News

Update on recent Chinese tax changes

March 10, 2021

Our Chinese firm Brighture has provided a comprehensive article on recent tax changes for businesses and private individuals.

Please download their latest Newsletter here.

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Is consulting in international taxation a good business?

February 1, 2021

GUILLERMO NARVAEZ
International Tax Technical Director of the Kreston International Tax SIG
Kreston FLS, Mexico

For many decades, international tax (INTAX) advisory has been a key feature of the most important business-focused service firms. In many countries, this service was initially provided by accounting firms before extending to legal firms too. Why is it relevant to large international law/ accounting firms to advise on INTAX? In my view, the reason lies in the following points:

• INTAX is highly specialised. And INTAX is becoming ever more complex.
• INTAX is a subject always related to multinational companies (MNE). This is obviously due to operations being carried out or with effects in more than one jurisdiction.
• INTAX means competitiveness among jurisdictions; different states will compete to win foreign investment, which will generate wealth in their territories.

Competitiveness between states expands the possibilities of the MNEs to distribute their activity among multiple jurisdictions with the purpose of achieving greater fiscal efficiency. The freedom of choice to decide where a business is going to do certain activities contributes to forecasting the net global tax rate an MNE may pay. This is, in a nutshell, an exclusive attribute of the jurisdictions identified as ‘sovereignty’.

Accordingly, the jurisdictions create an offer for the MNEs to carry out tax strategies using various elements such as royalty and interest payments, hybrid operations, permanent establishments, strategies related to capital gains, or complicated corporate structures in several jurisdictions with attractive low or nil tax impact, among many other elements to assess.

As if these were not enough, in 2015 the OECD1 launched the BEPS2 project, trying to stop the shifting of profits to jurisdictions where no value was generated to the taxable activities. This generated a straight and quite clear implication – an urgent need for MNEs and companies doing international operations to be advised to efficiently face the new reality in INTAX.

Kreston’s INTAX experts and global collaboration has advantages over many other organisations; with more than 200 firms located in 110 countries, we cover the main economies of the world in areas where MNEs perform a large part of their operations.

There is a tendency to assume that only the large accounting firms (Big Four) or law firms are able to provide INTAX services. Yet good advice on international tax is provided by specialists who collaborate with other firms, regardless of company size.

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Brexit: Should I use the UK as a holding company location?

January 28, 2021

ANDREW WALLIS
Corporate and International Tax Partner
Kreston Reeves, United Kingdom

The UK has consistently ranked as one of the best places to locate a holding company due to its robust legal system, relative political and economic stability, geographic location, time zone, language, low costs of company administration and attractive tax environment.

Given Brexit, however, should companies be looking elsewhere – such as Ireland or the Netherlands – to locate their holding companies? In short, although both Ireland and the Netherlands have their attractions and will of course remain within the EU, we do not think that the attractiveness of the UK will be greatly diminished by Brexit.

A whole range of tax issues should be considered when determining the best location for a holding company. Although the final decision will depend on a group’s unique circumstances and priorities, key considerations include the factors outlined below, which continue to position the UK as an attractive holding company location regardless of its non-EU status.

Corporate income tax rate

The UK has the lowest corporate tax rate of the G7 group of countries: 19%. The fact that this is not as low as Ireland’s 12.5% tax rate for trading income may not matter, given that most holding companies will not have significant business activities.

Withholding taxes

One of the most attractive features of the UK is that it does not impose withholding tax on the payment of dividends by a company. This means that profits can be returned to parent entities/shareholders with no tax leakage.

The UK also has the most extensive double tax treaty network in the world; the rate of withholding on payments of interest and royalties is often reduced from the non-treaty rate of 20%, or can even be exempt. Further, as the UK seeks to agree free trade deals with non-EU territories, there is the potential for term treaties to become even more generous and widespread.

