The Ministry of Planning and Finance issued Notification 20/2022 on 31 March 2022 reiterating that companies and non-profit organizations were required to obtain a Taxpayer Identification Numbers (“TIN”) with the Internal Revenue Department (“IRD“). Under this Notification, companies and non-profit organizations that have not yet secured a TIN must apply for one by these deadlines: Taxpayer Deadline 1 ...
Less than a month to go! Our Tax Team wishes to remind you of the fast-approaching deadline for the submission of your annual corporate tax returns for the financial year ended 31 March 2023 (“FY 2022-2023”). All Myanmar taxpayers (corporate entities, non-profit organizations, and individuals) should file their annual tax returns on or before 30 June 2023 ...
DFDL Myanmar’s Tax Team wishes to remind you: The deadline to file your annual tax returns is on 30 June! The submission deadline applies to all annual tax returns, specifically for Corporate Income Tax (“CIT”), Commercial Tax (“CT”), and the Personal Income Tax (“PIT”) Salary Statement for the financial year that ended 31 March 2022 (“FY 2021-2022”) ...
The Ministry of Planning, Finance, and Industry (“MOPFI”) issued Notification No 65/2020 (“Notification 65”) which outlines additional forms of tax relief that can be availed by businesses affected by the COVID-19 pandemic in Myanmar ...
The Ministry of Planning and Finance issued Notification 47/2018, outlining the new withholding tax (“WHT”) rules that now apply on payments to resident and non-resident taxpayers in Myanmar. This Notification is effective from earlier this year and will supersede the current WHT Notification 51/2017 that was issued last year ...
On the 27th of February 2012, the Montenegrin Parliament enacted amendments to the Law on Corporate Income Tax, the Law on Personal Income Tax and the Law on Contributions for Mandatory Social Security Contributions. These amendments were published in the Official Gazette of Montenegro no. 14/12 dated the 7th of March 2012 and came into force that same day.I ...
The Coronavirus Aid, Relief, and Economic Security Act of March 27, 2020, (“CARES Act”) amended Section 172 of the Internal Revenue Code of 1986 (the “Code”) with respect to net operating losses (“NOL”) arising in 2018, 2019 and 2020 by restoring some of the favorable provisions applicable to NOLs prior to the enactment of the Tax Cuts and Jobs Act of 2017 (“TCJA”) ...
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act cleared the House vote and was signed into law. As the most expensive legislation ever passed, the CARES Act includes tax relief and incentives designed to help both businesses and individuals impacted by the COVID-19 pandemic. In addition, the CARES Act modifies certain provisions that were previously amended by the Tax Cuts and Jobs Act (TCJA) ...
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 ...
The Finance Bill 2021 has recently been passed in Parliament and gazetted on 31 December 2021 (“FA”). One of the FA amendments, which takes effect from 1 January 2022, is that only income arising from sources outside Malaysia and received in Malaysia by any person who is not tax-resident in Malaysia, would be tax exempt ...
The global spread of COVID-19 coronavirus infection has led to significant changes in social, political and economic processes in Russia and around the world. Government authorities are responding and introducing measures to combat the spread of coronavirus infection to ensure sustainable economic development and support to citizens in the face of the pandemic ...
On Wednesday, April 8, 2020, Michigan Governor Gretchen Whitmer issued Executive Order 2020-41 (the “Order”), which relaxes the witness and notary requirements for documents that would otherwise require in-person witnessing and/or notarization, such as Michigan estate planning documents, executed during the Coronavirus/COVID-19 pandemic ...
The Michigan Department of Treasury (the “Department”) recently released a draft Revenue Administrative Bulletin (“RAB”) entitled Marihuana Provisioning Center Tax and Sales and Use Tax Treatment of Marihuana. An RAB is a directive issued by the Bureau of Tax Policy ...
On Friday, March 27, 2020, Michigan Governor Gretchen Whitmer issued Executive Order 2020-26 (the “Order”), postponing tax filing and payment deadlines for Michigan taxpayers in order to grant some amount of relief to individuals and businesses amid the Coronavirus/COVID-19 crisis ...
On Friday, April 17, 2020, The Michigan Department of Treasury issued two departmental notices; a Notice of Automatic Extension of State and Income Tax Filing Deadlines (the “Notice of Automatic Extension”) and a Notice Regarding Electronic Requests for Informal Conferences ...
On April 19, 2021, the Michigan Department of Treasury issued a notice (the “Notice”) outlining Michigan’s conformity to the federal tax treatment of Paycheck Protection Program (“PPP”) loans under the Coronavirus Aid, Relief and Economic Security Act, Pub. L. No. 116-135 (the “CARES Act”) ...
The MFSA issued a Circular on the 22nd of December 2022 in which it proposed amendments to the Companies Act (Cell Companies carrying on business of Insurance) Regulations, Subsidiary Legislation 386.10 (“the PCC Regulations”). The PCC Regulations provide for the creation and regulation of cell companies ...
On the 5th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on the amendments to: the Glossary of Terms, Chapter 5 of the Insurance Rules and the Insurance Business (Exemptions) Regulations ...
On March 17, 2020, the Trump administration announced an expansion of Medicare coverage for virtual health services. The Medicare expansion is intended to make medical offices more available to people who need to be seen in-person and to mitigate the spread of the novel Coronavirus. Medicare can now pay for office, hospital, and other visits furnished via virtual services across the country, including a patient’s place of residence, starting March 6, 2020 ...
Companies and taxpayers alike are experiencing massive liquidity shortages due to the far-reaching restrictions on the economy and on public life caused by the COVID-19 pandemic, or at least will be exposed to such a risk in the medium term. This forces them to examine, also in relation to taxes, how existing liquidity may be preserved or additional liquidity created. In addition, the question is how to deal with ongoing tax audits and what other procedural relief is available ...
Another natural disaster has devastated a community. By now, all are aware of the tragedy the tornado inflicted on residents of Moore, Oklahoma, destroying lives and property. We join in offering our condolences to those affected by the storm. Although there is no way to replace lost lives, as with other catastrophes, there are likely to be a myriad of financial issues that will need to be addressed to rebuild and replace property. Maximizing insurance recoveries is one component ...
Maximising benefits: The importance of efficiently leveraging W&I Insurance to structure M&A deals Warranty and Indemnity (“W&I”) insurance is a risk management tool that transfers the liability of the seller to the insurer. W&I insurance typically covers the breach of warranties and indemnities provided by a seller/warrantor and the occurrence of events that were unknown or undisclosed to a buyer ...
It was only a matter of time – following the election of President Biden and Democratic majorities in both houses of Congress – before the Biden administration and legislative leaders would turn their attention to changing the tax code. While it is early in what promises to be a loud and lengthy legislative debate in Congress, tax proposals introduced by high-profile senators Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) designed to raise $5 ...
