Income Tax Act 1 socialsciences exeter ac uk

Income Tax Act 1 Socialsciences Exeter Ac Uk-PDF Download

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put into effect acc to directions in article 4 Act 141 1997 entered into force 30 December 1997 put into effect. acc to directions in article 6 Act 82 1998 entered into force 1 October 1998 Act 95 1998 entered into force 24. June 1998 put into effect acc to directions in article 10 Act 97 1998 entered into force 24 June 1998 put into. effect acc to directions in article 2 Act 154 1998 entered into force 30 December 1998 put into effect acc to. directions in article 14 Act 29 1999 entered into force 1 January 1999 put into effect acc to directions in article. 8 Act 101 1999 entered into force 30 December 1999 put into effect acc to directions in article 4 Act 102 1999. entered into force 1 January 2000 put into effect acc to directions in article 3 Act 9 2000 entered into force 17. April 2000 put into effect acc to directions in article 3 Act 84 2000 entered into force 1 August 2000 Act. 86 2000 entered into force 2 June 2000 put into effect acc to directions in article 13 Act 149 2000 entered into. force 29 December 2000 except article 5 section a article 11 article 12 and article 20 who entered into force 1. January 2001 put into effect acc to directions in article 21 Act 150 2000 entered into force 1 January 2001 put. into effect acc to directions in article 2 Act 166 2000 entered into force 1 January 2001 put into effect acc to. directions in article 2 Act 30 2001 entered into force 16 May 2001 put into effect acc to directions in article 6. Act 60 2001 entered into force 13 June 2001 Act 133 2001 entered into force 1 January 2002 except article 1. sections a b and c article 3 sections b and c article 17 section c article 19 article 34 section a article 35 section b. article 36 article 37 article 38 article 39 article 40 section a article 41 article 42 and article 52 who were put into. effect 31 December 2001 and article 44 which was put into effect 1 January 2003 put into effect acc to directions. in article 56 Act 25 2002 entered into force 8 April 2002 put into effect acc to directions in article 10 Act. 51 2002 entered into force 1 July 2002 Act 152 2002 entered into force 1 January 2003 put into effect acc to. directions in article 18 Act 21 2003 entered into force 1 July 2003 and Act 22 2003 entered into force 3 April. Republished as noted in article 17 of Act 22 2003 as Act 90 2003 Changed with Act 143 2003 entered into. force 1 January 2004 put into effect acc to directions in article 13 Act 77 2004 entered into force 18 June 2004. Act 129 2004 entered into force and put into effect acc to directions in article 149 Act 77 2005 entered into force. 9 June 2005 Act 116 2005 entered into force and put into effect acc to directions in article 4 Act 134 2005. entered into force 30 December 2005 Act 48 2006 entered into force 16 June 2006 Act 65 2006 entered into. force 27 June 2006 Act 77 2006 entered into force 30 June 2006 Act 79 2006 entered into force 30 June. 2006 Act 80 2006 entered into force 1 January 2007 except articles 1 4 and articles 7 12 who entered into force. 30 June 2006 Act 108 2006 entered into force 1 November 2006 acc to advertisement C 1 2006 Act 135 2006. entered into force 30 November 2006 Act 150 2006 entered into force 30 December 2006 Act 167 2006. entered into force 1 January 2007 Act 174 2006 entered into force 1 January 2007 except article 2 and section a. article 8 which entered into force 30 December 2006 and section b article 6 which entered into force 1 January. 2008 put into effect acc to directions in article 10 Act 76 2007 entered into force 5 April 2007 put into effect. acc to directions in article 9 Act 166 2007 entered into force 29 December 2007 except article 6 and sections a b. and e article 7 who entered into force 1 January 2008 put into effect acc to directions in article 13 Act 38 2008. entered into force 29 May 2008 except article 8 which entered into force 1 January 2008 put into effect acc to. directions in article 9 Act 61 2008 entered into force 11 June 2008 except article 1 article 3 and section a article. 6 which were entered into force 1 January 2009 and sections b and c article 6 that were entered into force 1 January. 2008 will be put into effect acc to directions in article 11 Act 88 2008 entered into force 1 January 2009 except. transitional provision VII which entered into force 21 June 2008 Act 164 2008 entered into force 1 January. 