Taxation of dividend income

Dividends and distributions received by UK companies are typically exempt from corporate income tax regardless of whether they are paid by UK or overseas companies. In particular, subject to specific anti-avoidance cases, the following are exempt:

Distributions from controlled companies
Distributions from portfolio companies (<10% shareholding)
Distributions in respect of non-redeemable ordinary shares.

Taxation on sale of subsidiaries

The ‘substantial shareholding exemption’ (SSE) exempts any capital gain on the disposal of shares in a subsidiary (UK or overseas) in cases where:

More than 10% of the shares in the subsidiary have been held for a continuous 12-month period during the 6 years preceding the date of disposal
The company being disposed of has been a trading company, the holding company of a trading group, or the holding company of a trading subgroup.

Though Ireland has its own version of SSE and the Netherlands has a participation exemption, the generosity of the UK’s SSE should not be overlooked.

Controlled foreign company rules

Like many jurisdictions, the UK has controlled foreign company rules. However, the UK has moved to a much more territorial basis of taxation that can mitigate the application of the CFC rules by offering a broad range of exemptions and exceptions. These include a tax avoidance gateway test, an excluded territories exemption, a low profits exemption and a low profit margin exemption.

Of course, both Ireland and the Netherlands have now incorporated controlled foreign company rules into their domestic legislation under the EU Anti-Tax Avoidance Directive.

Capital taxes

The UK does not impose capital taxes (stamp duty) on the issue of shares by a UK company, although most transfers of shares in a UK company are subject to stamp duty at 0.5%.

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News

Taxation of e-commerce transactions in India

CA SAURABH PANWAR
Tax Partner Manager – Direct Taxes
SNR & Company Chartered Accountants, India

In India and globally, the supply and procurement of goods and services digitally have undergone exponential growth with the expansion of information and communication technology. Indeed, e-commerce is now growing significantly faster than the global economy. The Indian tax authorities are constantly taking stock of new developments and introducing necessary changes to the Indian taxation laws to ensure that digital transactions are taxed appropriately. One such change is the levy of tax on non-resident e-commerce operators, effective from 1 April 2020.

The Finance Act, 2016 initially provided that a resident carrying on a business/profession, or a non-resident having a permanent establishment (PE), in India shall deduct an equalisation levy of 6% (the ‘2016 Levy’) on the amount paid/payable for certain specified services (e.g. advertisement) to a non-resident service provider, if the aggregate amount of consideration for the specified service exceeded INR 100,000 in a financial year.

Effective from 1 April 2020, the Finance Act, 2020 has introduced a new levy of 2% on the e-commerce operator on receipt of consideration for online sale of goods or services, made or provided or facilitated by it (on an amount of at least INR 20 million in aggregate) from:

An Indian resident
A person using an Indian IP address when purchasing such supplies/services
Non-residents only in the following cases:
Sale of advertising – targeting an Indian resident or Indian IP user
Sale of data – collected from an Indian resident or Indian IP user.

Provisions in brief

Definitions

E-commerce includes:
Online sale of goods owned by the e-commerce operator
Online provision of services provided by the e-commerce operator
Online sale of goods or provision of services, or both, facilitated by the e-commerce operator.
An e-commerce operator is a non-residentwho owns, operates or manages a digital/electronic facility or platform for online sale of goods or online provision of services or both; but does not include an e-commerce operator having a PE in India and supplying goods or services effectively connected with such PE, or where such a transaction is liable for the 2016 Levy.

Compliances for non-resident e-commerce operators

Every e-commerce operator will be required to make equalisation levy payments quarterly, as follows:

Quarter ending	Due date
30 June	7 July
30 September	7 October
31 December	7 January
31 March	31 March

Availability of tax credits

In general, non-residents paying taxes in India could obtain tax credits for these in their country of residence under the relevant DTAA. The equalisation levy has been introduced under a separate legislation rather than under the Income Tax Act. Thus, determining the availability of credit for the equalisation levy in the residence country is going to be challenging.

