La Commission européenne a officiellement demandé à la Hongrie de modifier ses dispositions fiscales concernant la taxe prélevée sur l'acquisition de propriétés. Ces dispositions défavorisent les contribuables dont l'acquisition est précédée ou suivie de la vente de leur précédente résidence dans un autre État membre. Elles sont incompatibles avec la libre circulation des personnes et la liberté d’établissement, garanties par les articles 18, 39 et 43 du traité CE ainsi que par les articles correspondants de l'accord EEE. La demande revêt la forme d’un avis motivé (deuxième étape de la procédure d’infraction prévue à l’article 226 du traité CE). En l’absence de réaction satisfaisante à l’avis motivé dans un délai de deux mois, la Commission peut décider de saisir la Cour de justice des Communautés européennes.
En vertu de la l´article 21(5) de la loi XCIII hongroise de 1990 sur les taxes, toute personne achetant une maison en Hongrie doit verser une taxe (en hongrois visszterhes vagyonátruházási illeték) calculée sous la forme d'un pourcentage de la valeur de la propriété. Si la propriété est la résidence du contribuable et si l'acquisition est précédée ou suivie de la vente de sa précédente résidence en Hongrie, la taxe est prélevée uniquement si la valeur de la propriété nouvellement acquise est supérieure à celle de la propriété vendue, et ne concerne que la différence de valeur.
En revanche, si l'acquisition de la résidence en Hongrie est précédée ou suivie de la vente de la résidence précédente du contribuable dans un autre État membre, la taxe sera calculée sous la forme d'un pourcentage de la valeur de la propriété acquise, indépendamment de la valeur de la résidence précédente.
Par conséquent, les personnes s’installant en Hongrie et vendant leur résidence dans un autre État membre sont défavorisées par rapport aux résidents hongrois achetant une nouvelle résidence pour remplacer leur résidence actuelle située en Hongrie. La Commission estime que ces personnes peuvent être considérées comme étant dans la même situation que les résidents hongrois, étant donné qu’elles sont susceptibles d'avoir versé une taxe comparable à la taxe hongroise lors de l’acquisition d'une résidence à l'étranger.
La Commission considère donc que les règles hongroises en question imposent des restrictions au droit de chaque citoyen de l'Union européenne de circuler et de résider librement sur le territoire des États membres (article 18 du traité CE), et, plus particulièrement, qu’elles ne sont pas conformes au droit de libre circulation des travailleurs (article 39 du traité CE) et à la liberté d'établissement (article 43 du traité CE).
29 Jun 2008
28 Jun 2008
La CE demande au Portugal de mettre fin à la discrimination fiscale des contribuables non-résidents
La Commission européenne a officiellement demandé au Portugal de modifier ses dispositions fiscales en vertu desquelles les contribuables non‑résidents doivent nommer un représentant fiscal s’ils perçoivent un revenu imposable au Portugal. La Commission considère ces dispositions incompatibles avec la libre circulation des personnes et la libre circulation des capitaux garanties par les articles 18 et 56 du traité CE ainsi que par les articles 36 et 40 de l’accord EEE. La demande revêt la forme d’un avis motivé (deuxième étape de la procédure d’infraction prévue à l’article 226 du traité CE). En l’absence de réaction satisfaisante à l’avis motivé dans un délai de deux mois, la Commission peut décider de saisir la Cour de justice des Communautés européennes.
En vertu de l´article 130 du CIRS (Código do Imposto portugaise sobre o rendimiento das pessoas singulares, loi fiscale sur les revenus des personnes physiques), les contribuables non-résidents percevant un revenu imposable au Portugal doivent nommer un représentant fiscal afin de les représenter devant l'administration fiscale portugaise et de garantir l'acquittement de leurs obligations fiscales. La Commission comprend que cette exigence a pour objectif de garantir le paiement des impôts et de prévenir la fraude fiscale. Ce sont là des nécessités reconnues d'intérêt public. Toutefois, la Commission est d'avis que l’obligation générale faite aux non-résidents de nommer un représentant fiscal va au‑delà des mesures nécessaires à la réalisation de ces objectifs et entrave par conséquent la libre circulation des personnes et la libre circulation des capitaux établies aux articles 18 et 56 du traité CE et dans l'accord EEE.
L'avis de la Commission est basé sur le traité CE dans l’interprétation qu’en donne la Cour de justice des communautés européennes dans l’arrêt du 7 septembre 2006 concernant l’affaire C-470/04, N.
En vertu de l´article 130 du CIRS (Código do Imposto portugaise sobre o rendimiento das pessoas singulares, loi fiscale sur les revenus des personnes physiques), les contribuables non-résidents percevant un revenu imposable au Portugal doivent nommer un représentant fiscal afin de les représenter devant l'administration fiscale portugaise et de garantir l'acquittement de leurs obligations fiscales. La Commission comprend que cette exigence a pour objectif de garantir le paiement des impôts et de prévenir la fraude fiscale. Ce sont là des nécessités reconnues d'intérêt public. Toutefois, la Commission est d'avis que l’obligation générale faite aux non-résidents de nommer un représentant fiscal va au‑delà des mesures nécessaires à la réalisation de ces objectifs et entrave par conséquent la libre circulation des personnes et la libre circulation des capitaux établies aux articles 18 et 56 du traité CE et dans l'accord EEE.
L'avis de la Commission est basé sur le traité CE dans l’interprétation qu’en donne la Cour de justice des communautés européennes dans l’arrêt du 7 septembre 2006 concernant l’affaire C-470/04, N.
The Rise and Fall of Chinese Tax Incentives and Implications for International Tax Debates
Jinyan Li (York University) published in the Florida Tax Review, Forthcoming CLPE Research Paper No. 5/2008, the paper "The Rise and Fall of Chinese Tax Incentives and Implications for International Tax Debates".
Here is theAbstract:
China had no foreign direct investment (FDI) before 1979. Now, it is one of the world's largest recipients of FDI. China has been generous to a fault in granting tax incentives to foreign investors. As of January 1, 2008, however, these FDI-specific incentives are abolished or phased o ut. What explains the rise and fall? Were the tax incentives not effective in attracting FDI and promoting China's economic growth? What are the implications of the Chinese experience for international tax debates? This article examines these questions.
SSRN: http://ssrn.com/abstract=1087382
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27 Jun 2008
CE exige a Portugal que ponha termo à tributação discriminatória dos contribuintes não residentes
A Comissão Europeia exigiu formalmente a Portugal que altere as suas disposições fiscais segundo as quais os contribuintes não residentes têm de designar um representante fiscal caso obtenham rendimentos tributáveis em Portugal. A Comissão considera a referida disposição incompatível com a livre circulação de pessoas e de capitais, consagrada nos artigos 18.° e 56.° do Tratado CE e nos artigos 36.° e 40.° do Acordo EEE. Esta exigência assume a forma de parecer fundamentado (segunda fase do processo de infracção, prevista no artigo 226.º do Tratado CE).
Se, no prazo dois meses, não houver uma resposta satisfatória ao parecer fundamentado, a Comissão pode decidir remeter a questão para o Tribunal de Justiça das Comunidades Europeias.
De acordo com l´artigo n.º 130 do CIRS (Código do imposto sobre o rendimento das pessoas singulares), os contribuintes não residentes que obtenham rendimentos tributáveis em Portugal têm de designar um representante fiscal para os representar junto das administrações fiscais portuguesas e garantir o cumprimento dos seus deveres fiscais. A Comissão compreende que o objectivo deste requisito seja o de garantir o pagamento dos impostos e impedir a evasão fiscal. Contudo, a Comissão considera que uma obrigação geral imposta aos não residentes para que designem um representante fiscal ultrapassa o necessário para assegurar estes objectivos, impedindo assim a livre circulação de pessoas e de capitais, tal como estabelecido nos artigos 18.° e 56.° do Tratado CE e no Acordo EEE.
O parecer da Comissão baseia-se no Tratado CE tal como interpretado pelo Tribunal de Justiça das Comunidades Europeias no seu Acórdão de 7 de Setembro de 2006, no processo C-470/04.
Se, no prazo dois meses, não houver uma resposta satisfatória ao parecer fundamentado, a Comissão pode decidir remeter a questão para o Tribunal de Justiça das Comunidades Europeias.
De acordo com l´artigo n.º 130 do CIRS (Código do imposto sobre o rendimento das pessoas singulares), os contribuintes não residentes que obtenham rendimentos tributáveis em Portugal têm de designar um representante fiscal para os representar junto das administrações fiscais portuguesas e garantir o cumprimento dos seus deveres fiscais. A Comissão compreende que o objectivo deste requisito seja o de garantir o pagamento dos impostos e impedir a evasão fiscal. Contudo, a Comissão considera que uma obrigação geral imposta aos não residentes para que designem um representante fiscal ultrapassa o necessário para assegurar estes objectivos, impedindo assim a livre circulação de pessoas e de capitais, tal como estabelecido nos artigos 18.° e 56.° do Tratado CE e no Acordo EEE.
O parecer da Comissão baseia-se no Tratado CE tal como interpretado pelo Tribunal de Justiça das Comunidades Europeias no seu Acórdão de 7 de Setembro de 2006, no processo C-470/04.
