In this briefing, we will review the implications of the Law for property transactions in Jersey. Tax on purchase of residential properties which are not used as a main residence The key implication of the Law is that stamp duty (and equivalent land taxes such as land transactions tax and enveloped property transactions tax) on acquisitions of domestic residential property which will not be the purchaser's main residence will be increased ...
Maritime operators should diligently enact and follow policies and procedures on personal leave and drinking ashore. In a recent decision from the U.S. District Court for the Middle District of Louisiana, the court refused to dismiss claims against a tugboat operator by estates of two crewmembers killed while operating a skiff, In re Chester J. Marine, LLC, No. 20-214 (M.D. La. Nov. 10, 2022) ...
Recently approved Cabinet Decision 85 of 2022 (the Decision) outlines the requirements and conditions for classification of persons as a “Tax Resident” of the UAE. We briefly outline below who qualifies as a UAE tax resident. Afridi & Angell have assisted a variety of clients in procuring tax domicile certificates and are well versed in the procedures and requirements ...
January 2022 began with the announcement that businesses and corporations will be subject to Corporate Tax (CT) from 1 June 2023. While the UAE Ministry of Finance helpfully provided information on the basic tenets of CT, including a comprehensive white paper, the CT Law governing CT was published on 9 December 2022 providing clarity. However, there are still a number of areas that will be further clarified through the implementing regulations ...
Over the past few weeks, the European Union has issued somewhat of a landmark act which is aimed at addressing the topical issue surrounding the lack of women in top-level corporate positions ...
As CIT finalization approaches, we highlight the existing Transfer Pricing compliance requirements for Vietnam taxpayers, under Decrees 132 and 126, and Law No. 38: When does Transfer Pricing (TP) apply? When a Vietnam company or local subsidiary of a foreign company has intra-group transactions (goods, services, loans or royalty transactions) with its related parties ...
With the 2022 year quickly coming to an end, we take this opportunity to remind our clients and readers of the annual compliance obligations for enterprises in Cambodia. With each year that passes there seem to be more compliance obligations, and the latest 2023 compliance requirements continue this trend. With that in mind, we have provided below what we believe are the most important annual compliance requirements that enterprises in Cambodia should be aware of ...
On 5 December 2022, the Ministry of Labour and Vocational Training (“MLVT”) issued Notification 045/22 on Extending the Deadline for the 2023 Foreign Employee Quota Application (“Notification”). Through the Notification, the MLVT has delayed the submission deadline for 2023 foreign employee quota applications until 31 January 2023, being two months after the original deadline ...
Renewable energy developers and contractors have been anticipating the Treasury Department and IRS’s initial guidance on what is required to satisfy the prevailing wage and apprentice requirements under the Inflation Reduction Act (IRA) ...
On the twelfth day of Christmas, HR asked with heavy hearts “should we delay dismissing an employee until the New Year starts?" After much deliberation, they decided … no Dealing with redundancies or other dismissals is challenging at any time of the year, never mind in the run up to Christmas when everyone is already feeling the pinch of their purse strings whilst trying to stay afloat with festive joy ...
In a Pre-Budget Report (PBR) announced to Parliament last week, the Government has set out its priorities for next year's budget. These include proposals to increase revenues via significant changes to the current employment tax regime. Perhaps the most headline-grabbing aspect of these potential reforms is the proposal to increase the employer portion of payroll tax for exempted companies, from 10.25% to 10.75% ...
Companies face the loss of a major tax break on research and experimental ("R&E") costs for 2022, absent Congressional action. Since 1954, Internal Revenue Code section 174 has allowed taxpayers to immediately deduct R&E costs. Effective January 1, 2022, the Tax Cuts and Jobs Act of 2017 ("TCJA") amended section 174 to eliminate the deduction of R&E costs. Instead, costs for R&E activities in the U.S ...
What is ATAD III? In December 2021, the European Commission (“EC”) published its proposed Anti-Tax Avoidance Directive (known as “ATAD III”). ATAD III is intended to discourage the misuse of shell companies within the European Union (“EU”). The Directive is aimed at EU-resident entities which claim benefits under double taxation treaties and other EU Directives, but which lack a minimum level of economic substance ...
On the 11th day of Christmas, HR heard management say…“if they all work at Christmas, how much must we pay”? A weary HR team replied - whatever the contract says! Once again employers should initially turn to the contract of employment for the answer, which will vary from employer to employer and could include any of the following: You will receive normal salary for any time worked on a public holiday but will be rewarded with an equivalent day off in lieu to be taken at a
In Commissioner of Internal Revenue v Ruben U Yu,(1) the Court of Tax Appeals (CTA) en banc clarified that the 180-day period referred to in section 228 of the Tax Code, as amended, applies only to the period within which the Commissioner of Internal Revenue (CIR), or their duly authorised representative, may act on a protest against a tax assessment ...
Due to the covid-19 pandemic, registered business enterprises (RBEs) in the information technology-business process management (IT-BPM) sector have adopted work from home (WFH) arrangements to continue business operations. Now that movement restrictions have been relaxed, a balance must be struck between the requirement for RBEs to operate within economic zones and the clamour of RBEs to continue hybrid work arrangements while maintaining their fiscal incentives ...
With an estimated 3.5 million people suffering from fertility issues in the UK, and with fertility treatment involving an emotionally draining not to mention a long, costly and risky process, it is unsurprising that Nickie Aiken MP has begun a campaign for change and better employment rights for individuals and couples undergoing fertility treatment ...
On 23 September 2021, the government published a consultation paper on ‘making flexible working the default’. The response to this consultation has now been published (on 5 December 2022). Overall, the responses to the consultation were broadly in favour of the proposed change ...
On the tenth day of Christmas, HR were again dismayed… ”Can we make everyone work the Christmas bank holidays? In response to this question most employers will be able to turn to the contract of employment to find the answer. The contract will typically state whether or not the annual leave allowance is in addition to the usual statutory bank holidays ...
After two years of navigating COVID-19, the end of 2022 will be an opportunity for employers to organise larger activities for their employees, such as Christmas parties. The purpose of this newsletter is to make employers aware of their obligations during the holiday season festivities. Below, we will address the following three issues: industrial accidents, disciplinary measures and psychological harassment ...
The EU revenue cap which limits certain electricity generators' revenues has raised many questions within the energy sector. In Finland, the revenue cap will likely be implemented in the form of a temporary windfall tax which would apply to profits made in 2023. Our energy team's associate Nelli Rönkkö has summarised the key points regarding the implementation of the EU revenue cap in Finland ...
The Supreme Court will decide if historic holiday pay claims can be brought where there are gaps of three months or more between a series of underpayments. The outcome could have significant implications for employers across the UK ...
On the ninth day of Christmas, HR was asked with fear, “Do we have to say yes to all holiday requests during this festive time of year?” And HR replied….No! A common problem around the festive period is that many employees want to take the same days as annual leave so that they can enjoy time off with their loved ones ...
On the eighth day of Christmas, HR heard someone say, “do we have to let seasonal workers have a holiday?” And HR replied...Yes! It is a common misconception that, because seasonal workers are hired specifically to provide additional cover during the busy festive period, employers do not have to give them any time off over Christmas. However, this is not true and seasonal staff have the same right to annual leave as any other worker ...