Conclusion

The new equalisation levy on e-commerce operators could impose on them a significant compliance burden and additional costs. The peculiarity of these businesses in earning millions of revenues without any physical presence has certainly been a matter of concern for countries with a large customer/IP user base. Modern ways of doing business do need such taxes, and all these measures are simply India’s response to the changing times.

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News

Belgian tax on investment accounts

IVO CLAEYS
Tax Partner
Kreston MDS, Belgium

A few years ago, the Belgian government introduced a new tax regime for holders of investment accounts with a combined value of more than €500,000. However, this tax was abolished when a judgement by the Belgian Constitutional Court found it discriminatory. On 2 November, the newly elected government has proposed a new tax on investment accounts, broadening its scope to address the concerns of the Constitutional Court.

Personal scope

Both physical and legal persons are subjected to the new tax on investment accounts. Investment accounts held by a legal structure (including a trust or foundation) are deemed to be held by the person who qualifies as the founder of that structure.

The tax applies to both residents and non-residents (physical persons as well as legal persons) holding a Belgian investment account, unless a double tax treaty prevents Belgium from levying tax on the assets of non-residents.

Material scope

The tax is aimed at investment accounts with an average value of more than €1 million during a given period. All financial assets held in the investment account are taken into account to determine the average value of the account, as opposed to the previous tax on investment accounts that excluded certain financial products. Life insurance contracts with an underlying investment account also seem to be in scope.

Shares are excluded, provided that they are not held in an investment account (e.g. registered shares) unless the anti-abuse rule applies (see section on anti-abuse rule).

Since the tax aims to subject the investment account to tax (and not the person holding it), it is not necessary to divide the value among all accountholders. However, this could lead to some strange consequences.

Tax rate

The investment accounts in scope are subjected to a yearly tax of 0.15% on the average value of the account, calculated based on its value at quarterly reference dates (31 December, 31 March, 30 June and 30 September).

Exemptions

Exemptions would apply for certain financial companies such as banks, insurance companies, pension funds, and so on.

Anti-abuse rule

A refutable presumption applies that splitting up accounts, converting financial assets and transferring assets to a foreign legal person are done with the intention to evade tax. Such actions, taken as from 30 October 2020 (i.e. the day that the initiative was leaked in the Belgian media), are neglected for purposes of the investment account tax.

Conclusion

Although the new tax on investment accounts has some similarities to the old one, the scope is much wider since it applies to physical persons as well as legal persons (both residents and non-residents). The first reference period will begin on the first day after publication in the Belgian Official Gazette (expected at the beginning of 2021) up to 30 September 2021.

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The UK tax impact of COVID-19

MARK TAYLOR
Director and Head of Tax Advisory
Kreston Duncan & Toplis, United Kingdom

The COVID-19 crisis has impacted many areas of society, and for the UK government it has resulted in huge levels of spending to support businesses and individuals through the pandemic.

The government’s current debt stands at £1.8 trillion, and it’s expected to borrow £400 billion in total this fiscal year as the country continues to work through uncertain times. To compensate for this, there’s little doubt that UK taxes will rise – and soon.

Chancellor Rishi Sunak recently commissioned a report by the Office for Tax Simplification (OTS). OTS has now published its initial findings, which recommend a major overhaul of capital gains tax (CGT) to help the government recover some of its expenditure. Proposals include:
• The possible alignment of CGT rates with income tax
• Measures against the retention of profits in small companies to extract as capital when ceasing, rather than taking dividends during a company’s lifetime
• Taxpayers not benefiting from both an inheritance tax exemption and CGT uplift when someone dies.

Currently, there are four rates of CGT. Basic rate income tax payers pay 18% on second homes and buy-to-lets, and 10% on other assets; for higher-rate taxpayers the rates are 28% and 20%, respectively.