26 Jun 2008
The CE requests Hungary to amend discriminatory tax provisions relating to the purchase of residential property
The European Commission has formally requested Hungary to amend its fiscal provisions concerning the duty levied on the purchase of property. Those provisions discriminate against taxpayers whose purchase is preceded or followed by the sale of their previous home in another member state. The provisions are incompatible with the free movement of persons and the freedom of establishment, as guaranteed by Articles 18, 39 and 43 of the EC Treaty and the corresponding articles of the EEA agreement. The request takes the form of a Reasoned Opinion (second step of the infringement procedure provided for in article 226 of the EC Treaty). If there is no satisfactory reaction to the Reasoned Opinion within two months, the Commission may decide to refer the matter to the European Court of Justice.
Under Article 21(5) of the Hungarian Act no. XCIII of 1990 on Duties, a person buying a house in Hungary must pay a duty (in Hungarian visszterhes vagyonátruházási illeték) which is calculated as a percentage of the value of the property. Where the property is the taxpayer's home and the purchase is preceded of followed by the sale of his previous home in Hungary, the duty is levied only if the value of the property now acquired exceeds that of the one sold and only on the basis of the difference in values.
On the other hand, where the purchase of his home in Hungary is preceded or followed by the sale of the taxpayer's previous home in another Member State, the duty will be calculated as a percentage of the value of the property purchased irrespective of the value of his previous home.
As a result, people who move to Hungary and sell their homes in other member States will be treated less favourably compared to Hungarian residents buying a new dwelling to replace their current one situated in Hungary. The Commission considers that such persons can be in the same situation as Hungarian residents, by reason of the fact that they may have paid a duty comparable to the Hungarian one when buying a dwelling abroad.
Therefore, the Commission considers that the Hungarian rules at issue pose a restriction on the right of every citizen of the European Union to move and reside freely within the territory of the Member States.
Under Article 21(5) of the Hungarian Act no. XCIII of 1990 on Duties, a person buying a house in Hungary must pay a duty (in Hungarian visszterhes vagyonátruházási illeték) which is calculated as a percentage of the value of the property. Where the property is the taxpayer's home and the purchase is preceded of followed by the sale of his previous home in Hungary, the duty is levied only if the value of the property now acquired exceeds that of the one sold and only on the basis of the difference in values.
On the other hand, where the purchase of his home in Hungary is preceded or followed by the sale of the taxpayer's previous home in another Member State, the duty will be calculated as a percentage of the value of the property purchased irrespective of the value of his previous home.
As a result, people who move to Hungary and sell their homes in other member States will be treated less favourably compared to Hungarian residents buying a new dwelling to replace their current one situated in Hungary. The Commission considers that such persons can be in the same situation as Hungarian residents, by reason of the fact that they may have paid a duty comparable to the Hungarian one when buying a dwelling abroad.
Therefore, the Commission considers that the Hungarian rules at issue pose a restriction on the right of every citizen of the European Union to move and reside freely within the territory of the Member States.
EC requests Portugal to end discriminatory taxation of non-resident taxpayers
The European Commission has formally requested Portugal to change its tax provisions according to which non-resident taxpayers have to appoint a fiscal representative if they obtain taxable income in Portugal. The Commission considers the provision incompatible with the free movement of persons and the free movement of capital as guaranteed by Articles 18 and 56 of the EC Treaty and Articles 36 and 40 of the EEA Agreement. The request takes the form of a reasoned opinion (second step of the infringement procedure provided for in Article 226 of the EC Treaty). If there is no satisfactory reaction to the reasoned opinion within two months, the Commission may decide to refer the matter to the European Court of Justice.
Under Portuguese Article 130 of the CIRS (Código do Imposto sobre o rendimiento das pessoas singulares, Tax Law on the income of natural persons), non-resident taxpayers who obtain taxable income in Portugal have to appoint a fiscal representative in order to represent them before the Portuguese tax authorities and to guarantee the fulfilment of their fiscal duties. The Commission understands that the aim of this requirement is to guarantee payment of taxes and prevent tax evasion. These are recognised requirements of public interest. However, the Commission is of the opinion that a general obligation imposed on non-residents to appoint a fiscal representative goes beyond what is necessary to ensure these objectives and thus impedes the free movement of persons and the free movement of capital as laid down in Articles 18 and 56 of the EC Treaty and in the EEA-Agreement.
The Commission's opinion is based on the EC Treaty as interpreted by the Court of Justice of the European Communities in its judgment of 7 September 2006 in case C-470/04, N,.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
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http://www.braxton-group.com
Under Portuguese Article 130 of the CIRS (Código do Imposto sobre o rendimiento das pessoas singulares, Tax Law on the income of natural persons), non-resident taxpayers who obtain taxable income in Portugal have to appoint a fiscal representative in order to represent them before the Portuguese tax authorities and to guarantee the fulfilment of their fiscal duties. The Commission understands that the aim of this requirement is to guarantee payment of taxes and prevent tax evasion. These are recognised requirements of public interest. However, the Commission is of the opinion that a general obligation imposed on non-residents to appoint a fiscal representative goes beyond what is necessary to ensure these objectives and thus impedes the free movement of persons and the free movement of capital as laid down in Articles 18 and 56 of the EC Treaty and in the EEA-Agreement.
The Commission's opinion is based on the EC Treaty as interpreted by the Court of Justice of the European Communities in its judgment of 7 September 2006 in case C-470/04, N,.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.
By using this blog site you understand that there is no attorney client relationship between you and the Blog.
The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.
Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.
This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.
This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.
Customer Privacy Controls and Choices:
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Our privacy commitments are fundamental to the way we do business every day. These apply to everyone who has a relationship with this Blog and visitors.
• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
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This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.
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• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
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Online Activity Tracking and Advertising
• We collect information about your activity on this Blog for a number of purposes using technologies such as cookies, Web beacons, widgets and server log files.
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We collect different types of personal and other information based on your use of our products and services and our business relationship with you. Some examples include:
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We use the information we collect in a variety of ways, including to:
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• Media research companies for general information only.
More information:
http://www.jpa-iac.com/en/
http://www.braxton-co.com/en/
http://www.tax-international.com
http://www.braxton-group.com
22 Jun 2008
UAE to improve anti money laundering regulations
The United Arab Emirates (UAE) has implemented new anti-money laundering regulations in an effort to meet international standards of financial compliance. The central bank in the middle of june notified banks and exchange houses of the 13 new regulations that update the UAE’s first anti-money laundering controls, which came into force in November 2000.
The new measures require banks to carry out more due diligence on prospective customers, applying many existing practices still ignored by some local and regional institutions.
“These new requirements have come in response to the remarks of the assessment team in March to try to fill in the gap with international requirements,” a central bank official said.
The new regulations, which include five amendments to the 2000 law, bring down the threshold at which banks are forced to verify the name and address of remitters from Dh40,000 ($11,000) to Dh3,500.
They also require banks to engage in enhanced due diligence to determine whether “foreign politically exposed persons” are trying to open an account in the UAE, as well as officially banning all financial relationships with “shell banks or companies”.
Banks should carry out extra due diligence on dealers in precious stones, real estate and luxury goods. There were concerns that the booming property sector of Dubai, and now Abu Dhabi, could be used by money launderers.
There is also a move to regulate hawala, the informal money transfer system used across the Middle East and South Asia.
The central bank has also called on senior management to approve the opening of new correspondent banking relationships with foreign banks, taking care when they “are headquartered in countries which are reported to be involved in drugs, a high level of public corruption and/or criminal/terrorist activities”.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.
By using this blog site you understand that there is no attorney client relationship between you and the Blog.
The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.
Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.
This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.
This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.
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• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
• You have choices about how this Blog uses your information for marketing purposes. Customers are in control.
This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.
Use of Location Information
• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
• You can use your wireless device to obtain a wide array of services based on the approximate location of the device, referred to as Location Based Services, or LBS. The information you receive in connection with your use of LBS may include advertisements related to your request and your location;
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• We collect it automatically when you visit our Blog.
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Aggregate or Anonymous Information:
We may share aggregate or anonymous information in various formats with trusted entities’ only for purposes such as:
• Our knowledge, and offer of information that may be of interest to you;
• Universities, laboratories and other entities that conduct scientific research; and
• Media research companies for general information only.
The new measures require banks to carry out more due diligence on prospective customers, applying many existing practices still ignored by some local and regional institutions.
“These new requirements have come in response to the remarks of the assessment team in March to try to fill in the gap with international requirements,” a central bank official said.
The new regulations, which include five amendments to the 2000 law, bring down the threshold at which banks are forced to verify the name and address of remitters from Dh40,000 ($11,000) to Dh3,500.
They also require banks to engage in enhanced due diligence to determine whether “foreign politically exposed persons” are trying to open an account in the UAE, as well as officially banning all financial relationships with “shell banks or companies”.
Banks should carry out extra due diligence on dealers in precious stones, real estate and luxury goods. There were concerns that the booming property sector of Dubai, and now Abu Dhabi, could be used by money launderers.
There is also a move to regulate hawala, the informal money transfer system used across the Middle East and South Asia.
The central bank has also called on senior management to approve the opening of new correspondent banking relationships with foreign banks, taking care when they “are headquartered in countries which are reported to be involved in drugs, a high level of public corruption and/or criminal/terrorist activities”.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.
