Europe, Middle East and Africa Tax Facts 2012 - Crowe Horwath ...

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CYPRUS INCOME TAX RATES 2012 Individuals 8 Taxable Income (EUR) Tax Rate (%) Up to 19,500 0 From 19,501 - 28,000 20 From 28,001 - 36,300 25 From 36,301 - 60,000 30 Over 60,000 35 Companies Taxable Income (EUR) Tax Rate (%) All income 10 VALUE ADDED TAX (VAT) 17% on majority of sales of goods/services; reduced or zero rate on certain specifi c items. CAPITAL GAINS TAX (CGT) 20% is imposed only on gains on disposal of immovable property located in Cyprus or on disposal of shares of companies with immovable property located in Cyprus. LOSSES Can be offset against other sources of income, and can be carried forward indefi nitely. Losses of a company can be set off against profi ts of another company in the same group (group of Cyprus tax-resident companies). Worldwide losses can be set off against taxable income of the same year or carried forward. TREATY NETWORK 45 countries. WITHHOLDING TAX (non-residents) Dividends: 0% Interest: 0% Royalties: 0% (10% on royalties used in Cyprus. 5% on fi lm and TV royalties). CONTACT: Yiannis Demetriades YiannisD@crowehorwath.com.cy Horwath DSP Ltd Chartered Certifi ed Accountants 8 Stassinos Avenue P.O.Box 22545 Nicosia 1522 Cyprus Tel: +357 22755656 Fax: +357 22452055 www.crowehorwath.com.cy Europe, Middle East and Africa Tax Facts 2012 Last updated: May 2012
CZECH REPUBLIC INCOME TAX RATES 2012 Individuals Taxable Income (CZK) Tax Rate (%) All income 15 The low tax rate is compensated by an increase in the tax base (tax base includes the amount of social and health insurance paid from gross salary by an employer). Companies Category Tax Rate (%) Companies 19 Certain investment funds and mutual funds 5 A Czech limited partnership is treated like a company with regard to the proportional income of its limited partners. In an unlimited partnership, a partner’s pro rata income is subject to income tax at the individual’s rate (if a partner is a corporation then the pro rata income is subject to corporate income tax at the corporate rate). VALUE ADDED TAX (VAT) The standard VAT rate is 20%. A reduced rate of 14% or a zero rate is applied on specifi c goods and services. The threshold for obligatory registration for VAT is turnover exceeding CZK 1,000,000 (EUR 40,000) in the preceding 12 months. CAPITAL GAINS TAX (CGT) Individuals Capital gains are generally taxed at a standard fl at rate (15%). Disposal of real estate or shares is tax free provided that certain conditions are met. Companies Capital gains are taxed at the standard corporate tax rate. Certain capital gains are exempt provided conditions similar to Parent Subsidiary Directive conditions are met (10%, 12 months etc.). LOSSES Losses of individuals and companies may be carried forward and utilised for a limited period of fi ve years provided general conditions are met (e.g. the ‘same business’ test). No loss carry back available. TREATY NETWORK 77 countries WITHHOLDING TAX Dividends: 15% (unless reduced/exempt under EC Directive or the relevant tax treaty) Interest: 15% (unless reduced/exempt under EC Directive or the relevant tax treaty) Royalties: 15%, 5% for fi nance lease (unless reduced/exempt under EC Directive or the relevant tax treaty) CONTACT: Jan Lamač jan.lamac@tpa-horwath.cz TPA Horwath Notia Tax s.r.o. Mánesova 28 120 00 Prague 2 Czech Republic Tel: +420 222 826 321 Fax: +420 222 826 412 www.tpa-horwath.cz Europe, Middle East and Africa Tax Facts 2012 9 Last updated: May 2012
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