On 2 August 2021, the Fiscal Incentives Review Board (FIRB) adopted Resolution No. 19-21, a temporary measure to support the recovery of registered business enterprises (RBE) during the covid-19 pandemic. The resolution allowed all RBEs in the information technology-business process management (IT-BPM) sector to continue implementing work from home (WFH) arrangements until 31 March 2022 without affecting their fiscal incentives ...
On 24 December 2020 the United Kingdom (UK) and the EU entered into the UK-EU Trade and Cooperation Agreement (TCA) which will govern the relationship between the UK and the EU as of 1 January 2021. Tax consequences VAT European VAT is governed by the VAT Directive and case law by the Court of Justice of the European Union (CJEU). As a result of the Brexit the UK is now considered a third country and no longer bound by these sources ...
In this article, Yeoh Yu Xian sets out the key highlights from Malaysia’s 2021 budget. INTRODUCTION On 6 November 2020, the Malaysian Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, unveiled the Malaysian Budget 2021 (“Budget”). This Budget’s allocation of RM 322.5 billion is the largest on record for the country1 ...
Times have certainly changed. Ten years ago a tax query from a SARS assessor would find its way to the desk of the financial director or in-house tax advisor who would send it off to their auditors. The auditors would, in turn, give it to their tax department who would draft a reply to SARS and hope the matter went away. If not, an informal meeting between the financial director and tax advisor at the audit firm would usually settle the dispute ...
Pursuant to the Paycheck Protection Program Flexibility Act of 2020, which was enacted into law on June 5, 2020, taxpayers who take out a loan under the Paycheck Protection Program (“PPP”) of the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”), all or a portion of which is subsequently forgiven, may now also take advantage of the tax deferral of the employer’s portion of the Social Security taxes under Section 2302 of the CARES Act ...
On March 20, Treasury Secretary Steven Mnuchin announced by tweet that the April 15 deadline for filing tax returns will be postponed to July 15: "At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties." Later on March 20, the IRS published Notice 2020-18 to memorialize the extension ...
Can a local prosecutor obtain the president’s tax returns in a state criminal investigation? Tax Season is upon us. Fittingly, in one of a trio of cases involving the tax returns of President Donald Trump the U.S. Supreme Court will hear this spring, the Court must decide whether a local prosecutor can obtain the President’s tax returns for use in a state grand jury investigation. Trump v ...
The 2017 tax reform act referred to as the Tax Cuts and Jobs Act (Act) was signed into law Dec. 22, 2017. The law affects executive compensation and employee benefits in several ways. This alert provides a brief overview of some of the changes. Executive Compensation New private company deferral opportunity for qualified stock awards. The Act contains new Internal Revenue Code Section 83(i), which provides a deferral opportunity for non-executive employees of privately held companies ...
Acquiring investment property This alert is intended to highlight certain VAT issues relating to the purchase and management of property which is subject to a lease(s). In general VAT should not be chargeable on the sale of such property. Depending on the circumstances this VAT free treatment is based on exemption from VAT and/or “transfer of business” relief applying. VAT free treatment does not apply in all situations but exceptions are few ...
Earlier this year, and the last time before next year’s parliamentary elections, the current Luxembourg Finance Minister presented the budget law for 2018 to the Parliament (Chambre des Députés) ...
1. The recently published Decree-Law 55/2008 of 26 March has set out the regulatory provisions necessary for implementing incentive measures for the speedier recovery of areas in Portugal that suffer most from typical inland regional problems, as provided for in the Tax Benefits Statute (EBF) ...
The Digital Assets Law, which is in force since February 1, 2023, aims to establish a legal framework that provides legal certainty to the transfer operations of any title of digital assets used in public offerings issued in El Salvador ...
On Sept. 13, 2021, the House Committee on Ways and Means released the remainder of its numerous tax reform proposals. The proposals will be subject to continued negotiations and are not law. But, the proposals are an indication of what may be coming soon ...
The Inland Revenue Board (“IRB”) has published an updated list of Frequently Asked Questions (“FAQ”) on tax matters arising during the MCO and CMCO period. For the updated FAQ (as at 10 June 2020), please refer to this link. The Royal Malaysian Customs Department (“RMCD”) has also recently issued two updated announcements pertaining to payment of taxes due during the MCO and CMCO period. Find information here and here ...
