On 1 January 2004 Ukraine woke up to the new personal income tax. A development of the previous individual income taxation, this tax is, if anything more sophisticated. Its novelties will have a lasting impact on many of the tax planning strategies involving individuals. Without attempting a comprehensive analysis of the new tax, this article offers an outline of some of its major implications for tax planning. A ...
The Paris Agreement (the “Agreement”) was signed on Friday, 22 April 2016 in New York. This adds further impetus to the international response to climate change and, for the local economy, it re-emphasises the importance of South Africa’s national greenhouse gas mitigation actions, including the carbon tax ...
According to the provisions of Law 18,131, as of December 31 of each year, all taxpayers should compare the contributions actually made to the National Health Fund ( hereinafter "FONASA" ) with the annual cap filler ( hereinafter "STOP ANNUAL " ) ...
South Africans who think that their tax burden is going to decrease because country-by-country (“CbC”) reporting does not apply to their company should think again!In addition to the recently released draft notice requiring the submission of CbC reports, master file and local file returns, the South African Revenue Service (“SARS”) has recently issued the External Business Requirements Specification (“BRS”) document, setting out CbC and Financial Data
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 ...
A Texas federal court recently ordered an insurer to reimburse an oil and gas company for costs and expenses incurred while defending against environmental claims. The court found that a duty to defend existed even though the insured failed to immediately notify the insurer of the occurrence, giving rise to the claim as required by the insurance policy, and despite alleged willful miscon- duct that was excluded from coverage under the policy ...
The COVID-19 crisis has significantly slowed economic activity in all respects. The area of corporate mergers and acquisitions is no exception, and the level of activity, which was high before the crisis, has dropped significantly because of it. It is difficult to predict when and at what pace such activity will resume, but we expect that, like many other sectors of the economy, this market will be different from what it was before the crisis ...
After a particularly active consultation round with approx. 140 consultation responses, together with the proposal for the national budget for 2024, the government presented a revised proposal today, 6 October 2023. The criticism from a relatively united renewables industry must be said to have fallen on relatively deaf ears and the proposal is essentially a continuation of the consultation proposal ...
Resolution No. 61/202 of Chilean Tax Authority amends instructions on Certificate No. 66 on donations and expenses associated with the global outbreak of Covid-19 July 6, 2020 On June 17, the Internal Revenue Service issued the Resolution No. 61 through which it modified the Resolution No. 49, which creates the certificate that recipients must issue for the donations they receive in the context of the health crisis produced by Covid-19. According to Resolution No ...
The media frequently reports on the ‘UK housing crisis’ and how increased building is required to satisfy current housing demands ...
Requirements have been made more flexible so that taxpayers can deduct expenses for losses By means of Supreme Decree No. 86-2020-EF, published today, the requirements for the deduction of expenses due to loss of stocks have been made more flexible ...
Financial Products and Services Consumer Protection Act On May 06, 2022, Republic Act (RA) No. 11765, or the Financial Products and Services Consumer Protection Act, was signed into law ...
Key Points Before undertaking a stock option repricing program, consider the tax impact on employees holding incentive stock options (ISOs) Additionally, consider the corporate and securities laws that govern repricing programs Introduction Stock options are a vital form of compensation at a wide range of privately-held companies.1 Stock options are intended to motivate employees to drive stockholder value and are used as an employee retention tool ...
Representation and warranty insurance (RWI) has boomed in popularity in the highly-regulated world of healthcare provider deals, and many dealmakers assume it will continue to be available as we ride the current wave of deals seeking to close by year-end 2021. That assumption may be wrong ...
The reportable arrangement provisions were established by the South African Revenue Service (“SARS”) with the objective of obtaining information on certain types of transactions. The circumstances under which a person should report an “arrangement” to SARS, as defined in section 34 of the Tax Administration Act, 2011 (the “TAA”), are contained in sections 34 to 39 of the TAA ...
Business interruption insurance claims related to the COVID-19 pandemic have raised numerous questions for practitioners, businesses, and insurers ...
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 ...
There are a number of considerations when relocating to another country that involve much more than a mere physical departure and the taking up of permanent residence in a foreign country. In South Africa, an individual will continue to be regarded as a South African resident for exchange control purposes until such time as the South African Reserve Bank (the “SARB”) has provided him/her with formal emigration approval ...
On March 16, 2012 the President declared the Tennessee counties of Bradley, Claiborne, Cumberland, DeKalb, Hamilton, Jackson, McMinn, Monroe, Overton and Polk federal disaster areas because of the severe storms and tornadoes that hit those counties on March 2, 2012.If you suffered an uninsured or underinsured loss of property due to the March 2, 2012 storms in a county included in the federally declared disaster areas, you could qualify for assistance from FEMA ...
In late August, Hurricane/Tropical Storm Irene ripped through much of the East Coast leaving a wake of storm and flood damage. Parts of North Carolina, Maryland, New York, New Jersey, Pennsylvania, New Hampshire, Massachusetts, Connecticut, Vermont and Puerto Rico have been declared federal disaster areas by the president. The specific counties of each state and territory that have been declared federal disaster areas are available here ...