Landlords may be set to make the biggest losses once these measures are put into place, but they might be better off holding onto their buy-to-let properties rather than incurring a CGT charge by selling up. Alternatively, we may see a surge in landlords selling properties before the changes come into play. Each individual’s circumstances will be different.

The report has also called for the government to reduce the annual CGT allowance, or annual exempt amount – which currently means the first £12,300 of gains from assets such as shares and property are free of CGT. This could reduce to between £2000 and £4000.

Since the government is on track for a £400 billion deficit this year due to COVID-19, it’s likely that the Chancellor will be encouraged to make significant changes in the coming months. Indeed, such measures are anticipated to be announced in the Chancellor’s next budget on 3 March 2021.

These proposals, if implemented, will have major implications on businesses and taxpayers both in the UK and overseas. If you’d like advice on CGT or IHT, get in touch with our experts today.

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News

Micro-enterprises: New ways to tax

GERMÁN MOYA
Tax Manager
Kreston AS, Ecuador

In 2020, a new tax regime for micro-enterprises was established in Ecuador, affecting income tax, VAT and tax on special consumption. To qualify as a micro-enterprise, a taxpayer (whether a company or an individual) must have an annual income below US$300,000 and up to nine employees. The amount of income will prevail over the condition of number of workers. The following activities are excluded from the regime: those related to the banana sector, construction contracts, transportation activities, fuel traders, professional service provision, liberal occupation, dependency relationship, and capital income, among others.

Micro-enterprises remain in this regime for up to 5 years, as long as they do not exceed the specified limits in terms of income and number of employees. Subsequently, they will be subject to the general regime.

Among the obligations of taxpayers who avail themselves of this regime are:

Keep accounting under the International Financial Reporting Standards for SMEs.
Present declarations and annexes when appropriate.
Keep the sales receipts that support its operations for a period of no less than 7 years.
Provide information to the Tax Administration when required.

The Tax Administration publishes on the institutional website the registry of taxpayers subject to the tax regime for micro-enterprises in force for each fiscal year. Those who are in this regime are subject to a tax rate of 2% on gross income (without deducting costs and expenses). Before, they were taxed 22% on net earnings.

The tax on special consumption, income tax and VAT declarations are made twice a year. If the taxpayer has unrecognised income in this regime, they must also file an annual income tax return; this regime allows filing every 6 months (rather than monthly). Also, these small businesses will not be withholding tax agents, unless they are qualified as such.

New micro-enterprises starting their economic activity since 2018 enjoy the income tax exemption for 3 years from the first fiscal year in which operating income is generated. Therefore, they must generate net employment and incorporate national added value in their production processes.

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Chinese tax regulations worth noting

SUSAN LI
Director International Business CEO
Brighture, China

The Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly issued the Notice on Preferential Tax Policies for Imported Exhibits Sold during the China International Import Expo (CIIE) (CAIGUANSHUI [2020] No. 38). With effect from 12 October 2020:

Import duties, import VAT and excise are exempted for import exhibits sold in reasonable quantities during the fair. However, such tax relief shall not cover goods prohibited by the state from importation.
For the exhibits sold within the exhibition period in excess of the quantity or quota as stipulated, and the exhibits not sold within the exhibition period and not returned abroad after the exhibition, taxes shall be levied subject to the regulations of the state.
The List of Exhibitors and the List of Exhibits Sold during the Expo shall be submitted exclusively to Shanghai Customs by the organiser, namely China International Import Expo Bureau and the National Convention and Exhibition Center (Shanghai) Co., Ltd.

In accordance with the reform and deployment of the collection system for social insurance premium by the State Council and the People’s Government of Shandong Province, Qingdao Taxation Bureau, Qingdao Finance Bureau, Qingdao Human Resources and Social Security Bureau and Qingdao Medical Security Bureau jointly issued the Circular on the Collection by Tax Authorities of Corporate Social Insurance Premium ([2020] No. 4), which stipulates that, effective from 1 November 2020, all social insurance premiums of enterprise employees will be collected exclusively by tax authorities.