2009 put into effect acc to directions in article 8 Act 173 2008 entered into force 1 January 2009 put into effect. acc to directions in article 20 Act 13 2009 entered into force 14 March 2009 Act 45 2009 entered into force. 22 April 2009 and Act 46 2009 entered into force 22 April 2009 will be put into effect acc to directions in. Chapter I Tax liability,Persons liable for taxation. Article 1 The following are liable to pay tax from all income regardless of its origins 1. 1 Persons resident in Iceland, 2 Persons who have emigrated from Iceland and are no longer resident unless they can prove. their tax liability in another country as well as being resident there and having fulfilled tax. obligations in the other country The tax liability is only in effect for the next three full years. from the date of emigration, 3 Persons dwelling in Iceland for more than a total of 183 days in every 12 month period. Included are periods abroad brought on by normal causes such as vacations. 4 Persons who do not fall under points 1 3 of this article but are instead employed for more. than 183 days in every 12 month period including normal absence from work because of. vacations and such aboard an airliner or a ship registered in Iceland. The Director of the Internal Revenue rules on who shall be considered resident in Iceland in. accordance with this article Decisions on residence shall when applicable be made in. accordance with the rules of the Domicile Act Rulings of the Director of the Internal Revenue. can be appealed to a court of law bringing suit against the Director of the Internal Revenue. because of the Minister of Finance,ACT 129 2004 Article 1. Legal persons liable for taxation, Article 2 The obligation to pay revenue tax from all income regardless of where it is made.
1 rests on the following legal persons resident in Iceland 2. 1 Registered public limited companies and private limited companies as well as associate. limited companies provided that they have been registered as independent tax entities Married. couples alone or with their children who are not financially competent cannot form an associate. limited company as an independent tax entity 3, 2 Mutual insurance and non life insurance companies cooperative societies other. cooperative enterprises and partnerships of cooperative enterprises 2. 3 Limited partnership companies and general partnership companies with unlimited member. liability provided that the company is registered in the Icelandic professional register that it has. been registered as an independent tax entity and that articles of incorporation have been. established at the time of registration The articles of incorporation must stipulate proportions of. ownership equity and how the company is to be liquidated A Local Tax Commissioner is to be. sent a certificate of registration and a verified copy of the articles of incorporation alongside the. first tax return from these companies Married couples alone or with their children who are not. financially competent can neither form a limited partnership company nor a general partnership. company that is an independent tax entity, 4 Partnerships and organisations whose core purpose is to manufacture or sell the products of. its partners buy supplies or provide service to a business or their independent activity provided. that they are listed in the Icelandic professional register and it has been noted on registration that. they are independent tax entities A company s articles of incorporation must be handed in when. the company is registered The articles of incorporation must stipulate proportions of ownership. equity and how the company is to be liquidated A Local Tax Commissioner is to be sent a. certificate of registration and a verified copy of the company s ownership contract alongside the. first tax return from these companies, 5 Other companies funds and institutions including private non profit institutions resident in. Iceland though in accordance with point 5 and 6 3 of article 4 as well as estates of a deceased. persons and bankruptcy estates, A legal entity acc to paragraph 1 is to be considered resident in Iceland if it is registered in the. country if Iceland is its home according to the legal entity s statues or if its real management is. in Iceland 2 The Director of the Internal Revenue rules on what legal entities are to be. considered resident in Iceland according to this Article Rulings of the Director of the Internal. Revenue can be appealed to a court of law bringing suit against the Director of the Internal. Revenue because of the Minister of Finance 4, If a status of independent tax entity is not applied for when a limited partnership company.
