Operation hours of IRB Counters during Movement Control Order (“MCO”), Conditional MCO & Recovery MCO periodThe Inland Revenue Board (“IRB”) has issued a media statement on the operation hours of its counters during the MCO, Conditional MCO and Recovery MCO period. For more information, please click here ...
Angola's General State Budget for 2021 (“GSB 2021”) came into force on 1 January 2021 and was approved by Law 42/20 of 31 December. It introduced the following tax changes: Value Added Tax • Definition of the scope of application of Value Added Tax (“VAT”) Individuals or legal entities are now excluded from the scope of VAT when their turnover or import transactions are no more than Kz (AOA) 10 million ...
On 12 January 2021, the Ministry of Economy and Finance issued Prakas N0. 009 on the Reclassification of Taxpayers under the Self-Assessment Taxpayer Regime (“Prakas 009”). The purpose of Prakas 009 is to amend the previous classification of taxpayers to ensure that the collection of taxes are carried out in a transparent and equitable manner which is in line with the growth of the Cambodian economy ...
1. LAND AND BUILDING TAX On 26th January, the Cabinet approved legislation with measures to reduce the tax on land and buildings, and land registration fees for residential housing as a means of alleviating the ongoing impact of the COVID-19 situation in Thailand. The new measures include: A 90% reduction of the land and building tax for 2021 that will be implemented through the enactment of a royal decree pursuant to Section 55 of the Land and Building Tax Act 2019 (the “Act”) ...
The SyCipLaw T.I.P.S. for January covers the following tax issues: 1. Can the 25% surcharge for late filing of a tax return be abated due to faulty internet connection at the taxpayer’s office on the last day of filing? 2. What are the new requirements for availing of the 15% tax sparing rate for dividends paid by a domestic corporation to a non-resident foreign corporation? 3 ...
The deduction of the VAT related to services cannot be refused due to reasons concerning the necessity thereof or to the absence/insufficiency of the explanatory documents! The tax authorities frequently deny the taxpayers’ right to deduct the VAT related to services, due to reasons related to the doubts concerning the necessity thereof or the “insufficiency” of the explanatory documents ...
The information listed below is categorized by topic for your convenience and includes content from the previous week. Bradley is actively monitoring and engaging with relevant federal, state or local entities on issues related to the coronavirus. Please contact one of the authors if you have any questions. Click on a link below to view the full article, alert, blog, webinar recording or interview ...
The UK ceased to be part of the EU customs union at 23:00 GMT on 31 December 2020. The UK is now considered by the EU to be a “third country” and as such VAT treatment of UK pleasure craft in EU waters and EU pleasure craft entering UK waters will be affected. This update seeks to outline the post-Brexit position on the payment of VAT for existing pleasure boat owners in the UK, and for those looking to dip their toes in the water this season ...
The following article is a foreword to our ‘Modernising Property Taxes’ paper, which has been produced in partnership with think tank group, Radix, and can be downloaded for free below. Following the Government’s commitment to ‘levelling up’, many would have expected 2020 to see the political football of the UK’s housing crisis tackled ...
Introductory note The State Budget Law for 2021, which was published on 31 December 2020, comes at a very difficult time that is one of great uncertainty for the State and for the country. It is clear from the outset that the changes to the tax laws are limited in scope and the focus is on issues considered essential and a priority. For example, there are absolutely no amendments to the laws regulating taxpayers’ guarantees or tax justice ...
The future of agriculture in Scotland is at a pivotal point. The COVID-19 pandemic has highlighted the challenges faced by farmers and crofters who have worked tirelessly to ensure food production and land management continues at a time when other industries have been brought to a standstill ...
Canadian newspapers' loss of advertising revenues to the hands of internet giants over the past several years has jeopardized the very existence of many such newspapers. In 2018, our governments announced several advantageous tax measures in order to ensure the survival of independent print media ...
Key Points The CARES Act provides that PPP loans may be forgiven without causing the borrower to incur cancellation of debt income, but did not address whether business expenses could be deducted if paid for by PPP loan proceeds. On April 30, 2020, the IRS published Notice 2020-32 clarifying that taxpayers whose PPP loans were forgiven could not deduct business expenses covered by such loan proceeds ...
Key Points Effective January 1, 2021, public colleges, universities, and governmental entities whose primary purpose is providing medical or hospital care are eligible for the employee retention and rehiring tax credit. The amount of the credit is equal to 70 percent of up to $10,000 in eligible wages per employee per quarter for the first two quarters of 2021. The tax credit is claimed as an offset to employment taxes otherwise payable by the employer ...
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 ...
Application of the exemption method conditional on fulfillment of requirements with regards to ownership fraction and period The Norwegian rules regarding participation exemption have in general entailed that companies tax resident in Norway investing in companies tax resident in the UK have benefited from participation exemption rules with regards to dividends and capital gains on such shares, and the same has been the case for UK companies investing in Norwegian companies ...
FINANCIAL SERVICES BURSA MALAYSIA SECURITIES EXPANDS MARKET MAKING FRAMEWORK Bursa Malaysia Securities Berhad (“Bursa”) has, via Participating Organisations’ Circular No. R/R 13 of 2020 issued on 24 November 2020, made amendments to the rules and directives of Bursa in relation to the expansion of the market making framework ...
Ministry of Agriculture, Cattle Raising and Supply publishes Ordinance establishing working group for the development of the strategic agenda for sustainable agriculture. On February 1, 2021, the Ministry of Agriculture, Cattle Raising and Supply ("MAPA") published Ordinance No. 26 ("Ordinance"), establishing the working group for the development of the strategic agenda for sustainable agriculture ...
Through National Executive Branch Decree No. 1034/2020, published in the Official Gazette on December 21, 2020: (i) Regulations of Law No. 27,506 and its amendments -also known as “Knowledge Economy Promotion Regime” (hereinafter, the “Regime” or the “Law”)- were approved; and (ii) the export duties applicable to the provision of services included in subparagraph c), of paragraph 2, of section 10 of Law No ...
The SyCipLaw T.I.P.S. for December covers the following tax issues: 1. When is the extended deadline to avail of the benefits of the Bureau of Internal Revenue’s Voluntary Assessment and Payment Program for Taxable Year 2018 (VAPP)? The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 33-2020 (RR No ...
On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (the Act), which provides additional COVID-19 relief to individuals and businesses. The long-anticipated COVID-19 relief bill will now head to President Trump for approval or veto. The Act does not extend requirements for employers to provide emergency paid sick leave or emergency paid family and medical leave under the Families First Coronavirus Response Act (FFCRA) past the original Dec ...
The Families First Coronavirus Relief Act ("FFCRA") was passed by Congress this spring to mandate two weeks of paid sick leave for COVID-19 reasons and to extend the FMLA by creating a new reason for FMLA leave relating to the need for child care because of COVID-19. The details of the FFCRA were covered by the Spilman COVID-19 Task Force at the time of passage here ...
It is clear that government restrictions and trading difficulties have created an environment in which existing transfer pricing policies will not always be appropriate. The OECD has done well to reach rapid consensus among its members on four key transfer pricing topics, namely: comparability analysis, losses and the allocation of COVID-19-specific costs, government assistance programmes and advance pricing agreements (APAs) ...
In November, California voters narrowly passed Proposition 19, which makes significant changes to existing real property tax reassessment rules. Effective after Feb. 15, 2021, Proposition 19 significantly restricts property owners' ability to preserve the current assessed value of California real property transferred between parents and children. Effective Apr ...
