20 February 2018
Income Tax in Kuwait Personal Income tax: There is no income tax on individuals in Kuwait. Corporate Income Tax: Kuwait does not impose income tax on companies wholly owned by the nationals of Kuwait or other Gulf Cooperation Council (GCC) countries, including Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. However, GCC companies with foreign ownership are subject to taxation to the extent of the foreign ownership. Income tax is imposed only on the profits and capital gains of...
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19 February 2018
Income Tax in Kyrgyzstan Personal Income Tax: Kyrgyzstan citizens who are tax residents should be taxed on their worldwide income. Kyrgyzstan citizens who are not residents for tax purposes and foreign citizens are taxed on their Kyrgyzstan-source income only. Personal income tax rates: A single flat rate of 10% is applicable to most types of individual income. Residency Rule: For tax purposes, individuals who reside in Kyrgyzstan for 183 days or more in any 12-month period ended in tax year are...
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19 February 2018
Income Tax in Latvia Personal Income Tax: The tax year is calendar year and annual income return has to be filed between 1 March and 1 June of the following taxation year. Tax rates: Tax rate for both resident and nonresident is same. Latvia has adopted a progressive Personal Income Tax (PIT) system from 1 January 2018. Unless the law provides for a different rate, the progressive rate applies based on the level of annual income: · a rate of 20% applies to an income of up to €20,004; · any porti...
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19 February 2018
Income tax in Lebanon Personal Income Tax: According to the principle of territoriality, taxes on salaries are due in Lebanon if one of the following conditions is met: · The beneficiary of the salary is resident in Lebanon, regardless of the source of funding. · The services that triggered the income are executed on Lebanese territory or have contributed to the welfare of a company located in Lebanon, even though the source of funding is outside Lebanon. · The source of funding is in Lebanon, r...
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19 February 2018
Income Tax in Liberia Personal Income Tax: What is Personal Income Tax (PIT)? PIT or Personal Income Tax is defined as taxes paid by ALL persons self-employed or employed by another, on their total gross income (aggregate of all economic benefits of whatever kind that the tax payer derives), using the PIT table reproduced below and found in Sections 800 to 803 of the Revenue Code of Liberia as Amended 2011. Tax Table for Resident Natural Persons Step Taxable Income of (in Liberian dollars) Tax R...
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19 February 2018
Income Tax in Liechtenstein Personal Income Tax: In principle, tax is levied on the resident taxpayer’s worldwide earned income and net wealth. However, there are important items that are exempt from income tax, as described in other sections. Individuals without permanent or habitual residence within Liechtenstein can be subject to Liechtenstein income taxes only with respect to income from certain Liechtenstein sources. Important examples are: ·Permanent establishments (PEs). · Real estate. ·...
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19 February 2018
Income Tax in Libya Personal Income Tax: Libyan and foreign nationals are only subject to tax on income derived from employment in Libya. Personal income tax rates: The personal income tax (PIT) rates listed below are deducted from gross salary after deducting the social insurance contribution, employee social solidarity fund contribution, and personal exemptions (see the Deductions section). Income Per Year Tax Rate 12000 5% Above 12000 10% Jehad Tax: Jehad Tax is also assessed on taxable incom...
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19 February 2018
Income Tax in Lithuania Personal Income Tax: Tax year is calendar year and the return shall be filed upto 1st May of the following year. Tax Rates: The standard flat PIT rate is 15%. Individual activity income is taxed depending on the amount of income received. PIT calculated at 15% flat rate on taxable income is reduced by applying a PIT credit, calculated according to special formulas. Therefore: · 5% rate applies if income does not exceed EUR 20,000 per calendar year; · Proportionally increa...
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19 February 2018
Income Tax in Luxembourg Personal Income Tax: The tax year is calendar year and the return shall be filed upto 31st March of the following year. Tax Rates for 2018: Taxable Income Tax Rate From To 0 11,265 0 11,266 13,173 8 13,137 15,009 9 15,009 16,881 10 16,881 18,753 11 18,753 20,625 12 20,625 22,569 14 22,569 24,513 16 24,513 26,457 18 26,457 28,401 20 28,401 30,345 22 30,345 32,289 24 32,289 34,233 26 34,233 36,177 28 36,177 38,121 30 38,121 40,065 32 40,065 42,009 34 42,009 43,953 36 43,95...
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19 February 2018
Income Tax in Israel Taxes on personal income: Israeli tax residents are taxable on their worldwide income. Non-resident individuals are subject to income tax on Israeli-source income and to capital gains tax on capital gains from assets situated in Israel (subject to special exemptions for non-residents. Sourcing rules determine when income is to be regarded as being from an Israeli source. Personal income tax rates: Taxation of individuals is imposed in graduated rates. Non-residents are taxed...
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