A Look at The Change in Vat Rates And Corporate Tax in France

As part of a range of austerity cuts following the latest Euro currency rescue agreement, the government of France announced plans to impose a ‘temporary’ corporate tax surcharge of 5 percent for 2012 and 2013 for large companies. The French government also plans to increase the ‘reduced’ value-added tax (VAT) rate of 5.5 percent to 7 percent, with certain limited exceptions. The move is part of France’s second austerity package designed to increase corporate tax revenue and reduce government expenditure and debts. It is said that the extra cuts make the 2012 budget one of the toughest since 1945.

What are the New Corporate Tax Proposals?

The corporate tax proposal mainly focuses on two measures that would affect business taxpayers. A temporary 5percent surcharge on corporate income tax would be implemented in 2012 and 2013 for companies having an annual turnover of E250 million or more. The “reduced VAT rate” which is currently at 5.5 percent will be increased to 7percent for all goods and services (with an exception to food and certain goods/services provided to disabled persons).

Tax proposals for Individual Taxpayers

The French government also introduced an exceptional 4 percent individual income tax on taxpayers with income of E250,000 or more if single and E500,000 or more for qualifying couples which is currently being considered by the French Parliament. Some of the proposed measures concerning taxation of individuals, if enacted, would increase the individual income tax ‘flat rate’ that applies for dividends and savings income from 19 percent to 24 percent.

Take the help of an expert

When doing business overseas, the last thing any organization wants to do is to pay your hard-earned profits as unnecessary taxes, especially in the current economic climate. It is best to partner with an expert to help simplify the process and overcome any challenges in taxation. A business consultant will have a complete up-to date information on how to keep up with the ever changing laws pertaining to expat tax, global transfer pricing, regulatory filing, to name a few. A dependable professional partner in an international expansion can help get rid of any concern regarding your overseas expansion project, thereby allowing you to focus on building your business.

Buying a Home Getting a Mortgage From Mclean Mortgage Joe Lucas

It might be fun and exciting for being buying your first house. However do realise that acquiring a favourable mortgage approval is not a god given right. It is possible that you have found home of your dreams and not being able to obtain a suitable mortgage to try and do the purchase. To higher prepare yourself on getting a suitable mortgage it doesn’t strain you financially, they’re some things to be aware of.

Firstly, have a copy of your personal credit profile. You probably have no idea of the way look like. You might think that a past problem for a specific credit card is settled. However, your own credit report may show otherwise. When these problems arise, you will need to talk with your issuer and legal action to uncover why it is so. Lenders are particularly considering a borrower’s credit conduct. Having bad personal credit may result in outright rejection of your respective housing personal loan application or becoming offered unfavourable terms on your own housing mortgage. It is a good option to promptly repay your bad debts back then before you apply for your housing financial loan.

Secondly, lenders need to know how stable is the personal income to evaluate whether you can comfortably repay the mortgage. To guage the stability and consistency of ones own income, you will have to show your annual income going back 24 months. Your individual income can also play a role in determining the dimensions of a borrowing arrangement quantum you can pay for to borrow. A greater income means that you can afford a greater loan.

A standard practice that home buyers often make is to calculate just how much a mortgage they might afford and maximize their affordability. However, remember that there are various of costs that should be taken into consideration after you purchase a house. A mortgage payment is not all of that you have to pay for. Such things as utilities, insurance, maintenance costs, renovation loan, property taxes, etc, are costs that very first time house buyers often don’t recognize. Calculate your monthly living costs and produce a bid on the cost you will need to commit to miscellaneous stuff. Check with friends for their bills. It is far better for ones lifestyle to purchase a house you can actually afford instead of purchase a dream house that you’re going to have trouible with just to pay bills.

It really is inevitable which a first time buyer may be stressed from the house search and also the mortgage search. Being prepared and understanding important knowledge can help significantly alleviate that.