EUROPE, MIDDLE EAST & AFRICA

Tax Cards | 2020 A summary of facts of countries in the EMEA region 2 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

EUROPE, MIDDLE EAST & AFRICA

Tax Cards | 2020 The AGN EMEA Tax Surveys of:

Index Austria 04 Belgium 08 Cyprus 12 Czech Republic 14 France 20 Germany 24 Greece 27 Hungary 32 Ireland 37 Israel 41 Italy 45 Liechtenstein 48 Netherlands 50 Norway 57 Poland 62 Portugal 65 Romania 69 Slovenia 71 3 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

EUROPE, MIDDLE EAST & AFRICA

Tax Cards | 2020 The AGN EMEA Tax Surveys of:

Index (cont.) Spain 76 Sweden 84 Turkey 86 Ukraine 88 United Kingdom 91

“This publication has been prepared for the purpose of quick information dissemination. Its contents should not be used as a basis for advice or formulating decisions under any circumstances.”

AGN International - EMEA 4 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

AUSTRIA 2020 TAX CARD (IN EUROS)

Income is taxed on a yearly basis and taxpayers are required to submit tax returns on a self-assessment basis. Subject to bilateral tax treaties, residents are taxed on their worldwide income, whereas non-residents are taxed on their Austrian sourced income. 1. Basis of • on income ( and corporation tax) Taxation • Social security contributions (health insurance, pension insurance, unemployment insurance and accident insurance) • Sales (Value added) tax • Income tax on non-residents • Municipal tax, )

limited taxation on certain sources of income in Austria.

In Austria, corporations are independent tax subjects. Therefore a distinction needs shareholder level. 2. Corporate • Tax •

A minimum CIT has to be paid from companies in a tax-loss position. The • • a year •

Individual Corporation 3. Dividends Withholding Interest (non- treaty)

Intra-European regulations, as well as numerous international tax treaties, can signi!cantly reduce or eliminate the withholding taxes indicated above. 5 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Tax assessment base: sum of income - income-related expenses - special expenses - extraordinary burdens - tax-free amounts = base

Tax rate 4. Resident Above 60.000 up to 90.000 Individual Above 90.000

Other remuneration Tax rate

5. Non- Resident Austria are in principle the same as for persons domiciled in Austria. Individual Tax Rates cases be exempt from all future taxation.

Value-added tax

Austria. 6. Goods and Liability to VAT is determined by the type of the transactions or products Services tax price of products or services. Each intermediary (manufacturer, retailer, etc.) minus the VAT on inputs paid to his own supplier. 6 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

• •

transportation and accommodation.

Tax exemptions

6. Goods and • Services tax to deduct input tax remains. (cont) * The most important case are to third countries. • * Small business owners * insurance companies * * rentals for business premises

the annual amount of turnover.

Inheritance and

estate transfer tax has to be paid in the case of an inheritance of a property.

Real estate transfer tax

• • value is the taxable base for this kind of transfer. A three-fold assessed closest family circle. • 7. Estate duty Property value Tax rate

• property value amounts as the standard tax rate.

as there is no taxation. 7 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

8. Are not subject to stamp duty

Share transfers

9. In Austria there is no property tax.

Types of form Taxpayer 10. Income tax filing submission via FinanzOnline) deadlines 30th April Companies 30th April

. Under the majority of treaties, however, is avoided or 11. Double Tax Agreements tax credit.

Firm: Multicont Revisions- und Treuhand Gesellschaft m.b.H. Updated: April 2020 Contact: Rainald Maurer | [email protected] | 8 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

BELGIUM 2020 TAX CARD (IN EUROS)

Income is taxed on a year basis and taxpayers must submit tax returns on a self- assessment basis.

- taxes on income (income and ); - taxes on expenditure (VAT); - local taxes (property tax, etc.).

1. Basis of Taxation

•

•

Financial year Tax year is the year in which the revenue is taxed.

2. Corporate Tax

9 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Table 2.1 Type of the tax rates Tax rate crisis contribution)

Small and medium-sized companies subject to the reduced tax rate subject to the reduced tax rate

Table 2.2 2. Corporate Tax rate Tax (cont.) contribution)

Table 2.3 Type of the tax rates Tax rate Small and medium-sized companies subject to the reduced tax rate 3

Table 2.4 Tax rate

3 As from1 January 2020, the additional crisis contribution is no longer applicable.

Table 3.1 Tax rate Tax rate Dividends

Interest 3. Withholding tax rate (non- treaty)

Technical fees 6 Directors’ fees

4 Concerns a tolerance of the Belgian tax authorities. 5 Applicable in speci!c cases. 6 Concerns a speci!c Belgian tax regime. 10 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Progressive tax rate

4. Resident and non-resident Tax rate individual tax rates (for Tax Year 2020)

5. Value Added Tax exported to other EU countries)

6. Estate duty Tax rate

7. Stamp duty

8. Registration fees

9. Property Taxes Property tax is based on the cadastral revenue allocated to the immovable property. 11 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Types of Form Deadlines*

Individuals Companies 10. Income tax filing deadlines Technical fees Directors’ fees

11. Double Tax double taxation. Agreements (cont.) particulieren/internationaal/internationale_akkoorden

Firm: Vyvey & Co Bedrijfsrevisor Updated: 28 January 2020 Contact: Steven Vyvey | [email protected] | 12 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

CYPRUS 2020 TAX CARD (IN EUROS)

Income is taxed on a calendar year basis and taxpayers are required to submit tax returns on a self-assessment basis. Subject to bilateral tax treaties, residents are taxed on their worldwide income (subject to exemptions based on domicile) whereas non-residents are taxed on their 1. Basis of Cypriot sourced income. Taxation • taxes on income (income tax and corporation tax) • taxes on expenditure (VAT) • stamp duty • property tax (transfer fees)

2. Corporate Tax same rate as a resident company.

Table 3.1 Individual Individual/Corporation Dividends 0 3. Interest 0 Withholding tax rate (non- 0 treaty) property) 0 Technical fees 0 Directors’ fees 0

4. Resident individual tax rates

5. Non resident individual tax rates 13 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

6. Value added tax exceed €

7. Estate duty Cyprus does not have death or estate taxes.

which shall take place in Cyprus, irrespective of the place of the creation of the document.

8. Stamp duty For amounts up to

For amounts from For amounts over

Immovable property transfer fees are payable by the buyer on the purchase

9. Property tax Transfer fees

Up to

Types of Form Deadlines 10. Income tax filing Individuals deadlines Companies

11. Double Tax Agreements

Firm: Joannides & Co Updated: March 2020 Contact: Kypros Protopapas | [email protected] | 14 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA CZECH REPUBLIC 2020 TAX CARD (IN CZECH CROWNS)

Personal Income Tax shall be levied by individuals who have tax residents in

Generally, the individuals are liable to declare and pay tax in the Czech from self-employment, rental incomes, investment incomes and capital 1. Basis of Taxation Corporate Income Tax shall be levied by enterprises which have tax resident

2. Corporate Tax

Dividends Interest

3. Withholding tax rate (non- treaty) Technical fees Directors’ fees

4.Residential individual tax rates solidarity tax increase is applied monthly on income.

