now the most popular place in the world to buy a passport – for as little as $250,000. The draw? Little or no tax. New citizens of St…. – Continue reading
Croatia: UK And Croatia Signed Double Taxation Avoidance Agreement
Croatia and the UK have signed an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital gains. The Agreement was duly signed on January 15th, 2015 and it shall enter into force when both countries complete their… – Continue reading
Lalovac pleased with talks with US tax authorities
Finance Minister Boris Lalovac has expressed his satisfaction with the numerous meetings he held during his visit to the United States where he attended the annual meetings of the World Bank and the International Fund earlier this week. During their visit to Washington, representatives of the Finance Ministry and the… – Continue reading
101 Countries Sign Up For FATCA Network
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
Ex-deputy tourism minister and her husband arrested on tax evasion charges
A former Croatian deputy tourism minister Vinka Cetinski and her husband Mirko Cetinski, a one-time famous singer, were arrested on Tuesday night on suspicion of tax evasion and are to be transferred to custody in Rijeka on Wednesday, the national broadcaster (HTV) reported on Tuesday night. The Cetinski couple is… – Continue reading
India and Croatia sign double taxation avoidance treaty
India and Croatia have signed a double taxation avoidance treaty as an important step in strengthening their economic cooperation. The treaty was signed in Zagreb on Wednesday by Croatian Finance Minister Slavko Linic and Indian Minister of State for External Affairs Preneet Kaur, during her working visit to Croatia. The… – Continue reading