By using this blog site you understand that there is no attorney client relationship between you and the Blog.
The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.
Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.
This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.
This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.
Customer Privacy Controls and Choices:
• You can review and correct your Personal Information collected by us.
• You can limit certain types of solicitation communications from AT&T, including marketing contacts made via telephone, e-mail and text messaging.
• We will provide you with notice of changes to this policy.
Our privacy commitments are fundamental to the way we do business every day. These apply to everyone who has a relationship with this Blog and visitors.
• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
• You have choices about how this Blog uses your information for marketing purposes. Customers are in control.
This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.
Use of Location Information
• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
• You can use your wireless device to obtain a wide array of services based on the approximate location of the device, referred to as Location Based Services, or LBS. The information you receive in connection with your use of LBS may include advertisements related to your request and your location;
Online Activity Tracking and Advertising
• We collect information about your activity on this Blog for a number of purposes using technologies such as cookies, Web beacons, widgets and server log files.
• We and our advertising partners use that information, as well as other information they have or we may have, to help tailor the ads you see on our sites and to help make decisions about ads you see on other sites.
The Information We Collect, How We Collect It, And How We Use It
We collect different types of personal and other information based on your use of our products and services and our business relationship with you. Some examples include:
• Contact Information that allows us to communicate with you -- including your name, address, telephone number, and e-mail address;
• Equipment, Performance, Site Usage, Viewing and other Technical Information about your use of our network, services, products or Web sites.
We collect information in 2 primary ways:
• You give it to us when you register to provide comments;
• We collect it automatically when you visit our Blog.
We use the information we collect in a variety of ways, including to:
• Provide you with the best visitor experience possible;
• Deliver customized content that may be of interest to you;
• Address network integrity and security issues;
• Investigate, prevent or take action regarding illegal activities, violations of our Terms of Service or Acceptable Use Policies; and
• For local directory and directory assistance purposes.
Aggregate or Anonymous Information:
We may share aggregate or anonymous information in various formats with trusted entities’ only for purposes such as:
• Our knowledge, and offer of information that may be of interest to you;
• Universities, laboratories and other entities that conduct scientific research; and
• Media research companies for general information only.
19 Jun 2008
Retenciones internacionales en España
Excepción de retener
En España, y en relación a la fiscalidad internacional, existen una serie de rentas exceptuadas de la obligación de practicar retención, de las que con carácter general destacan las siguientes:
a) Rentas exentas en virtud de lo dispuesto en la Ley del Impuesto sobre la Renta de no Residentes.
b) Rentas exentas en virtud de lo dispuesto en un Convenio para evitar la doble imposición.
c) Rentas satisfechas o abonadas a contribuyentes por este impuesto sin establecimiento permanente cuando se acredite el pago del impuesto o la procedencia de la exención.
d) Las rentas que determinan ganancias patrimoniales.
No obstante, sí existirá obligación de practicar retención o ingreso a cuenta respecto de:
a) Premios derivados de la participación en juegos, concursos, rifas o combinaciones aleatorias.
b) Transmisión de bienes inmuebles sitos en territorio español.
c) Transmisión de acciones o participaciones representativas del capital de instituciones de inversión colectiva.
Base de la retención. Regla general
La regla general para determinar la base sobre la cual se efectúa la retención por el Impuesto sobre la Renta de no Residentes, cuando se trata de contribuyentes sin establecimiento permanente, es que la retención debe ser una cantidad equivalente a la deuda tributaria que se derive del propio impuesto.
No obstante, el retenedor no deberá tener en cuenta los siguientes gastos o deducciones (que sí son aplicables al calcular el impuesto): los gastos de personal, aprovisionamiento y suministro en los casos de actividades económicas sin EP, la cuota del gravamen especial sobre bienes inmuebles de entidades no residentes y la deducción por donativos.
Sujetos obligados a retener
Están obligados a retener o ingresar a cuenta respecto de las rentas sujetas a este impuesto que satisfagan o abonen, entre otros:
a) Las entidades, incluidas las entidades en régimen de atribución, residentes en España.
b) Las personas físicas residentes en España que realicen actividades económicas.
c) Los contribuyentes de este impuesto mediante establecimiento permanente.
d) Los contribuyentes de este impuesto sin establecimiento permanente respecto de los rendimientos de trabajo que satisfagan así como respecto de otros rendimientos sometidos a retención que constituyan gasto deducible para obtención de las rentas de actividades económicas realizadas en España sin mediación de establecimiento permanente.
e) Las entidades en régimen de atribución de rentas constituidas en el extranjero que realicen una actividad económica con "presencia en territorio español".
En las operaciones sobre activos financieros en función de la naturaleza de la operación, la figura del retenedor varía.
Responsabilidad solidaria
Los sujetos obligados a retener, según las normas del Impuesto sobre la Renta de no Residentes, no son responsables solidarios del ingreso de la deuda tributaria de los contribuyentes no residentes sin establecimiento permanente. El retenedor, como tal, y no como responsable solidario, está obligado a retener e ingresar el importe del impuesto del no residente y a presentar declaración resumen anual de perceptores en la forma y plazos establecidos.
El incumplimiento de dichas obligaciones conlleva la aplicación del régimen sancionador correspondiente.
Retención a un profesional no residente en España
Sin perjuicio de lo dispuesto en Tratados y Convenios Internacionales el porcentaje de retención a aplicar desde 1 de enero de 2007 es el 24%, siempre que los rendimientos estén sujetos y no exentos al Impuesto y que el pagador tenga la consideración de sujeto obligado a retener.
Retención de las rentas que perciben los contribuyentes que operan en España con establecimiento permanente
Dichos contribuyentes están sometidos al régimen de retenciones del Impuesto sobre Sociedades por las rentas que perciban y están obligados a efectuar pagos fraccionados en los mismos términos que las entidades residentes en España.
Asimismo, están obligados a practicar retenciones e ingresos a cuenta en los mismos términos que las entidades residentes.
Retención a no residente por arrendamiento de locales
Debe practicarse retención sobre los rendimientos satisfechos a un no residente en concepto de arrendamiento de un local de negocio, siempre que el arrendatario sea un obligado a retener. La retención aplicable a este tipo de rendimientos es del 24 por 100, debiéndose ingresar a través del modelo 216. También existe obligación de presentar declaración-resumen anual, modelo 296, identificando al perceptor.
Por su parte, los contribuyentes que hayan soportado la correspondiente retención no estarán obligados a presentar declaración por este impuesto.
Retención a no residente por arrendamiento de vivienda
No debe practicarse retención sobre los rendimientos satisfechos por una persona física no empresaria o profesional a un no residente en concepto de arrendamiento de vivienda, ya que el pagador, al ser una persona física que no realiza actividad económica alguna, no está obligado a retener.
Liquidaciones y declaraciones
Las retenciones e ingresos a cuenta soportados por los no residentes son deducibles en el momento de practicar las liquidaciones y presentar las declaraciones que les corresponden. Para determinar la cuota diferencial (positiva, a devolver o cero) son deducibles las retenciones e ingresos a cuenta soportados por los contribuyentes no residentes.
18 Jun 2008
Taxing the 'Not-So-Rich' Rich
Taxing the 'Not-So-Rich' Rich
by Jane Sasseen, from Business Week (http://www.businessweek.com/magazine/content/08_24/b4088081624555.htm)
Many of America's affluent, squeezed already, worry they will be burdened with higher taxes
By any measure, Dr. Howard Hammer and his wife, Hope, have a comfortable life. Hammer, 40, has built a thriving practice as an ear, nose, and throat specialist, while Hope, 39, has switched to part-time work as a real estate lawyer after years at a big firm in order to spend more time with Arielle, 7, and Matthew, 9. Home is a four-bedroom house in the Philadelphia suburbs, and between them, they bring in over $300,000 a year. "We can't complain," he says. "We're certainly not struggling."
But are they wealthy? That's far more debatable. Hammer, who feels the same pressures squeezing Americans up and down the income ladder, says he's anything but. Ever-rising prices for gas, health insurance, and other expenses are hitting hard, as are the $3,000-a-month mortgage and the $2,000 he still pays monthly to whittle down his $160,000 medical school debt. A six-year residency gave Hammer a delayed start saving for retirement, so he worries if he's stashing enough in his 401(k). By the time the couple contributes to the children's college fund, there's little extra at the end of the month.
The Hammers and their like may have more to worry about come January. As he criss-crossed the U.S. battling Senator Hillary Clinton (D-N.Y.) for the Democratic Party Presidential nomination, the presumptive winner, Senator Barack Obama (D-Ill.), talked up plans to cut taxes for the middle class. To pay for the expansive new programs he's offered voters, Obama has pledged to boost taxes only on the wealthy. Recently in Indianapolis, Obama promised to save the average family $2,500 in annual health-care premiums. "That's real relief, but we can only pay for this if we finally roll back the Bush tax cuts for the wealthiest 2% of Americans, who don't need them and weren't even asking for them," he said.
Such rhetoric leaves Hammer steaming. "I don't mind paying my fair share, but people act like they're just talking about Bill Gates," he says. "We would definitely feel a hit if our taxes went up." Although a year ago he would not have considered voting Republican in November, now he's not so sure: "Do you vote your heart, or do you vote your wallet?"