Social security and health insurance contributions are paid by both the employer and (see below) 15 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Social security 4. Residential individual tax - Sickness 0 rates (cont.) - Unemployment 0 Health insurance 9,0

VAT Registration and Deregistration Thresholds: • • • •

VAT rates: • • •

VAT Return Filing Periods: • •

VAT Return Filing and Payment Deadlines: • the period end •

Filing Periods and Deadlines – other returns: • 5. Goods and Services tax * Monthly VAT payer Monthly

•

•

VAT Control Statement – Filing Periods: • Quarterly VAT payer * Quarterly (individual person) •

VAT Control Statement – Filing deadlines: • • 16 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

6.Road tax

7. Estate tax

8. Stamp duty

Real Estate Tax: 9. Real Estate apply for forests, lakes and ponds. For other types of land, the tax is based Tax and Property transfer tax tax purposes.

Property Transfer Tax:

10. Energy Taxes obtained from the authority.

11. hydrocarbon fuels and lubricants, alcohol and spirits, beer, wine and tobacco Consumption Taxes

Types of Form Deadlines Individuals 12. Companies Income tax filing deadlines 17 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country

0 0 0 0 Non-resident corporations and individuals: Non treaty Treaty: Albania Armenia Australia Austria 0 Azerbaijan Bahrain 0 Barbados Belarus Bosnia 0 Brazil 13. Double Tax Canada Agreements Chile China, People’s Colombia Croatia 0 Cyprus 0

Democratic People’s Denmark 0 Estonia Ethiopia Finland 0 France 0 Germany 0 Ghana 6 Greece Local rates 0 0 Iceland 0 India 18 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country Iran 0 Israel Italy 0 Kazakhstan

Kuwait 0 Latvia Lebanon 0 Liechtenstein 0

Lithuania 0 Macedonia 0 Malaysia Malta 0 Mexico

Moldova

13. Double Tax Agreements Morocco (cont.) 0

0

Pakistan Panama

Philippines Poland

0 Saudi Arabia 0 Serbia and 0

0 Slovenia South Africa 0 Spain 0 Sri Lanka Sweden 0 19 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country

Switzerland 0 Syria Tajikistan

Thailand Tunisia Turkey

13. Double Tax Turkmenistan Agreements (cont.) Ukraine United Arab Emirates 0 0 United States 0 Uzbekistan Venezuela Vietnam

Firm: Schaffer & Partner s.r.o. Updated: 29th Jan 2020 Contact: Pavla Tomášková | [email protected] | 20 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA FRANCE 2020 TAX CARD (IN EUROS)

Income is taxed on an annual basis and taxpayers are required to submit tax returns on a self-assessment basis. Subject to bilateral tax treaties, residents are taxed on their worldwide income whereas non-residents are taxed on their French sourced income.

1. Basis of Taxation • taxes on income (income tax and corporation tax) • taxes on expenditure (VAT,….) • ( IFI) …) • direct local taxes (property tax, residence tax, …)

• • • ¤ • ¤ for small and medium-sized

2. Corporate Tax

A system of carryback, carry forward and tax consolidation is set up in France;

(exemptions exist under certain conditions ).

Dividends Interests 3. Withholding tax rate (non- Salaries - treaty)

21 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Personal income tax is, in principle, a comprehensive tax levied on an personal circumstances.

The portion of (one part) 4. Residential individual tax rates (cont.)

In addition, a wealth tax (“Impôt sur la Fortune Immobilière” - IFI), is assessed

5. Non- France are in principle the same as for persons domiciled in France. However, resident individual tax from all future taxation. rates

Value Added Tax

provided in France. Liability to VAT is determined by the type of the transactions or products products or services. Each intermediary (manufacturer, retailer, etc.) collects 6. Goods and the VAT on inputs paid to his own supplier. Services tax

The French VAT rates are as follows: • • •

annual amount of VAT. VAT exemptions exist for taxable persons with low turnover. 22 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Estate duties are applicable in France and are in principle payable by the

• on all the deceased’s movable and immovable properties worldwide (with • when the donor or deceased is not domiciled in France, » if he is domiciled in France or has been for at least 6 years, in the last » only on movable and immovable properties located in France, if the

7. Estate duty the entitled person. In case of direct line (parents – children) the scale is as

Fraction of net taxable part

Transfer duties are applicable in France as follows:

Sales of real property: • 5.80% (subject to small variations between area)

Transfers of businesses and similar transfers: • • •

8. Stamp duty Transfers of shares for valuable consideration: • • •

Others : 23 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Property tax is levied on developed land or undeveloped land situated in France. It’s levied annually on owners, except where there is an entitlement to permanent exemption or temporary exemption.

The tax base is the cadastral income, proportional to the notional rental value 9. Property tax

Types of form Taxpayer 10. Income tax filing deadlines Companies

European countries. 11. Double Tax Agreements portail/les-conventions-internationales

Firm: Caderas Martin SA Updated: May 2020 Contact: Jean-Lin Lefebre 24 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

GERMANY 2020 TAX CARD (In Euros)

The liability to German income tax is determined by the status and the source of income. The residents are taxed on their worldwide income. The non-residents are taxed only on German-sourced income. 1. Basis of Taxation A company is resident if its statutory seat or place where is it run - place of his/her permanent residence or habitual abode in Germany for six months and over.

2. Corporate - a company, tax resident in Germany moves its assets from Germany to a Tax/ tax abroad, or - a company, German tax non-resident moves its assets from the permanent German establishment abroad - a company, tax resident in Germany relocates its seat or place of effective

business structure(s) and interest & royalty payments.

Germany also has comprehensive TP stipulations.

3. Withholding tax rate (non- Individual/ Corporation Individual Corporation treaty) Dividends Interest Technical fees Directors’ fees

25 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

4. Resident individual tax rates Taxable Income (dividends)

• social security and health care contributions, • • • • special tax calculation if married

5. Non- The non-resident individual tax rates are the same as the resident individual tax resident rates. The scope of taxable income is different; there is no tax-free income of individual tax rates The dividend income tax rates are the same.

• • •

6. Goods and (for example certain foods, books, antibiotics and orthopaedic items). Some Services tax services and cultural services).

7. Estate duty Germany has the estate tax or the .

8. Stamp duty Germany does not have stamp duty. 26 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Real estate tax is levied as an annual real estate tax on all immovable property

9. authorities. Property tax Real estate transfer tax is levied on the transfer of real estate, which is sited in

Types of Form Deadlines

Individuals 10. Income tax filing Companies deadlines

if advised by a tax consultant.

