In response to the COVID-19 pandemic, US Treasury Secretary Steven Mnuchin announced on March 20th that the U.S. filing deadline has been postponed from April 15th to July 15th. However, this extension only applies to filing of Federal individual income tax returns; each state is responsible for setting and announcing their own deadlines.
In response to the COVID-19 pandemic, US Treasury Secretary Steven Mnuchin announced on Friday that the U.S. filing deadline has been postponed from April 15th to July 15th. Taxpayers and businesses will have an extra three months to file returns and make payments without interest or penalties.
Japanese consumption tax is an indirect tax on goods and services, similar to value-added or sales taxes. Tax increases in Japan are notoriously unpopular and changes to the consumption tax have faced long delays and political battles. On October 1, the general consumption tax rate in Japan was raised from 8% to 10%, with a secondary tax tier of 8% for food products meant to be consumed at home. This increase had been delayed multiple times since its initial implementation date in 2015. The last consumption tax increase, from 5% to 8% in 2014, had been the first in 17 years.
As of October 1, 2019, Costa Rica is implementing major tax reform. This began on July 1, 2019 and the changes implemented then included increased progressive tax rates on employment income, with the top marginal tax rate increasing from 15% to 25%. Costa Rica is changing the tax year, switching from a tax year beginning October 1st to a tax year beginning January 1st.
Data Points brings you the latest updates from our Housing, Goods & Services, and Tax departments. These highlights are based on our expert international surveys, which are conducted on location by our global data collection team.
As we close out the year and look to 2020, we are highlighting the most impactful news for Global Mobility in 2019. Last week, we posted our top 5 downloads and our top 5 mobility policy articles. Today's post features the most popular tax news that we published this year.
Before assignee’s arrive in South Korea, it’s important for them to understand the variety of ways to rent a property. In general, there are three different rental payment methods in South Korea, and a mix of all three is typically used in any given city.
A new year is once again upon us. As we turn the page on 2019, it's important to take stock of what we learned before we transition to 2020 and the continued change we anticipate seeing across Global Mobility. Below, you'll find the top 5 downloads that have helped shape our views on where mobility is in 2019 and where it will go in 2020.
China has implemented measures that generally reduce social security contributions. The reductions are primarily targeting employer contributions to the social insurance programs and are part of a multi-year effort to unify pension systems at the national level. However, the social insurance wage base has increased in Shanghai, resulting in an increase in employee contributions to social security for Shanghai taxpayers. The net effect is a reduction in income tax for Shanghai taxpayers as the increased employee social contributions are deductible.
The United Kingdom and Switzerland have completed a transitional agreement to maintain social security rights in the event of a no-deal Brexit. The deal also preserves working privileges, residency rights, and freedom of movement between the two countries.