tax rates

Russian FinMin introduces first corporate and personal tax hike in two decades

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Russian FinMin introduces first corporate and personal tax hike in two decades

Russia’s Finance Ministry has proposed amendments to the tax code, including raising corporate income taxes and introducing a progressive personal income tax scale. The changes are expected to be passed by the State Duma before autumn 2024 and come into force in 2025. The proposed changes include raising corporate income tax to 25%, reintroducing a 5% income tax rate for IT companies, and setting thresholds for the progressive personal income tax scale. The reforms are estimated to increase consolidated budget revenues by RUB2.6 trillion in 2025. Despite the changes, Russia’s progressive personal income tax remains modest compared to other BRICS countries. The implementation of a progressive income tax could have negative impacts on economic growth and macroeconomic indicators.

How UK tax changes post-election could impact business compliance – The CFO

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How UK tax changes post-election could impact business compliance - The CFO

Fact: The Conservative party aims to maintain the current Corporation Tax rate at 25% and has no plans for increases this year irrespective of the election outcome.

Walters: Newsom shuns tax increases yet budget levies billions on businesses

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Walters: Newsom shuns tax increases yet budget levies billions on businesses

Gov. Gavin Newsom unveiled a revised 2024-25 state budget and expressed reluctance to raise taxes, despite including indirect tax increases on businesses in the budget.

Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

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Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

Fact: The new tax thresholds and hike in corporation tax in Russia are expected to raise about 2.6 trillion rubles (bn) a year.

Corporate tax not rising for compliant listed companies

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Corporate tax not rising for compliant listed companies

Tax rates for publicly-listed companies may remain unchanged in the upcoming fiscal year, with some changes in parlance that could affect the availing of lower tax rates. The base rate may see a rise for publicly listed companies, but compliance with cashless transactions could bring it back down to existing rates. Listed companies with free float up to 10% and above with cashless transactions would have tax rates of 20% and 22.5%. Noncompliance with the cashless transaction limit would result in higher tax rates. The government may also impose capital-gain taxes on individual investors for the first time if profits exceed Tk 4.0 million. The tax gap between listed and non-listed companies may be reduced by cutting corporate tax rates for non-listed companies by 2.5%. Capital-market experts believe that higher taxes and reducing the tax gap between listed and non-listed companies could discourage companies from entering the capital market. The government should focus on simplifying investment procedures rather than increasing taxes on the capital market.

Headquarters Question: Where Could UBS Relocate?

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Headquarters Question: Where Could UBS Relocate?

Fact: UBS currently pays around 18.5 percent on its profits in Switzerland, derived from a mixed calculation of cantonal rates, with Zurich at 19.61 percent and Basel-Stadt at 13.04 percent.

Global minimum tax: different strategies in the cantons

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Global minimum tax: different strategies in the cantons

The ordinary corporate tax rates for businesses in Switzerland remained stable at an average of 14.6% compared to the previous year. Changes in corporate tax rates were only seen in eight cantons, with the biggest cuts made by Aargau and Bern, and the largest increases made by Schaffhausen and Geneva. The cantons of Zug, Nidwalden, and Lucerne remain the most attractive in terms of their corporate tax rates. Switzerland’s corporate tax rates are low compared to other countries, with only a few countries offering lower rates in Europe and around the world.

Listed firms may face 2.5% additional corporate tax in FY25

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Listed firms may face 2.5% additional corporate tax in FY25

Fact: Companies listed on the capital market are expected to face an additional 2.5% corporate tax in the next fiscal year unless they adopt cashless transactions as the government plans to promote a cashless society.

Nations Can Fight, But There’s No Flight From Global Minimum Tax

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Nations Can Fight, But There’s No Flight From Global Minimum Tax

Countries are divided on whether to comply with, fight against, or ignore the global minimum tax agreement known as Pillar Two. Compliance involves adopting three taxes to reach a 15% tax rate on corporate income, while fighting against it could lead to trade wars. Ignoring Pillar Two may result in businesses needing to engage in tax planning to protect themselves from liability.

A lever to capture corporate tax scofflaws

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A lever to capture corporate tax scofflaws

Fact: The global minimum tax mandates large multinational enterprises to pay a minimum tax rate of 15% in each country where they operate.