Offshore Tax Summaries-Honduras
Generally, any individual who is "resident," or "ordinarily resident and domiciled" in the Republic of Honduras is subject to Irish taxes on both Irish income and worldwide income. However, he is entitled to claim certain tax credits and deductions, and double taxation agreements should ensure that he is not levied twice over on the same income. For tax purposes, the rules determining residency status are as follows:
- An individual is resident in Honduras in a tax year if he spends 183 days or more in Honduras during that year, or spends an aggregate of 280 days in Honduras in that year and the previous tax year.
- An individual who has been resident in Honduras for three consecutive tax years becomes ordinarily resident from the beginning of the fourth tax year.
-An individual who has been ordinarily resident in Honduras ceases to be so at the end of the third consecutive year in which he is not resident.
Most Irish employees are subject to two kinds of income tax: Pay as You Earn (PAYE) applies to all Irish-sourced employment income and is calculated at progressive rates. The current rates for an individual are 20% on the first 28,000 Euros ($32,840) of the annual salary, and 42% on the balance. Pay Related Social Insurance (PRSI) is a payroll tax which funds various benefits for employees, including unemployment assistance and certain medical benefits. There is a progressive scale of rates, which depend on the category of employment. The employer's contribution is generally 10.75% of salary. Employees pay 6% on income up to 40,420 Euros ($47,423) and 2% on the balance.
Transfer tax/stamp duty
Stamp duty is the primary tax burden put on to buyers of Irish real estate. Residential properties having a value less than 127,000 Euros ($150,000) are exempt. The tax is levied at progressive rates from 3% to 9% (the latter on amounts in excess of 635,000 Euros ($745,000). Lower rates of duty apply to transfers of nonresidential property. There are also breaks for first-time buyers.
Rental income tax
For individuals, rental income is treated in a similar way to the normal income from work, and is taxed at the same rates. For most investors, the tax on rental income is charged at 42%.
A form of property tax, known as local authority rates, is only chargeable on commercial. The rate depends on the property's value and the local authority in the area where the property is located. This is generally a tax-deductible expense.
Capital gains tax
The Capital gains tax is generally charged at 20% on disposals of property, with a 40% rate being applied to certain assets in limited circumstances. There is an exemption from capital gains tax on the transfers of assets between spouses and an annual exemption of 1,270 Euros ($1,490) per individual which is non-transferable between spouses. Land transfer from a parent to a child, with a value not greater than 254,000 Euros ($300,000), for the purpose of building a principal private residence, is also exempt.
OFFSHORE ASSET PROTECTION
- Asset Protection Tax Summaries Italy
- Offshore Cayman Islands
- Asset Protection Tax Summaries Ecuador
- Asset Protection Nsa Spying
- Asset Protection Tax Summaries France
- Offshore Pensions And Taxes
- IRS Abusive Trusts
- Panama Region
- Tax Avoidance Vehicles
- ASSET PROTECTION TAX SUMMARIES HONDURAS
- Asset Protection Guernsey Taxes
- Asset Protection Panama Foundations
- Asset Protection Identity Theft
- Offshore And Alternative Investments
- Offhshore Banking Privacy
- Asset Protection Privacy
- Irrevocable Life Insurance Trust
- Bahamas Information
- Asset Protection Expatriation
- Asset Protection Tax Summaries Panama1
- Asset Protection Taxing Expats
- Asset Protection Taxing Foreign Stock
- Asset Protection Flat Tax For Puerto Rico
- Asset Protection Location Of Your Company
- Asset Protection Caribbean Tax Havens
- Asset Protection Renunciation
- Asset Protection Offshore Definition
- Asset Protection Panama
- Family Limited Partnerships Tax
- Boats Asset Protection
- Asset Protection Tax Summaries Ireland
- Taxation Foreign Corporations
- Asset Protection Tax Summaries Mexico
- Asset Protection Offshore Liechtenstein
- Private Annuity Ruling Irs
- Asset Protection Hong Kong
- Assetprotection Trusts
- Asset Protection Faq
- Intentionally Defective Grantor Trust
- Panama Canal Zone
- Asset Protection Laundering
- Going Offshore
- Offshore Asset Protection
- Dynasty Trust The Basics
- Offshore Asset Protection Planning
- Secret Bank Accounts
- Asset Protection Police
- Asset Protection Guernsey
- Asset Protection Second Passport
- Asset Protection Tax Summaries Nicaragua
- Asset Protection Scam Trusts
- Nevis Offshore Financial Center
- Asset Protection Using Offshore Trusts
- Probate And Revocable Trusts
- Asset Protection Lawsuit Prevention
- Poetic Injustice In The Pearl River Delta
- Offshore Financial Centers Ireland
- Panama Comfort Zone
- Isle Of Man No Tax Zone
- TrustMakers Forms Center
- TrustMakers Site Map
Learn more about protecting your assets with these articles:
If you are looking for the most important concepts in Asset Protection, this is where to start! If you need to talk intelligently about protecting your net worth or you are a professional this online training program is for you!
Get our Free Online Asset Protection Video Course.
Learn how to protect yourself like the pros!
Clear, concise and straight forward, this e-Book will help you make sound decisions with your business and personal assets..
This e-course will give you straight forward asset protection advice you can implement now. One of the best asset protection courses available! Includes 70+ video lessons, 3 Ebooks, and 6 example legal documents!
The key to a solid Asset Protection Plan is the Estate Plan. This downloadable estate organizer will help you keep track of important information about your assets and important legal documents all in one place.