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

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LATVIA INCOME TAX RATES 2012 Individuals 26 Category Tax Rate (%) General fl at rate 25 Capital gains (shares, real estate) 15 Dividends, interest 10 Companies Category Tax Rate (%) All income 15 VALUE ADDED TAX (VAT) Standard rate – 22%. Reduced rate – 12%. CAPITAL GAINS TAX (CGT) Individuals See above for individuals. Companies For companies capital gains are treated as an ordinary income subject to the Corporate Income Tax. LOSSES Latvia allows carry forward losses originated until 2008 for up to 8 years. Tax losses from the year 2008 and earlier will be carried forward without time limitation.Transfer of losses within a group is limited. TREATY NETWORK Over 50 countries. WITHHOLDING TAX Dividends: 0% – mostly to EU, EEA and Latvian residents; in other cases – 10%. Interest: 0% – on payments to unrelated parties; for related parties – 10% (5% for EU and EEA companies). Royalties: 15% – on literature or art; 5% – in other cases. CONTACT: Iveta Rutkovska iveta.rutkovska@crowehorwath.lv Larssen Donoway Inkens Ltd. Dignajas iela 3B-3 Riga, LV-1004 Latvia Telephone: +371 67323390 Fax: +371 67323394 Website: www.crowehorwath.lv Europe, Middle East and Africa Tax Facts 2012 Last updated: May 2012
LEBANON INCOME TAX RATES 2012 Individuals Taxable Income (LBP) Tax Rate (%) Up to 6,000,000 2 From 6,000,001 – 15,000,000 4 From 15,000,001 – 30,000,000 7 From 30,000,001 – 60,000,000 11 From 60,000,001 – 120,000,000 15 Over 120,000,000 Lump sum remunerations = 3% 20 Companies The profi ts of stock companies (Joint Stock companies, Limited Liability companies, Partnerships limited by shares) are subject to tax at 15%. Rates of taxation on the profi ts of commercial, industrial and non-commercial professions (Individual Professions, Partnership Companies, etc) are as follows: Taxable Income (LBP) Tax Rate (%) Up to 9,000,000 4 From 9,000,001 – 24,000,000 7 From 24,000,001 – 54,000,000 12 From 54,000,001 – 104,000,000 16 Over 104,000,000 21 Offshore Companies are exempt from income tax on their profi ts and are instead assessed as fl at annual tax that amounts to LBP 1,000,000 regardless of the amount of profi t. Holding Companies are subject to an annual lump sum of 6% on the total value of its capital reserve funds if the total does not exceed LBP 50 million. The rate of tax is reduced to 4% for amounts between LBP 50 million to 80 million and 2% for amounts exceeding LBP 80 million. This is capped at LBP fi ve million per year. The following are not subject to Income tax: Hospitals, orphanages, asylums, consumers’ cooperative companies, trade unions, agricultural cooperatives of a non-commercial nature and some kinds of industrial establishments. (Employees of these entities are subject to Salaries Tax) VALUE ADDED TAX (VAT) A standard rate of 10% applies to the supply of goods and services. There are however many goods and services that are exempt from VAT. The VAT on jewelry is different than 10%. CAPITAL GAINS TAX (CGT) Re-evaluations of fi xed assets are subject to tax at 10%. Profi ts from the disposal of fi xed assets are subject to tax at 10%. LOSSES Net operating losses can be carried forward for up to three years. TREATY NETWORK More than 20 countries. WITHHOLDING TAX Dividends: 10% Interest: 5 -15% Royalties: 10% CONTACT: Antoun Sawaya hac@crowehorwath-me.com Horwath Abou Chakra & Co Clemenceau Street, Minkara Bldg. 3rd Floor PO Box 5075-11 Lebanon Tel: +961 (1) 364 310 Fax: +961(1)364341 www.crowehorwath.net/lb Europe, Middle East and Africa Tax Facts 2012 27 Last updated: May 2012
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