Just what does it mean to be wealthy these days? When it comes to raising taxes, it's far from clear exactly where the line will be drawn. While Obama has said only couples making more than $250,000 will pay more, many analysts believe that number could change. "Rates at the top end are going up, but what does that mean for those making $200,000, $225,000, or $250,000?" asks Anne Mathias, the head of Washington policy research for the Stanford Group, an investment advisory firm.
Like Hammer, many facing higher taxes don't consider themselves part of the exalted crowd. They have good incomes, to be sure, particularly compared with the median household income of $48,200. Of the 149 million households filing federal income taxes for 2006, some 3% reported income between $200,000 and $500,000; fewer than 1% claimed income above half a million dollars.
But many also live in high-cost areas with expenses to match—and feel burned by talk of "taxing the rich" that doesn't recognize that $250,000 stretches a lot further in the South or the Midwest than in Manhattan or Silicon Valley. "There is a huge difference between what politicians define as rich and what many Americans would call middle class," says Patrick Anderson, CEO of the Anderson Economic Group and co-editor of The State Economic Handbook.
The soaring deficit, along with the fact that the Bush tax cuts expire at the end of 2010, provide much of the impetus for the coming fight over high-end taxes. If Washington doesn't act, tax rates on income, capital gains, dividends, and other areas will return to the higher rates in effect before the cuts were enacted in 2001 and 2003. Senator John McCain (R-Ariz.), the presumptive GOP Presidential nominee, has said he would extend the cuts for everyone, while Obama says he'll maintain them for all but the wealthiest. If Obama wins, some taxes could go up as soon as 2009.
By "wealthiest" Obama means married couples earning more than $250,000; for a single taxpayer, the equivalent income would be roughly $200,000. Today, taxpayers making that much fall into the top two federal income tax brackets, paying rates of 33% or 35%. Their rates would revert to the 36% and 39.6% top rates used in 2000. The same households would also see a bump up in the rates they pay on capital gains and dividends, both of which now stand at 15%.
Austan Goolsbee, Obama's top economic advisor, points out that only a relatively small number of high-end earners would be tapped, while the majority of Americans would see their taxes fall or remain the same. "Income growth in that group has been extremely rapid, while it's been stagnant for everyone else," says Goolsbee. "It's hard to argue they face the same struggle to get by."
Yet for many close to that $250,000 cusp, what sounds like a lot of money often doesn't feel like it. "Depending on where you live, $250,000 is middle class, at best," says Michael Ginn, 49, a longtime media executive who lives with his wife, Dafne, 34, and 3-year-old daughter, Erin, in the New York suburb of Pelham; their second daughter is due in July. Though his income has topped $300,000 for more than a decade, Ginn says he's never felt so stretched. With the cost of everything from health insurance to upkeep on his 90-year-old home surging, even as he takes on new expenses for his growing family, Ginn can't stash away anything near what he once did for retirement, let alone save for college. "We're just dog paddling now," he says. He argues that if Washington is going to raise high-end taxes, then the local cost of living should be taken into account.
STILL NOT ENOUGH
Yet limiting tax hikes to the $250,000-and-up set probably won't pump enough money into the U.S. Treasury to pay for new spending programs and deal with the ballooning deficit, even when combined with proposed corporate tax increases. Analyst Daniel Clifton of Strategas Research Partners has tallied some $350 billion in promised new annual spending by Obama. He has outlined plans to pay for new programs without increasing the deficit, but budget analysts are skeptical. "Targeting just a fraction of the population [for an increase] is not going to generate the revenues they need," says Roberton Williams, an ex-Congressional Budget Office staffer now with the independent Tax Policy Center. Adds Clifton: "They are going to have to find a way to get more from the middle class."
That prospect has many well below the $250,000 threshold convinced that they, too, could be coughing up more to Uncle Sam. Ken Grunski, the CEO of international cell phone provider Telestial, lives with his wife and two young children in San Diego—a pricey area where, he points out, plumbers make upwards of $90,000. Grunski brings home $147,000 a year; enough to live in a modest three-bedroom house, but no more. Every time he hears politicians talk about targeting high-end earners, he feels like he's right in their sights. "I'm resigned to having my taxes go up, but we're not living extravagantly here," he says.
Obama could lose support if too many people who see themselves as stretched members of the middle class get tagged as wealthy. "If they draw the line in the wrong place, they risk alienating an important constituency," says Mathias. That's a prospect McCain, who has lost no opportunity to remind voters that he would cut taxes while the Democrats would raise them, would be only too happy to exploit. Yet even if McCain is elected, analysts say taxes at the top end will probably rise. With the Democrats likely to wield a stronger grip on Congress after the election, there's little chance they'd agree to a renewal of all the Bush cuts. "People think the President can just extend the cuts, but he can't," says Stanford Group's Mathias. All of which explains why Mathias has been warning her clients that the next couple of years "will be a very bad time to be rich." Whatever, precisely, that means.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.
By using this blog site you understand that there is no attorney client relationship between you and the Blog.
The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.
Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.
This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.
This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.
Customer Privacy Controls and Choices:
• You can review and correct your Personal Information collected by us.
• You can limit certain types of solicitation communications from AT&T, including marketing contacts made via telephone, e-mail and text messaging.
• We will provide you with notice of changes to this policy.
Our privacy commitments are fundamental to the way we do business every day. These apply to everyone who has a relationship with this Blog and visitors.
• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
• You have choices about how this Blog uses your information for marketing purposes. Customers are in control.
This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.
Use of Location Information
• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
• You can use your wireless device to obtain a wide array of services based on the approximate location of the device, referred to as Location Based Services, or LBS. The information you receive in connection with your use of LBS may include advertisements related to your request and your location;
Online Activity Tracking and Advertising
• We collect information about your activity on this Blog for a number of purposes using technologies such as cookies, Web beacons, widgets and server log files.
• We and our advertising partners use that information, as well as other information they have or we may have, to help tailor the ads you see on our sites and to help make decisions about ads you see on other sites.
The Information We Collect, How We Collect It, And How We Use It
We collect different types of personal and other information based on your use of our products and services and our business relationship with you. Some examples include:
• Contact Information that allows us to communicate with you -- including your name, address, telephone number, and e-mail address;
• Equipment, Performance, Site Usage, Viewing and other Technical Information about your use of our network, services, products or Web sites.
We collect information in 2 primary ways:
• You give it to us when you register to provide comments;
• We collect it automatically when you visit our Blog.
We use the information we collect in a variety of ways, including to:
• Provide you with the best visitor experience possible;
• Deliver customized content that may be of interest to you;
• Address network integrity and security issues;
• Investigate, prevent or take action regarding illegal activities, violations of our Terms of Service or Acceptable Use Policies; and
• For local directory and directory assistance purposes.
Aggregate or Anonymous Information:
We may share aggregate or anonymous information in various formats with trusted entities’ only for purposes such as:
• Our knowledge, and offer of information that may be of interest to you;
• Universities, laboratories and other entities that conduct scientific research; and
• Media research companies for general information only.
More information:
http://www.jpa-iac.com/en/
http://www.braxton-co.com/en/
http://www.tax-international.com
http://www.braxton-group.com
Private Equity hit in US and the Netherlands for tax issues
In the US, House Ways and Means Chairman announced his plans to raise taxes on investment income those money managers take home each year. He included a nearly $31 billion tax increase on these investment managers in his broader measure to save middle-income families from the alternative minimum tax for another year. His proposal would force these highly paid money managers to record much of their revenue as labor - instead of the return on an investment - requiring them to pay significantly higher tax rates on that income each year.
Other revenue generators in that broader proposal include a prohbition on certain offshore tax shelters and a requirement for any company that processes credit or debit card payments to file revenue reports with the Internal Revenue Service. This latter requirement would force many businesses to report their earnings more accurately to the IRS.
Meanwhile, in the Netherlands, Private equity investors are threatening to leave the country due to a proposed law that could raise the tax they pay on investments to as much as 52 percent from 1.2 percent currently.
The Dutch government proposed law aims to raise taxes on excessive management pay after a public outcry at multi-million windfalls on stocks and bonuses of executives. The law also impacts some private equity investors.
The government says it wants to clarify taxation rules on "carried interest" rewards, which are returns on shares or other stakes in a company and are linked to a manager's work.
The Dutch association of private equity companies, NVP, said the measure was unfair as it would also tax historical value increases of investments that had not yet materialised. "We have received several notices that some managers are considering ending their seed funds. This would destroy a successful element of the government's innovation policy," the NVP said.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.
By using this blog site you understand that there is no attorney client relationship between you and the Blog.
The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.
Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.
This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.
This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.
Customer Privacy Controls and Choices:
• You can review and correct your Personal Information collected by us.
• You can limit certain types of solicitation communications from AT&T, including marketing contacts made via telephone, e-mail and text messaging.
• We will provide you with notice of changes to this policy.
Our privacy commitments are fundamental to the way we do business every day. These apply to everyone who has a relationship with this Blog and visitors.
• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
• You have choices about how this Blog uses your information for marketing purposes. Customers are in control.
This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.
Use of Location Information
• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
• You can use your wireless device to obtain a wide array of services based on the approximate location of the device, referred to as Location Based Services, or LBS. The information you receive in connection with your use of LBS may include advertisements related to your request and your location;
Online Activity Tracking and Advertising
• We collect information about your activity on this Blog for a number of purposes using technologies such as cookies, Web beacons, widgets and server log files.