Germany concluded 96 tax treaties to avoid double taxation in the area of

11. de/Content/DE/Downloads/BMF_Schreiben/Internationales_Steuerrecht/ Double Tax Agreements Overview of tax rates under double tax treaties that are applied to dividends,

AuslaendischeQuellensteuer/auslaendischequellensteuer_node.html

Updated: July 2020

Firm: MTG Mittelbayerische Treuhandgesellschaft mbH Contact: Alexander Hutter || 27 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

GREECE 2020 TAX CARD (IN EUROS)

The liability to Greek income tax is determined by the tax residence status and the source of income. The Greek tax residents are taxed on their worldwide income. The non-residents are taxed only on income which arises to them from Greek-source.

in Greece. An individual is treated as resident if he has his permanent residence or 1. Basis of Taxation • taxes on income (income tax and corporation tax) • taxes on expenditure (VAT) • wealth tax (IFI) • direct local taxes (property tax, residence tax, …)

• the company, tax resident in Greece moves its assets from Greece to its permanent establishment abroad, or • the company, Greek tax non-resident moves its assets from the Greek 2. Corporate permanent establishment to its centre in another country or to its Tax permanent establishment abroad.

Taxation is calculated in a special tax base, whereas the tax base must be positive. There are special conditions for calculation, tax period as well as due date and penalties.

Individual/Corporation

Dividends Interest 3. Withholding tax rate (non- treaty) Technical fees Directors’ fees As salaries 28 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

3. Withholding a) Is EU resident, tax rate (non- treaty) (cont.) c) for more than two years

Personal income tax is in principle a comprehensive tax levied on an individual’s

Additional tax 4. Residential individual tax rates (cont.)

0.00 +

Taxable Income (dividends)

0.00 +

Income from rent of land/houses/ apartments

In Greece, they are also paid social and health insurance contributions.

5. Non- resident The non-resident individual tax rates are the same as the resident individual tax individual tax rates. The non-resident is taxable for the income in Greece, only. rates 29 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

• by taxable persons, • Member State, •

6. Goods and Services tax

a) For individuals 7. Estate duty place. a supplementary tax is paid, based on the total value of the price.

a supplementary tax is paid, based on the total value of the price

8. Stamp duty Fees are applied based on the type of activity.

persons liable for payment of property tax are the owners of property or in certain

9. Property taxes annually to the municipal authorities.

Type of form Deadlines*

th 10. Income Individuals tax filing Companies th deadlines 30 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Overview of tax rates under double tax treaties that are applied to dividends,

Country

Albania Armenia Austria Azerbaijan Bosnia and Canada China Croatia Cyprus Denmark 13. Double Tax Estonia Agreements Finland France Germany Iceland India Ireland Israel Italy Korea Kuwait Latvia Lithuania Malta Mexico Moldova Morocco 31 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country

Poland Qatar San Marino Saudi Arabia Serbia Slovakia 13. Double Tax Slovenia Agreements South Africa (cont.) Spain Sweden Switzerland Tunisia Turkey UAE Ukraine USA Uzbekistan

Firm: ARGO Audit Ltd Updated: Contact: Dimitrios Mandilaras | | 15 March 2020 32 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

HUNGARY 2020 TAX CARD (In Hungarian Forints)

municipalities.

intended purpose.

• direct taxes like personal income tax, corporate income tax, and • indirect taxes like value added tax, excise duty. 1. Basis of Taxation • • • credit institution contribution, • • public utility tax, • telecommunication tax, • • public health product tax • etc.

corporate tax on their worldwide income (unlimited tax liability). activities (limited tax liability).

• Tax Credit for Growth: The taxpayer may pay the tax on that part of pre-tax 2. Corporate Income Tax • Development : • Tax Credits on Investments, Renovations to Comply with Energy Efficiency Targets: Taxpayers can claim the tax allowance in connection with an 33 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

• Tax Allowances on Support Provided to Cinematographic Works and on Sponsorship of Popular Team Sports 2. Corporate Income Tax (cont) applicable in parallel within the same tax year, and the tax incentive may be

3. Withholding tax rate (non- or royalties paid to non-individuals. treaty)

deducted at source in each month by the resident employer and paid to the tax

4. Residential Quarterly personal income tax advances are payable by the individual by the individual tax rates (cont.)

due to domestic or rules).

5. Non- resident individual tax rates

Value added tax

cases, allows member states to use their discretion as to the transposition of

6. Goods and • Services tax • • • exportation and importation of services.

34 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

VAT returns and payments have to be done monthly, quarterly or annually 6. Goods and Services tax (cont)

Inheritance and gift duties

7. Estate duty

Transfer duties are applicable in Hungary as follows:

Duty on onerous transfers of property (property transfer tax)

• interests, • • • • property located in a public area, 8. Stamp duty • acquisition of securities by a contract of inheritance, • acquisition of capital contribution (stocks, business shares, co-operative shares, investor’s shares, converted investor’s shares) of a business

The rate of the duty:

acquired property or the acquired capital contribution in a business association real estate.

35 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

• for sale, • the acquisition of ownership of (an ownership share in) land suitable for the declares its intention to build a residential property until the effective date of the duty payment order at the latest, • domestic real estate under a preferential transfer of assets, • the transfer between related parties of real estate or a contribution in 8. Stamp duty estate, (cont) • • the transfer of property in a transaction between lineal relatives and spouses, • the acquisition of property as a result of the termination of the marital community property.

Procedural duty

procedural service fee is payable for administrative procedures while a procedural duty is payable for court procedures.

payable for each petition.

vary for each municipality.

Building Tax

9. Property tax

• • 36 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

• •

Land Tax

9. Property tax • decreased by the structure’s space on the land itself • market value of the land).

• •

Types of form Taxpayer year) 10. Income tax filing all private individuals deadlines Companies

11. Double Tax Agreements

Firm: PMX Consulting Group Hungary Tax Consulting Ltd. Updated: Contact: Janos Szalai || March 2020 37 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

IRELAND 2020 TAX CARD (In Euros)

Income is taxed for individuals on a calendar year basis and for corporates based on assessment basis.

non-residents are taxed on their Irish sourced income. In the case of resident individuals, who are non-Irish domiciled, they may avail of the remittance basis of taxation in respect of non-Irish source investment income and the Ireland’s extensive double tax treaty network.

1. Basis of In the case of corporates, resident companies are taxed on worldwide income and Taxation property.

incorporated in Ireland after this date, they will be treated as an Irish resident, unless they would be held to be otherwise resident under a tax treaty. There are transitional rules in place for companies incorporated in Ireland before

In the case of corporates incorporated outside Ireland, their residence will be

There are two rates of tax for corporates

• • 2. Corporate Tax would be applied. 38 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

company, in certain circumstances.

2. Corporate Tax (cont)

which a professional service is undertaken.

Individual /corporation Dividends Interests 3. Withholding tax rate (non- treaty) where consideration above threshold and pre clearance not obtained) - -

located in another EU Member State or in a double tax treaty country. This is subject

4. ¤ ¤¤ Resident ¤ individual tax rates I employment income above ¤ Income from employment exercised in Ireland or from director fees will be subject to payroll taxes, which will be applied at source by the employer. There is no wealth tax in operation in Ireland.

