Taxes, Income Tax, Tax Rates, Tax updates Business News, Economy 2020

Time 2020-12-26 05:02:55

Web Name: Taxes, Income Tax, Tax Rates, Tax updates Business News, Economy 2020

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1. In countries in which VAT is charged at a number of different rates, the rate in the table is the highest rate. 2. The rates in the Table do not include Local tax, if it exists. 3. Social security rates are the highest rates. Unlike income tax social security contributions are generally imposed on income up to a ceiling. U.S. October Job Report The U.S. labor department reported on November 6, 2020 that the American economy added 638,000 new jobs in October .The economists' forecast was only 530,000 new jobs. The unemployment rate in October fell to 6.9% compared to 7.9% in September. November 2020. Europe Economy According to the European statistics office the GDP of the eurozone in the third quarter of 2020 rose by 12.7% compared to the second quarter of 2020. The analysts' forecast was a rise of only 9.4%. November 2020. Israel Credit Rating The credit rating agency S&P's retained the AA- credit rating of Israel with a stable outlook. The credit rating is in spite of the fact that Israel does not have yet a state budget and the ongoing political instability. November 2020. U.S. September Job Report The U.S. labor office reported on October 2,2020 that the American economy added in September 661,000 new jobs compared to a preliminary forecast of 800,000 new jobs. October 2020. China Economy Growth The Chinese statistics office reported that the Chinese economy grew by 4.9% in the third quarter of 2020.In the first quarter of 2020 the economy fell by 6.8% while the second quarter of 2020 ended by a growth of 3.2%. October 2020. U.K. Credit Rating Downgrade The credit rating agency Moody's downgraded on October 17,2020 U.K.'s credit rating by one notch from Aa2 to Aa3 with a stable outlook for the British economy. October 2020. U.S. August Job Report According to a report by the U.S. labor department dated September 4, 2020 1.37 million new jobs were added to the American economy in August 2020 compared to a preliminary forecast of 1.3 million new jobs. September 2020. Turkey Economy According to a report by the Turkish statistics office the Turkish economy shrank in the second quarter of 2020 by 9.9% compared to the same quarter in 2019 and by 11% compared to the first quarter of 2020. September 2020. Israel Purchase Tax The Israeli parliament approved on July 28,2020 reducing the real estate purchase tax for investors from previous 8% to 5%.At present investors pay 8% up to a purchase price of IS 5.3 million. July 2020. Saudi Arabia Customs Duties Saudi Arabia raised on June 10,2020 the customs duties on certain products at the rates of 5%-25%.The rise is aimed to face the corona virus crisis effects. July 2020. Czech Republic Tax Update The Czech president approved an amendment which will allow Czech firms and individuals to carryback losses backwards to two years up to a ceiling of CZK 30 million. July 2020. Cyprus V.A.T. Cut The government approved a reduction of the V.A.T. rate from 9% to 5% for certain services related to hotel accommodation ,restaurants etc. The reduction will apply from July 1,2020 to January 10, 2021. July 2020. Russia Interest Rate Cut The Russian central bank cut on June 19, 2020 the interest rate by 1% to 4.5% the lowest rate since 1991. The present cut follows the previous cut of 0.5% in April. June 2020. World Bank Forecast The world bank published on June 8.2020 its global forecast. According to the forecast the world economy will shrink by 5.2% in 2020, the sharpest shrink since 1945-1946, post second world war. June 2020. U.K. Economy Shrink The British statistics office reported on June 12, 2020 that the British economy shrank by 20.4% in April 2020. Analysts prior forecast was a shrink of 18.4%. June 2020. Germany Economy Shrink The German economy shrank in the first quarter of 2020 by 2.2%, the worst growth since 2009. In the last quarter of 2019 the economy shrank by 0.1%. May 2020. Saudi Arabia V.A.T. Rise Starting July 1 2020 the Saudi V.A.T. rate which was first introduced only two years ago will rise from 5% to 15% trying to stable the economy facing the corona crisis. May 2020. U.S. August Job Report According to a report by the U.S. labor department dated September 4, 2020 1.37 million new jobs were added to the American economy in August 2020 compared to a preliminary forecast of 1.3 million new jobs. September 2020. Turkey Economy According to a report by the Turkish statistics office the Turkish economy shrank in the second quarter of 2020 by 9.9% compared to the same quarter in 2019 and by 11% compared to the first quarter of 2020. September 2020. Israel Purchase Tax The Israeli parliament approved on July 28,2020 reducing the real estate purchase tax for investors from previous 8% to 5%.At present investors pay 8% up to