Re:Why European startup had to move to USA to fulfill its vi...
by pg on Wednesday December 21, 2011 @10:22PM
(#3380216)
I realize this isn't your fault, but KPMG's explanation is pretty question-begging. Anyone happen to know how the "taxable wealth" of a startup would be calculated?
Re:Why European startup had to move to USA to fulfill its vi...
by drx on Wednesday December 21, 2011 @11:38PM
(#3380409)
"10.02 - Business taxes" at the Official Statistics Office of Norway: http://www.ssb.no/metadata/conceptvariable/vardok/1441/en
"Taxable wealth is the value of the company's assets reduced by debt, as of 1 January in the assessment year."
This doesn't necessarily mean that the same definition applies at the tax office and/or that it applies to startups, though.
However, the neighboring Norway has a 1.1% combined wealth tax on income above about $350k. And according to [1] "from the income year 2008 the full market value of shares reg- istered on the stock exchange are in the shareholder’s wealth, whereas unlisted shares are valued based on the company’s taxable wealth".
Other countries that have the wealth tax are France, Switzerland, Liechtenstein, Netherlands and India. Some of them have limits on the wealth tax in place, e.g. in France the amount cannot exceed 50% of annual revenues.
[1] http://www.kpmg.no/arch/_img/9585751.pdf