5. Non- income will be subject to Irish tax, and there is limited scope to claim resident individual tax rates income from Irish property. This may be eliminated where an Irish based payment of taxes. 39 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

• • • • Exempt

The VAT thresholds in place are ¤¤ 6. Goods and Services tax

to Irish private customers is ¤

reduced to a lesser frequency after a period of time if the liability/repayment is a minor amount.

transferred is Irish situate. There are exceptions where the recipient is not Irish residence.

The tax is levied on the amount received less a threshold determined by the relationship between both parties. These thresholds are 7. Gift/ Inheritance Taxes • • •

much of the threshold has expired.

An annual ¤

There are a number of rates of Stamp Duty on documents executed in Ireland or

8. Stamp duty Residential Property First ¤ Excess over ¤ 40 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Non-Residential Property:

Transfer of Shares: ¤ 8. Stamp duty less and it does not form part of a series of transactions) (cont.)

driveway or other land associated with the property up to one acre in size. It also 9. Property tax

properties.

the return year. There is a requirement to make an advance payment of tax in the current year.

10. Income tax filing deadlines ¤

effect. 11. Income tax filing deadlines treaties/index.aspx

Updated: Firm: Duignan Carthy O’Neill March 2020 Contact: Robert Halley | [email protected] | 41 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA ISRAEL 2020 TAX CARD (In Shekels)

liable to tax only on his income that was produced or accrued in Israel. 1. Basis of Taxation in Israel. An individual is treated as resident if he has his permanent residence or

The tax period is the calendar year. 2. Corporate Tax

3. Withholding Individual/Corporation tax rate (non- Dividends treaty) Interest Directors’ fees

4. Resident individual tax rates

0.00 +

Taxable Income (dividends) 0.00 + 42 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

5. Non- The non-resident individual tax rates are the same as the resident individual resident tax rates. The scope of taxable income is different. individual tax rates

6. Goods and persons, Services tax

7. Estate duty Israel does not have an estate tax or inheritance tax.

8. Stamp duty Israel does not have stamp duty.

Israel does not have a property tax but has real estate purchase tax. This is a tax rate 9. Property tax VISA or temporary residence permit, he is entitled to enjoy a purchase tax rate of only

Types of Form Deadlines* Individuals tax year 10. Income Companies tax filing tax year deadlines

11. Double Tax Overview of tax rates under double tax treaties that are applied to dividends, Agreements 43 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country Australia Austria 0 Belarus 0 Brazil Canada Croatia Cyprus 0 Denmark 0 Estonia Finland 0 France 0 0 Germany 0 Greece 0 11. Double Tax China Agreements China (Taiwan) Iceland 0 India 30 Indonesia Ireland 0 Israel Italy 0 Kazakhstan Korea Kuwait 0 Latvia Libya 0 Lithuania 0 Macedonia Malta 0 Moldova 0 0 0 0 44 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country 0 Poland

0 0 Slovenia South Africa 0 Spain 0 11. Double Tax Sri Lanka Agreements Sweden 0 Switzerland Syria Tunis Turkey Turkmenistan Ukraine 0 United Mexican States 0 USA 0 Uzbekistan Vietnam

Updated: Firm: Houser, Nativ, Vexelbaum & Co May 2020 Contact: Zerakh Nativ | 45 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

ITALY 2020 TAX CARD (In Euros)

Income is taxed on a year basis and taxpayers are required to submit tax returns on a self-assessment basis. Subject to bilateral tax treaties, residents are taxed on their worldwide income whereas non-residents are taxed on their Italian sourced income. 1. Basis of Taxation • taxes on income (income tax and corporation tax) • taxes on expenditure (VAT,….) • • direct local taxes (property tax)

2. Corporate Tax A system of carry back, carry forward and tax consolidation is set up in Italy.

Taxation is calculated in a special tax base, whereas the tax base must be

Individual Corporation Dividends Interest 3. Withholding tax rate (non- treaty) On the other hand, for non-cooperative countries, the rates of certain

Personal income tax is in principle a comprehensive tax levied on an individual’s is applied. 4. Resident individual tax rates personal circumstances.

46 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Portion of taxable income (one part)

4. Resident individual tax rates (cont.)

5. Non- resident individual tax are in principle the same as for persons domiciled in Italy. rates

Value added tax

provided in Italy. Liability to VAT is determined by the type of the transactions or products products or services. Each intermediary (manufacturer, retailer, etc.) collects 6. Goods and the VAT on inputs paid to his own supplier. Services tax • • •

the annual amount of VAT. VAT exemptions exist for taxable persons with low turnover.

Estate duties are applicable in Italy and are in principle payable by the

• the deceased’s movable and immovable properties worldwide (with eventual

• when the donor or deceased is not domiciled in Italy only on movable and 7. Estate duty

47 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Fraction of net taxable part 7. Estate duty Brothers and sisters (cont.) Others

8. Stamp duty

Property tax is levied on developed land or on undeveloped land situated in Italy. It’s levied annually on owners, except where there is entitlement to permanent exemption or temporary exemption.

The tax base is the cadastral income, proportional to the notional rental value 9. Property tax taxation.

Taxpayer 10. Income tax filing deadlines Companies

11. Double Tax Agreements convenzioni-e-accordi/convenzioni-per-evitare-le-doppie-imposizioni/

Updated: Firm: Carnelutti Studio Legale Associato July 2020 Contact: Lidia Veronica Torricella 48 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

LIECHTENSTEIN 2020 TAX CARD (In Swiss Francs)

Corporate Taxation: Tax liability - unlimited based on the place of residence or 1. Basis of place of effective administration in Liechtenstein, or limited by domestic property or Taxation business establishment.

Individual Taxation: Personal tax liability - unlimited based on residence or habitual residence in Liechtenstein, or limited by domestic property or establishment.

2. Corporate Tax minimum corporate income tax.

Under the Liechtenstein corporate income tax system, dividends distributed to resident and non-resident shareholders are not taxable.

Dividends Interest 3. Withholding tax rate (non- treaty) Technical fees Directors’ fees

executive directors, i.e. persons who are only members of the supervisory board.

4. Resident married and other taxpayers. There is a state tax as well as a municipal tax. individual tax rates (for financial years ending 31 December 2020) state tax and is set annually by each municipality within this framework at its discretion. 49 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

5. Non- resident individual between public and private employment as well as frontier workers and not frontier tax rates (for financial years ending 31 December 2020)

6. Goods and Services tax

Liechtenstein does not have death or estate taxes. In exceptional circumstances, a 7. Estate duty

Public limited companies, limited liability companies and companies with 8. Stamp duty million.

9. Property tax to income tax.

Types of Form Deadlines* Individuals 10. Income Companies tax filing deadlines *In certain cases, if the provisional tax liability has been settled, an extension of the deadline can be requested.

Updated: Firm: Thöny Treuhand AG. February 2020 Contact: Gerhard Meier || 50 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

NETHERLANDS 2020 TAX CARD (In Euros)

Income is taxed on a year basis and taxpayers are required to submit tax returns on a self-assessment basis. Subject to bilateral tax treaties, residents are taxed on their worldwide income whereas non-residents are taxed on their Dutch sourced income.

1. Basis of Taxation taxes on expenditure (VAT); 3. local taxes (property tax, residence tax...)

Personal Income Tax:

three boxes.

