Taxable income in Israel

Residency in Israel for Tax Purposes

Taxpayer’s residency for tax purposes is to be determined according to the Israeli Income Tax Ordinance with the “centre of vital interests” test defined under Section 1 of the Israeli Income Tax Ordinance of 1961. Israeli residents are subject to individual income tax, capital gains tax and social security tax  on a worldwide basis. Non-residents [...]

Ireland Personal Income Tax

Income tax rate for individuals in Ireland in 2011 is 20% on the first 32,800.00 € of taxable income and rising up to 41%. Married couple with 1 earner: the 20% band is increased to 41,800.00 € and to 65,600.00 € if there are 2 earners. From 2001 there is a tax credit system for [...]

Residence & Personal Tax Liability in Ireland

The main tax on individuals in Ireland is income tax. Individuals are also taxed on capital gains, capital acquisitions (which includes inheritance tax), rates (property taxes) and stamp duties on transfers of properties. As a member of the European Union, Ireland levies Value Added Tax (VAT) at a rate of 21% since January 2010. In [...]

What are Dividends?

Dividends are payments made by a corporation to its shareholders. It is the portion of business profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be used in 2 ways: it can be re-invested in the business (retained earnings), or it can be paid to the shareholders as [...]

Ireland Withholding Tax

In 1999, The Finance Act introduced a withholding tax for dividends paid by all Irish companies except collective investment undertakings (UCITS) at the rate of 24%; however, dividends to EU 10% parents of Irish companies escape withholding tax under the parent/subsidiary directive. Dividend Withholding Tax at the standard rate of income tax applies to dividend [...]

Ireland Stamp Duty

Stamp Duty is levied under the Stamp Act 1891 as amended. The Finance Act 1991 stipulates that any instrument relating to property or a transaction in Ireland must be stamped within 30 days. Stamp duties fall into 2 main categories: Duties payable on a wide range of legal and commercial documents, including (but not limited [...]

Ireland Corporate Tax Rates

Corporation Tax is charged on all profits (income and gains), wherever arising, of companies resident in the State, with some exceptions, and non-resident companies who trade in the State through a branch or agency. Until 1998 the standard rate of corporation tax in Ireland was 32%. Following an agreement with the EU for a general [...]

Scope of Irish Corporation Tax

In Ireland, corporation tax is levied under the Taxes Consolidation Act 1997. All companies resident in the State and all non-resident companies that carry on a trade in the State through a branch or agency, subject to specific exceptions, are liable to corporation tax. Resident companies pay corporation tax on their worldwide income; non-resident companies [...]

Hong Kong Salaries Tax

Personal tax in Hong Kong is often referred to as “salary tax”. Both corporate and personal tax rates of Hong Kong are considered as one of the lowest in the world. Unlike flat corporate tax rate, Hong Kong’s salary tax rates follow a progressive tax rate system. There are four marginal tax brackets of 2%, [...]