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New On The Lowtax Network Today
This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below. |
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| TODAY 10/03: Lowtax
Labuan, annual update |
| 09/03 Word
Search Puzzle, on Lowtax |
| 08/03 Jobs
For All,
Jeremy Hetherington-Gore blog |
| 05/03 Belgium
Summary PBTG Guide,
added to Personal Business Tax Guide |
| 04/03 New
Lowtax Editor Column,
by Kitty Miv |
03/03  Personal
Business Tax Guide, PBTG, has launched!
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| Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers. |
| 02/03 Personal
Equity Investment In 2010: Not Just For Expats…, Investors Offshore special feature
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| 24/02 Lowtax
Cyprus, annual update
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| 22/02 Lowtax
Brunei, annual update
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| 17/02 Dubai
- A Stately Business Dome Decreed, Investors Offshore special feature
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| 15/02 Lowtax
Australia,
major content expansion
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| 27/01 Lowtax
Germany, major content expansion
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A topical guide to offshore e-commerce focused on tax and regulation. |
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One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Deutsche Bank To Pay UK GBP200m In Bonus Tax |
by Robert Lee, Tax-News.com, London
Monday, February 08, 2010
German banking group Deutsche Bank has announced that it intends to pay around
GBP200m (EUR225m) to the British government as a result of the new bank payroll
tax.
The bank revealed in its annual results for 2009 that "compensation and
benefits" were EUR2.4bn in the fourth quarter of 2009, an increase on the
EUR2.1bn paid to staff in in the fourth quarter of 2008, but lower than the
EUR 2.8 billion dished out in the third quarter of 2009.
Partly as a result of the UK bank payroll tax, the German bank has changed
its compensation structure this year to remunerate more of its staff in deferred
compensation. This is in line with the requirements of the German financial
regulator, BaFin. The bank has also followed the guidelines agreed at the G20
meeting in Pittsburgh last September.
In total, however, Deutsche paid EUR11.3bn in compensation and benefits in
2009, or 40% of its revenues, only slightly below what it traditionally sets aside
for wages and bonuses.
Given that the UK government is forecasting revenues from the tax of about
GBP550m, Deutsche bank's revelation suggests that total revenue from the bank
payroll tax will be much higher than originally thought.
Deutsche Bank is thus far the only bank to specifically state how much the
tax will cost it, although it is anticipated that JP Morgan will hand over about GBP300m to
the Treasury as a result of its bonus round. It can be expected that similar
sorts of amounts will be paid by other major banking groups operating in the
City of London in due course.
The one-off 50% tax applies to bonuses of more than GBP25,000, and was announced
by Chancellor Alistair Darling in the pre-budget report last month. It applies to retail and investment banks, including building societies, and to banking
groups.
It is being imposed on bonuses paid from the date of the announcement
on December 9, 2009, until April 5, 2011, and is designed to encourage banks
to use profits to recapitalize following the financial crisis, rather than reward
senior staff.
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