MJ Blogs

Cyprus Taxation: Tax Law Exemptions for Expatriates in the Country Social Security Contributions National Health Contributions Tax Reporting and Social Security Reporting Tax Law Taxable Income From Taxable Income To Tax Rate (%) Cumulative Tax (Amount) 0 19,500 0 - 19,500 28,000 20 - 28,000 36,300 25 1,700 36,300 60,000 30 3,775 60,000+ 35 10,885 Above tax rate table is applied for calculating tax of a Cypriot. Foreign payments are taxed at the rate of 5%. An annual exemption of Euro 3,420 is granted. The taxpayer has the option to elect to be taxed at the normal personal tax rates as set out above. This is a choice which can be made year-on-year basis. Cyprus source widow( er )’s pension is taxed at flat rate of 20 % on amounts over Euro 19,500 or the taxpayer can elect to be taxed at the personal  tax rates set o

When PF Balance can be withdrawn: On Retirement Unemployed for 2 months or more (this needs to be certified by Gazetted Officer) Marriage of self, son/daughter, brother/sister - Min Service 7 yrs, up to 50% of employee share Education of self, children after class 10 - Min Service 7 yrs, up to 50% of employee share Home Loan Repayment - Min Service 10 yrs, up to 90% of both employer and employee share Renovation of House - Min Service 5 yrs, up to 12 times of monthly wage Before Retirement - on or after 57 yrs age, up to 90% of accumulated balance with interest. Note: Withdrawal of PF on switching jobs without remaining unemployed for two months is against PF Withdrawal rules. Procedure: Physical Application: Composite Claim Form (Aadhar) / (Non-Aadhar). These forms need to be submitted to jurisdictional EPFO office without the attestation of employer whereas Non-Aadhar form required attestation.  Go to epfindia.gov.in , download section for forms. Online Applica

Hong Kong Budget 2018 has been released on Wednesday, 28 February 2018 by Financial Secretary, the Hon Paul MP Chan. 1. Income Tax Bands proposed to be changed.   Old Rates (2017-18)  Marginal tax rate  New Rates (2018-19)  Marginal tax rate  First $45000  2%  First $50000  2%  Next $45000  7%  Next $50000  6%  Next $45000  12%  Next $50000  10%  Remainder  17%  Next $50000  14%  Remainder  17% The above proposal will reduce the tax burden of 1.34 million taxpayers. 2. The basic and child allowance will be increased to $120,000 from existing 102,500. 3. Allowance for dependent parent or grand parent aged between 55 and 59 will be increased to $25000 from existing 23575 4. Dependent parent or grand parent aged 60 or above will be increased fro

Employers need to consider below updates for calculating tax  Tax Rates for 2018-19 Taxable Income 2018/19 Rates of Tax 0- 195850 18% of taxable income 195851- 305850 35,253 + 26% of the amount above 195850 305851 - 423300 63853 + 31% of amount above 305850 423301 - 555600 100263 + 36% of the amount above 423300 555601 - 708310 147891 + 39% of the amount above 555600 708311 - 1500000  207448 + 41% of the amount above 708310  1500000 and above  532041 + 48% of the amount above 1500000 Rebates Primary - R 14067 Secondary (Persons 65 and older) - R 7713 Tertiary (Persons 75 and older) - R 2574 Tax Threshold Below age 65 - R 78150 Age 65 to Below 75 - R 121800 Age 75 and over - R 135 300 Retirement Fund Deduction The deduction is limited to 27.5% of the greater of remuneration for PAYE Purpose or taxable income (both excluding retirement fund lump sum

RISE Program is launched with the aim to improve the quality of education across countries by studying the current education system, engaging with researchers to understand how education system function, ensuring teachers and policy makers have access to most relevant and updated information. The Human Right is Education and not attendance at school or colleges. The vast majority of uneducated students can be found in Schools. RISE aims to study the underlying causes of education system failure in India. RISE will conduct a research intended to find ways to improve student achievement in India where skills are in shortage and demand is rising.  The India Country Research Team Members Alejandro J. Ganimian is an Education Post-Doctoral Fellow at the Abdul Latif Jameel Poverty Action Lab (J-PAL) South Aisa in India. J-PAL South Asia which is based in India, analyzes and disseminates research results and builds partnerships with policy makers to ensure policy is driven b

The Singapore Budget is prepared for each financial year. It includes revised government revenue and expenditure projections for the current financial year, as well as planned government revenue and expenditure for the upcoming financial year.  The Budget 2018 statement to be delivered on Monday, 19 February 2018 by Minister of Finance, Mr. Heng Swee Keat in Parliament.  Real time updates of key announcements and the budget statement will be posted on the MOF Facebook Page ( www.facebook.com/MOFsg ) and the MOF Twitter account ( www.twitter.com/MOFsg ). Expectations from Budget: The Goods and Service Tax is likely to go up within the next few years, with an announcement expected as soon as Budget 2018. The Prime Minister Lee Hsien Loong, who told the PAP (People Action Party) that Singapore will be raising taxes as government spending grows particularly in health care and infrastructure. The Corporate and Individual taxes are low in Singapore but Indirect taxes (