Box 1: (living and working) covers business and employment income and

Bracket Income tax rate 2. Taxes on Euros Social security Totality Income 0

As the overview above shows, in addition to personal income tax, Dutch social

period of 360 months based on an annuity or linear repayment scheme. If income tax. 51 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

transparent i.e. for tax purposes every partner is considered to have his previous 3 years (carry back). If this is not possible, the losses may be offset

use) are not considered assets to include in the net capital in Box 3.

income exceeds the deemed income, no tax is due on the excess. Conversely, 2. Taxes on there is no reduction in tax if actual income is less than the deemed income. Income (cont.) The way in which income is computed under Box 3 means that interest (for tax purposes.

capital threshold of ¤¤

The deemed income is calculated as follows. Bracket Deemed income amount

0 ¤ ¤¤ ¤¤ 3 ¤

Example ¤ ¤ ¤

¤ ¤ ¤ 52 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

¤ 6 ¤ ¤ ¤ ¤ ¤

Wage Tax

• done; • • • • non-resident artists and professional sportsmen who in accordance with an 2. Taxes on Income (cont.) allowances can be provided.

taxable. Contributions from employees to such schemes are in principle tax under the scheme are, conversely, taxable. It is possible to request the Dutch pension scheme for a maximum period of 60 months if certain conditions are

be a compensation for extra territorial expenses an expatriate incurs when for his employee’s children to attend an international school (or international expatriate’s homeland applies (i.e. he is not subject to Dutch social security), no Dutch social contributions are due. 53 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Corporate Income Tax

reduced if the company has any deductible losses. A company may offset losses which is limited to 6 years.

Bracket Euro CIT

Bracket Euro CIT

2. Taxes on Income (cont.) in the company books for a value that exceeds the Valuation of Immovable

Withholding Taxes

companies, not on interests or royalty payments.

to countries with very low taxes, countries on the EU-list of non-cooperative jurisdictions and in certain tax abuse situations. 54 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Liability to VAT is determined by the type of the transactions or products

products or services. Each intermediary (manufacturer, retailer etc.) collects 3. the VAT on inputs paid to his own supplier. If an exemption applies, VAT Taxes on payments are not deductible. expenditure - (VAT) standard rate deductible) repairment of bicycles input tax non-deductable exemption

Inheritance Tax

Inheritance tax has to be paid on any inheritance heirs receives. An inheritance consists of the net estate left by a deceased person. This is the value of all insurance.

Part of the inheritance is exempt from tax. The precise amount depends on the heir’s relationship to the deceased person. The inheritance tax has to be paid on Exemptions Euro Spouse / partner 4. Taxes on assets Sick and disabled children Parents All others

Inheritance tax rates Spouse / partner and children Grandchildren All others 55 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

If a business is inherited, inheritance tax has to be paid on its value. If the heir continues to run the business, the heir could qualify for the business succession scheme and pays less or no inheritance tax.

Gift Tax

Exemptions Euros

Annual donations to your children

free disposable expensive study to be spent on their privately owned primary residence Annual donations to other recipients 4. Taxes on assets (cont.) Gift tax rates: run the business, he could qualify for the business succession scheme (also

Transfer tax

• • • possessions exist mostly of real estate.

property. 56 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

concluded tax treaties with a considerable number of countries.

5. Tax Agreements of this Decree will also result in the avoidance of double taxation. / Double Taxation Tax treaties do not include any rules for the levy of national insurance (Avoidance) contributions. Other (international) rules apply to this. Decree treaties have been concluded. If, in a certain case, there is no such tax treaty, application of the Double Taxation (Avoidance) Decree may prevent double taxation.

Updated: Firm: DK Accountants & Adviseurs May 2020 Contact: Henny van Heeswijk | [email protected] | 57 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

NORWAY 2020 TAX CARD (In Euros)

income. The tax non-residents are taxed only on income which arises to them from 1. Basis of Taxation

• permanent establishment abroad, or • its permanent establishment abroad. 2. Corporate Tax Taxation is calculated in a special tax base, whereas the tax base must be period as well as due date and penalties.

to taxes. There are quantitative limitations for tax-deductable interests from loans from related parties. Interests to related parties are tax deductable only depreciation, interest and tax and applies when external and internal interest in institutions.

3. Withholding tax rate (non- Individual/Corporation treaty) Dividends Interest know-how Technical fees Directors’ fees 58 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

0.00 + 4. Resident Taxable Income (dividends) individual tax 0.00 + rates

• • are met, •

contributions.

5. Non- The non-resident individual tax rates are the same as for the resident individual resident tax rates. The scope of taxable income is different. individual tax rates

• by taxable persons, •

6. Goods and Services tax

for VAT purposes. The taxable persons who supply real properties have to

7. Estate duty

8. Stamp duty 59 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

persons liable for payment of property tax are the owners of the property.

9.Property tax authorities.

tax authorities value each property individually. Some communities have no

Types of Form Deadlines* Individuals the tax year 10. Income tax filing Companies the tax year deadlines

Overview of tax rates under double tax treaties that are applied to dividends,

Country Albania 0 0 0 0

Azerbaijan 0 0 Australia 0 0 11. Double Tax Austria 0 0 Agreements 0 0 Barbados 0 0 0 0 Benin 0 0 0 0 Brazil 0 0 0 0 Canada 0 0 Chile 0 0 China 0 0 60 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country Croatia 0 0 Cyprus 0 0 0 0 Denmark 0 0 0 0 Estonia 0 0 Finland 0 0 France 0 0 Faroe Islands 0 0 Gambia 0 0 0 0 Germany 0 0 Greece 0 0 Greenland 0 0 0 0 Iceland 0 0 India 0 0 Indonesia 0 0 Ireland 0 0 Israel 0 0 11. Double Tax Agreements Italy 0 0 Ivory Coast 0 0 0 0 0 0 Kazakhstan 0 0 Kenya 0 0 Korea 0 0 Kuwait 0 0 Latvia 0 0 Liechtenstein 0 0 Lithuania 0 0 0 0 Macedonia 0 0 Malawi 0 0 Malaysia 0 0 0 Malta 0 0 Mexico 0 0 Moldova 0 0 Morocco 0 0 0 0 0 0 61 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country 0 0 0 0 0 0 0 0 Pakistan 0 0 Phillipines 0 0 Poland 0 0 0 0 Qatar 0 0 0 0 0 0 0 0 0 0 0 0 Slovakia 0 0 Slovenia 0 0 South Africa 0 0 11. Double Tax Agreements South Korea 0 0 Spain 0 0 Sri Lanka 0 0 Sweden 0 0 Switzerland 0 0 Tanzania 0 0 Thailand 0 0 Tunis 0 0 Turkey 0 0 0 0 Ukraine 0 0 0 0 United Mexican States 0 0 USA 0 0 Venezuela 0 0 Vietnam 0 0 0 0 0 0

Updated: Firm: Stiansen & Co AS May 2020 Contact: Oddvar Mella | 62 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

POLAND 2020 TAX CARD (In POLISH ZLOTYS)

• tax-residents individuals and corporations are taxed on their worldwide income; • non-residents individuals and corporations are taxed on their Polish income; 1. Basis of • Taxation However, the tax year of corporations matches their statutory year.

real estate local tax.

company are taxed on certain income sourced in Poland.