• We and our advertising partners use that information, as well as other information they have or we may have, to help tailor the ads you see on our sites and to help make decisions about ads you see on other sites.
The Information We Collect, How We Collect It, And How We Use It
We collect different types of personal and other information based on your use of our products and services and our business relationship with you. Some examples include:
• Contact Information that allows us to communicate with you -- including your name, address, telephone number, and e-mail address;
• Equipment, Performance, Site Usage, Viewing and other Technical Information about your use of our network, services, products or Web sites.
We collect information in 2 primary ways:
• You give it to us when you register to provide comments;
• We collect it automatically when you visit our Blog.
We use the information we collect in a variety of ways, including to:
• Provide you with the best visitor experience possible;
• Deliver customized content that may be of interest to you;
• Address network integrity and security issues;
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We may share aggregate or anonymous information in various formats with trusted entities’ only for purposes such as:
• Our knowledge, and offer of information that may be of interest to you;
• Universities, laboratories and other entities that conduct scientific research; and
• Media research companies for general information only.
Other revenue generators in that broader proposal include a prohbition on certain offshore tax shelters and a requirement for any company that processes credit or debit card payments to file revenue reports with the Internal Revenue Service. This latter requirement would force many businesses to report their earnings more accurately to the IRS.
Meanwhile, in the Netherlands, Private equity investors are threatening to leave the country due to a proposed law that could raise the tax they pay on investments to as much as 52 percent from 1.2 percent currently.
The Dutch government proposed law aims to raise taxes on excessive management pay after a public outcry at multi-million windfalls on stocks and bonuses of executives. The law also impacts some private equity investors.
The government says it wants to clarify taxation rules on "carried interest" rewards, which are returns on shares or other stakes in a company and are linked to a manager's work.
The Dutch association of private equity companies, NVP, said the measure was unfair as it would also tax historical value increases of investments that had not yet materialised. "We have received several notices that some managers are considering ending their seed funds. This would destroy a successful element of the government's innovation policy," the NVP said.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.
By using this blog site you understand that there is no attorney client relationship between you and the Blog.
The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.
Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.
This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.
This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.
Customer Privacy Controls and Choices:
• You can review and correct your Personal Information collected by us.
• You can limit certain types of solicitation communications from AT&T, including marketing contacts made via telephone, e-mail and text messaging.
• We will provide you with notice of changes to this policy.
Our privacy commitments are fundamental to the way we do business every day. These apply to everyone who has a relationship with this Blog and visitors.
• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
• You have choices about how this Blog uses your information for marketing purposes. Customers are in control.
This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.
Use of Location Information
• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
• You can use your wireless device to obtain a wide array of services based on the approximate location of the device, referred to as Location Based Services, or LBS. The information you receive in connection with your use of LBS may include advertisements related to your request and your location;
Online Activity Tracking and Advertising
• We collect information about your activity on this Blog for a number of purposes using technologies such as cookies, Web beacons, widgets and server log files.
• We and our advertising partners use that information, as well as other information they have or we may have, to help tailor the ads you see on our sites and to help make decisions about ads you see on other sites.
The Information We Collect, How We Collect It, And How We Use It
We collect different types of personal and other information based on your use of our products and services and our business relationship with you. Some examples include:
• Contact Information that allows us to communicate with you -- including your name, address, telephone number, and e-mail address;
• Equipment, Performance, Site Usage, Viewing and other Technical Information about your use of our network, services, products or Web sites.
We collect information in 2 primary ways:
• You give it to us when you register to provide comments;
• We collect it automatically when you visit our Blog.
We use the information we collect in a variety of ways, including to:
• Provide you with the best visitor experience possible;
• Deliver customized content that may be of interest to you;
• Address network integrity and security issues;
• Investigate, prevent or take action regarding illegal activities, violations of our Terms of Service or Acceptable Use Policies; and
• For local directory and directory assistance purposes.
Aggregate or Anonymous Information:
We may share aggregate or anonymous information in various formats with trusted entities’ only for purposes such as:
• Our knowledge, and offer of information that may be of interest to you;
• Universities, laboratories and other entities that conduct scientific research; and
• Media research companies for general information only.
14 Jun 2008
China’s New Corporate Income Tax Law
I strongly recommend this extraordinary article wrote by Steve Dickinson and Andrew Grieve, published in chinalawblog.com and entitled "Tax Benefits Under China’s New Corporate Income Tax Law: Much Unfinished Business"
"Since enactment of China's new Corporate Income Tax (CIT) code at the first of this year, my firm has been working with a number of high-tech (mostly software, computer hardware, environmental technology, and medical technology) companies to figure out how they can benefit from these new laws.
With the promulgation of the new Corporate Income Tax (CIT) code in January, 2008, China set out on a entirely new approach to taxation. The new approach involved two major changes. First, all companies will be taxed at the same rate without consideration of the nationality of their owners; the new tax law sets the tax rate at 25% for all companies. Second, the right of specific regions to offer beneficial tax rates was revoked. In principle, all regions of China must provide for national taxes according to the same system. All tax benefits in the future will serve to promote specific industries, rather than specific regions. In accordance with this policy, the new CIT Law provides a number of reduced tax rates designed to encourage certain industries, including environmental protection and energy conservation, public infrastructure, agriculture and new and high technologies. Though both the CIT law and its implementing regulations explain the basic industries in which tax benefits apply, actual implementation of the benefit system requires the promulgation of detailed rules. To date, a preliminary step at implementing rules has been issued for new and high-tech industry. These rules are not complete and are waiting for further rulemaking for implementation. For all of the other tax benefit categories, nothing whatsoever has been issued and there is no indication when this will happen. Therefore, well into the first year under the new CIT, the tax benefit system is a hollow promise, much to the frustration of both Chinese domestic and foreign investors in China.
1. Sector/Project Based Tax benefits
Article 27 of the CIT Law states that income generated from engaging in environmental protection, energy conservation and water conservation, agricultural, forestry, husbandry, and fishing projects, and the investment and management of public infrastructure projects and facilities supported specifically by the State, is exempt from corporate income tax in the first three years of operation and a 50% reduction in CIT for the subsequent three years, starting from the year the project first generates operating income. These reductions apply only to income generated by these specific projects, not to the entire income of the company. The criteria for judging whether a project comes under the categories of environmental protection, energy conservation and water conservation have not yet been released, and no indication has been given of when this will occur.
Articles 86 to 88 in the Implementing Regulations for the CIT Law go into greater detail regarding the kind of projects that will receive these tax benefits. Article 90 of the implementation regulations provides for the first RMB 5 million of income from technology transfer to be exempt from tax, with any amount over RMB 5 million benefiting from a 50% reduction, for an effective tax rate of 12.5%. It is not clear to what extent consulting and training fees associated with the transfer fall under this scheme. .
2. Corporate Tax Benefits
Article 28 of the CIT Law provides for two beneficial tax rates. The first is a CIT rate of 20% for small scale and low profit enterprises that meet certain terms and conditions. Article 92 in the implementation regulations sets these conditions out as follows:
a. The corporation must not be in an industry restricted or prohibited by the state (this refers to the categories in the catalogue for the guidance for foreign investment industries released in 2007 and the Industrial restructuring catalogue released in 2005, with a new version to be released soon)
b. For industrial corporations, annual income should not exceed RMB 300,000, there should be fewer than 100 employees and total assets should not exceed RMB 30 million.
c. For non-industrial corporations, annual income should not exceed RMB 300,000, there should be fewer than 80 employees, and total assets should not exceed RMB 10 million.
The second benefit is a 15% CIT rate for New and High-tech Enterprises. The qualification requirements for new and high-tech enterprises were released in mid April 2008, and we will explain these in Section 5 below.
3. Location Based Tax Benefits
Circular 40 released by the State Council provides that additional tax breaks will be provided for enterprises that fall within the New and High-tech enterprise category in the five national economic development zones (Shenzhen, Zhuhai, Shantou, Xiamen, and Hainan) and in Shanghai’s Pudong district. This is a limited exception to the general rule against location based tax benefits. From the first year the company generates income, the first two years of income will be exempt from CIT, and tax will be at 50% rate (12.5%) for the next three years. After that, the normal 15% rate for New and High-tech enterprises will apply.
4. Sustainability/Environmentally based Tax Benefits
The new CIT Law lays out two areas where companies may benefit from tax reduction by using sustainable technologies or materials. The first area, in Article 33, states that revenue gathered from synergistic utilization of resources that are in line with state industrial policy may be reduced by 10% when calculating taxable income. Article 99 of the implementation regulations clarifies this as the use of materials contained in the catalogue of preferential corporate income tax treatments for synergistic utilization of resources in the production of goods not restricted or prohibited by the state (as outlined above in section 2a) and compliant with state or industry standards. This catalogue has not yet been released.
The second area is in Article 34, where a portion of the investment in technology for environmental protection, energy and water conservation or production safety can be credited against CIT payable. Article 100 of the implementation regulations defines this as 10% of the value of the investment for articles that fall under three further catalogues. None of these catalogues have been released.
