A Foreign Company ("FC") is subject to Swedish taxation on income from a permanent establishment ("PE") in Sweden. Today, different types of tolling arrangements are part of the business model of many MNE’s. The purpose of this article is to analyze the Swedish tax implications of a tolling arrangement, primarily the risk of a FC to acquire a PE in Sweden. The below example can be used in order to illustrate the PE issues at hand ...
South Africa has a rapidly evolving climate change policy environment, which is in-keeping with the country¡¦s view of itself as a developing country leader in the climate change arena. Part of the policy environment includes attention to financial mechanisms that can be marshaled in support of the response to climate change ...
If your estate plan was put in place more than 3 years ago, the plan is likely designed to save estate taxes at the sacrifice of income tax benefits. Estate tax is no longer a concern for married couples owning less than $11 million of assets. We recommend reviewing your estate plan to confirm that it has the flexibility to adapt to tax law changes and to secure income tax benefits ...
Charitable giving is a way for businesses and individuals to save on taxes while supporting the causes that align with their values. At Schwabe, we can help clients to plan charitable gifts and make sure that their charitable giving works holistically with the plan they have created for the distribution of their entire estate. This article will cover common questions associated with charitable giving ...
Numerous corporate governance scandals over the past 15 years involving S-chips have tarred these mainland-operating, Singapore-listed companies with the same brush. But do all S-chips deserve their bad reputation?It was meant to be one of the Singapore Exchange’s (SGX) success stories. One of our biggest skincare companies, Best World International saw its profits grow almost 40 fold between 2013 and 2017. It was valued at S$1.8 billion at its peak in February 2019 ...
Following announcements during the 2021-22 Budget by the Finance Secretary Paul Chan, the Securities and Futures Commission (SFC) issued on 10 May 2021 details of the grant scheme available for Hong Kong open-ended fund companies (OFCs) and real estate investment trusts (REITs) ...
A recent Ministerial Order1 from the Minister of National Revenue has formally extended certain deadlines under the Income Tax Act (“ITA”) and the Excise Tax Act (“ETA”). The Order is retroactive to March 13, 2020. The extension is 6 months or until December 31, 2020, whichever is earlier. This Ministerial Order will have various implications for taxpayers and registrants, in particular in terms of limitation periods ...
The United States-Mexico-Canada Agreement (USMCA) entered into force on July 1, 2020 replacing the North American Free Trade Agreement (NAFTA) that has been in force since 1994. The USMCA has a sunset provision providing that investors may continue using NAFTA’s dispute resolution mechanism for NAFTA legacy investments for up to three years after NAFTA’s termination, i.e., until June 30, 2023 ...
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 Affordable Care Act ("ACA") is alive and well, despite renewed legal challenges and the elimination of the “individual mandate” beginning next year. While the Tax Cuts and Jobs Act reduced the tax penalty for individuals who don’t have health coverage to $0, effective for 2019, employers continue to be subject to penalties for failing to comply with certain ACA rules ...
The Taxation Laws Amendment Act, No 31 of 2013 introduced amendments to the VAT registration provisions contained in the Value-Added Tax Act 89 of 1991 (“the VAT Act”), aimed primarily at streamlining the VAT registration process. These amendments came into force on 1 April 2014 ...
It is the long-standing practice of traders and service providers to grant customers extended payment terms for the goods or services they supply as a means to enhance turnover. Where the credit provided is interest-free, the question that arises is whether the provision of such credit impacts on the entitlement of the supplier to claim input tax for value added tax (“VAT”) purposes ...
Perhaps, one of the facts which creates the highest expectations among those of us who manage the second or third defense line is risk materialization. That is to say, for a risk to become an event and generate some kind of impact. And from there on, the possibility of verifying the effectiveness of the controls designed, the residual risk and feeding back the matrix ...
With tax litigation becoming more prevalent in recent years, taxpayers are now faced with new issues.One such issue is: when and to what extent will documents bearing an electronic signature be acceptable under the relevant tax legislation?In this regard, section 255(2) of the Tax Administration Act No ...
Artificial intelligence is a burning topic in many sectors today and the legal industry is no exception. Recently, at the World Services Group's annual employment law conference held in February, AI was heavily debated along with its' impact not only on the legal profession, lawyers, clients, the way business is done, but also our traditional understanding of concepts such as "law" or "justice" ...
Many companies have a keen interest in recycling and upcycling old products for resale, both for environmental and promotional purposes. But when those products contain third-party intellectual property, there can be trademark and copyright concerns. Dinsmore intellectual property partner Karen Gaunt wrote about this topic for Best Lawyers' Women in Law issue, out this month. Gaunt herself has been named a Best Lawyer multiple times since 2013. An excerpt of the article is below ...
Tackling base erosion and profit shifting remains a priority for the National Treasury and the South African Revenue Service (“SARS”). It was recently reported that in the 2021 fiscal year, SARS dealt with 345 cases of transfer pricing, base erosion and profit shifting to the value of almost ZAR12-billion. Yet, only three South African courts have dealt with transfer pricing ...
In line with the actions planned in the European Union’s tax policy agenda to reform the corporate tax system, the Proposal for a Council Directive 2021/0434 (the “Unshell Directive”) was published on 22 December 2021. This proposal introduces a set of rules to prevent the improper use of shell companies (companies without economic substance) exclusively intended to obtain tax advantages ...
What is the CTA? The CTA was enacted on January 1st, 2021 as part of the National Defense Authorization Act to prevent the use of companies to evade anti-money laundering rules or to hide other illegal activities. Under the CTA companies will be required to report information regarding its beneficial owners with a beneficial ownership registry maintained by the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) ...
The Trump Administration has followed up on the President’s speech in Miami regarding U.S. policy toward Cuba by announcing new restrictions on trade with Cuba that became effective at the end of 2017. At the heart of the new policy is a “Cuba Restricted List” in which the State Department names 180 Cuban entities with which new commercial relations are to be prohibited ...
According to The Federal law as of July 24, 2009 N 212-FZ “On Insurance Contributions to the Pension Fund of the Russian Federation, Social Security Fund of the Russian Federation, Federal Medical Insurance Fund of the Russian Federation and Territorial Medical Insurance Funds” that has been passed by the State Duma, the Unified social tax (UST) shall be replaced from the year 2010 with insurance contributions to particular types of social security to be paid to four separate non-budge
Over the last years merger control in the UK has evolved considerably. Leaving aside the move from a public interest to a competition test, the OFT has overhauled its procedures and processes with the stated aim of retaining a first class merger regime in world of change ...
Since March 2020, the United States and Canada have agreed upon mutually reciprocal COVID-19 related travel restrictions. U.S. and Canadian officials mutually determined that “non-essential” travel between the U.S. and Canada “poses additional risk of transmission and spread of the virus associated with COVID-19 and places the populace of both nations at increased risk of contracting the virus associated with COVID-19 ...
Since March 2020, the United States and Canada have agreed upon mutually reciprocal COVID-19 related travel restrictions. U.S. and Canadian officials mutually determined that “non-essential” travel between the U.S. and Canada “poses additional risk of transmission and spread of the virus associated with COVID-19 and places the populace of both nations at increased risk of contracting the virus associated with COVID-19 ...
