IN THIS ARTICLE, ABHILAASH SUBRAMANIAM DISCUSSES THE POTENTIAL IMPLICATIONS OF THE MOVE FROM GST TO SST. Introduction The much anticipated Sales Tax Act 2018 and the Service Tax Act 2018(commonly referred to as “SST”) was rolled out on 1 September 2018, together with their respective subsidiary legislations, to replace the previous Goods and Services Tax Act 2014 (“GST”) ...
2018 has passed; it was full of events and changes in legislation. We would like to share the main trends in registration of business in Russia in 2018 with you. Federal Tax Service (hereinafter the “FTS”) continued its campaign on introducing records on non-reliable data about business into the Unified State Register of Legal Entities (hereinafter “USRLE”), even in respect of the compliant businesses ...
The regulation of Transfer Pricing is one of the mechanisms through which the Directorate General of Revenue (DGI) seeks to avoid the erosion of the tax base. In Panama, it is regulated in the Fiscal Code in its Chapter IX from Article 762-A to 762-Ñ. The obligation on the issue of Transfer Pricing and specifically with the study is generated since the 2011 period ...
A new rule promulgated by the U.S. Environmental Protection Agency (“EPA”) governing the disposal of coal combustion residuals, also known as CCR or coal ash, raises the risk for civil claims and the need for insurance to cover them.1 The rule, which takes effect Aug. 29, 2018, revises regulations issued in 2015 and has the stated intent of providing utilities and states “more flexibility in how CCR is managed ...
An executive order to eliminate the income tax withholding for interest paid abroad on bonds listed in a stock exchange, as well as to grant tax incentives to taxpayers investing in a capital market in Mexico was published in the Federal Official Gazette on January 8, 2019. The following tax incentives were created for productive investment projects: Corporate Bonds ...
President Trump recently signed the Agriculture Improvement Act of 2018 (also known as the 2018 Farm Bill) and the cannabis industry quickly and widely celebrated passage as clearing the way to sell products containing cannabidiol (better known as CBD). But is it really? As one might expect, this lawyer’s answer is that “it depends.”CBD has become known for its purported health benefits in relation to a wide range of conditions ...
On December 19th, 2018, the Ministry of Labor published Ordinance No. 1,085/2018, for the purpose of amending Regulation No. 22 ("NR-22"), which regulates aspects related to the mining sector occupational safety and health. The reformed NR-22 therefore brings changes to the sections regarding the Disposal of Tailings, Wastes and Products and the Emergency Response Plan, within the framework of the National Policy on Dams Safety ("PNSB") ...
An expert panel of the Pro League (the organization representing the interests of all professional Belgian football clubs) appointed by the latter and presided by Belgian minister of State, Melchior Wathelet, was consulted on the role of football agents within the current Belgian football landscape. The panel was asked to formulate recommendations and ‘best practice’-proposals to the Pro League ...
The necessity of the contemplated Real Estate Transfer Tax Act amendments has been subject of intense discussions. The finance ministers of the German states reached agreement on introducing new tax provisions and on extending the scope of existing rules in June and November 2018 ...
In December of 2018, the U.S. Environmental Protection Agency (EPA) and Army Corps of Engineers (Corps) released their much-anticipated draft proposed rule to re-write the definition of “waters of the United States” (WOTUS) (“2018 Rule”). The definition of WOTUS establishes the scope of agency jurisdiction over waters and wetlands under the Clean Water Act (CWA) ...
Before 2018 comes to a close, it may be worthwhile to review the state of your tax, estate, and charitable giving plans. Along with the typical end-of-year considerations, this year it is crucial also to pay careful attention to the effects of the 2017 tax act (P.L. 115-97, signed into law on December 22, 2017, and informally called the “Tax Cuts and Jobs Act of 2017,” herein the “2017 Tax Act”) that altered many longstanding rules and assumptions ...
The National Farmers Union, Scotland (NFUS) Joint Venture Hub is designed to act as a match-maker, bringing together enterprising individuals – some of whom have land and some of whom don’t – with a view to pooling their resources to farm together for profit. The Hub can be accessed online via this link. One of the possible vehicles for pursuing a joint venture is by entering into a share farming agreement ...
"What are the 'waters of the United States'? As it turns out, defining that statutory phrase—a central component of the Clean Water Act—is a contentious and difficult task." This observation, recently made by Justice Sonia Sotomayor, understates the difficulty in answering what should otherwise be an anodyne question: Does my project require a Clean Water Act permit? At this moment, answers to this question may be far from certain ...
In December of 2018, the coalition partners finalised their governing plan for the next 5 years in a coalition agreement (“Coalition Agreement”) which was signed the same day. The Coalition Agreement confirms the ambition, amongst others, to pursue a responsible, sustainable and innovative financial policy based on sound public finances ...
On November 20, 2018, the IRS Criminal Investigation (CI) unit issued a memorandum to IRS Division Commissioners on voluntary disclosure practice following the end of the Offshore Voluntary Disclosure Program (OVDP). How Did We Get Here? For the last 7 years, the IRS maintained a consistent, robust program for taxpayers with exposure to potential criminal liability or substantial civil penalties due to a willful failure to report foreign financial assets ...
The Supreme Court has handed down one of the most anticipated Endangered Species Act (ESA) rulings in recent years. In Weyerhaeuser Co. v. U.S. Fish and Wildlife Serv., the Supreme Court unanimously overruled the Fifth Circuit Court of Appeals, holding that the Fish and Wildlife Service can only designate property that is “habitat” as critical habitat under the ESA ...
“Tax investigation” entails an examination of a taxpayer’s business books, records, and documents as well as his personal documents to ensure that the correct amount of income is reported and tax is calculated as well as paid by the taxpayer ...
The Gambling Policy Division of the Irish Department of Justice has joined 14 other gambling regulators from around the globe in signing an International Declaration expressing concern about gambling in video games. The regulators presented a united front in addressing the "blurring of lines between gambling and other forms of digital entertainment". The increasing presence of gambling in the video gaming world has been raised as a growing concern ...
This is to inform that the President of the Russian Federation has introduced to the State Duma the Draft of Federal Law on amendments to anti-corruption regulations referred to the restrictions of Russian public officers (hereinafter – the Draft Law) ...
Article PDF On October 19, 2018, the Treasury Department released proposed regulations regarding certain aspects of the new qualified opportunity funds ("QOF") and related qualified opportunity zones ...
On October 31, 2018, the Treasury Department released proposed regulations (“the Proposed Regulations”) providing guidance on the application of Section 956 of the Internal Revenue Code of 1986, as amended (the “Code”) following recent tax law changes under the Tax Cuts and Jobs Act (the “Act”) ...
To coincide with its 250th anniversary, Shepherd and Wedderburn commissioned the University of Strathclyde’s Fraser of Allander Institute to consider the future challenges and, more importantly, opportunities for Scotland’s economy ...
The oil and gas sector has seen significant changes over the past few years, led by a significant reduction in global oil prices. This has increased the focus on operational efficiency and more flexible ways of working collaboratively to alleviate the effects of protracted price deflation ...
On 18 October 2018, the Compensation for Occupational Injuries and Diseases Amendment Bill, 2018 was published for public comment. In terms of the Notice that accompanied the Bill, written representations on the proposed amendments may be furnished within 60 days of publication of the notice ...
