1. Which factors bring an individual within the scope of tax on income and capital gains? Liability to Guernsey income tax is generally dependent on residential status. However, certain other types of income arising, or from a source, in Guernsey can give rise to a liability to Guernsey income tax irrespective of the residence status of the recipient ...
1. Which factors bring an individual within the scope of tax on income and capital gains? The Cayman Islands has no income or capital gains tax. 2. What are the taxes and rates of tax to which an individual is subject in respect of income and capital gains and, in relation to those taxes, when does the tax year start and end, and when must tax returns be submitted and tax paid? As above, the Cayman Islands has no income or capital gains tax. 3 ...
1. Which factors bring an individual within the scope of tax on income and capital gains? The charge to income tax in Jersey is assessed by reference to a person's residence status: A person who is resident and ordinarily resident in Jersey is charged to income tax on all of his/her Jersey and worldwide source income, whether remitted to Jersey or not ...
1. Which factors bring an individual within the scope of tax on income and capital gains? There are currently no forms of income or capital gains tax in the British Virgin Islands (BVI). Residence and domicile is not relevant to an individual's tax status in the BVI. However an individual is taxable in the BVI if they are gainfully employed (§2) or transfer ownership of BVI property (§8) ...
On April 19th 2023, Law No. 21.553 which regulates paid passenger transportation applications and the services provided through them was published in the Official Gazette. The Law includes important provisions regarding the protection of consumers of passenger transportation services, making the sphere of protection of Law No. 19.496 - Consumer Protection Act ("CPA”), applicable to the contracts entered by passengers with the platforms of transportation application companies ("TAC") ...
On April 18, 2023, Fox News agreed to pay Dominion Voting Systems a staggering $787.5 million to settle a defamation lawsuit. Particularly startling about the settlement is that Dominion was valued at around $51 million as recently as 2018, meaning that the settlement resulted in a payout up to fifteen times Dominion’s value. Dominion filed the lawsuit in response to publicly broadcast statements by Fox News and its guests after the 2020 election ...
“Electrification” has become a ubiquitous term these days, although depending on who you ask, it might have different meanings. However defined, a critical component of electrification as a policy choice to reduce reliance on fossil fuels is the need to fully evaluate both its practicality and the transparency of its cost impacts, particularly as that relates to lower income and middle class families, as well as small business ...
Not long ago, the idea of having a national transport strategy about data would have seemed outlandish. From around five years ago, we’ve had predictions of a lifestyle revolution based on the value of data. Now, that revolution has gone mainstream, and with it, the world of planes, trains and automobiles ...
Shoosmiths’ Public Inquiries team is delighted to present a series of podcasts in respect of reflections and experiences of the COVID-19 pandemic. Hosted by Hayley Saunders and Alex Friston, we are delighted to be joined by a variety of speakers, each bringing something different to the table in relation to impacts, views and then thoughts towards the Public Inquiry, which is set to commence its first public hearings on 13 June ...
Notification 005/23 was issued by the Accounting and Auditing Regulator (ACAR) on the 11th of April 2023 concerning the Extension to Submit Annual Financial Statements for the 2022 financial year for Enterprises and Non-Profit Organizations that are not subject to independent financial audits ...
Back in March 2022, a furore erupted over the mass redundancies by P&O Ferries of its workers and their replacement with an international crew on much lower wages. Amidst all the calls for changes to prevent ‘fire and rehire’ tactics, the only relevant change to employment legislation to have made it onto the statute book so far is The Seafarers' Wages Act 2023 (SWA 2023), which came into force on 23 March 2023 ...
On the 5th of April 2023 the Accounting and Auditing Regulator (“ACAR”) issued Notification 0013/23. ACAR/N reminding enterprise owners and directors of non-profit organisations of their obligation to submit, via the ACAR e-filing system, their annual financial statements for the 2022 financial year to the ACAR by the required due date ...
The Limited Partnerships (Jersey) Law 1994 (the “Law”) governs Jersey limited partnerships. A limited partnership seeks to combine the flexibility and “tax transparency” offered by a partnership structure with the benefits, for limited partners, of limited liability offered by a company ...
On 30 March 2023, the State Administration Council enacted the 2023 Union Tax Law (“2023 UTL”), which clarifies the tax rates and related procedures concerning income tax, commercial tax, and specific goods tax. This new law is effective on 1 April 2023 or the start of the new financial year 2023-2024 in Myanmar ...
We previously provided an update regarding the enactment of a capital gains tax (the “Tax”) in the State of Washington (read about it here). In that article, we noted the Tax was subject to at least one lawsuit in Washington. That lawsuit resulted in the trial court striking down the Tax, which caused an appeal to the Washington State Supreme Court (the “Court”) ...
Ensuring the safety and security of funds is a top priority for financial institutions worldwide. To this end, the South African Government has put in place various regulations to guide the operations of financial institutions. We have written several articles on the recent changes to the Financial Intelligence Centre Act, 2001 (“FICA”) and the regulations promulgated under FICA ...
Paul Carney and Craig Thomas explore the impact of the Chancellor's 2023 Spring Budget on the taxation of pensions in the UK. The Chancellor’s budget statement on 15 March caused many to be surprised and some to be perplexed ...
Derby has today (21 March 2023) been named as the national headquarters of Great British Railways (GBR) – a key moment in the government’s plan to reform the rail network. Commenting on the announcement, Michelle Craven-Faulkner, partner and rail lead at Shoosmiths, said: “The long-awaited headquarters of Great British Railways has finally been announced ...
“An ounce of prevention is worth a pound of cure.” Benjamin Franklin For tax advisors, CFOs, and finance personnel throughout Cambodia, the last few weeks of March are typically extra stressful due to the 31 March deadline for filing annual Tax on Income (TOI) declarations with the General Department of Taxation (GDT). Cambodia’s tax system operates on the principle of self-assessment, meaning taxpayers declare and pay taxes based on their reading of tax regulations ...
Background The ‘ball’ in this case started ‘rolling’ when Rothschild presented his MetaBirkins collection at Art Basel Miami in December 2021 and began selling it through NFT platforms like OpenSea. The collection consisted of 100 NFTs with digital images of Hermès Birkin bags in various designs. The starting price for one copy was 0.1 ETH (about $450 at the time). The artist was said to have soon sold more than $1 million worth of digital handbags ...
The Republic of the Union of Myanmar intends to promote foreign investments in the electric vehicle sector in Myanmar by means of a mix of legal and policy initiatives aimed at incentivizing such investments. For the purpose of this article we have considered the year 2022 as the most critical year for legal regulations on electric vehicles (“EVs“) and have pivoted our discussion on legal developments prior to, during and after 2022” ...
The proposal for the temporary Windfall Tax Act for enterprises operating in the electricity and fossil fuel sectors was approved by the Finnish Parliament on 27 February 2023 in an amended form. An overview of the Government's proposal can be found in our previous article on the subject. The Windfall Tax Act will be applied retroactively to the tax assessment of tax year 2023 ...
Recent months have seen sustained industrial action in the rail sector. On 20 February 2023, the government launched a 12-week consultation on setting minimum service levels for passenger rail. Unlike in many European countries, there are currently no limits in the UK on the number of employees who are able to take part in strike action together ...
“It’s a dangerous business, Frodo, going out your door. You step onto the road, and if you don’t keep your feet, there’s no knowing where you might be swept off to.” — Bilbo Baggins For those embarking on the process of obtaining a Value Added Tax (VAT) refund in Cambodia – it may feel at times like a perilous journey ...
