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Global Developments

Global Developments

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Global Developments

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  1. Global Developments Mike Pewton mpewton@GlobalSharePlans.com

  2. Countries where there have never been any significant changes

  3. Countries where there have beenno recentsignificant changes

  4. Countries where there have beenrecent changes

  5. Global Trends Securities Exchange controlsTax Other

  6. Securities laws - China • Requirement to register plans with SAFE • 2 to 3 months • $5,000 to $6,000 • Set up foreign currency account • Applies to ESPP and Options • No set guidelines • Current practice

  7. Securities laws - Japan • Before - Requirement to register plans with SEC where: • More than 50 persons: or • Less than 50 persons but for more than Yen 100 million • Now - Less than 50 persons there is no SEC filing required

  8. Securities laws - Thailand • Before - Requirement to register plans with SEC where: • More than 35 persons: and • More than 20 billion Baht. • Didn’t apply to RSP or RSU • Now – May apply to RSU although SEC will deliver exemption • Plus Are you making annual filings for your option plans even where exempt?

  9. Global Trends Securities Exchange controlsTax Other

  10. Exchange controls - Angola • Requirement to obtain bank permit if funds exceed $500,000 • Bank Specific so up to the individual • Still a degree of uncertainty as to process

  11. Exchange controls - Italy • Excon - Requirement to notify Bank of Italy if offer is more than Euro 500,000 • Doesn’t apply to RSP or RSU • Plus Requirement to appoint Financial Intermediary • Doesn’t apply to RSP or RSU

  12. Exchange controls - Russia • Still a great deal of confusion in Russia but it does now appear easier to purchase shares in employer and/or remit funds • Still need local advice

  13. Exchange controls - Thailand • Exchange controls allowances still allow employees to remit up to $100,000 per month for share purchase • Plus New regulations allow share purchases up to $1,000,000 per year

  14. Global Trends Securities Exchange controlsTax Other

  15. Tax - Australia • Payroll tax now likely to be payable o n share benefits in Victoria • Payable by employer on “wages” above Aus$ 550,000 • Rate of 5.05%

  16. Tax - Czech Republic • Tax to be reduced on sale to 15% from 1 January 2008

  17. Tax - Denmark • Recent decision confirms tax likely to be payable at the point that any share award can be valued (becomes unconditional)

  18. Tax - France • Previously – No social security on share plans • Now Recent change indicates 10% social security payable by employer on grant of options/making of awards • 2.5% social security payable by employees on exercise of option/vesting of awards • Valuation of award at grant/award can be determined by company (irrevocably)

  19. Tax - India • Fringe Benefit Tax payable by local company by December 15th • No tax for employee but can be passed on to employees • Payable in year option becomes exercisable/awards vest therefore needs to be valued • Use of a Class 1 Merchant bank to value

  20. Tax - Taiwan • Tax and withholding now required on all plans whether or not there is a recharge

  21. Tax - UK • End of tapered relief for business asset shares held for more than 2 years (10% rate) • From April 6th flat 18% rate. • Employees need to be aware of whether they should sell before April 6, 2008 or after

  22. Tax - USA • Extension of Section 409A deadline to December 31, 2008

  23. Tax - General • Most tax years end 31 December • Tax rates should be reviewed on 1 January

  24. Other • Estonia – Changes to the data privacy laws • France – Tightening in the enforcement of CNIL data Protection filings • EUPD developments and filings in Poland/Austria

  25. Global Updates • Keep your eyes peeled • Service providers • GEO • NCEO • MyStockOptions • Regular checks

  26. Questions? mpewton@globalshareplans.com