associate limited company 3 or a general partnership company is registered or if a legal entity. does not meet the conditions of points 1 4 of this Article in order to be considered an. independent tax entity its income shall be divided between the company s partners in. accordance to its articles of incorporation and the income shall be taxed alongside other assets. and income of the partners If the articles of incorporation stipulate how the income and assets. are to be divided between the partners those directions are to be followed If relative ownership. is unknown or vague the income and assets are to be divided equally between the partners. ACT 129 2004 Article 2 2 ACT 77 2005 Article 1 3 ACT 77 2006 Article 1 4 ACT 166 2007 Article 1. Limited tax liability, Article 3 The following have limited tax liability provided that they do not fall under. provisions of Articles 1 or 2 or are exempt from taxation as stipulated in Article 4. 1 All persons resident in Iceland and who are paid for their work are to pay tax from their. income Included are persons employed in Iceland or aboard an aircraft or a ship that is. registered in Iceland including on the basis of staff leasing contracts even if their stay or work. is for a shorter time than 183 days in every 12 months period. 2 All persons that are paid for their work by Icelandic entities are to pay income tax from their. wages This also applies to payments to members of an administration organ accountants or. company board members as well as to retirement pay severance pay pensions or similar. 3 All who receive pay for work or services rendered in Iceland are to pay income tax from that. 4 All persons who have a fixed place of business in Iceland partake in running a fixed place. of business or partly enjoy the profits of such a fixed place of business are to pay income tax. from that income, 5 All persons that own immovable property in Iceland or control immovable property in. Iceland that they have income from or are deemed have income from including sale profits are. to pay tax from that income according to this Act, 6 All persons in Iceland that have income from leasing from use of or the right to utilize. movable property patents any kinds of rights or special knowledge as well as from the sale. profits of such assets are to pay income tax from that income Still this provision does not. apply to income from aircraft lease and ships used for transport in international traffic 1. 7 All persons that have income including sale profits from Icelandic company shares. founders shares or income from other rights to partake in profits or from running Icelandic. companies are to pay income tax from that income, 8 Foreign ambassadors diplomatic staff and foreign employees of foreign diplomatic missions. in Iceland and others with an out of country status are to pay tax from income they receive. from domestic parties and of income stipulated in points 4 7. Act 174 2006 Article 1 2 Act 129 2004 Article 3,Entities exempt from taxation.
Article 4 The following do not pay income tax 1, 1 The Treasury governmental institutions and government owned companies run by the. Treasury and under state guaranty and also the Fisheries Association of Iceland. 2 Counties and local governments as well as companies and institutions owned and under. their unlimited command, 3 Foreign states and international institutions from immovable property they use in. connection with their recognized work in Iceland, 4 Those legal persons stipulated in Article 2 and are domiciled in Iceland if their net income. is only spent for the public good and such work is their sole goal according to their articles of. incorporation, 5 Companies funds and institutions that are not economic operators as noted in point 5 of. 6 Pension funds that operate acc to chapter III in the Act on Compulsory Insurance of. Pension Rights and the Operations of Pension Funds and occupational retirement benefit plans. that are by law allowed to collect contributions that form a retirement pension 2 in accordance. with Act no 78 2007 on Occupational Retirement Benefit Plans 3 4. 7 4 Those exempt from taxation via specific Acts, Act 129 2004 Article 4 2 Act 76 2007 Article 1 3 Act 166 2007 Article 2 4 Act 77 2006 Article 2.
Tax liability of married couples and children, Article 5 Married couples are each independent tax entities whose income is to be taxed 1. Income Tax Act 1 Act no 90 of 7 May 2003 1 Act 129 2004 Article 31 Originally Act 40 1978 Passed 1 January 1979 entered into force acc to directions in article 118 Republished as noted in article 32 Act 25 1981 as 1 75 1981 Changed with Act 21 1983 entered into force 14 April 1983 put into effect acc to directions in article 5 Act 84 1983 entered into force 30 December

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