Baku, Azerbaijan, Nov. 17 By Ilhama Isabalayeva - Trend: There are plans in Azerbaijan to amend the rules for calculating compulsory state social insurance contributions. In this regard, amendments to the law “On Social Insurance” are envisaged. In accordance with the proposed additions to the law, Azerbaijan’s Ministry of Taxes, in accordance with the established procedure, will impose financial penalties for the late submission of the report on compulsory state social insurance contributions, charge interest for the late payment of compulsory state social insurance contributions and return the surplus from social insurance contributions. The law is also being amended regarding the contributions from monthly income. In accordance with the proposed changes, the social insurance contribution from the salary of up to 200 manats will be 25 percent. Three of these 25 percent will be paid from the employee’s income and 22 percent will be paid by the employer. If the … [Read more...] about Azerbaijan eyes to amend rules for social insurance contributions
Social insurance tax
Baku, Azerbaijan, Nov. 8 By Elchin Mehdiyev - Trend: There are plans to attract over one million people engaged in informal economic activity in Azerbaijan to paying contributions on compulsory social insurance, Chairman of Azerbaijan’s parliamentary committee on labor and social protection of the population Hadi Rajabli said at the committee’s meeting Nov. 8. He noted that in order to reduce informal employment, reduction in the rate of compulsory social insurance for entrepreneurs is expected. Rajabli said that fundamental reforms in the areas of taxation are also expected. The amendments proposed to the tax legislation for 2019 envisage introduction of the differentiation of contributions on compulsory social insurance. Thus, if the employee’s salary is 200 manats, the social insurance contributions will remain at the current level: the employee pays 3 percent of the salary, and the employer pays 22 percent. If the employee’s salary exceeds 200 manats, it is … [Read more...] about Changing social insurance rates to help reduce informal employment in Azerbaijan
This week in print news begins in Helsingin Sanomat with a piece on the Social Democratic Party and its plans to ease the plight of low-income workers.The SDP's proposal to introduce a negative income tax is part of its broader taxation package out this week, and one of several campaign programmes introduced by the largest opposition party ahead of the spring 2019 Parliamentary elections.HS writes that the SDP proposal is intended, in a nutshell, to further incentivise low-income earners to work more. According to the paper, the scheme would in effect represent an extension of the current income tax deduction system. A previous scheme to motivate unemployed jobseekers to find work became law in early 2018 with the much-contested, so-called "activation model", which obligates jobless people to reach certain working-hour, training or entrepreneurial targets or face losing their benefits.The SDP's model, writes HS, resembles the American system of earned income tax credit and would not … [Read more...] about Monday’s papers: Negative income tax, anti-Roma racism, Eurovision cost
A As your daughter is a minor, she cannot hold money in her own right and a personal representative must hold her inheritance until she reaches 18. We have assumed that no trust has been established for the inheritance, so therefore inheritance tax is payable by reference to the valuation date. The valuation date is the date on which a personal representative is entitled to retain the €80,000 for your daughter. Since your daughter is a lineal descendent of the benefactor (her granddad) she is entitled to part of her inheritance tax-free. Her relationship with her granddad would be categorised under Group B, which means that the first €32,500 of the inheritance is not taxable. Any prior gifts or inheritances received by her from her granddad would reduce or eliminate this tax-free amount. Assuming that your daughter has never received any gifts or inheritances before, €47,500 of the inheritance would be liable to tax (once the €32,500 tax-free inheritance she … [Read more...] about Your Questions Answered: Does teenager face inheritance tax bill?
Business Kamal Ahmed Economics editor @bbckamal on Twitter 8 May 2018 Share this with Facebook Share this with Twitter Share this with Messenger Share this with Messenger Share this with Email Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link http://www.bbc.com/news/business-44029808 Read more about sharing. These are external links and will open in a new window Close share panel A £10,000 payment should be given to the young and pensioners taxed more, a new report into inter-generational fairness in the UK suggests.The research and policy … [Read more...] about Call for taxes to heal generational divide