At a recent event, Karen Kirkham (chair of JCT) and Sean Smylie (vice chair of the JCT) outlined the eagerly anticipated changes to the JCT suite of contracts. Speaking to members of the SCL in Birmingham, it was confirmed that the next edition is likely to be called JCT 2024 and is anticipated to be issued in the early part of next year ...
On March 21, 2023, Quebec?s Minister of Finance tabled his budget for the 2023-2024 fiscal year. One of the budget?s key measures is the introduction of a new tax holiday in connection with major investment projects. At first glance, the new measure does not appear to be specifically aimed at the mining industry, but some mining companies involved in the extraction of critical and strategic minerals and planning substantial investments in the near future could greatly benefit from it ...
1. Which factors bring an individual within the scope of tax on income and capital gains? Bermuda does not impose income or capital gains taxes. 2 ...
1. Which factors bring an individual within the scope of tax on income and capital gains? Liability to Guernsey income tax is generally dependent on residential status. However, certain other types of income arising, or from a source, in Guernsey can give rise to a liability to Guernsey income tax irrespective of the residence status of the recipient ...
1. Which factors bring an individual within the scope of tax on income and capital gains? The Cayman Islands has no income or capital gains tax. 2. What are the taxes and rates of tax to which an individual is subject in respect of income and capital gains and, in relation to those taxes, when does the tax year start and end, and when must tax returns be submitted and tax paid? As above, the Cayman Islands has no income or capital gains tax. 3 ...
1. Which factors bring an individual within the scope of tax on income and capital gains? The charge to income tax in Jersey is assessed by reference to a person's residence status: A person who is resident and ordinarily resident in Jersey is charged to income tax on all of his/her Jersey and worldwide source income, whether remitted to Jersey or not ...
1. Which factors bring an individual within the scope of tax on income and capital gains? There are currently no forms of income or capital gains tax in the British Virgin Islands (BVI). Residence and domicile is not relevant to an individual's tax status in the BVI. However an individual is taxable in the BVI if they are gainfully employed (§2) or transfer ownership of BVI property (§8) ...
The government has issued more guidance regarding Accountable Persons and the Principal Accountable Person under the Building Safety Act 2022 (BSA). These persons are key to the building safety regime, with responsibility for assessing and managing structural and fire risks in occupied higher-risk buildings (HRBs) – and subject to criminal sanctions for non-compliance ...
Notification 005/23 was issued by the Accounting and Auditing Regulator (ACAR) on the 11th of April 2023 concerning the Extension to Submit Annual Financial Statements for the 2022 financial year for Enterprises and Non-Profit Organizations that are not subject to independent financial audits ...
On the 5th of April 2023 the Accounting and Auditing Regulator (“ACAR”) issued Notification 0013/23. ACAR/N reminding enterprise owners and directors of non-profit organisations of their obligation to submit, via the ACAR e-filing system, their annual financial statements for the 2022 financial year to the ACAR by the required due date ...
The Limited Partnerships (Jersey) Law 1994 (the “Law”) governs Jersey limited partnerships. A limited partnership seeks to combine the flexibility and “tax transparency” offered by a partnership structure with the benefits, for limited partners, of limited liability offered by a company ...
On 30 March 2023, the State Administration Council enacted the 2023 Union Tax Law (“2023 UTL”), which clarifies the tax rates and related procedures concerning income tax, commercial tax, and specific goods tax. This new law is effective on 1 April 2023 or the start of the new financial year 2023-2024 in Myanmar ...
When you hear the word cyberattack you think of attacks on banks, large box stores, or medical facilities. You should add the construction industry to that list because it is the third most common target for cyberattacks. These types of attacks are only increasing because bad actors have created processes that have streamlined how they attack businesses. They like to attack the construction industry because large sums of money are being transferred in and out of bank accounts via wire transfers ...
Legislation in Florida may soon change the time property owners have to file construction-related lawsuits. Both the Florida Senate, with SB 360, and the House of Representatives, with HB 85, passed identical bills and recently converted them into an Act to be presented to the Governor. If signed into law, the Act would revise the lawsuit “triggering actions” in section 95 ...
The N.C. Building Code Council is required by North Carolina law to reevaluate the building code every six years. In light of climate change legislation enacted in North Carolina on the heels of Governor Cooper’s 2019 Clean Energy Plan, changes to the energy code are being considered that would result in an 18 percent increase in energy efficiency for new homes. These code changes are in line with the 2021 International Energy Conservation Code ...
Time is running out for developers that have not yet signed the Developer Remediation Contract. The Secretary of State for Levelling Up, Housing and Communities, Michael Gove, delivered a clear message last week: “The Responsible Actors Scheme is coming. Only developers who behave responsibly will be trusted to build the homes of the future. Any eligible developers who fail to do the right thing will need to find a new line of work” ...
We previously provided an update regarding the enactment of a capital gains tax (the “Tax”) in the State of Washington (read about it here). In that article, we noted the Tax was subject to at least one lawsuit in Washington. That lawsuit resulted in the trial court striking down the Tax, which caused an appeal to the Washington State Supreme Court (the “Court”) ...
Ensuring the safety and security of funds is a top priority for financial institutions worldwide. To this end, the South African Government has put in place various regulations to guide the operations of financial institutions. We have written several articles on the recent changes to the Financial Intelligence Centre Act, 2001 (“FICA”) and the regulations promulgated under FICA ...
Paul Carney and Craig Thomas explore the impact of the Chancellor's 2023 Spring Budget on the taxation of pensions in the UK. The Chancellor’s budget statement on 15 March caused many to be surprised and some to be perplexed ...
The South African Government's new Preferential Procurement Regulations, 2022 (“2022 Regulations”) have created uncertainty about how organs of state will identify "specific goals" in their procurement processes. While the regulations do not specifically require the consideration of B-BBEE, organs of state can still use it as a factor in preference point scoring, along with or instead of other goals like employment equity, green procurement, and local content and production ...
“An ounce of prevention is worth a pound of cure.” Benjamin Franklin For tax advisors, CFOs, and finance personnel throughout Cambodia, the last few weeks of March are typically extra stressful due to the 31 March deadline for filing annual Tax on Income (TOI) declarations with the General Department of Taxation (GDT). Cambodia’s tax system operates on the principle of self-assessment, meaning taxpayers declare and pay taxes based on their reading of tax regulations ...
The government has published its response to a further section of the building safety regime consultation, focusing on occupied higher-risk buildings (HRBs). The questions considered in this part of the consultation related to registration requirements for HRBs. More information about what the registration will actually entail is now available, as well as confirmation of the fee for registration, which will be £251 ...
Introduction Off-plan properties are those which are sold in advance of completion and can offer attractive payment plans and potentially high returns on investment. Therefore, the acquisition of off-plan property has always been a favored form of investment for those seeking to profit from the booming Dubai Real Estate market. However, it is vital for buyers to understand the risks involved ...
