As the end of 2013 draws near, taxpayers should consider the effect of the new 3.8% surtax on investment income. Beginning January 1, 2013, a 3.8% surtax is placed on certain investment income for individuals, trusts, and estates. The surtax is imposed in addition to all other taxes imposed by the Internal Revenue Code (including the alternative minimum tax). Prior to the end of 2013, individuals, trustees, and executors should consider ways to minimize the 3.8% surtax ...
"For the full transition to the European principles and standards in Ukraine should ensure transparency in the area of registration and transfer of ownership of land holdings"As the market is structured agricultural land in Ukraine? What is it different compared to European countries?
On October 15th 2013 the New Hotel and Restaurant (Taxation) Ordinance 2013 came into effect. This ordinance amends the former Hotel and Restaurant (Taxation) Ordinance which was into effect prior to October 15th.There are a wide range of new provisions which clients should be aware of ...
On September 26, 2013 the Supreme Court released its decision in the Envision1 case. The case deals with the amalgamation of two credit unions, but has broader implications for the tax treatment of amalgamations in Canada, and will be of interest to Canadian corporations contemplating a merger in the future. In 2001, two BC credit unions amalgamated to form Envision. The transaction was undertaken for non-tax reasons, but structured to obtain a particular tax outcome ...
If you made gifts in calendar year 2012 that should be reported on a federal gift tax return (Form 709) and you extended the deadline to file your gift tax return, the deadline to submit a timely-filed return is October 15, 2013 ...
Most large Ukrainian agricultural holdings have undergone substantial group restructuring and/or consolidations in the past 5 years. Many small and medium-size companies were integrated into large agricultural holdings with significant market power. This has led to an appreciable concentration on agricultural markets and, consequently, increased control for competition compliance by agricultural groups on the part of the Anti-monopoly Committee of Ukraine (the AMCU) ...
CONTENTS The Pros and Cons of Arbitration Clauses in Commercial Contracts Pirating and Using Software Without a Licence: The BSA The Software Alliance Case Interprovincial Taxation: The Importance of Severing Residential Ties on Departure Security Under Section 427 of the Bank Act: Do the Rights of a Bank Rank Ahead of Those of the Holder of a Retention Right? THE PROS AND CONS OF ARBITRATION CLAUSES IN COMMERCIAL CONTRACTS Catherine Méthot and André Paquette Arbitration clauses
The Nation published the result of a survey that basically asked two specific issues : (i) how easy (or clear) you think the tax system? and (ii) what is the main reason why some people evade taxes? Any analysis of the tax system should take into account an absolute truth: no one likes to pay taxes . As we have discussed on other occasions ... a person can understand why you pay taxes, but like ... or want to pay ... mmmm ... I do not think: that's another thing ...
The Philippine Bureau of Internal Revenue (BIR) has recently implemented Revenue Regulations No. 18-2012 (RR 18-2012) directing all persons, whether private or government, to secure from the BIR a new Authority to Print (ATP) and to print new receipts/invoices starting July 1, 2013 ...
IntroductionOn 6 June 2013 the Council of Ministers approved the bill to finalise the transposition of Directive 2003/49/ EC of the Council of 3 June into the IRC (corporate income tax) Code. The Directive, which establishes a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, is commonly known as the ‘Interest & Royalties Directive’ ...
We are pleased to advise that, with effect from 15 May 2013, some important changes were made to the Virgin Islands Special Trusts Act (VISTA), the Trustee Act and various other British Virgin Islands statutes relating to the trusts and estates. The main changes include the following: 1 Amendments to VISTA 1 ...
The renewed focus on the ’global tax share’ of OECD countries relative to the global profits of multinationals has reignited the debate about the adequacy and transparency of tax information in Australia. The following article considers the viability of recent proposals. In April 2013, Australia’s Assistant Treasurer released a discussion paper – Improving the transparency of Australia’s business tax system – that outlined three options for reform in this area ...
