The Companies and Intellectual Property Commission reported that between 2011 and 2018, a total of 2 867 South African companies initiated business rescue proceedings in terms of Chapter 6 of the Companies Act, 2008 (the “Companies Act”), with South African Airways SOC Limited (“SAA”) being the latest addition to this list ...
We have recently seen that the South African Revenue Service (“SARS”), in conducting audits in respect of taxpayer’s affairs, places reliance on section 99(4) of the Tax Administration Act, 2011 (“TAA”) to unilaterally extend the time period within which an assessment prescribes. Section 99(1) of the TAA deals with the period of limitation in respect of the issuance of assessments ...
With the growing globalisation of economic activity characterised by free movement of goods, capital and labour, more and more Rwandan residents are now working outside Rwanda, doing business with or in foreign countries, holding shares in non-resident companies and extending loans to non-resident borrowers. However, the tax treatment in Rwanda of foreign income earned from such activities is still the subject of some uncertainty, particularly with respect to double taxation relief ...
Case Law The Tax Court of South Africa, Cape Town IT 24819 whether insufficiency of funds was not reasonably foreseeable, and therefore constitutes reasonable grounds for non-payment of employees tax, considered. correct interpretation of the number of days for payment of employees tax considered as a point in limine. find a copy of this judgment here ...
On Feb. 6, 2020, the Ohio Supreme Court affirmed a decision of the Ohio Board of Tax Appeals (“BTA”), finding the sale price of interests in a limited liability company (“LLC”) was the best evidence of the true value of the LLC’s real property for tax purposes. In Columbus City Schools Bd. of Edn. v. Franklin Cty. Bd. of Revision, Slip Opinion No ...
Hon’ble Finance Minister, Government of India, while presenting the Union Budget 2020 today stated that her proposals are structured around the themes of ‘Aspirational India’, ‘Economic Development’, and a ‘Caring Society’. As we start decoding the fine print of her tax proposals please find hereinbelow key tax highlights of the Finance Bill, 2020 ...
Our partner, Jessica Power, and our associate, Ximena Silberman, contributed to the Q&A section of the Chilean chapter in the “Corporate Tax 2020” edition of the International Comparative Legal Guides. Jessica Power has been a partner at Carey since 2008 and is co-head of the Tax Group ...
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 ...
On December 19, 2019, the U.S. Treasury Department and the IRS issued final regulations (T.D. 9889), which provide much-anticipated guidance on tax-favored qualified opportunity zone investments. The 544-page regulation package generally retains the same approach and structure of the proposed regulations issued in October 2018 and April 2019 (prior Hanson Bridgett analysis available) ...
This week, Congress passed and President Trump is expected to sign a domestic spending package that includes significant changes affecting retirement plans in the SECURE (Setting Every Community Up for Retirement Enhancement) Act, and a permanent repeal of the “Cadillac tax” on high-cost employer-sponsored health coverage that was enacted with the Affordable Care Act (ACA). The SECURE Act is the most comprehensive set of changes to retirement plan rules in many years ...
The DIFC has provided slightly more clarity as to how UAE Cabinet Decision 31 of 2019 (the Economic Substance Regulations, or ESR) will apply within Dubai’s financial free zone. Helpful as the guidance is, significant questions remain. The DIFC held a presentation on 17 December to discuss the Economic Substance Regulations. The first point of note was that all businesses in the DIFC must file an ESR notification by 31 March 2020 ...
The EU is introducing an additional level of transparency in order to enhance the means tax authorities can use to detect potentially aggressive tax arrangements. In this light, EU Directive 2018/822/EU (hereinafter the “DAC 6”) imposes mandatory reporting of cross-border arrangements, affecting at least one EU Member State, that fall within one of a number of “hallmarks” ...
Before 2019 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, it is important to remain aware of the effects of the 2017 tax act (informally called the “Tax Cuts and Jobs Act of 2017,” and herein the “2017 Tax Act”) that altered many longstanding rules and assumptions ...
Further to ourNewsletter related to the recent changes in the Russian currency regulations, we are sending you additional comments, which may help Swiss banks and bankers, who work with Russian clients.Taking into consideration the legislative amendments¹, we understand that the use of accounts opened with the banks located in Switzerland will be more convenient for the Russian currency residents (the “Residents”) ...
We would like to draw your attention to the latest amendments in currency control legislation, which are applicable to individuals - currency residents. On December 2nd, 2019, the President of the Russian Federation signed Federal Law No ...
Over the past years, the Minister of Agrarian Affairs and Spatial Planning/ Head of the National Land Agency (“Minister”) has issued several regulations on location permits due to the progressive system established by the government for the efficiency of investments and licensing. After the Online Single Submission (“OSS”) system became applicable, the Minister issued Regulation No ...
On Oct. 31, 2019, the United States Department of Agriculture (USDA) published its highly anticipated interim final rules, establishing the USDA Domestic Hemp Production Program to be administered by the Agricultural Marketing Service (AMS) ...
After sending cryptocurrency enforcement letters in the summer of 2019, the IRS recently issued Revenue Ruling 2019-24 and an accompanying frequently asked questions (FAQs) with additional guidance on the taxation of cryptocurrency. The Revenue Ruling addresses the tax treatment of cryptocurrency "hard forks", where one version of the currency is split from its original ledger and a new version of the currency is created with a new ledger ...
Governor Newsom has signed several bills that impact the cannabis industry by providing relief from federal income tax deduction limitations, encouraging minority participation, encouraging union membership, and clarifying some other existing regulations. The bills include: Assembly Bill 37 repeals the limitation on deductions for business expenses for cannabis businesses, which had previously conformed to Internal Revenue Code section 280E for state tax purposes ...
Existing law, the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA), among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities and authorizes persons to conduct specified commercial cannabis activities, as defined, in the state. The objectives of the new law are as follows: To provide tax equity to the cannabis industry ...
With effect from 1st. January 2019, Russia amended the rules relating to VAT taxation of electronic (online) services (e.g. provision of rights to use software, streaming music, films, gaming services, hosting, website and webpage support, etc.). The new regulations raised a number of questions that are considered in this article ...
On Sept. 30, 2019, the IRS issued proposed regulations regarding how the employer-shared-responsibility provisions of the Affordable Care Act (ACA) and certain nondiscrimination rules under the Internal Revenue Code (Code) will apply to individual coverage health reimbursement accounts (HRAs). The proposed regulations aim to facilitate the adoption of individual coverage HRAs by employers on or after Jan. 1, 2020. Background On Oct ...
The European Union (EU) has removed the UAE from the EU’s blacklist of non-cooperative jurisdictions for tax purposes. The EU Blacklist The EU maintains a blacklist of non-cooperative jurisdictions for tax purposes. The EU has published criteria on tax transparency, fair taxation and implementation of anti-BEPS measures that EU Member States undertake to promote ...
A previous in Brief dated 7 July 2019 discussed UAE Cabinet Resolution 31 of 2019 Concerning Economic Substance Regulations (the UAE Economic Substance Regulations or the Regulations). The UAE Economic Substance Regulations designated the UAE Ministry of Finance as the Competent Authority ...
Agribusiness: STJ Recognizes the Co-Existence of Intellectual Property Rights from the IP and Plant Varieties Acts over Transgenic Soybeans On October 9, 2019, the Superior Court of Justice (“STJ”) unanimously denied Special Appeal No. 1.610.728/RS, establishing an understanding that entitles holders of GMO patents over soybeans to charge royalties for the use of their seed by farmers outside the scope of the Plant Varieties Act ...
