Franchising has become an increasingly popular business model. As such, it is necessary for franchisors to ensure that their businesses are adequately protected and their intellectual property rights (IPRs) are secured before a franchise is granted to a potential franchisee ...
There has been a growing expectation that in order to fill the COVID sized hole in the Treasury's finances focus and ultimately action would be brought to bear on pension tax relief across defined benefit and defined contribution pension schemes. However, "Tax Day" has seen cuts to higher rate tax relief fail to materialise ...
Now that the COVID relief bill, the American Rescue Plan Act of 2021, has passed and is now being implemented, the focus in Congress and the Biden Administration will be moving to their next major bill as part of President Biden's Build Back Better plan. While some may wish this next bill to move quickly, the bill's complexity mostly likely means a longer process over the next six months ...
The American Rescue Plan Act of 2021, Pub. L. No. 117-2 (the “ARPA”), signed into law on March 11, 2021, by President Biden, contains a few unexpected tax surprises ...
HM Treasury’s decision to hold a “Tax Day” today will be a bellwether for long-term changes in government tax policy. Traditionally these announcements would have been made alongside the Budget, but this year the Treasury has decided to announce some extra tax rule changes separately. In our previous insight we highlighted an “amber” tax alert for couples contemplating divorce or separation ...
In News Release IR-2021-59, published on March 17, 2021, the IRS and Treasury Department announced that the Federal income tax filing due date for individuals for the 2020 tax year is automatically extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone Federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalty or interest regardless of the amount owed ...
Colombia updated its free trade zones regime to increase the competitivity of this investment opportunity. Among others, it now allows three new activities for free trade zones, introduces the creation of a concertation committee to discuss key topics between the Government and the private sector, and it simplified procedures to declare a free trade zone. Decree 278 of 2021 was introduced as a tool towards innovation in the free trade zone regime ...
Law 7/2021 was published on 26 February and it amends the General Tax Law, the Tax Procedure and Process Code, the General Rules on Tax Infringements, and some other legislative acts. The aim of the new law is to strengthen taxpayers' guarantees and to simplify procedures in tax matters ...
On March 11th, 2021, the National Consumer Service (hereinafter “ SERNAC ”) published a new interpretative circular which sets rules for the notification of breaches regarding financial portability and other monitoring data (the “ Circular ”). The Circular revokes SERNAC's Exempt Resolution No ...
The Malaysian Bar had challenged the DGIR’s power to undertake tax audits on the clients’ accounts of law firms on the basis that it contravened legal professional privilege ...
The deficits being generated by the emergency measures that the federal and provincial governments have implemented since March 2020 are a reminder of the magnitude of our governments' pre-crisis deficits. This situation will inevitably lead to a greater tax burden for businesses and individuals at some point ...
FINANCIAL SERVICES BNM announces new funds for SMEs On 5 February 2021, Bank Negara Malaysia ("BNM") announced: an additional RM2 billion for the Targeted Relief and Recovery Facility (“TRRF”); the establishment of a RM200 million Disaster Relief Facility (“DRF”) 2021. TRRF The TRRF was a facility announced in the Budget 2021, established to assist eligible SMEs in the services sector ...
Comment from Paula Swain, Partner National Head of Commercial Recoveries and Head of the Solent office for Shoosmiths, Paula is also a Director with the Solent LEP and was part of the Freeport taskforce which was successful in its bid ...
The Chancellor announced the first eight Freeport locations: Solent, East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth and South Devon, Teesside and Thames ...
Shoosmiths hosted one if its best attended Shoosmiths Aviation & Marine Breakfast Association (SAMBA) webinars on 25 February. Joined by representatives from industries across the marine spectrum (boatbuilding, finance, insurance, marinas and the RYA) Elliot Bishop and Sarah Fairweather discussed the impact of Covid and Brexit on the leisure marine sector in particular and the outlook for the coming year ...
From 1 April 2021, a 2% Stamp Duty Land Tax (SDLT) surcharge will apply to non-UK residents purchasing residential property in England & Northern Ireland. However, what is meant by a non-UK resident in these circumstances can result in some surprising outcomes ...
The SyCipLaw T.I.P.S. for February covers the following tax issues: 1. What are the new and simplified guidelines and procedures on the use of Computerized Accounting Systems, Computerized Books of Account, and/or its Components, including Electronic Storage System? The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order No. 9-2021 (RMO No ...
The period for filing complaints to challenge 2020 property tax values in Ohio ends on March 31, 2021. For properties assessed in a 2020 county reappraisal or update, a reduction in the 2020 value may offer greater tax savings now than at any point for the next three tax years. However, the potential impact of COVID-19 on tax year 2021 values must be carefully considered ...
The UK Government has published the National Security and Investment Bill – a proposed law that will introduce a screening process for certain acquisitions and investments and which is expected to come into force as early as April 2021. The National Security and Investment Bill has now had its second reading and is expected to come into force as early as April 2021. We take a look at what it will cover ...
Introduction and summary As part of a longstanding Government policy to attract private equity (“PE”) and investment fund operations to Hong Kong, the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the “Bill”) was gazetted on 29 January of this year ...
This article has been updated based on the available information until 20th February 2021. As Government notifications are constantly revised, it is advisable to consult your attorney or visit the website of the relevant Government agency prior to travelling. Further, in additional to the guidelines published by the Central Government, passengers are also requested to refer to State specific official websites to be well informed about any additional requirements ...
The Inland Revenue Board of Malaysia (Revenue)’s press release of 13 January 2021 announced the Revenue’s implementation of centralisation and dispersal of tax files for taxpayers of certain categories, with effect from 1 January 2021 ...
On February 9, 2021, Supreme Decree No. 57/2019 of the Ministry of Health, which approves the Regulation on Classification, Labeling and Notification of Hazardous Chemical Substances and Mixtures (the "Regulation"), was published in the Official Gazette ...
On 10 February 2021, the Ministry of Finance has issued a Notification (? 0831/MoF) regarding the issuance of Taxpayer Identification Numbers (“TIN“) for individuals ...
The VAT domestic reverse charge - referred to below as the reverse charge - is a major change to the way VAT will be collected in the building and construction industry. The reverse charge regime will come into effect on 1 March 2021 and will in many instances require customers receiving building and construction services to pay the VAT due directly to HMRC, instead of paying the supplier. This is a fundamental change to the way in which VAT is administered on construction contracts ...