The 2013 Federal Revenue Law was published yesterday and its Transitional Article 3 includes an amnesty covering payment of federal taxes and related government charges, as follows: a) 80% forgiveness of tax assessment consisting of federal taxes, antidumping duties, and fines for failure to comply with federal tax obligations, other than payment obligations, arising prior to January 1, 2007 ...
Decree No. 553 establishes a tax measure for taxpayers subject to the presumptive income regime On April 18, 2020, Decree No. 553 was published, which, in addition to Decree No. 420 , extends the deadline for taxpayers subject to the presumptive income tax system to exercise the option to pay taxes on income obtained during 2019, on the basis of effective income determined under full accounting. The deadline is extended until 31 July 2020 ...
This Tax Alert summarizes a recent ruling of the Karnataka Appellate Authority for Advance Rulings[1] which upheld that ‘Pre-sale and Marketing Services’ rendered by an Indian subsidiary (‘service provider’/ ‘supplier’) to its foreign parent entity ( (‘service recipient’) qualify as intermediary services, thereby subject to GST ...
In a decision that will no doubt come as a great relief to the funds, banking, and asset management industries, the Court of Appeal ruled in Nomura Funds Plc v Collector of Stamp Revenue [2021] HKCA 1040 that a merger effected by way of the universal succession of the merged company (i.e., the surviving company) to the assets and liabilities of the merging company (i.e ...
Default interest rates on tax debts and refunds are lowered.- Through Superintendency Resolution No. 066-2020/SUNAT, published on March 31, 2020, the following is established from April 1, 2020: i) The default interest rates (TIM) on tax debts in national currency will be 1% per month; and in foreign currency, it will be 0.50% per month. ii) The interest rate for reimbursement in national currency made for undue or excess payments will be 0.42% per month ...
New extension of deadlines is established for the submission of the PLAME.- Due to the extension of the State of National Emergency until April 26, 2020, through Superintendence Resolution No. 069-2020/SUNAT published on April 13, 2020, new expiration dates are established for the declaration and payment of the items contained in the PDT Electronic Sheet - PLAME, Virtual Form No. 0601: A ...
General Trends – EU & international tax > Click here for more details 2022 was another year rich in tax developments in Luxembourg and Europe. In an exceptional economic and geopolitical context, the European institutions continued to launch and implement international tax initiatives ...
Karanović & Nikolić is pleased to announce the election of one of its Partners, Tanja Unguran, to the position of AmCham Serbia's Chair of the Finance & Tax Committee. The Finance & Tax Committee, as one of the seven total AmCham Committees including those in charge of Combating Grey Economy, Healthcare Systems, Corporate and Business Law, Human Resources, Labour Task Force, and Real Estate Task Force, is tasked with improving the business environment via atwo-year agenda ...
Bonnie Mayfield, Bloomfield Hills-based attorney and member in Dykema’s Litigation Practice, co-authored an article—“Tangible Results Speak Louder Than Well-Intentioned Inclusion Words,”—which appears in the August issue of DRI’s monthly publication, For The Defense. Thomas L. Sager, then Senior Vice President and General Counsel for DuPont Legal, was the other co-author ...
Employers nationally continue to struggle with how to respond and adapt to the ever- changing landscape that is the Patient Protection and Affordable Care Act (often known as ObamaCare or the ACA). We at Spilman Thomas & Battle will continue to work with you through 2013 and beyond as the implementing regulations for the ACA continue to be issued. We are working to identify strategies to help employers navigate the process in the manner that best serves their respective industries ...
All employers who were required to publish a Gender Pay Gap Report1 for the financial year 2017-2018 have now done so. A report published by the UK Parliament’s Business, Energy and Industrial Strategy (BEIS) Committee2 has confirmed that 78% of organisations have gender pay gaps that favour men, and that the national gender pay gap median is around 18%. The picture is worse in certain sectors, where it was found that gender pay gaps of over 40% were “not uncommon” ...