• •

2. Corporate Tax million of book value of real estate per month.

special tax based on the value of assets.

Individuals Corporation Dividends Interest 3. Withholding tax rate (non-treaty) Technical fees Directors’ fees 63 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

4. Resident individual tax rates

5. Non- resident individual tax rates

in current and precedent year. 6. Goods and Services tax

7. Estate duty

8. Stamp duty

Civil transaction tax doesn’t apply to transactions taxed with VAT. 64 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

9. Property tax

Types of Form Deadlines Individuals 30 April Companies 10. Income tax year tax filing deadlines Partnerships partnerships are tax transparent and don’t

avoidance of double taxation.

11. Double Tax Agreements covered by the MLI Convention. So far MLI Convention applies to tax treaties

Firm: BW Corporate Services S.A. Updated: Contact: Konrad Jastrzbski | [email protected] April 2020 65 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

PORTUGAL 2020 TAX CARD (In Euros)

known as the source rule and residence rule.

1. Basis of Taxation

2. Corporate Tax For a PME (small and medium-sized company) the tax rate applicable until ¤

Standard Tax Treaties Dividends (a) Interest 3. Withholding tax rate (non- Capital Gains treaty) Technical fees Directors’ fees

Standard Participation Standard Participation Exemption International Tax Treaties

Dividends Interest offshores (3) (3) know-how 66 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Standard Participation Standard Participation Exemption Treaties

Capital Gains 3. Withholding tax rate (non- fees treaty) Technical (cont.) fees Directors’ fees

(3) .

Taxable Income Tax Payable

Standard

4. Resident individual tax rates (1 January - 31 December 2019) -

5. Value Added Tax

¤

6. Inheritance of assets. Spouse, children or ascendants are tax exempt. Tax Heirs must present before tax authorities a list of the inherited assets. 67 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Stamp duty is due on acts, contracts, documents, titles, books, papers and other or exempt from VAT. 7. Stamp duty

December of the year that it concerns.

type of property.

Property Urban property Property owned by residents in offshores (except individuals) 8. Property tax and Property transfer tax IMT (Imposto Municipal Sobre a Transmissão Onerosa de Imóveis) is a municipal tax levied on onerous transmissions of real estate located in

Description Other urban properties and other onerous acquisitions The acquirer is a tax resident in an offshore (except individuals) Urban property or autonomous fraction of urban property exclusively intended to a permanent place of residence Urban property or autonomous fraction of urban property exclusively intended to residence (non-permanent)

Types of Form Deadlines* Individuals

Companies Partnerships (Special Tax 9. Income Annual declaration (IES) Companies tax filing deadlines Annual declaration (IES) Partnerships

If Annual Turnover > If Annual Turnover > 68 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

10. Double Tax Agreements

Updated: Firm: Auditum Associados [email protected] 16 June 2020 Contact: Eduarda Costa | 69 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

ROMANIA 2020 TAX CARD (in Euros)

taxation.

commonly known as the source rule and residence rule. The source jurisdiction 1. Basis of Taxation is a special taxation system called a micro-enterprise tax. or world-wide, from professional activity, intellectual property, salary, rental, investment etc.

at the same rate as a resident company payer of corporate income tax. The 2. Corporate Entities below the Entities below the Tax Annual Turnover Entities above Year threshold with at threshold with no Threshold the Threshold least one employee employees

3. Withholding tax rate (non- Individual/ treaty) Corporation Individual/Corporation Dividends Interest Technical fees Directors’ fees

4. Resident individual taxes rates 70 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

5. Non- The income tax rate applicable to non-resident individuals is the same as for resident resident individuals except for some types of revenue like interests and royalties individual tax rates

any taxable operation that is not exempt from tax or that is not subject to the reduced rates. 6. Value Added Tax manuals, admissions to cultural events, museums, concerts, sports events, cinemas and for certain deliveries of houses; hotel, accomodation, restaurant

7. Inheritance Inheritance Tax is not applicable if procedures are completed within two years. Tax

8. Immovable property transfer tax

(residential, non-residential or mix destination), year of completion, area 9.Property tax Companies must evaluate the value of the property every three years otherwise

Type of form Individuals 10.Income Companies tax filing deadlines

* Companies with corporate income tax have annual computation with quarterly prepayments and companies with micro-enterprise tax have quarterly computation and payments.

11. Double Tax Agreements

Updated: February 2020 Firm: S.C. Mara International Consults S.R.L. Contact: Craita Nicula | [email protected] | 71 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

SLOVENIA 2020 TAX CARD (in Euros)

The liability to Slovene income tax is determined by the tax residence status and the source of income. The Slovenian tax residents are taxed on their worldwide income. The tax non-residents are taxed only on income derived in Slovenia (Slovene sourced income). 1. Basis of Taxation his permanent residence or habitual abode (centre of vital interest) in Slovenia Slovenia.

2. Corporate Tax

Thin cap rules are in force in Slovenia. Interest on loans is not deductible if the loan is received from certain related parties (for example a shareholder who by an unrelated third party. 72 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Tax Payable Dividends Interest

3. Withholding know-how tax rate (non- Lease payments (for real estate located in Slovenia) treaty) payments is another person and in a blacklisted country (list published by the Ministry of Finance)

Total tax on income below Tax rate on income in Taxable income bracket bracket bracket Percent 0 0 -

Capital Gains some form or another.

4. Resident individual tax rates * the tax rate depends on the years of ownership

A resident taxpayer may for example claim (under certain conditions) the • • allowance is increased for each additional dependent family member); • tax allowance for voluntary additional pension insurance; etc.

Dividends, interest and rental income received by a resident individual are persons perform their work in Slovenia 73 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

5. Non- resident individual tax sourced income). rates

territory of Slovenia by taxable persons, Member States, 3.

6. Goods and Services tax (cont)

Slovenia.

7. Estate duty relationship with the deceased/donor.

8. Stamp duty Slovenia does not have stamp duties.

The Slovenian property tax system currently consists of two types of taxation on possession or use of real estate. One is property tax and the other is a duty called

9. Property tax on various circumstances. The tax rates are determined by local municipalities. The property.

74 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Types of Form Deadlines* For income from employment and certain other types of income, residents receive a preliminary tax calculation automatically, the calculation is correct. If it is not received 10. Income Individuals until the stipulated deadline, the natural tax filing person must submit an annual tax return deadlines of the tax return is the end of February. The tax return must be submitted within Companies three months after the end of the tax year.

