|
Beckham Law
The "Beckham Law" ( es, ley Beckham; Royal Decree 687/2005) is a Taxation in Spain, Spanish Tax Decree passed in June 2005. The law gained its nickname after the footballer David Beckham became one of the first foreigners to take advantage of it. However, the law is aimed at all foreign workers (particularly the wealthier ones) living in Spain. Upon application and acceptance by authorities, such individuals become liable for Spanish taxes based on their Spanish income and assets but avoid such taxes on their non-Spanish income and assets. Background Under Taxation_in_Spain, Spanish tax law, individuals who spend 183 days or more during a tax year in Spain are normally deemed tax resident. Temporary absences are ignored when determining residency unless a person can prove that he is habitually resident in another country. Thus, footballers coming to Spain would automatically become Spanish tax residents on the day count rule (over 183 days) and, as Spanish residents, would have b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Spain
Taxes in Spain are levied by national (central), regional and local governments. Tax revenue in Spain stood at 36.3% of GDP in 2013. A wide range of taxes are levied on different sources, the most important ones being income tax, social security contributions, corporate tax, value added tax; some of them are applied at national level and others at national and regional levels. Most national and regional taxes are collected by the Agencia Estatal de Administración Tributaria which is the bureau responsible for collecting taxes at the national level. Other minor taxes like property transfer tax (regional), real estate property tax (local), road tax (local) are collected directly by regional or local administrations. Four historical territories or foral provinces ( Araba/Álava, Bizkaia, Gipuzkoa and Navarre) collect all national and regional taxes themselves and subsequently transfer the portion due to the central Government after two negotiations called Concierto (in which the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdicti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Burden
In economics, tax incidence or tax burden is the effect of a particular tax on the distribution of economic welfare. Economists distinguish between the entities who ultimately bear the tax burden and those on whom tax is initially imposed. The tax burden measures the true economic weight of the tax, measured by the difference between real incomes or utilities before and after imposing the tax, taking into account how the tax leads prices to change. If a 10% tax is imposed on sellers of butter, for example, but the market price rises 8% as a result, most of the burden is on buyers, not sellers. The concept of tax incidence was initially brought to economists' attention by the French Physiocrats, in particular François Quesnay, who argued that the incidence of all taxation falls ultimately on landowners and is at the expense of land rent. Tax incidence is said to "fall" upon the group that ultimately bears the burden of, or ultimately suffers a loss from, the tax. The key concept ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. From the point of view of running a business, salary can also be viewed as the cost of acquiring and retaining human resources for running operations, and is then termed personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. Salary is typically determined by comparing market pay rates for people performing similar work in similar industries in the same region. Salary is also determined by leveling the pay rates and salary ranges established by an individual employer. Salary is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Year
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner ( non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Current Liability
In accounting, current liabilities are often understood as all liabilities of the business that are to be settled in cash within the fiscal year or the operating cycle of a given firm, whichever period is longer. A more complete definition is that current liabilities are obligations that will be settled by current assets or by the creation of new current liabilities. Accounts payable are due within 30 days, and are paid within 30 days, but do often run past 30 days or 60 days in some situations. The laws regarding late payment and claims for unpaid accounts payable is related to the issue of accounts payable. An operating cycle for a firm is the average time that is required to go from cash to cash in producing revenues. For example, accounts payable for goods, services or supplies that were purchased for use in the operation of the business and payable within a normal period would be current liabilities. Amounts listed on a balance sheet as accounts payable represent all bill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expatriate
An expatriate (often shortened to expat) is a person who resides outside their native country. In common usage, the term often refers to educated professionals, skilled workers, or artists taking positions outside their home country, either independently or sent abroad by their employers. However, the term 'expatriate' is also used for retirees and others who have chosen to live outside their native country. Historically, it has also referred to exiles. Expatriates are immigrants or emigrants who maintain cultural ties such as the language of their country of origin. Etymology The word ''expatriate'' comes from the Latin terms '' ex'' ("out of") and ''patria'' ("native country, fatherland"). Semantics Dictionary definitions for the current meaning of the word include: :Expatriate: :* 'A person who lives outside their native country' (Oxford), or :* 'living in a foreign land' (Webster's). These definitions contrast with those of other words with a similar meaning, such a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Residence
The criteria for residence for tax purposes vary considerably from jurisdiction to jurisdiction, and "residence" can be different for other, non-tax purposes. For individuals, physical presence in a jurisdiction is the main test. Some jurisdictions also determine residency of an individual by reference to a variety of other factors, such as the ownership of a home or availability of accommodation, family, and financial interests. For companies, some jurisdictions determine the residence of a corporation based on its place of incorporation. Other jurisdictions determine the residence of a corporation by reference to its place of management. Some jurisdictions use both a place-of-incorporation test and a place-of-management test. Domicile is, in common law jurisdictions, a different legal concept to residence, though the place of residence and the place of domicile would typically be the same. The criteria for residence in double taxation treaties may be different from those of do ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nickname
A nickname is a substitute for the proper name of a familiar person, place or thing. Commonly used to express affection, a form of endearment, and sometimes amusement, it can also be used to express defamation of character. As a concept, it is distinct from both pseudonym and stage name, and also from a title (for example, City of Fountains), although there may be overlap in these concepts. Etymology The compound word ''ekename'', literally meaning "additional name", was attested as early as 1303. This word was derived from the Old English phrase ''eac'' "also", related to ''eacian'' "to increase". By the 15th century, the misdivision of the syllables of the phrase "an ekename" led to its rephrasing as "a nekename". Though the spelling has changed, the pronunciation and meaning of the word have remained relatively stable ever since. Conventions in various languages English nicknames are generally represented in quotes between the bearer's first and last names (e.g., '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Workers
Foreign workers or guest workers are people who work in a country other than one of which they are a citizen. Some foreign workers use a guest worker program in a country with more preferred job prospects than in their home country. Guest workers are often either sent or invited to work outside their home country or have acquired a job before leaving their home country, whereas migrant workers often leave their home country without a specific job in prospect. Tens of millions of people around the world operate as foreign workers. As of 2018, according to reports from the Bureau of Labor Statistics, there is an estimated 28 million foreign-born workers in the United States, which draws most of its immigrants from Mexico, including 4 or 5 million undocumented workers. It is estimated that around 5 million foreign workers live in northwestern Europe, half a million in Japan, and around 5 million in Saudi Arabia. Between January and June in 2019, 2.4 million foreigners arrived to wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Resident
The criteria for residence for tax purposes vary considerably from jurisdiction to jurisdiction, and "residence" can be different for other, non-tax purposes. For individuals, physical presence in a jurisdiction is the main test. Some jurisdictions also determine residency of an individual by reference to a variety of other factors, such as the ownership of a home or availability of accommodation, family, and financial interests. For companies, some jurisdictions determine the residence of a corporation based on its place of incorporation. Other jurisdictions determine the residence of a corporation by reference to its place of management. Some jurisdictions use both a place-of-incorporation test and a place-of-management test. Domicile is, in common law jurisdictions, a different legal concept to residence, though the place of residence and the place of domicile would typically be the same. The criteria for residence in double taxation treaties may be different from those of do ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
