The Tax Cuts and Jobs Act ("TCJA") provides new exclusion and deferral benefits for investors who purchase interests in qualified opportunity funds. Much like qualified small business stock ("QSBS") under IRC sections 1202 and 1045, new IRC section 1400Z-2 allows investors to defer and, in some cases, exclude gain on the sale of assets. However, gain can be deferred under IRC section 1400Z-2 only if invested in designated low-income communities ...
It is fair to say that one of most consistent complaints we hear from taxpayers regards the issues associated with applying and obtaining a Value Added Tax (VAT) refund in Cambodia. Until now the VAT refund process was a very lengthy process – sometimes taking years – and often subject to uncertainty and delays ...
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 ...
The Affordable Care Act ("ACA") is alive and well, despite renewed legal challenges and the elimination of the “individual mandate” beginning next year. While the Tax Cuts and Jobs Act reduced the tax penalty for individuals who don’t have health coverage to $0, effective for 2019, employers continue to be subject to penalties for failing to comply with certain ACA rules ...
According to the bill, online purchases will also be taxed Recently, the government announced the submission of the latest tax reform to the Legislative Assembly, which is called the Public Finance Enhancement Plan. This new tax package is the merging of four projects that have been floating around the Legislative Assembly for a few months now ...
Out-of-State Sellers Can Now Be Required to Collect and Remit State Sales Tax Even When They Don’t Have a Physical Presence in the State In a recent 5-4 ruling, the Supreme Court, in South Dakota v. Wayfair, abandoned its physical presence standard established in National Bella Hess, Inc. v. Department of Revenue of Ill. and Quill Corp. v. North Dakota ...
Earlier this year the U.S. Supreme Court released its much-anticipated opinion inSouth Dakota v. Wayfair, Inc., in which it held that physical presence within a State is no longer a prerequisite to the imposition of liability on out-of-state sellers to collect and remit sales taxes. In doing so, the Court overruled two of its own earlier cases—National Bellas Hess, Inc. v. Department of Revenue of IllinoisandQuill Corp. v. North Dakota ...
On June 21, 2018, the United States Supreme Court, in South Dakota v. Wayfair, Inc., held that a state can now require companies not physically present in that state to collect tax on internet sales made to its residents. The explosive growth of e-commerce combined with the states’ eroding tax base convinced the Supreme Court to turn back a half century of jurisprudence ...
Earlier this year, Marcelin Fortier (hereinafter the “applicant”) sued his insurer in a case. The Superior Court rendered a decision1 whereby it reiterates the principles applicable to the notion of increased risk in insurance. The case also insisted on the importance of the questions asked by insurers at the time an insurance contract is purchased. On 8 January 2015, the applicant’s home was seriously damaged by fire ...
For years, corporate policyholders lacked a clear path to recovery against their insurance companies under the Texas bad faith statute. The reason for this uncertainty was that some courts required a showing of an injury independent from the loss of policy benefits as a means of recovery under the bad faith statute ...
COMOROS: Treaty with United Arab Emirates enters into forceThe income tax treaty between the Comoros Islands and the United Arab Emirates, recently entered into force. GHANA: VAT withholding agents appointed In an attempt to improve value-added tax (“VAT”) compliance, the Ghana Revenue Authority (“GRA”) announced the appointment of identified VAT withholding agents per industry on 17 May 2018 ...
Section 9D of the Income Tax Act, 1962 (the “Act”) is aimed at South African residents who directly or indirectly hold more than 50% of the total participation (broadly speaking shares) or voting rights in a foreign company. A foreign company in this context is classified as a controlled foreign company (“CFC”) ...
Many countries have become more focused on combating tax avoidance. As such, transfer pricing compliance has become much more burdensome due to substantial documentation requirements and multiple filing deadlines. Multinationals (“MNEs”) have to take action to control their transfer pricing risks, but the cost of doing so could substantially increase ...
Introduction I have been asked to speak on the Base Erosion Profit Sharing of the OECD, or better know as BEPS. This is a new acronym that, similar to CRS and the harmful tax initiative program, is geared at a multilateral approach to the application of uniform tax rules and standards. Unlike the CRS and the harmful tax practices initiatives of the past, BEPS has a focus not necessarily on the private client, but on the multinational commercial organization ...
Earlier this year, the Congressional Budget Office (CBO) released its report on the direct spending and revenue effect of H.R. 1628, the American Health Care Act of 2017 (AHCA), as passed by the House of Representatives. CBO made this estimate in conjunction with the Joint Committee on Taxation ...
Barry Buchman, Adrian Azer and Greg Van Houten have joined Haynes and Boone, LLP’s Washington, D.C. office in the Insurance Recovery Practice, expanding the group’s presence coast-to-coast. Partner Barry Buchman brings more than 20 years of experience and looks forward to helping the practice flourish in Washington, D.C., and the East Coast ...
On January 31, 2018, Finance Secretary Carlos G. Dominguez issued RR No. 7-2018 which restored the provision on Notice of Informal Conference as a due process requirement in the issuance of a deficiency tax assessment. RR No. 7- 2018 was published in the Manila Bulletin on February 1, 2018 and took effect on February 16, 2018 ...
Earlier this year, Department of Finance (“DOF”) Secretary Carlos G. Dominguez issued RR No. 6-2018 which revoked RR No. 12-2013 and reinstated Section 2.58.5 of RR No. 2-1998, as amended by RR Nos. 14-2002 and 17-2003. Section 2.58.5 of RR No. 2-1998 implements the requirement of withholding of income tax for deductibility of expenses. RR No. 6-2018 was published in the Manila Bulletin on January 23, 2018 and took effect on February 7, 2018. Prior to its amendment by RR No ...
“Belarus will become the first government in the world that opens wide opportunities for the use of blockchain technology”, said in a statement on the official website of the President of Belarus. Alexander Lukashenko, who signed the new law of the land, believes that his county “has every chance of becoming a regional center in this area.” The Presidential Decree of the Republic of Belarus No ...
Speaking of compliance with tax obligations comes to our mind the duty to pay taxes (noun) as the Tax on the Transfer of Goods and Provision of Services (VAT) or Income Tax (ISR), which undoubtedly It is true; but equally certain it is that with the payment obligation exists another set of obligations formal or adjective. In this dual context of formal and substantive tax obligations, is of great relevance filing tax returns ...
During the height of the #MeToo movement and in the wake of the Harvey Weinstein scandal, Congress enacted a sweeping tax reform bill containing a provision intended to penalize businesses who settle claims involving sexual harassment or sexual abuse if they include nondisclosure agreements as part of a settlement. As with many rushed pieces of legislation, legal commentators have more questions than answers about the practical effect of this tax amendment ...
Lots of folks have been asking of late, “Do I have to show taxes in drink prices?” The Tennessee Department of Revenue recently clarified that including taxes in drink prices is optional. Previously, the state required that menu prices include both liquor by the drink and sales taxes. The law now gives taxpayers the option to include taxes on the final bill to the customer, instead of in the sales price listed in menus. A copy of the notice from Revenue is included here ...
The South African Taxation Laws Amendment Act, 2017 was signed into law on 18 December 2017 and made some notable changes to the tax regime. In this article, we deal specifically with the amended section 36 of the Income Tax Act, 1962 (the “Act”) by the insertion of subsection 36(7EA) of the Act ...
By one account, “the cost of global ransomware attacks will exceed $11.5 billion annually by 2019, up from $5 billion last year and $325 million in 2015” – a 35X increase in just four years.1Relative to other cyber crime, ransomware is an equal opportunity enterprise—striking individuals as well as businesses of all kinds ...