Slovenia has concluded 60 tax treaties for avoidance of double taxation. Slovenia tax rates under double tax treaties that are applied to dividends, interest income Country Albania Austria Armenia Azerbaijan Belarus Canada 11. Double Tax Agreements Croatia Cyprus Denmark Estonia Finland France Germany Greece

India Iceland Ireland Iran 75 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country

Isle Of Man not stipulated not stipulated not stipulated Israel Italy Kazakhstan Kosovo Kuwait Latvia Lithuania Macedonia Malta Moldova Poland 11. Double Tax Agreements Qatar (cont)

Spain Sweden exempt exempt Switzerland

Thailand

Turkey

Ukraine

Uzbekistan Great Britain And

United Arab Emirates USA

individual double tax treaty. Exemptions from taxation on the basis of double tax treaty provisions are possible

Updated: March 2020 Firm: A TAX International LTD Contact: Azra Begic Milanez | [email protected] | 76 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA SPAIN 2020 TAX CARD (In Euros)

A. Direct taxes. • income tax. • individuals).

B. Indirect taxes: • Valued Add Tax (VAT) • Transfer tax and stamp tax 1. Basis of • Excise tax Taxation • Customs duties on imports

Tax residence in Spain. A company is deemed to be resident in Spain for tax

Non-resident in Spain. A company will contribute in Spain to its incomes Spain, as well as individuals.

method. The law contains an exhaustive list of non-deductible expenses. 2. Corporate Tax The are some tax incentives for small and medium-size companies which invoice less than ¤ rates applicable to certain entities such as collective investments institutions

• • • Creation of employment. • 77 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

types of credit. a. Legal. 2. Corporate amount paid abroad in an identical tax or the amount of tax that would be Tax (cont) payable in Spain. b. Economic. are paid by a company non-resident in Spain, the deduction will be the tax paid by the non-resident entity.

Individual/Corporation Individual/Corporation Dividends Interest 3. Withholding (real estate) tax rate (non- treaty) Salaries Pensions Business

The taxpayers subject to personal income tax are taxed on their entire c. General tax base. Salary income, income and imputation from real estate, some of the incomes movable capital from entities related to the tax payer, incomes from business activities, imputation of real estate and some capital d. the partner or shareholder, income from movable capital derived from 4. Resident the transfer of own funds, the monetary return or payment in kind on individual tax capitalization transactions and life or disability insurance contracts and rates

The Law establishes numerous items from exempt income such as salary There are reductions in the base in order to adapt the tax to the personal and family situation of the taxpayer. a. ¤ b. ¤ ¤ ¤¤ c. ¤ d. ¤3,000 or ¤9,000. 78 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

The tax rate will depend on which autonomous community is established the

Gross TA payable to ) Income (Up to ) Applicable

-¤ ¤ ¤ ¤ ¤ ¤ ¤ ¤ 4. Resident ¤ ¤ ¤ individual tax 60.000,00¤ ¤ Onwards rates (cont)

Gross TA payable to ) Income (Up to ) Applicable

¤ ¤ 6.000,00¤ 6.000,00¤ ¤ ¤ ¤ ¤ Onwards

donations and for investments in the recently formed company.

Permanent establishments in Spain are taxed on their net income at the same

5. Non- resident individual tax Type of Income in another Member State of EU or EEA) rates Business activities Salaries Dividends and interest

79 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

as most of them are allowed to deduct the VAT paid in their purchases, applicable in

a. b. services and import.

6. Goods and a. Services tax b. Supplies of services c. d.

a. b. c.

Some transactions exempt from VAT such as educational and medical services,

The Law contemplates a series of reductions, basically for cases of transfers

Tax Base 0 7. Estate duty 80 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Tax Base (¤ Tax Payable (¤ ) ¤) 7. Estate duty (cont.) Onwards

Transfer and stamp tax is basically applied on real property transfers or some companies operations. There are some corporate transactions exempted

Corporate transactions 8. Stamp duty Transfers of real estate Certain mercantile law public deeds

The operations taxed by VAT are not subjected by transfer tax.

total assets (located worldwide) and non-residents for their assets in Spain.

The Law explains how to value each kind of asset and establishes a reduction of ¤300,000 for the habitual residence, and in certain circumstances the assets or ¤

9. Tax payable (¤ ) Property Tax (Up to (¤) Income (Up to ¤ ) 0,00 0,00 0,3 0,9 Onwards 81 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Types of forms Deadlines* Individuals 10. Income tax filing Companies (*) deadlines

maximum limit of taxation applicable by the source country to payments in the concept of dividends, interest and royalties.

Country General Country Parent-Subsidiary

Albania 0/6 0 Andorra Armenia 0 Australia - Austria Barbados 0 0 0 0 11. Double Tax Belarus - 0 Agreements Bolivia Bosnia y Brazil 0 0 Canada Chile China - Colombia 0 Croatia 0 0 0 Cuba Cyprus 0 0 0 0 Dominican 0 Ecuador - 9 82 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country General Country Parent-Subsidiary

Estonia 0 0 Finland France 0 0 0 0 Germany 0 0 Greece 6 0 0 0 Iceland India - Indonesia Iran Ireland 0 0 Israel - Italy - 11. Double Tax Agreements (cont) Kazakhstan - 0 Korea Kuwait 0 0 Latvia Lithuania Macedonia Malaysia 0 Malta 0 0 0 Morocco Mexico 0 Moldova 6 - Oman 0 Pakistan Panama 83 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Country General Country Parent-Subsidiary

Philippines Poland 0 Vol. Investment Salvador 0 Saudi Arabia 0 - Serbia 0 Slovakia 0 Slovenia 11. Double Tax South Africa Agreements (cont) Sweden Switzerland 0 0 Equity) Tajikistan - 0 Thailand - Trinidad y Tunisia Turkey Turkmenistan - 0 Ukraine - 0 United Arab 0 0 Emirates 0 0 0 0 USA Uzbekistan Venezuela 0 0 Vietnam

Updated: Sept 2020 Firm: Munt Audit&Forensic Contact: Gema Criado | 84 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

SWEDEN 2020 TAX CARD (In Swedish Kronor)

known as the source rule and residence rule.

1. The source jurisdiction of taxation means that Sweden taxes non-resident Basis of Taxation Sweden only. The residence jurisdiction involves the taxation of Sweden’s resident individuals

A Swedish resident company is subject to company tax, a non-resident company is taxed on its Swedish source income at the same rate as a resident company if 2. Corporate Tax Year Tax

Corporation Dividends 3. Withholding Interest tax rate (non- treated) Technical fees Directors’ fees

Taxable Income SEK Tax Payable SEK 4 Resident individual taxes rates

Taxable Income SEK Tax Payable SEK 5. Non- resident individual tax rates 85 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

6. Goods and Services tax

7. Estate Duty tax and stamp duties when assets are passed on after death.

Stamp duty is applied. Stamp duty is applied on real property transfers. 8. Stamp duty

9. Property tax linked to an estimated market value adjusted every few years.

Types of Form Deadlines* Individuals Companies 10. Income Technical fees tax filing deadlines Directors’ fees

is dependent upon the type of entity, their size, and if the entity is tax payable for the year.

11. Double Tax Agreements

Updated: February 2020 Firm: Frejs Revisorer Contact: Magnus Lovén | [email protected] | 86 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

TURKEY 2020 TAX CARD (In Turkish Liras)

source rule and residence rule.