5. Qualification for New and High-tech Enterprise Status
Basic rules for the New and High-Tech Enterprise system were issued in April of 2008. Under these rule, to be considered a New and High-tech Enterprise for tax purposes, a company must meet the following requirements:
1. The company must have been established in mainland China for at least one year.
2. The company possess the proprietary IP rights of core technology used in its major products or services, either through its own R&D, purchase, donation or merger within the last 3 years or with an exclusive license with a term of more than five years.
3. The company must provide a product or service that falls within the scope of fields listed in another document, the High and New Technology Fields with Key Support by the State, issued in tandem with the recognition measures. These are:
● electronic information technology
● biological and medical technology
● aviation and space technology
● new materials technology
● high-tech services
● new energy and energy conservation technology
● resource and environmental technology
● transformation of traditional sectors through new high-tech
4. Employees of the company with university degrees and above must account for at least 30% of the total staff. 10% of this 30% of employees must be engaged in R&D.
5. There is a strict minimum on R&D expenditure over the previous three fiscal years, or for companies that have been set up for less than three years, for the number of operating years, as follows:
Annual Sales --------Percentage to be spent on R&D
Less than RMB 50,000,000..........................6%
Between RMB 50m and RMB 200m..................4%
Over RMB 200,000,000..............................3%
Of this minimum, at least 60% of the R&D expenditure should be incurred within China; a portion of it can therefore be outsourced to other countries.
6. Company sales revenue from high-tech products or services must be over 60% of total annual sales revenue.
The recognition measures also indicate that another document, Work Guidance for Recognition of New and High-tech Enterprises, will lay out additional requirements during the assessment process. This document has been released as a draft for public comment. The process requires a committee be formed to decide what companies qualify. What follows is a general description of the way this committee will work. The committee itself is made up of government officials and experts in a national office dedicated to this task and to maintaining a website (www.innocom.gov.cn). Each district is also required to set up an office for the assessment process and to ensure companies stay within the requirements. Companies will be required to first conduct a self-evaluation, then register on the website (which is not yet up and running) and submit the required materials. Since much of the required company information relates to the company’s financial situation,, the company is required to be audited by a certified third party.
In addition to these requirements, and to those listed in the recognition measures above, when applying for New and High-tech Enterprise status, the government committee responsible also will require an enterprise to receive at least 70 points, allocated across four categories as follows:
1. Core IP (30 points)
IP acquired in the last 3 years ----------Points
6 or more, or 2 invention...................................30
5 or 1 invention...............................................24
4.................................................................18
3.................................................................12
1-2................................................................6
0..................................................................0
2. Commercialization (30 points)
IP commercialized in the last 3 years ----------Points
5 or more......................................................30
4.................................................................24
3.................................................................18
2.................................................................12
1..................................................................6
0..................................................................0
3. Management Competency (20 points)
Number of management practices ----------Points
5..................................................................20
4..................................................................16
3..................................................................12
2...................................................................8
1...................................................................4
0...................................................................0
Management practices:
a. R&D reporting system
b. Budget system
c. Cooperative research activities
d. Establish research institution and equipment
e. Reward system for personnel engaged in R&D
4. Growth (20 points) (Note: this is a rough calculation)
Growth in sales and capital ----------Points
50%..............................................................20
40%..............................................................16
30%..............................................................12
20%................................................................8
10%................................................................4
0%..................................................................0
This point scoring system is quite vague and could be used to limit access to the high-tech category. However, the work document has not been finalized and the web site does not exist. Despite this, some regions (Pudong) have gone ahead and created committees and have approved some high tech ventures. Other regions have not yet taken any action. It will therefore be quite some time before the system begins to work on a national basis and an even longer before business owners and investors will have a clear sense as to how the system will work in practice.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.
By using this blog site you understand that there is no attorney client relationship between you and the Blog.
The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.
Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.
This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.
This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.
Customer Privacy Controls and Choices:
• You can review and correct your Personal Information collected by us.
• You can limit certain types of solicitation communications from AT&T, including marketing contacts made via telephone, e-mail and text messaging.
• We will provide you with notice of changes to this policy.
Our privacy commitments are fundamental to the way we do business every day. These apply to everyone who has a relationship with this Blog and visitors.
• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
• You have choices about how this Blog uses your information for marketing purposes. Customers are in control.
This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.
Use of Location Information
• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
• You can use your wireless device to obtain a wide array of services based on the approximate location of the device, referred to as Location Based Services, or LBS. The information you receive in connection with your use of LBS may include advertisements related to your request and your location;
Online Activity Tracking and Advertising
• We collect information about your activity on this Blog for a number of purposes using technologies such as cookies, Web beacons, widgets and server log files.
• We and our advertising partners use that information, as well as other information they have or we may have, to help tailor the ads you see on our sites and to help make decisions about ads you see on other sites.
The Information We Collect, How We Collect It, And How We Use It
We collect different types of personal and other information based on your use of our products and services and our business relationship with you. Some examples include:
• Contact Information that allows us to communicate with you -- including your name, address, telephone number, and e-mail address;
• Equipment, Performance, Site Usage, Viewing and other Technical Information about your use of our network, services, products or Web sites.
We collect information in 2 primary ways:
• You give it to us when you register to provide comments;
• We collect it automatically when you visit our Blog.
We use the information we collect in a variety of ways, including to:
• Provide you with the best visitor experience possible;
• Deliver customized content that may be of interest to you;
• Address network integrity and security issues;
• Investigate, prevent or take action regarding illegal activities, violations of our Terms of Service or Acceptable Use Policies; and
• For local directory and directory assistance purposes.
Aggregate or Anonymous Information:
We may share aggregate or anonymous information in various formats with trusted entities’ only for purposes such as:
• Our knowledge, and offer of information that may be of interest to you;
• Universities, laboratories and other entities that conduct scientific research; and
• Media research companies for general information only.
More information:
http://internationaltaxchina.blogspot.com
http://www.jpa-iac.com/en/
http://www.braxton-co.com/en/
http://www.tax-international.com
http://www.braxton-group.com
"Since enactment of China's new Corporate Income Tax (CIT) code at the first of this year, my firm has been working with a number of high-tech (mostly software, computer hardware, environmental technology, and medical technology) companies to figure out how they can benefit from these new laws.
With the promulgation of the new Corporate Income Tax (CIT) code in January, 2008, China set out on a entirely new approach to taxation. The new approach involved two major changes. First, all companies will be taxed at the same rate without consideration of the nationality of their owners; the new tax law sets the tax rate at 25% for all companies. Second, the right of specific regions to offer beneficial tax rates was revoked. In principle, all regions of China must provide for national taxes according to the same system. All tax benefits in the future will serve to promote specific industries, rather than specific regions. In accordance with this policy, the new CIT Law provides a number of reduced tax rates designed to encourage certain industries, including environmental protection and energy conservation, public infrastructure, agriculture and new and high technologies. Though both the CIT law and its implementing regulations explain the basic industries in which tax benefits apply, actual implementation of the benefit system requires the promulgation of detailed rules. To date, a preliminary step at implementing rules has been issued for new and high-tech industry. These rules are not complete and are waiting for further rulemaking for implementation. For all of the other tax benefit categories, nothing whatsoever has been issued and there is no indication when this will happen. Therefore, well into the first year under the new CIT, the tax benefit system is a hollow promise, much to the frustration of both Chinese domestic and foreign investors in China.
1. Sector/Project Based Tax benefits
Article 27 of the CIT Law states that income generated from engaging in environmental protection, energy conservation and water conservation, agricultural, forestry, husbandry, and fishing projects, and the investment and management of public infrastructure projects and facilities supported specifically by the State, is exempt from corporate income tax in the first three years of operation and a 50% reduction in CIT for the subsequent three years, starting from the year the project first generates operating income. These reductions apply only to income generated by these specific projects, not to the entire income of the company. The criteria for judging whether a project comes under the categories of environmental protection, energy conservation and water conservation have not yet been released, and no indication has been given of when this will occur.
Articles 86 to 88 in the Implementing Regulations for the CIT Law go into greater detail regarding the kind of projects that will receive these tax benefits. Article 90 of the implementation regulations provides for the first RMB 5 million of income from technology transfer to be exempt from tax, with any amount over RMB 5 million benefiting from a 50% reduction, for an effective tax rate of 12.5%. It is not clear to what extent consulting and training fees associated with the transfer fall under this scheme. .
2. Corporate Tax Benefits
Article 28 of the CIT Law provides for two beneficial tax rates. The first is a CIT rate of 20% for small scale and low profit enterprises that meet certain terms and conditions. Article 92 in the implementation regulations sets these conditions out as follows:
a. The corporation must not be in an industry restricted or prohibited by the state (this refers to the categories in the catalogue for the guidance for foreign investment industries released in 2007 and the Industrial restructuring catalogue released in 2005, with a new version to be released soon)
b. For industrial corporations, annual income should not exceed RMB 300,000, there should be fewer than 100 employees and total assets should not exceed RMB 30 million.
c. For non-industrial corporations, annual income should not exceed RMB 300,000, there should be fewer than 80 employees, and total assets should not exceed RMB 10 million.
The second benefit is a 15% CIT rate for New and High-tech Enterprises. The qualification requirements for new and high-tech enterprises were released in mid April 2008, and we will explain these in Section 5 below.