Serbia Following the last amendments to the tax laws, the Ministry of Finance has since prepared several rulebooks to help implement the amended legal provisions. Amongst these, the Rulebook on Transfer Pricing is the most important. Other rulebooks of the Ministry prescribe new forms of tax returns for tax payable on capital gains and income from the lease of movable and immovable assets, and newly introduced withholding tax on income from the sale of scrap and waste ...
The Government has issued a specific regulation on sales tax on luxury goods for motor vehicles, ie Government Regulation No. 41 of 2003 on Taxable Goods classified as Luxury Goods in the form of Motor Vehicles on which Sales Tax on Luxury Goods (PPnBM) is imposed ...
Government Regulation No. 46 of 2013 on Income Tax for Taxpayers with Certain Gross Income was promulgated on 13 June 2013 and came into force on 1 July 2013. Under the Regulation a final income tax of 1% will be imposed on any taxpayer who: is an Individual or Entity (Legal or Business), excluding permanent business entities; and earns gross income from his/her/its business, excluding any freelance services, of up to Rp.4 ...
IntroductionOn 6 June 2013 the Council of Ministers approved the bill to finalise the transposition of Directive 2003/49/ EC of the Council of 3 June into the IRC (corporate income tax) Code. The Directive, which establishes a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, is commonly known as the ‘Interest & Royalties Directive’ ...
Law 55-A/2012 of 29 October – published last year as part of the package of measures to combat the financial crisis – made ownership, use or surface rights of residential urban properties with an official taxable value (valor patrimonial tributário) equal to or greater than EUR 1 million subject to Stamp Duty, calculated at the rate of 1% ...
In the clearest sign yet that some buoyancy has returned to the TCI real estate market, the TCI Government has announced changes to TCI’s stamp duty regime ...
CONTENTS Life Insurance Policy: How to Extract Funds from a Corporation with No Tax ImpactConstructive Dismissal Analyzed in the Context of a Business AcquisitionThe Right of Withdrawal, a Controlled Form of Contractual FreedomTransfers of Residences Involving a Spousal Testamentary Trust LIFE INSURANCE POLICY: HOW TO EXTRACT FUNDS FROM A CORPORATION WITH NO TAX IMPACTLuc Pariseau with the collaboration of Martin Bédard, articling studentIndividual shareholders who wish to withdraw
Here are select February 2013 rulings of the Supreme Court of the Philippines on tax law: National Internal Revenue Code; documentary stamp tax; issuance of promissory notes; persons liable for the payment of DST; acceptance ...
The Panamanian Limited Liability Partnership has been a part of Panama’s trade laws since 1916, when the Panamanian Commercial Code was issued. However, during 2009 it was subject to a profound reform in order to adapt it to an always demanding and changing market. As its “younger sister”, the worldwide famous “Sociedad Anonima” (1927), the limited liability partnership shall be filed at the Public Registry ...
Gift Tax Return Requirement for 2012 TransactionsDuring 2012, uncertainty about future estate and gift tax exemptions and rates led many of our clients to make substantial gifts during 2012 to their descendants or to trusts for descendants ...
Contents Part XII.2 Tax Applicable to Trusts: a Potentially Expensive Tax Which Is Often Overlooked Application of the Anti-avoidance Rule in Subsection 83(2.1): Caution Is Required in the Context of the Acquisition of a Private Corporation Revenu Québec to Scrutinize Trusts Directors’ Liability for the Debts of a Corporation Payable to Employees for Services Rendered During the Directors’ Term of Office PART XII ...
The rules for the application for the tax amnesty program that were published on February 19, 2013 in the Federal Official Gazette provide that taxpayers wishing to benefit from the program must file an application online with the Tax Administration Service (“SAT” for its Spanish acronym) not later than May 31, 2013, through the SAT web page, although the Federal Revenue Law does not provide for an specific date for its application ...
During the years of the recent property and development boom in the Turks and Caicos Islands (TCI), stamp duty on the real estate transactions became a substantial contributor to Government coffers. All real estate transactions in TCI are subject to stamp duty at varying rates depending on the size of the transaction and on the island on which the real estate is situate. In most cases, stamp duty is charged at the rate of 9.75% of the consideration passing ...