The source jurisdiction of taxation means that Turkey taxes non-resident 1. Basis of Taxation Turkey only.

The residence jurisdiction involves the taxation of Turkey’s resident individuals

A Turkish resident company is subject to company tax, a non-resident company is taxed on its Turkish source income at the same rate as a resident company. The 2. Corporate Tax Year Other Corporate Tax Entities

3. Withholding tax rate (non- Individual/ treaty) Corporation Dividends Interest Technical fees Directors’ fees Directors’ fees

4. Resident individual tax rates 87 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

5. Non- resident individual tax rates

Stamp duty is applied on a case by case basis. Stamp duty is mainly applied to real property transfers or some transfers of shares/units where the Company/ authorities. 6. Stamp duty

7. Property tax

Types of Form Deadlines* Individuals 8. Income Companies 30 April tax filing deadlines application.

9.Double tax agreements without VAT.

Updated: March 2020 Firm: Koker Certified Public Accountancy & Auditing INC CO. Contact: Selahattin Çaliskan | [email protected] | 88 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

UKRAINE 2020 TAX CARD (In Ukrainian Hryvnas)

Tax-residents individuals and corporations are taxed on their worldwide income (with the possibility to deduct Ukrainian income tax for income taxes paid abroad). 1. Basis of Taxation

A Ukrainian resident company is subject to company tax, a non-resident company 2. Corporate treaty is used to avoid non-resident income taxation in Ukraine. Ukrainian resident Tax

income for VAT-payers.

Type of Income 3. Withholding individuals tax rate Dividends (non-treaty) Interest Technical fees Directors’ fees

In Ukraine, personal income tax is in principle a comprehensive tax levied on 4. Resident period taxation, or a yearly-taxation is stipulated. individual tax rates • • 89 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Two taxes mentioned above shall be paid from all taxed income of a physical person resident. For such types; income as salary, payment for the provision of work and services under the contract, in addition social security tax is paid. 4. Resident individual tax rates (cont.) dividends from non-residents).

5. Non- resident Unless double-taxation rules are applied, non-resident’s income is taxed at the individual tax same rate as a Ukrainian resident individual. rates

from Ukraine.

6. VAT Tax Tax codes stipulate a number of operations which are not taxed if the place of their provision is not Ukraine territory. Also, the number of operations of provisions of the Tax code.

Estate duty is not paid in Ukraine. 7. Estate tax

8. Stamp duty

9. The base of taxation is land area or real estate area. Land tax is applied at a Property tax areas (tax rate depends on land localization). 90 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

11. Double Tax Agreements

Updated: February 2020 Firm: Global Consulting Corporation Contact: Nataliia Pogribna || 91 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

UNITED KINGDOM 2020 TAX CARD (IN GBP)

Income is taxed on an annual basis and taxpayers are required to submit tax returns on a self-assessment basis. Subject to bilateral tax treaties, residents are taxed on their worldwide income whereas non-residents are taxed on their UK income.

1. Basis of Taxation • taxes on income (income tax, national insurance and corporation tax) • (VAT) • Capital taxes • Property Taxes • Inheritance Tax

Year to Corporation Tax rate SME enhanced expenditure deductions scheme* 2. Corporate loss Tax

Main Capital Allowances

Plant & Machinery

Pre 1.1.19 and post 31.12.20: 100% Annual Investment Allowance (AIA)

Other rates

Income tax is paid by individuals on monies earned from employment, self employment, pensions, rental income, Trust income.

3. Income Tax Please note, separate income tax rates apply to Scotland.

92 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Income tax

Allowances 2019/20 2020/21 Personal Allowance (PA)* Blind Person’s Allowance Property Income***

Additional rate (PSA) 3. Income Tax Dividend Allowance pension contributions (up to a permitted limit) and Gift Aid donations.

G S D Additional rate

93 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Income Tax – Scotland Band Band

3. Income Tax (cont.) which are taxed at normal UK rates.

For non-UK domiciled individuals who have been UK resident in at least £30,000 £30,000 £60,000 £60,000 Deemed to be UK domiciled

Value-added tax (“VAT”)

the UK.

Liability to VAT is determined by the type of the transactions or products concerned,

VAT is borne by the end-user since it is included in the sale price of products or services. Each intermediary (manufacturer, retailer, etc.) collects the Deductions are available for VAT incurred on businesses expenditure.

4. Goods and Services tax • • •

businesses who receive refunds of VAT can elect to use monthly returns.

VAT exemptions exist for taxable persons with low turnover.

below the threshold level. 94 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died.

• • community amateur sports club

If a person is married or in a civil partnership and an estate is worth less than the above the threshold, any unused threshold can be added to the partner’s threshold one partner dies. This means their threshold can be as much as £900,000

Inheritance Tax 5. Inheritance Tax

exemption for transfers between spouses/civil partners, except if UK domiciled transferor and

Years before death 0-3

recipient.

Property taxes have been devolved in the UK so different land taxes are applied for sales of land in different areas of the UK.

6. Land Taxes

owned by a corporate structure. 95 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Property value

SDLT – England & Ni LBTT Scotland LTT - Wales £000 Rate on Band £000 Rate on Band £000 Rate on Band 6. Land Taxes (cont.) also payable by all corporate purchasers.

• •

•

SDLT – England & Ni LBTT Scotland LTT - Wales Rate on £000 Rate on Band £000 £000 Rate on Band Band 96 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Class 1 (Employees) Employee Employer Employment allowances per business

7. National Insurance

Class 2 (Self Employed) Flat rate per week

Class 3 (Voluntary)

Class 4 (Self Employed)

Tax Deadline Year Income Tax Self Assessment 8. Key Dates * & Filing Deadlines

Other payment dates 97 | Tax Card 2020 - AGN EMEA EUROPE, MIDDLE EAST & AFRICA

Tax Deadline Year

2019/20 Filing deadlines 8. Key Dates Issue P60s to employees & Filing Deadlines (cont.) version

that people do not pay tax twice on the same income. 9. Double Tax Agreements

received, however there are some exemptions.

Capital Gains Tax Annual exempt amount 2019/20 2020/21 Individuals, estates Most trusts £6,000

Tax Rate 10. Capital Tax Individual (to basic rate limit)* Individual (above basic rate limit)* Trusts, estates*

Updated: Firm: Chiene + Tait LLP [email protected] June 2020 Contact: Iain Masterton | For further information, or become involved, please contact:

EUROPE, MIDDLE Email: [email protected] | Office: | Web: EAST & AFRICA

AGN International Ltd is a company limited by guarantee registered in England & Wales, number 3132548, registered office: 3 More London Riverside, London, SE1 2RE United Kingdom. AGN International Ltd (and its regional affiliates; together “AGN”) is a not-for-profit worldwide membership association of separate and independent accounting and advisory businesses. AGN does not provide services to the clients of its members, which are provided by Members alone. AGN and its Members are not in partnership together, they are neither agents of nor obligate one another, and they are not responsible or liable for each other’s services, actions or inactions.

www.agn.org