Law 37 of June 5, 2018, adds line 9 to article 709 of the Fiscal Code, which is related to the annual income tax deductions to which natural persons are entitled, regarding school expenses incurred by the taxpayer with respect to their dependents. Additionally, Executive Decree 368 of December 26, 2018 and Resolution No. 201-1635 of May 13, 2019, establish the regulations applicable to the deduction of said expenses ...
With the State of Illinois’ recent legalization of recreational cannabis, municipalities have started to debate whether to “opt in” to allow such businesses. While municipalities cannot prohibit the use of recreational cannabis, they can decide whether recreational cannabis businesses are allowed to operate within their boundaries. Local officials are just starting to consider the pros and cons of recreational cannabis businesses in their communities ...
A previous inBrief dated 30 April 2019 discussed a law recently enacted in the BVI, the Economic Substance (Companies and Limited Partnerships) Act, 2018, which introduced economic substance requirements in the BVI. This article will discuss a similar measure recently promulgated in the UAE ...
The U.S. Supreme Court recently released its opinion inNorth Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, largely vindicating the understanding of most estate planners: A state cannot tax the income of a trust where the only connection to the state is the presence of the trust’s discretionary beneficiary. Facts inKaestner The facts inKaestner, in brief, are as follows ...
Among the many benefits of investing in a qualified opportunity fund (QOF) is the deferral of tax on current capital gains. Specifically, if an amount equivalent to a current capital gain is invested in a QOF within 180 days of the realization event, the tax generally will not come due until the earlier of the year in which the QOF investment is disposed of or 2026 ...
Beginning next month, used car dealers in West Virginia may sell vehicles directly to consumers without a single warranty that the vehicles are operational or safe to drive. The so-called “As Is” bill – approved last March by the West Virginia Legislature – will allow merchants to make sales on an “as is” basis, effectively eliminating any implied warranties about a vehicle’s merchantability or fitness for a particular purpose ...
Overruling 38 years of precedent, the NLRB has determined employers have no duty to permit union organizers to use “public space” to solicit union support on their property. UPMC and SEIU, 368 NLRB No. 2 (June 14, 2019). UPMC is a hospital system based in western Pennsylvania. SEIU organizers visited the hospital cafeteria and distributed organizing materials to employees over lunch discussing union organizing activity ...
Executive Decree No. 238 of June 10, 2019 Requirements to apply for permanent residency for executives of Multinational Headquarters offices (“SEM” for its acronym in Spanish) As of June 11th, 2019, the requirements to apply for the Permanent Resident Permit for Executives of SEM companies who i) continue working at a SEM company, and ii) no longer work for a SEM company ...
The Illinois legislature has approved and Governor Pritzker has signed into law significant revisions to the Illinois Tax Delinquency Amnesty Act (35 ILCS 745/10). The new amnesty program is the first in Illinois since 2010 and is an important opportunity for noncompliant taxpayers to resolve both known and previously unknown Illinois tax obligations. The amnesty program will run from October 1, 2019, through November 15, 2019, and is generally open to all taxpayers ...
Following their only loss of the 1985-1986 season, the Chicago Bears produced the first hip-hop song recorded by a professional sports team — the “Super Bowl Shuffle.” The Bears went on to win their next 15 games and eventually beat the New England Patriots in Super Bowl XX. The Shuffle became synonymous with the Bears and their victorious season, and 33 years later it found itself at the heart of a lawsuit ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Starting June 1, 2019 individuals once more receive the right to participate in the updated voluntary disclosure program ("amnesty"), which provide guarantees of exemption from some types of liability related to use of foreign bank accounts and foreign companies. Declarants may submit the special declaration until February 29, 2020 ...
This is to inform you that the Central Bank of the Russian Federation approved the new list of foreign stock exchanges by the order no. 5095-Y dated 21st of March 2019, which gives new opportunities for Russian resident individuals with regards to currency transactions ...
Recent research from the insurer Royal London found more than half of the UK adult population has not made a will, and a quarter of those have no intention of making one. Death, it seems, remains something of a taboo subject in the UK. This is in stark contrast to some other countries, such as Mexico, where each year the population celebrates Día de los Muertos, or the Day of the Dead ...
The incorporation of the Law on Security Interests in El Salvador has the objective to create a registry for security interests, that is to say, the inscription of the security interests’ creation, modification, extension, termination and execution, as well as the publicity of these instruments. The Commercial Value that some brands have, plays a very important role and represents, for some entrepreneurs, a mechanism which enables them to access credits ...
Brexit Newsletter from AED The Registration Duties, Estates and VAT Authority (AED) has issued a Newsletter informing all taxpayers of VAT related consequences of a British exit from the European Union (EU) as from 29 March 2019, (in case no withdrawal agreement is agreed between the EU and the United Kingdom (UK). Click here to access to the AED Newsletter. In the meantime, the date of the withdrawal of the UK from the EU has been postponed until 12 April 2019 ...
AFRICA: African Continental Free Trade Area Agreement developments Botswana and Zambia signed the African Continental Free Trade Area Agreement (“ACFTA”) on 10 February 2019 at the 32nd summit of the African Union in Addis Ababa, whereas the Ethiopian Council of Ministers approved the ACFTA on 2 February 2019 and the Parliament of Senegal on 23 January 2019 ...
In the listed sector, shareholders may be presented with various elections to be made as regards the nature of distributions made by companies in which equity investments are held. Shareholders can therefore be faced with an election to receive payment of a cash dividend, or in lieu thereof, to receive capitalisation shares from the underlying company or to partake in a dividend reinvestment plan ...
Sections 113 and 115 of the Companies Act, 2008 provide for an automatic statutory merger of two companies. The transfer occurs by way of operation of law, and barring any express prohibition to the contrary in a contractual arrangement, no third party consent is generally required to implement the merger. This type of transaction may typically give effect to a desired corporate reorganisation, in terms of which an existing company is liquidated, wound up and/or deregistered ...
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 ...
The most important corporate tax measures concern the reduction of the maximum corporate income tax (“CIT”) rate and the introduction of the option provided by the anti-tax avoidance directive (“ATAD”)[1]. This allows for the application of the interest limitation rules at the level of a fiscal unity: For the time being CIT is levied at a rate of (i) 15% in case the net profits do notexceed EUR 25,000 and (ii) 18% in case the net profits exceed EUR 30,000 ...