a purchase price of IS 5.3 million. July 2020. Saudi Arabia Customs Duties Saudi Arabia raised on June 10,2020 the customs duties on certain products at the rates of 5%-25%.The rise is aimed to face the corona virus crisis effects. July 2020. Czech Republic Tax Update The Czech president approved an amendment which will allow Czech firms and individuals to carryback losses backwards to two years up to a ceiling of CZK 30 million. July 2020. Cyprus V.A.T. Cut The government approved a reduction of the V.A.T. rate from 9% to 5% for certain services related to hotel accommodation ,restaurants etc. The reduction will apply from July 1,2020 to January 10, 2021. July 2020. Russia Interest Rate Cut The Russian central bank cut on June 19, 2020 the interest rate by 1% to 4.5% the lowest rate since 1991. The present cut follows the previous cut of 0.5% in April. June 2020. World Bank Forecast The world bank published on June 8.2020 its global forecast. According to the forecast the world economy will shrink by 5.2% in 2020, the sharpest shrink since 1945-1946, post second world war. June 2020. U.K. Economy Shrink The British statistics office reported on June 12, 2020 that the British economy shrank by 20.4% in April 2020. Analysts prior forecast was a shrink of 18.4%. June 2020. Germany Economy Shrink The German economy shrank in the first quarter of 2020 by 2.2%, the worst growth since 2009. In the last quarter of 2019 the economy shrank by 0.1%. May 2020. Saudi Arabia V.A.T. Rise Starting July 1 2020 the Saudi V.A.T. rate which was first introduced only two years ago will rise from 5% to 15% trying to stable the economy facing the corona crisis. May 2020. Spain Economy Shrink The Spanish economy shrank in the first quarter of 2020 by 5.2% due to the corona pandemic. In the last quarter of 2019 the economy grew by 0.4%. May 2020. Bulgaria Corona Update Due to the corona pandemic all Bulgarian tax payers, companies and individuals can postpone filing their tax reports for 2019 and paying the tax due till June 30, 2020. April 2020. China Economy Shrink The Chinese economy shrank in the first quarter of 2020 by 6.8%, the first shrink since 1992. In the fourth quarter of 2019 the economy grew by 6% . April 2020. Israel Interest Rate Cut The Israeli central bank cut on April 6, 2020 the interest rate by 0.15%, from 0.25% to 0.1%, the first cut since March 2015. April 2020. Czech Republic Tax Update The Czech ministry of finance decided on March 24,2020 that Czech taxpayers will be able to carry back their 2020 losses against reported income from the previous years 2018 and 2019. March 2020. Poland Tax Update The Polish ministry of finance announced on March 25,2020 that Polish companies will have an extension to file their 2019 tax reports by May 31, 2020. March 2020. U.K. Interest Rate Cut The bank of England, BOE, cut on Mach 19,2020 the interest rate from 0.25% to 0.1%, the lowest interest rate in 400 years. The new cut follows the interest cut eight days ago. March 2020. U.S. Interest Rate Cut The federal reserve cut on March 3, 2020 the U.S. interest rate by 0.5% to a range of 1%, the deepest cut since 2008.The cut is aimed to counter the corona virus crisis. March 2020. China Growth 2020 The credit rating agency S&P estimated on February 8, 2020 that the Chinese economy will grow in 2020 by only 5% compared to the previous estimate of 5.7% before the corona virus outbreak. February 2020. Germany V.A.T. Update Starting January 1, 2020 the V.A.T. on feminine products was reduced from previous 19% to 7%. February 2020. Ireland V.A.T. Update Starting January 1, 2020 a new reduced V.A.T. rate of 13.5% was introduced in Ireland for certain food supplements. February 2020. Hungary V.A.T. Update Starting January 1, 2020 the V.A.T. in Hungary on certain accommodation services was reduced from previous 18% rate to 5%. February 2020. U.S. December Job Report The labor department said that 145,000 new jobs were added to the American economy in December 2019, compared to a preliminary forecast of 160,000 new jobs. January 2020. Slovenia V.A.T update 2020 Starting January 1, 2020 the V.A.T . rate for electronic newspapers and e-books was reduced from 22% to 5%. January 2020. Croatia Tax 2020 Starting January 1, 2020 the corporate income tax rate for companies having annual income of less than HRK 7.5 million is reduced to 12%.January 2020. Homepage | Security Policy | Terms of Service Note: The information in this site is for general guidance only. Users of this site are advised to take professional advice before taking practical tax decisions. Please read our terms of service before entering this site. Homepage | Security Policy | Terms of Service Note: The information in this site is for general guidance only. Users of this site are advised to take professional advice before taking practical tax decisions. Please read our terms of service before entering this site.

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