Author: Mr. M.A. (Maxim) Boschman LL.M

Senior Manager Tax, specialized in (international) payroll taxes at Londen & Van Holland

The Dutch economy is mainly driven by human recourses (HR), knowledge and innovation. In order to attract foreign employees who bring specific knowledge to the table, the Dutch tax rules provide a favorable tax regime. This regime is called ‘the 30%-ruling’ and is applicable if certain conditions are met.

Dutch wage tax system and the 30%-ruling

In principle, everything (in money or in kind) reimbursed, given or provided to employees in that capacity is considered wage, subject to Dutch wage tax and social security contributions. Fortunately, there are certain exceptions, exemptions and benefits that could be enjoyed tax-free otherwise (e.g. have a nil-value for wage tax purposes).… Read More

Author: Nadia Oanea, CA, Tax Advisor

NOA Tax & Training SRL

The 2023 summer in Romania was a hot one, with a lot of public discussions on the need to change the tax law, to manage the increased budgetary deficit. After many proposals being discussed in mass media, on September 19, 2023, the Romanian Government published a draft law on some fiscal and budgetary measures to ensure Romania’s long-term financial sustainability. On September 26, the Government assumed responsibility in Parliament for this bill. On 27 October 2023, the Law no 296 / 2023 was published in the Official Gazette and became effective.

Some measures are foreseen to apply from November 2023, but the vast majority from 1 January 2024. What is notable, the corporate income tax due by the companies will suffer major changes starting next year.… Read More

Author: Ina Spridzane, Tax Manager, “Orients Audit & Finance” SIA

The Ministry of Finance has prepared a draft for amendments of the Law on corporate income tax for Latvia (CIT) which have been intended for credit institutions and consumer lending service providers.

Most countries use so – called standard CIT system where the tax is paid on a company’s taxable income, which includes revenue which is reduced for qualifying expenses, for instance, cost of goods sold, general and administrative expenses, selling and marketing, research and development, depreciation, and other operating costs. Thus, the taxpayers pay CIT in the period when the profit was gained.

The  system which was introduced in Latvia in 2018 is different the taxation of the profit is postponed until the profit is distributed as dividends or deemed to be distributed. … Read More

Author: Gavin Barker

VAT Director, Bright Grahame Murray

The VAT system in its various names (dependant on where you are in the world) has been adopted by 175 countries and yet it has still not been adopted by the US.

As many people will be aware, on 1st April 2023, UK VAT turned 50. Now we are part way through the designated VAT party year, I thought I would reflect on some of the history and facts about VAT in general and some of the quirky cases within the UK.

First-off a quick history lesson: The creation of VAT is widely attributed to the French civil servant Maurice Lauré in 1954, and known as Taxe sur la Valeur Ajoutée (TVA). It was originally introduced to replace the tax on production and was initially directed at large businesses.… Read More