Worldwide personal tax guide PDF
Preview Worldwide personal tax guide
Worldwide personal tax guide Income tax, social security and immigration 2012–2013 Preface The Worldwide Personal Tax Guide (formerly The Global Executive) is part of a suite of premier tax guides published each year by Ernst & Young. The others are the Worldwide Corporate Tax Guide, the Worldwide VAT, GST and Sales Tax Guide, and, new this year, the Estate and Inheritance Tax Guide. Each represents thousands of hours of tax research, and within the limits of annual publications, they are the most reliably comprehensive tax guides available. Since the global financial crisis, national governments have quickly and substantially amended their tax codes. Those frequent enactments of new rates, deductions, credits and other tax provi- sions have made these guides all the more valuable. The content of the Worldwide Personal Tax Guide is straightfor- ward. Chapter by chapter from Afghanistan to Zimbabwe, we summarize personal tax systems and immigration rules for indi- viduals in 152 jurisdictions. The content is current on 1 July 2012, with exceptions noted. Each chapter begins with Ernst & Young’s in-country executive and immigration contact information, and some jurisdictions add contacts from our International High Net Worth Group. Then we lay out the essential facts about the jurisdiction’s personal taxes. We start with the personal income tax, explaining who is liable for tax and, at some length, what types of income are considered taxable and which rates, deductions and credits apply. A section on “other taxes” varies by jurisdiction but often includes estate, inheritance, gift and real estate taxes. A social security section covers payments for publicly provided health, pensions and other social benefits, followed by sections on tax filing and payment procedures and double tax relief and tax treaties. The immigra- tion sections provide information on temporary visas, work visas and permits, residence visas and permits, and family and per- sonal considerations. Appendices summarize the taxability of various income items in a concise table and offer a sample tax calculation. At the back of the book, readers will find a list of the names and symbols for all national currencies and a list of contacts for emerging markets. Electronic versions of the Worldwide Personal Tax Guide and other tax publications are available on ey.com, viewable on large and small devices, and an app for tablets is available at app stores. Ernst & Young September 2012 Although this publication is intended to be comprehensive, it should not be regarded as offering advice or a complete explanation of the tax and other matters referred to and is sub- ject to changes in the law and other applicable rules. Also, this publication does not provide guidance on the application of the information contained in practice. Local publications that are more detailed are frequently available, and readers are advised to consult their local Ernst & Young professionals for further information. About Ernst & Young’s Tax services Your business will only achieve its true potential if you build it on strong foundations and grow it in a sustainable way. At Ernst & Young, we believe that managing your tax obligations responsibly and proactively can make a critical difference. Our global teams of talented people bring you technical knowledge, business experi- ence and consistent methodologies, all built on our unwavering commitment to quality service — wherever you are and whatever tax services you need. Effective compliance and open, transparent reporting are the foundations of a successful tax function. Tax strategies that align with the needs of your business and recognize the poten- tial of change are crucial to sustainable growth. So we create highly networked teams who can advise on planning, compliance and reporting and help you maintain effective tax authority relationships — wherever you operate. Our technical networks across the globe can work with you to reduce inefficiencies, mitigate risk and improve opportunity. Our 29,000 tax people, in more than 140 countries, are committed to giving you the quality, consistency and custom- ization you need to support your tax function. It’s how Ernst & Young makes a difference. © 2012 EYGM Limited. All Rights Reserved. Contents Ernst & Young Global Tax contacts ............................................ 1 Afghanistan ................................................................................. 3 Albania ...................................................................................... 10 Angola ....................................................................................... 19 Argentina ................................................................................... 23 Armenia .................................................................................... 45 Aruba ........................................................................................ 59 Australia .................................................................................... 63 Austria (European Union member state) .................................. 78 Azerbaijan ................................................................................. 92 Bahamas .................................................................................... 96 Bahrain .................................................................................... 100 Barbados ................................................................................. 103 Belarus .................................................................................... 113 Belgium (European Union member state) .............................. 125 Bermuda .................................................................................. 141 Bolivia ..................................................................................... 149 Bonaire, Sint Eustatius and Saba (BES-Islands) .................... 155 Botswana ................................................................................. 160 Brazil ....................................................................................... 167 British Virgin Islands .............................................................. 179 Brunei Darussalam.................................................................. 183 Bulgaria (European Union member state) .............................. 186 Cambodia ................................................................................ 196 Cameroon ................................................................................ 202 Canada ..................................................................................... 210 Cayman Islands ....................................................................... 234 Chile ........................................................................................ 241 China, People’s Republic of .................................................... 251 Colombia ................................................................................. 266 Congo, Democratic Republic of ............................................. 276 Congo, Republic of ................................................................. 283 Costa Rica ............................................................................... 290 Côte d’Ivoire ........................................................................... 295 Croatia ..................................................................................... 304 Curaçao ................................................................................... 312 Cyprus (European Union member state) ................................ 320 Czech Republic (European Union member state) .................. 327 Denmark (European Union member state) ............................. 339 Dominican Republic ............................................................... 349 Ecuador ................................................................................... 354 Egypt ....................................................................................... 361 El Salvador .............................................................................. 368 Equatorial Guinea ................................................................... 376 Estonia (European Union member state) ................................ 381 Ethiopia ................................................................................... 397 Fiji ........................................................................................... 404 Finland (European Union member state) ................................ 410 France (European Union member state) ................................. 421 Gabon ...................................................................................... 445 Georgia .................................................................................... 451 Germany (European Union member state) ............................. 465 Ghana ...................................................................................... 488 Greece (European Union member state) ................................ 496 Guam ....................................................................................... 509 Guatemala ............................................................................... 516 Guernsey, Channel Islands ...................................................... 523 Guinea ..................................................................................... 530 Honduras ................................................................................. 