Under the current start-up exemption scheme, a newly incorporated company can claim full tax exemption on the first S$100,000 of chargeable income and 50% exemption for next S$ 200,000 of chargeable income. A company that qualifies should have been incorporated and tax resident in Singapore, and have no more than 20 shareholders of which at least one individual holds at least 10% of total number of issued ordinary shares. The full tax exemption is available for the first 3 consecutive Years of Assessment.

The Minister has proposed the start-up exemption scheme to be extended to companies limited by guarantee, subject to same conditions imposed on companies limited by shares, with effect from Year of Assessment 2010. (more…)

Filing bankruptcy enters into many minds when the bills are piling up, plus the huge tax debt bill and it seems like there is nowhere to go for help. Millions of families are in those circumstances right now. First you have to consider the whole impact of what bankruptcy brings. It does clear all of your debt, but what are you left with? Nothing. You will not own anything – it will belong to the bank. You will have no credit and you will have to start out trying to gain back credit just like a teenager would have to.

There is another way to go about these things. There are various programs offered by the government that will cover different aspects of a person’s life. There are mortgage assistance programs, various low-income grants and such so that you can get help. Instead of applying for bankruptcy you may be able to get rid of some of your debt by using some of these. You might wonder if we are forgetting about the back taxes. Well, the answer is no. (more…)

Even if you are not bogged down in credit card debt, mortgages, and other such bills, a tax debt valued at tens of thousands of dollars in most cases can cause definite financial stress. So imagine what it is like if there are the other bills to worry about.

There is a tactic to deal with this that may not be receiving great publicity in either the positive aspect or in popularity. There are a lot of negative stories and perhaps that is the reason why it is not so popular either. There are many struggling with back taxes that haven’t even heard of settling them. It may be time to change that.

The crisis seems to have made it easier to make settlements with the IRS because they just want some of their money. They will settle for what they consider to be a reasonable offer instead of the full amount to get some revenue and close cases. (more…)

Settling tax debts have gotten a bad reputation over the years for some reason. The notion had been out there that you should be able to get rid of all those tax debts without paying anything. Well, unless you keep moving around so the IRS doesn’t find you then that probably won’t happen unless you are in such dire circumstances that you literally can’t afford to. Since an individual has accrued such debt for a reason, whether a simple mistake while filing or not filing at all, then it is technically that person’s responsibility. The only problem is that the penalty tacked on to any amount may surpass that original balance. That is where the issue rises.

If you are planning on hiding from the IRS, it might actually take more money in moving and living expenses then if you just simply negotiated an amount with them. You’ll have a lot better chance in winning your case if you at least offer them something. Many times, they will agree to an amount as long as it appears reasonable. You don’t have to hire a lawyer or agent if you don’t want to. Sometimes it’s better not to. (more…)

Many of you have already heard all of the scary stories about having to settle back taxes with the IRS. Some of them probably are well-founded. It depends on the reason for the amount of debt and how much running that individual did first before the IRS found them. The officials at the IRS have heard and seen all of the reasons and situations for such back taxes, and they can certainly tell when someone is telling the truth, or when they should start digging deeper. They have been trained well and most have years of experience in the business. They don’t fall for all of the lengthy excuses either because they hear them every day. (more…)

The differences are due to the fact that there is no single tariff for residential customers in France. Most consumers are either on a tarif de base or an off peak tariff called heures pleines-heures creuses, but different standing order and consumption charges apply for each tariff depending on the level of the kVA supply to the property. There are also other more complicated tariffs called ‘Tempo’ and ‘EJP’, with the latter now being phased out.

The main changes are:

* The 2.5 million low users of electricity who have opted for the lowest supply rating of 3 kVA on the tariff de base will see their annual subscription increase by 138% a year to €66.82 (including VAT). At the same time their consumption charges go down from €0.1350 to €0.1078 per kilowatt-hour (kWh), a decrease of 20%.
* For the 12 million residential users on the tariff de base with a supply rating of 6 kVA their standing charge before VAT rises by 7% to €77.08.
* Conversely, users with a 9 kVa supply on the tariff de base will benefit from a reduction in their annual standing charge from €124.20 per year to €96.78 (-22%), but their consumption charge increase from €0.1106 per kWh to €0.1125 (+2%). (more…)

Settling tax debts have gotten a bad reputation over the years for some reason. The notion had been out there that you should be able to get rid of all those tax debts without paying anything. Well, unless you keep moving around so the IRS doesn’t find you then that probably won’t happen unless you are in such dire circumstances that you literally can’t afford to. Since an individual has accrued such debt for a reason, whether a simple mistake while filing or not filing at all, then it is technically that person’s responsibility. The only problem is that the penalty tacked on to any amount may surpass that original balance. That is where the issue rises.

If you are planning on hiding from the IRS, it might actually take more money in moving and living expenses then if you just simply negotiated an amount with them. You’ll have a lot better chance in winning your case if you at least offer them something. Many times, they will agree to an amount as long as it appears reasonable. You don’t have to hire a lawyer or agent if you don’t want to. Sometimes it’s better not to.

You can do it yourself using the instructions given on the government and IRS website. Make sure you have the documents needed and the appropriate forms. If after reading their websites you need more help, you can contact their offices. They will be more than happy to answer any of your questions. After all, that is their job. (more…)

‘I have no intention of continuing to provide support for the construction of dwellings that are a sieve in terms of their energy consumption’, said President Sarkozy last month.

Accordingly, the deductibility of mortgage interest for new dwellings will progressively be reserved for very low energy consumption properties.

Existing properties remain unaffected by this proposal, as the announcement is clearly aimed at trying to persuade developers that they need to improve the energy performance of newly constructed dwellings. (more…)

There are two ways of looking at settling tax debts. You will save some of the money that you owe, and the IRS will also get a portion of the money owed. If you do owe money, you probably don’t care about the IRS getting it, but they certainly do. With them allowing you to make a compromise with them, it means that you get an easier way out.

You might be wondering why the IRS is willing to compromise in the first place. Well, it saves them time and energy by not having to try to find the person running away from the debt, and it means that they will surely receive some sort of payment. Many times they are happy to be paid just a portion of it. The penalties are put there to ensure that people pay the money, so if you settle with them, there is a chance that they could let you off with the penalties plus portions of the balance as well. (more…)

There are a few ways of going about settling tax debt, all of which have their pros and cons. The first one is by going through the process yourself. In doing this, you have to be sure to follow the instructions carefully and have all of your documents prepared. They may require anything for proof of income, loan documents, and anything else that might affect your financial status. Some say that if you are too helpful, that they will dig deeper and may find things that you don’t want them to see, but at the same time you need to be honest and cooperative with them. So if you choose to pursue the matter in this way, be wise.

The other ways include having a lawyer or an agency go through these steps with you. They will advise you on what kind of documentation that you need, and they will help you fill out the forms and make an appropriate offer to the IRS. You have to be careful when choosing someone to work for you. Shop around; look for the best rates of payment; and when they want to be paid. The agents or lawyers who expect to be paid upfront can take longer in reaching a settlement because they already have their money. Some may ask for a small starter fee then ask for the balance when an agreement has been made. This is usually the better route out of the two. (more…)