10 February 2018
Income Tax in Zambia Overview The Income tax Act is the legislation that governs Income tax in Zambia. Income tax is tax on profits made by Limited Companies, Partnerships and Self-Employed individuals as well as on emoluments earned by employees. All profit making persons have an obligation to pay Income tax on their profits. Similarly, all individuals in employment have an obligation under the Income Tax Act to pay tax on their emoluments. An overview of some of the contents of the Income Tax...
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10 February 2018
Income Tax in Germany Personal Income Tax: Tax Return and Compliance: The calendar year is the tax year and the rerun shall be filed up to 31st May. Residents: In general, income tax is assessed by calendar year after filing an individual tax return. Married couples can file tax returns jointly or as separate individuals. Returns for the preceding calendar year must be filed with the local tax office by 31 May. An extension until 31 December will be granted without application where a profession...
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10 February 2018
Income Tax in Georgia Taxes on personal income Resident individuals are exempt from tax on income that does not have a Georgian source. Personal income tax rates Personal income is subject to a flat tax rate of 20%. Special tax regimes Individuals with annual turnover of less than 30,000 Georgian lari (GEL), no employees, and who register as a micro business will be exempt from tax on their business income. Individual entrepreneurs with annual turnover of less than GEL 100,000 may register as a...
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10 February 2018
Income Tax in Finland Personal Income Tax Tax Year and Compliance The tax year ends on 31st December and the return shall be filed upto 9th May or 16th May. The date will be printed on the pre-completed tax return form. If a taxpayer has not received a pre-completed tax return form, he/she has to file a tax return by 16 May (2017). Residents All individual taxpayers will receive a pre-completed tax return form in April. They have to check the tax return and, if necessary, send it back with corre...
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9 February 2018
Income Tax in Estonia Taxes on personal income: An individual who is a resident of Estonia is liable to tax on worldwide income, irrespective of the origin of the income. Non-residents are taxed on their Estonian-source income. Taxable income includes both active income, such as employment and business income, as well as passive income, such as capital gains, rents and royalties, interest, dividends, certain insurance proceeds, pensions, scholarships, grants, prizes and lottery winnings, etc. Th...
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9 February 2018
Income Tax in Ethiopia According to proclamation No 286/94 any person whose permanent residence is in Ethiopian, has to pay tax from the income that he gets within Ethiopia or abroad. If the person is not resident of Ethiopia gets his income which has its source in Ethiopia also should pay tax. This is direct tax, which a person pays from any income he gets. Article five of the proclamation,defines resident as follows: A. The one who has permanent residence address in Ethiopia; or B. If the pers...
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9 February 2018
Income Tax in Denmark Personal Income Tax Tax Return due dates Individual tax returns must normally be filed no later than on 1 July of the year following the tax year. However, if the individual receives a pre-printed tax assessment from the tax authorities, any change to the pre-printed tax assessment must be filed no later than 1 May. The tax authorities send out a pre-printed tax assessment if the tax authorities deem the income statement to be very simple. It is possible to extend the due d...
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9 February 2018
Income Tax in Cyprus Personal income tax (PIT): Cyprus PIT is imposed on the worldwide income of individuals who are tax residents in Cyprus. Individuals who are not tax residents of Cyprus are taxed only on certain types of income accrued or derived from sources in Cyprus. The following table lists the PIT rates and bands currently applicable to individuals: Chargeable income for the tax year (EUR) Tax rate (%) From To 0 19,500 0 19,501 28,000 20 28,001 36,300 25 36,301 60,000 30 60,001 And abo...
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9 February 2018
Income Tax in Czech Republic Personal Income Tax Tax Return Date The tax return has to be submitted by 1 April of the following year, or 1 July if the return is prepared and submitted by a certified tax adviser or by a solicitor. In the latter case, a power of attorney in respect of the tax adviser must be submitted to the tax authority by 1 April upon which the deadline for submission of the tax return is automatically prolonged by three months (to 1 July). In special cases the tax authority ca...
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9 February 2018
Income Tax in Canada Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending 31 March 2015, the federal government collected nearly three and a half times more revenue from personal income taxes than it did from corporate income taxes. Tax collection agreements enable different governments to levy taxes through a single administration and collection agency. The federal governme...
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