535 Hong Kong Special Administrative Region (SAR) of China ...................................................................... 540 Hungary (European Union member state) .............................. 552 Iceland ..................................................................................... 564 India ........................................................................................ 573 Indonesia ................................................................................. 592 Iraq .......................................................................................... 604 Ireland, Republic of (European Union member state) ............ 608 Isle of Man .............................................................................. 628 Israel ........................................................................................ 637 Italy (European Union member state) .................................... 651 Jamaica .................................................................................... 665 Japan ....................................................................................... 674 Jersey, Channel Islands ........................................................... 688 Jordan ...................................................................................... 698 Kazakhstan .............................................................................. 702 Kenya ...................................................................................... 711 Korea (South) .......................................................................... 720 Kuwait ..................................................................................... 739 Laos ......................................................................................... 744 Latvia (European Union member state) ................................. 751 Lebanon ................................................................................... 761 Lesotho .................................................................................... 767 Libya ....................................................................................... 771 Liechtenstein ........................................................................... 776 Lithuania (European Union member state) ............................ 780 Luxembourg (European Union member state) ....................... 790 Macau Special Administrative Region (SAR) of China ......... 808 Macedonia, Former Yugoslav Republic of .............................. 817 Madagascar ............................................................................. 824 Malawi .................................................................................... 827 Malaysia .................................................................................. 834 Maldives .................................................................................. 848 Malta (European Union member state) .................................. 849 Mauritania ............................................................................... 866 Mauritius ................................................................................. 872 Mexico .................................................................................... 880 Moldova .................................................................................. 892 Montenegro ............................................................................. 898 Morocco .................................................................................. 902 Mozambique ........................................................................... 908 Namibia ................................................................................... 914 Netherlands (European Union member state) ........................ 921 New Zealand ........................................................................... 942 Nicaragua ................................................................................ 957 Nigeria ..................................................................................... 961 Northern Mariana Islands, Commonwealth of the ................. 970 Norway .................................................................................... 978 Oman ....................................................................................... 990 Pakistan ................................................................................... 995 Palestinian Authority ............................................................. 1009 Panama .................................................................................. 1013 Papua New Guinea ................................................................ 1021 Paraguay ................................................................................ 1029 Peru ....................................................................................... 1034 Philippines............................................................................. 1042 Poland (European Union member state) ............................... 1066 Portugal (European Union member state) ............................ 1075 Puerto Rico ........................................................................... 1089 Qatar ...................................................................................... 1101 Romania (European Union member state) ........................... 1105 Russian Federation ................................................................ 1112 Rwanda.................................................................................. 1122 Saudi Arabia .......................................................................... 1126 Senegal .................................................................................. 1132 Serbia .................................................................................... 1140 Seychelles ............................................................................. 1146 Singapore .............................................................................. 1149 Sint Maarten .......................................................................... 1163 Slovak Republic (European Union member state) ............... 1171 Slovenia (European Union member state) ............................ 1180 South Africa .......................................................................... 1192 Spain (European Union member state) ................................. 1205 Sri Lanka ............................................................................... 1225 Swaziland .............................................................................. 1238 Sweden (European Union member state) ............................. 1244 Switzerland ........................................................................... 1256 Taiwan ................................................................................... 1270 Tanzania ................................................................................ 1286 Thailand ................................................................................ 1295 Trinidad and Tobago ............................................................. 1303 Tunisia ................................................................................... 1312 Turkey ................................................................................... 1319 Uganda .................................................................................. 1331 Ukraine .................................................................................. 1339 United Arab Emirates ........................................................... 1350 United Kingdom (European Union member state) ............... 1353 United States ......................................................................... 1386 U.S. Virgin Islands ................................................................ 1418 Uruguay ................................................................................. 1425 Uzbekistan ............................................................................. 1428 Venezuela .............................................................................. 1435 Vietnam ................................................................................. 1442 Zambia .................................................................................. 1455 Zimbabwe .............................................................................. 1459 Contacts for emerging markets ............................................. 1471 Foreign currencies ................................................................. 1475 1 Ernst & Young Global Tax contacts London GMT Ernst & Young Global +44 (20) 7980-0000 Becket House Fax: +44 (20) 7980-0275 (Tax) 1 Lambeth Palace Road London SE1 7EU England Ernst & Young Global Tax David Holtze, +44 (20) 7980-0019 Global Vice Chairman – Tax Mobile: +44 7825-938-783 Fax: +44 (20) 7980-0275 Email: 2 E RN S T & YOU N G GL O BA L TA X C O N TAC T S Srinivasa Rao, +44 (20) 7980-0936 Global Chief Operating Officer – Tax Mobile: +44 7825-341-657 Fax: +44 (20) 7980-0275 Email: 3 Afghanistan ey.com/GlobalTaxGuides ey.com/TaxGuidesApp (Country code 93) Kabul GMT +4½ Ernst & Young Street address: Ford Rhodes Sidat Hyder & Co. Park Plaza, 2nd Floor Afghanistan mail address: Torabaz Khan Road Park Plaza, 2nd Floor Shehre Nou, Kabul Torabaz Khan Road Afghanistan Shehre Nou, Kabul Afghanistan Executive and immigration contacts Nasim Hyder +92 (21) 3565-0007-11 (resident in Karachi, Pakistan) Fax: +92 (21) 568-1965 Email:
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