3. Location Based Tax Benefits
Circular 40 released by the State Council provides that additional tax breaks will be provided for enterprises that fall within the New and High-tech enterprise category in the five national economic development zones (Shenzhen, Zhuhai, Shantou, Xiamen, and Hainan) and in Shanghai’s Pudong district. This is a limited exception to the general rule against location based tax benefits. From the first year the company generates income, the first two years of income will be exempt from CIT, and tax will be at 50% rate (12.5%) for the next three years. After that, the normal 15% rate for New and High-tech enterprises will apply.
4. Sustainability/Environmentally based Tax Benefits
The new CIT Law lays out two areas where companies may benefit from tax reduction by using sustainable technologies or materials. The first area, in Article 33, states that revenue gathered from synergistic utilization of resources that are in line with state industrial policy may be reduced by 10% when calculating taxable income. Article 99 of the implementation regulations clarifies this as the use of materials contained in the catalogue of preferential corporate income tax treatments for synergistic utilization of resources in the production of goods not restricted or prohibited by the state (as outlined above in section 2a) and compliant with state or industry standards. This catalogue has not yet been released.
The second area is in Article 34, where a portion of the investment in technology for environmental protection, energy and water conservation or production safety can be credited against CIT payable. Article 100 of the implementation regulations defines this as 10% of the value of the investment for articles that fall under three further catalogues. None of these catalogues have been released.
5. Qualification for New and High-tech Enterprise Status
Basic rules for the New and High-Tech Enterprise system were issued in April of 2008. Under these rule, to be considered a New and High-tech Enterprise for tax purposes, a company must meet the following requirements:
1. The company must have been established in mainland China for at least one year.
2. The company possess the proprietary IP rights of core technology used in its major products or services, either through its own R&D, purchase, donation or merger within the last 3 years or with an exclusive license with a term of more than five years.
3. The company must provide a product or service that falls within the scope of fields listed in another document, the High and New Technology Fields with Key Support by the State, issued in tandem with the recognition measures. These are:
● electronic information technology
● biological and medical technology
● aviation and space technology
● new materials technology
● high-tech services
● new energy and energy conservation technology
● resource and environmental technology
● transformation of traditional sectors through new high-tech
4. Employees of the company with university degrees and above must account for at least 30% of the total staff. 10% of this 30% of employees must be engaged in R&D.
5. There is a strict minimum on R&D expenditure over the previous three fiscal years, or for companies that have been set up for less than three years, for the number of operating years, as follows:
Annual Sales --------Percentage to be spent on R&D
Less than RMB 50,000,000..........................6%
Between RMB 50m and RMB 200m..................4%
Over RMB 200,000,000..............................3%
Of this minimum, at least 60% of the R&D expenditure should be incurred within China; a portion of it can therefore be outsourced to other countries.
6. Company sales revenue from high-tech products or services must be over 60% of total annual sales revenue.
The recognition measures also indicate that another document, Work Guidance for Recognition of New and High-tech Enterprises, will lay out additional requirements during the assessment process. This document has been released as a draft for public comment. The process requires a committee be formed to decide what companies qualify. What follows is a general description of the way this committee will work. The committee itself is made up of government officials and experts in a national office dedicated to this task and to maintaining a website (www.innocom.gov.cn). Each district is also required to set up an office for the assessment process and to ensure companies stay within the requirements. Companies will be required to first conduct a self-evaluation, then register on the website (which is not yet up and running) and submit the required materials. Since much of the required company information relates to the company’s financial situation,, the company is required to be audited by a certified third party.
In addition to these requirements, and to those listed in the recognition measures above, when applying for New and High-tech Enterprise status, the government committee responsible also will require an enterprise to receive at least 70 points, allocated across four categories as follows:
1. Core IP (30 points)
IP acquired in the last 3 years ----------Points
6 or more, or 2 invention...................................30
5 or 1 invention...............................................24
4.................................................................18
3.................................................................12
1-2................................................................6
0..................................................................0
2. Commercialization (30 points)
IP commercialized in the last 3 years ----------Points
5 or more......................................................30
4.................................................................24
3.................................................................18
2.................................................................12
1..................................................................6
0..................................................................0
3. Management Competency (20 points)
Number of management practices ----------Points
5..................................................................20
4..................................................................16
3..................................................................12
2...................................................................8
1...................................................................4
0...................................................................0
Management practices:
a. R&D reporting system
b. Budget system
c. Cooperative research activities
d. Establish research institution and equipment
e. Reward system for personnel engaged in R&D
4. Growth (20 points) (Note: this is a rough calculation)
Growth in sales and capital ----------Points
50%..............................................................20
40%..............................................................16
30%..............................................................12
20%................................................................8
10%................................................................4
0%..................................................................0
This point scoring system is quite vague and could be used to limit access to the high-tech category. However, the work document has not been finalized and the web site does not exist. Despite this, some regions (Pudong) have gone ahead and created committees and have approved some high tech ventures. Other regions have not yet taken any action. It will therefore be quite some time before the system begins to work on a national basis and an even longer before business owners and investors will have a clear sense as to how the system will work in practice.
This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.
The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.
By using this blog site you understand that there is no attorney client relationship between you and the Blog.
The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.
Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.
This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.
This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.
Customer Privacy Controls and Choices:
• You can review and correct your Personal Information collected by us.
• You can limit certain types of solicitation communications from AT&T, including marketing contacts made via telephone, e-mail and text messaging.
• We will provide you with notice of changes to this policy.
Our privacy commitments are fundamental to the way we do business every day. These apply to everyone who has a relationship with this Blog and visitors.
• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
• You have choices about how this Blog uses your information for marketing purposes. Customers are in control.
This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.
Use of Location Information
• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
• You can use your wireless device to obtain a wide array of services based on the approximate location of the device, referred to as Location Based Services, or LBS. The information you receive in connection with your use of LBS may include advertisements related to your request and your location;
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Experiencias en la compra de bienes raices en Panama
Lo que nos atrajo de este país no fue su crecimiento económico, superior a cualquier otro país de la región, o que la inversión internacional representara el 16% de PNB al atraer cada vez más a multinacionales. Tras visitarlo varias veces, invertimos en el país porque una serie de circunstancias lo hacía distinto: el canal, su potencialidad de ser el mayor centro financiero de latinoamerica, porque era el país más seguro desde Estados Unidos a Chile, por su incipiente industria turística (crece al 15-20%), las ventajas para instalarse de los jubilados extranjeros, utilizar el dólar, su seguridad jurídica, y porque su economía se basa en la exportación de servicios, a diferencia de sus vecinos.
Cuando empezamos a invertir, los precios inmobiliarios ya crecían un 20% anual, y eso nos llevó a la conclusión de que, con el tiempo, los inversores a pequeña escala perderían la oportunidad de grandes plusvalías o rentabilidades en el alquiler. La exención de impuestos por 20 años, que tanto atraía a los inversores, nos pareció un factor secundario, pero es cierto que comparado con tantos países, era un factor interesante. Como lo es el bajo precio de los notarios. Pero un factor económico de primer orden fue la posibilidad de conseguir rentabilidades financiero-fiscales muy interesantes, a diferencia de países como Brasil, donde la rentabilidad raramente puede basarse en términos fiscales.
Por otro lado, Panamá tiene uno de los procedimientos de registro de la propiedad más seguros, y no ofrece un mercado de riesgo para los compradores.
Hicimos varias inversiones en Panamá. Una de ellas, en el mercado de oficinas prime, fue fruto de un estudio sobre las rentabilidades (yield) por alquiler de las oficinas, que eran muy interesantes, del orden del 10% anual. Invertimos también en apartamentos en zonas buenas ya construidos, en proyectos sobre plano, y en terrenos. Siempre en la ciudad de Panamá, pues pensamos que el comprador internacional que nos podría comprar a nosotros en el futuro probablemente preferiría invertir en un área que conocía, y no tendríamos que “venderle” la localización que hubiéramos escogido nosotros.
Nuestra inversión en el mercado de oficinos no empezó muy bien. Compramos “en gris”, es decir, que no había nada más que paredes, y había que ponerlo todo. Los presupuestos que nos ofrecían eran muy superiores a lo estimado, basados en que como era una zona prime debíamos pagar un precio superior. Realmente, el coste era muy alto, de forma que tras algún tiempo, decidimos poner las oficinas a alquilar en gris, algo que sabíamos pocas empresas arrendatarias querían. Pero, tras unos meses, dada la escasez de oficinas prime en Panama, una compañía de seguros nos las arrendaron. Por ello, una lección que aprendimos era no comprar nunca “en gris”.
Respecto a los apartamentos construidos, éstos tenían casi 10 años, lo que los hacían todavía interesantes porque la exención era aún vigente. En aquel momento, en Panamá se daba la extraña circunstancia de que la vivienda nueva era mucho más cara que la que se había construido hace unos pocos años, cuando las calidades de construcción de estas últimas en ocasiones eran superiores. Pensamos que, con el tráfico casi imposible, los panameños de cierto poder económico no querrían vivir fuera de la ciudad, y los precios de apartamentos usados subiría, como así fue. Compramos, entonces, a buen precio, el problema fue alquilarlos, pues el panameño no tiene problemas en alquilar la oficina, pero prefiere ser propietario de la vivienda donde vive. No conseguíamos una rentabilidad interesante, del 8-10%, que buscábamos, en la mayoría de los apartamentos, hasta que el precio de los apartamentos subió bastante.