Scope: Basic pension and medical insurance premiums (including maternity insurance), work-related injury insurance premiums and unemployment insurance premiums for employees paid by employers; basic pension and medical insurance premiums paid by individual industrial and commercial enterprises that do not have employees, non-full-time employees who do not participate in the employer’s basic pension and medical insurance schemes, and basic pension and medical insurances paid by other workers on flexible engagements.
Mode and period of payment: Payers shall, in accordance with the current methods and channels, register with the social security (medical insurance) agency for participating in the insurance and personnel changes and declare the premium payable, and make payment to the tax authorities as per the amount ratified by the social security (medical insurance) agency. In case of an enterprise, payment for the current month should be made before the end of the month; in case of a worker on flexible engagement, the amount payable should be paid into the designated bank account before the 20th of each month.

To deepen the reform of ‘power delegation, management and service’ and enhance the business environment, 13 governmental departments (including the State Administration of Taxation) jointly issued the Notice on Measures to Promote Tax Payment Facilitation and Improve Taxation and Business Environment (SAT [2020] No. 48), which provides that electronic invoice reform shall be implemented step by step:

Effective from December 21, 2020, the electronic VAT special invoice will be applicable to newly registered taxpayers in 11 districts including Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Anhui, Guangdong, Chongqing, Sichuan, Ningbo and Shenzhen, with drawees nationwide. Meanwhile, the scope of drawees of electronic VAT special invoices issued by taxpayers who are already covered by the pilot implementation in Ningbo, Shijiazhuang and Hangzhou, are expanded to the whole country.
Effective from January 21, 2021, the electronic VAT special invoice will be applicable to newly registered taxpayers in 25 districts including Beijing, Shanxi, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Fujian, Jiangxi, Shandong, Henan, Hubei, Hunan, Guangxi, Hainan, Guizhou, Yunnan, Xizang, Shaanxi, Gansu, Qinghai, Ningxia, Xinjiang, Dalian, Xiamen and Qingdao, with drawees nationwide.
Upon the implementation of the electronic VAT special invoices in various regions, where local newly registered taxpayers need to issue paper general invoice, electronic general invoice, paper VAT invoice, electronic VAT invoice, paper motor vehicle unified invoice and paper second-hand motor vehicle unified invoice, they can receive the tax UKey to issue the invoices. On the other hand, tax authorities will issue tax UKeys free of charge to newly registered taxpayers, and provide free electronic VAT special invoice issuing services for taxpayers relying on the public service platform of VAT electronic invoices.

There will be efforts to build a national electronic invoice service platform and tax network trusted identity system by the end of 2021, and to establish a management/service mode matching the electronic invoice, so as to facilitate the use of invoices by market entities and promote the construction of smart taxation.

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A snapshot of Jersey’s tax regimes

HANNAH ROYNON-JONES
Director
Alex Picot Trust, Jersey

Jersey offers a clear, tax-neutral environment with no capital gains tax or inheritance tax. Here, we provide the highlights of Jersey’s tax regimes and some recent important changes to tax legislation (as of 11 July 2020). The Jersey tax year runs from 1 January to 31 December.

The ‘High Value Resident’ regime

A preferential tax system is available to high net worth individuals:
• Minimum Jersey tax contribution of £145,000 per annum (20% on first £725,000 of income, 1%on excess).
• Inclusion of Jersey rental income within the
£725,000 minimum requirement of income (Jersey Budget 2019).
• Move from ‘high value resident’ regime to 20%Jersey taxpayer status. After 10 years’ residency in Jersey, high value residents have the option to become an ordinary Jersey resident taxpayer, if this suits their current circumstances.

