The necessity of the contemplated Real Estate Transfer Tax Act amendments has been subject of intense discussions. The finance ministers of the German states reached agreement on introducing new tax provisions and on extending the scope of existing rules in June and November 2018 ...
The online retail sector has seen a considerable increase in intervention by the competition authorities both on a national level and in Brussels. Most recently, in December 2018, the European Commission fined the clothing company Guess € 39.8 million for applying online sales and advertising restrictions ...
Before 2018 comes to a close, it may be worthwhile to review the state of your tax, estate, and charitable giving plans. Along with the typical end-of-year considerations, this year it is crucial also to pay careful attention to the effects of the 2017 tax act (P.L. 115-97, signed into law on December 22, 2017, and informally called the “Tax Cuts and Jobs Act of 2017,” herein the “2017 Tax Act”) that altered many longstanding rules and assumptions ...
The government has approved, by royal decree-law, a legal reform introducing a number of changes to the Retail Trade Law. Royal Decree-Law 20/2018, of December 7, 2018, on urgent measures to foster economic competitiveness in the industrial and trading sectors in Spain, published in the Official State Gazette last Saturday, December 8, amends Retail Trade Law 7/1996, of January 15,1996 ...
In December of 2018, the coalition partners finalised their governing plan for the next 5 years in a coalition agreement (“Coalition Agreement”) which was signed the same day. The Coalition Agreement confirms the ambition, amongst others, to pursue a responsible, sustainable and innovative financial policy based on sound public finances ...
On November 20, 2018, the IRS Criminal Investigation (CI) unit issued a memorandum to IRS Division Commissioners on voluntary disclosure practice following the end of the Offshore Voluntary Disclosure Program (OVDP). How Did We Get Here? For the last 7 years, the IRS maintained a consistent, robust program for taxpayers with exposure to potential criminal liability or substantial civil penalties due to a willful failure to report foreign financial assets ...
“Tax investigation” entails an examination of a taxpayer’s business books, records, and documents as well as his personal documents to ensure that the correct amount of income is reported and tax is calculated as well as paid by the taxpayer ...
This case highlights the importance of registering a franchise with the Registrar of Franchises and the consequences of not doing so. In particular, the effect and applicability of section 6(1) of the Franchise Act 1998 (“FA 1998”) are discussed. Facts The subject matter was “Dr. Fong’s Method” of teaching mathematics to students in primary and secondary school, which was developed by Dr. Fong Ho Kheong (“Dr. Fong”). Dr ...
In less than a decade, China has become the largest e-commerce market in the world, accounting for over 40% of global e-commerce according to a recent report by McKinsey. The breath-taking speed of development has left law makers scrambling to regulate the booming e-commerce industry ...
The Gambling Policy Division of the Irish Department of Justice has joined 14 other gambling regulators from around the globe in signing an International Declaration expressing concern about gambling in video games. The regulators presented a united front in addressing the "blurring of lines between gambling and other forms of digital entertainment". The increasing presence of gambling in the video gaming world has been raised as a growing concern ...
This is to inform that the President of the Russian Federation has introduced to the State Duma the Draft of Federal Law on amendments to anti-corruption regulations referred to the restrictions of Russian public officers (hereinafter – the Draft Law) ...
On October 31, 2018, the Treasury Department released proposed regulations (“the Proposed Regulations”) providing guidance on the application of Section 956 of the Internal Revenue Code of 1986, as amended (the “Code”) following recent tax law changes under the Tax Cuts and Jobs Act (the “Act”) ...
Article PDF On October 19, 2018, the Treasury Department released proposed regulations regarding certain aspects of the new qualified opportunity funds ("QOF") and related qualified opportunity zones ...
Cryptocurrencies have captured the imaginations of individuals and emerging businesses drawn to their potential to serve as alternative stores of value, to reduce transaction costs by eliminating intermediaries. Most notably in popular culture and media - to provide eye-catching opportunities for speculative investing ...
General contractors, subcontractors, and builders providing construction services in North Carolina should be aware that labor charges on certain of their projects may now be subject to sales tax under the state's new repair, maintenance, and installation ("RMI") rules ...
When debt is reduced or written off, certain adverse tax consequences may arise for the debtor. The tax provisions dealing with the debt relief rules are contained in section 19 and paragraph 12A of the Eighth Schedule to the Income Tax Act, 1962 (the “Act”). The current debt relief rules were introduced by the Taxation Laws Amendment Act, 2017 and are applicable in respect of years of assessment commencing on or after 1 January 2018 ...
With the development of information and communication technologies, teleworking is a good solution to solve many problems encountered by employees and employers, as well as to solve more global issues: pollution, global warming, stress, traffic jam, car crashes, balance between private and working life, workspace, parking, etc ...
As part of Budget 2019, the Irish Minister for Finance announced that Irish betting tax will increase from 1% to 2% of turnover. Betting intermediary tax will also increase from 15% to 25%. The tax increases will take effect from 1 January 2019. Parties in support of this increase have suggested that additional revenue generated by this increase should be directed towards gambling addiction services ...
Brick and mortar retailers are rapidly diversifying checkout and payment methods to combat the erosion of sales to online channels and provide an improved shopping experience for consumers. From self-checkout kiosks, to store-specific mobile applications for payment, scan-as-you-go devices, and even ‘just walk out’ models, retailers are reinventing consumer’s notions of the traditional checkout line by going cashierless ...
The Spanish Tax Agency published on their webpage an information notice by the Customs and Special Taxes Department with the intention of “enabling interested parties to comply with their tax and customs obligations” as it regards the arrival and departure of recreational craft from the customs territory of the Union ...
On October 3, 2018, the IRS issued guidance for employers on how to claim tax deductions for business meals this year. Under the Tax Cuts and Jobs Act, ("TCJA") business expenses for "entertainment" are no longer deductible, effective for 2018. However, the TCJA did not modify the separate 50% deduction for expenses for business meals, which left employers wondering how to distinguish a business meal from entertainment ...
Under newly enacted Section 1400Z of the Internal Revenue Code of 1986 (the “Code”), beginning on December 22, 2017, taxpayers may defer, and in some cases partially eliminate, capital gains by making certain investments in “qualified opportunity zones.” A qualified opportunity zone is a “population census tract” in a state designated low-income community ...
Impact of China’s investment on the South African tax base The news that China has committed to invest approximately R200-billion in South Africa was greeted with much fanfare throughout the country. Approximately ZAR33-billion of this will constitute a loan to Eskom, which is particularly good news given the funding requirements of the entity. A loan will also be advanced to Transnet in the amount of ZAR4-billion ...