Respecto a los apartamentos comprados sobre plano, elegimos comprarlos a un promotor que no decidiera posteriormente dejar de construir porque el precio de venta le resultara antieconómico. No queríamos que al cabo de un año, el promotor se deshiciera de su compromiso meramente devolviéndonos las cantidades aportados y el interés legal. Por otro lado, negociamos un contrato que no incluyera ninguna cláusula de revisión de precios al alza por el aumento de los precios de construcción, lo que lo convertía en una buena inversión anti-inflacionaria. Para evitar que el promotor (por exigencia de sus bancos) pusiera límites al número de apartamentos comprados por un solo comprador, pusimos cada apartamento a nombre de una sociedad con acciones al portador.
Establecimos un precio de venta ligeramente inferior al de la venta por el propio promotor de apartamentos en el mismo edificio o en otros similares. Ello nos daba un margen muy interesante. No obstante, el gran número de apartamentos no construidos en oferta, y que el promotor sólo quería vender sus apartamentos, hizo que el proceso de venta durase bastante. Finalmente, debido a que no había demasiados apartamentos en venta acabados de construir, y que los apartamentos estaban a punto de ser finalizamos, benefició la venta de los mismos.
Respecto a los terrenos, sólo diré que hay que estar muy bien asesorados por un abogado y un arquitecto de confianza, porque el baile de números puede ser muy importante.
En cuanto a las hipotecas, aunque los bancos panameños han sido tradicionalmente más conservadores que los europeos y los norteamericanos, actualmente en Panama se puede conseguir financiación, lo que no se puede decir claramente de Europa. La razón es que Panama no necesita de la financiación procedente de los grandes grupos financeros americanos o europeos, pues la banca privada proporciona liquidez al sistema bancario. Hay muchas especialidades en las hipotecas con bancos panameños; ejemplos de ello es que a partir de cierta cantidad hay que pagar un 1% adicional de interés que va al Estado (sin embargo, si el inmueble es muy barato, el Estado, a través de los bancos, subsidiariza las hipotecas), que no se conceden prestamos una vez ya se ha comprado el inmueble, sólo antes, que la firma de la hipoteca no se hace frente al notario, o que las hipotecas generalmente se conceden por un máximo de años que se “cortan” en partes (cada cinco años es lo habitual), al final de la cual cualquiera de las partes pueden desistir (si no hay desestimiento por parte del banco, hay un recargo del 1% de la cantidad pendiente en varios bancos).
El llamado en España “crédito al promotor” es difícil y muy exigente en Panama. Como es razonable, a un banco panameño le cuesta confiar en una empresa que no está establecida desde hace varios años en el país, por muy bien que haya hecho las cosas en el país de origen. Es importante haber sido presentados por la persona adecuada, pues este tipo de préstamos se deciden en instancias muy elevadas del banco. Si lo conceden, entre las exigencias se encuentra pagar a un controller del propio banco en la obra, no vender muchos apartamentos u oficinas a un mismo comprador, retener por el banco parte del precio de los adelantos de los compradores, y muchas más condiciones.
Salvador Trinxet
CEO
Banco Internacional de Investimentos
www.bancoii.com
Cuando empezamos a invertir, los precios inmobiliarios ya crecían un 20% anual, y eso nos llevó a la conclusión de que, con el tiempo, los inversores a pequeña escala perderían la oportunidad de grandes plusvalías o rentabilidades en el alquiler. La exención de impuestos por 20 años, que tanto atraía a los inversores, nos pareció un factor secundario, pero es cierto que comparado con tantos países, era un factor interesante. Como lo es el bajo precio de los notarios. Pero un factor económico de primer orden fue la posibilidad de conseguir rentabilidades financiero-fiscales muy interesantes, a diferencia de países como Brasil, donde la rentabilidad raramente puede basarse en términos fiscales.
Por otro lado, Panamá tiene uno de los procedimientos de registro de la propiedad más seguros, y no ofrece un mercado de riesgo para los compradores.
Hicimos varias inversiones en Panamá. Una de ellas, en el mercado de oficinas prime, fue fruto de un estudio sobre las rentabilidades (yield) por alquiler de las oficinas, que eran muy interesantes, del orden del 10% anual. Invertimos también en apartamentos en zonas buenas ya construidos, en proyectos sobre plano, y en terrenos. Siempre en la ciudad de Panamá, pues pensamos que el comprador internacional que nos podría comprar a nosotros en el futuro probablemente preferiría invertir en un área que conocía, y no tendríamos que “venderle” la localización que hubiéramos escogido nosotros.
Nuestra inversión en el mercado de oficinos no empezó muy bien. Compramos “en gris”, es decir, que no había nada más que paredes, y había que ponerlo todo. Los presupuestos que nos ofrecían eran muy superiores a lo estimado, basados en que como era una zona prime debíamos pagar un precio superior. Realmente, el coste era muy alto, de forma que tras algún tiempo, decidimos poner las oficinas a alquilar en gris, algo que sabíamos pocas empresas arrendatarias querían. Pero, tras unos meses, dada la escasez de oficinas prime en Panama, una compañía de seguros nos las arrendaron. Por ello, una lección que aprendimos era no comprar nunca “en gris”.
Respecto a los apartamentos construidos, éstos tenían casi 10 años, lo que los hacían todavía interesantes porque la exención era aún vigente. En aquel momento, en Panamá se daba la extraña circunstancia de que la vivienda nueva era mucho más cara que la que se había construido hace unos pocos años, cuando las calidades de construcción de estas últimas en ocasiones eran superiores. Pensamos que, con el tráfico casi imposible, los panameños de cierto poder económico no querrían vivir fuera de la ciudad, y los precios de apartamentos usados subiría, como así fue. Compramos, entonces, a buen precio, el problema fue alquilarlos, pues el panameño no tiene problemas en alquilar la oficina, pero prefiere ser propietario de la vivienda donde vive. No conseguíamos una rentabilidad interesante, del 8-10%, que buscábamos, en la mayoría de los apartamentos, hasta que el precio de los apartamentos subió bastante.
Respecto a los apartamentos comprados sobre plano, elegimos comprarlos a un promotor que no decidiera posteriormente dejar de construir porque el precio de venta le resultara antieconómico. No queríamos que al cabo de un año, el promotor se deshiciera de su compromiso meramente devolviéndonos las cantidades aportados y el interés legal. Por otro lado, negociamos un contrato que no incluyera ninguna cláusula de revisión de precios al alza por el aumento de los precios de construcción, lo que lo convertía en una buena inversión anti-inflacionaria. Para evitar que el promotor (por exigencia de sus bancos) pusiera límites al número de apartamentos comprados por un solo comprador, pusimos cada apartamento a nombre de una sociedad con acciones al portador.
Establecimos un precio de venta ligeramente inferior al de la venta por el propio promotor de apartamentos en el mismo edificio o en otros similares. Ello nos daba un margen muy interesante. No obstante, el gran número de apartamentos no construidos en oferta, y que el promotor sólo quería vender sus apartamentos, hizo que el proceso de venta durase bastante. Finalmente, debido a que no había demasiados apartamentos en venta acabados de construir, y que los apartamentos estaban a punto de ser finalizamos, benefició la venta de los mismos.
Respecto a los terrenos, sólo diré que hay que estar muy bien asesorados por un abogado y un arquitecto de confianza, porque el baile de números puede ser muy importante.
En cuanto a las hipotecas, aunque los bancos panameños han sido tradicionalmente más conservadores que los europeos y los norteamericanos, actualmente en Panama se puede conseguir financiación, lo que no se puede decir claramente de Europa. La razón es que Panama no necesita de la financiación procedente de los grandes grupos financeros americanos o europeos, pues la banca privada proporciona liquidez al sistema bancario. Hay muchas especialidades en las hipotecas con bancos panameños; ejemplos de ello es que a partir de cierta cantidad hay que pagar un 1% adicional de interés que va al Estado (sin embargo, si el inmueble es muy barato, el Estado, a través de los bancos, subsidiariza las hipotecas), que no se conceden prestamos una vez ya se ha comprado el inmueble, sólo antes, que la firma de la hipoteca no se hace frente al notario, o que las hipotecas generalmente se conceden por un máximo de años que se “cortan” en partes (cada cinco años es lo habitual), al final de la cual cualquiera de las partes pueden desistir (si no hay desestimiento por parte del banco, hay un recargo del 1% de la cantidad pendiente en varios bancos).
El llamado en España “crédito al promotor” es difícil y muy exigente en Panama. Como es razonable, a un banco panameño le cuesta confiar en una empresa que no está establecida desde hace varios años en el país, por muy bien que haya hecho las cosas en el país de origen. Es importante haber sido presentados por la persona adecuada, pues este tipo de préstamos se deciden en instancias muy elevadas del banco. Si lo conceden, entre las exigencias se encuentra pagar a un controller del propio banco en la obra, no vender muchos apartamentos u oficinas a un mismo comprador, retener por el banco parte del precio de los adelantos de los compradores, y muchas más condiciones.
Salvador Trinxet
CEO
Banco Internacional de Investimentos
www.bancoii.com
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