Company tax

The following company tax rates apply:

10%

20%

§ Investment holding

§ Holding companies

§ Trading

§ IP holding

§ Non-income producing asset holding

§ Pension companies

§ Financial services

§ Banking business

§ Trust business

§ Investment business

§ Independent financial advice

§ Funds administration / custodian

§ Jersey property rental

§ Jersey property development

§ Large retailers with profits over £500,000

§ Utility company

§ Income from importation/supply of hydrocarbon oil

From Year of Assessment (YA) 2019, all Jersey companies must file a set of accounts with their company tax return. Previously, a set of accounts was only required for companies that pay tax at 10% or 20%.

Jersey has introduced ‘economic substance’ legislation, effective from YA 2019. The company tax return now includes more detailed questions about a company’s activity and management/control, to assess whether it meets the economic substance test. The type of information provided on the return can be as thorough as staff qualifications, timesheets and location of board meetings.

This has been an important change to the tax system and it is more important than ever to ensure a company is managed and controlled in Jersey to guarantee its Jersey tax residence.

Extracting Funds

No tax is paid on income in a company, the extraction of funds is taxed at either 20% or 26% in hands of the individual plus LTC contribution at 1.5% or 1.95%. 20% tax paid on income in a company, any extraction of funds is received with 20% tax credit.

If standard rate taxpayer, only LTC at 1% to pay. If marginal rate taxpayer, additional 6% to pay plus LTC at 1.3%. N.B. Any extraction of funds from a company is only taxable up to the level of accumulated income in the company.

The introduction of fixed calendar deadlines in 2020 for paying corporate income tax (CIT) has created a much clearer compliance cycle for Jersey companies.
• CIT will become payable in two fixed-date instalments (31 May and 30 November) after the Year of Assessment.
• A separate category of earlier payment date
(31 March and 30 September) was set for
‘large remitters’.
• Estimated assessments will no longer be issued to all taxpaying companies in advance of payment deadlines. All companies will be responsible for calculating and paying the correct amount of income tax on time, at the new instalment and ‘balance due’ dates.
• Importantly, there is no change to the CIT filing deadline. All companies must continue to file CIT returns by 31 December in the year following the YA.

Trust taxation

Jersey taxes are not applied to trusts where all beneficiaries reside outside Jersey, and Jersey tax is not payable on distributions to non-resident beneficiaries. Highlights:
• Jersey trusts are taxed at 20%.
• Taxed on gross income, as trusts do not get
a deduction for expenses (except Jersey rental income).
• Distributions from Jersey companies up to trusts have a tax credit if that company is taxed at 10%or 20%.
• Income distributions to Jersey resident beneficiaries of the trust come with a 20% tax credit.

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Webinar: Trading Internationally – a UK business perspective

November 10, 2020

As the UK now grapples with further Coronavirus restrictions and the Brexit transition period coming to an end on 1 January 2021, there are tough implications for UK businesses that need to trade internationally.

A leading panel of guest speakers from the UK network of Kreston member firms will meet on Monday 23 November 2020, 14:00-15:00 (UK time) to offer commentary on a wide range of themes, including Brexit planning and overcoming barriers to international trade, whilst offering insights and help to businesses wanting to trade internationally going forward.

Kreston members can view the event page for more information.

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_gid	1 day	This cookie is installed by Google Analytics. It is used to store information on how visitors use a website and helps to create an analytics report on how the website is performing. The data collected includes the number of visitors, the source of visitors and the pages visited in an anonymous form.
AnalyticsSyncHistory	1 month	Linkedin set this cookie to store information about the time a sync took place with the lms_analytics cookie.
CONSENT	16 years 5 months 19 days 16 hours 12 minutes	These cookies are set via embedded YouTube videos. They register anonymous statistical data e.g. how many times the video is displayed and what settings are used for playback. No sensitive data is collected unless you log in to your Google account, in that case your choices are linked with your account, for example if you click “like” on a video.

Others

Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.

Cookie	Duration	Description
hl	1 year	No description available.
ln_or	1 day	No description
prism_800686921	1 month	No description
SFSESSIDPROD	2 days	No description
SFSESSIDPROD_SH	session	No description