The internationalization of trade has led to an increase in payments made by Canadian companies to non-residents of Canada, which are most of the time subject to Canadian withholding taxes. Canadian payers must ensure that they withhold the correct percentage of Canadian tax on such payments, as they are liable to the tax authorities for any failures on their part in this regard ...
On 14 January 2021, the Ministry of Economy and Finance issued Prakas No. 010 on “the Local Manufacturers Obligation to place devices for measuring the volume of beer and non-alcoholic drinks” (“Prakas 010”). The purpose of Prakas 010 is to establish rules and procedures for managing the use of devices which measure the volume of beer, and/or non-alcoholic beverages that are produced locally ...
On 14 January 2021, the Ministry of Economy and Finance issued Prakas No. 010 on “the Local Manufacturers Obligation to place devices for measuring the volume of beer and non-alcoholic drinks” (“Prakas 010”). The purpose of Prakas 010 is to establish rules and procedures for managing the use of devices which measure the volume of beer, and/or non-alcoholic beverages that are produced locally ...
On 24 December 2020 the United Kingdom (UK) and the EU entered into the UK-EU Trade and Cooperation Agreement (TCA) which will govern the relationship between the UK and the EU as of 1 January 2021. Tax consequences VAT European VAT is governed by the VAT Directive and case law by the Court of Justice of the European Union (CJEU). As a result of the Brexit the UK is now considered a third country and no longer bound by these sources ...
The 2021 tax assessment of real and personal property will be determined by local Assessors in February, at which time a Notice of Assessment will be issued and mailed to property owners. Property owners should make sure to check the mail for a copy of the Notice in order to determine whether an appeal of their taxable value should be filed ...
Aron Beezley of Bradley Arant Boult Cummings LLP enumerates the key impacts of the Federal Acquisition Regulation Council's final rule adopting mandates of the executive order Maximizing Use of American-Made Goods, Products, and Materials. The Federal Acquisition Regulation (FAR) Council recently issued a final rule1 that implements the requirements of the Maximizing Use of American-Made Goods, Products, and Materials Executive Order ...
Operation hours of IRB Counters during Movement Control Order (“MCO”), Conditional MCO & Recovery MCO periodThe Inland Revenue Board (“IRB”) has issued a media statement on the operation hours of its counters during the MCO, Conditional MCO and Recovery MCO period. For more information, please click here ...
Angola's General State Budget for 2021 (“GSB 2021”) came into force on 1 January 2021 and was approved by Law 42/20 of 31 December. It introduced the following tax changes: Value Added Tax • Definition of the scope of application of Value Added Tax (“VAT”) Individuals or legal entities are now excluded from the scope of VAT when their turnover or import transactions are no more than Kz (AOA) 10 million ...
On 12 January 2021, the Ministry of Economy and Finance issued Prakas N0. 009 on the Reclassification of Taxpayers under the Self-Assessment Taxpayer Regime (“Prakas 009”). The purpose of Prakas 009 is to amend the previous classification of taxpayers to ensure that the collection of taxes are carried out in a transparent and equitable manner which is in line with the growth of the Cambodian economy ...
In a decision that could be a game-changer for cookie and candy manufacturers, the Third Circuit has recently denied trade dress protection for the shape of the popular Pocky cookie. The Pocky is a long, thin Japanese cookie stick that is almost completely dipped in chocolate, except for the very bottom. Ezaki Glico created the Pocky in 1966 and obtained two trade dress registrations to protect the configuration of the cookie ...
1. LAND AND BUILDING TAX On 26th January, the Cabinet approved legislation with measures to reduce the tax on land and buildings, and land registration fees for residential housing as a means of alleviating the ongoing impact of the COVID-19 situation in Thailand. The new measures include: A 90% reduction of the land and building tax for 2021 that will be implemented through the enactment of a royal decree pursuant to Section 55 of the Land and Building Tax Act 2019 (the “Act”) ...
The SyCipLaw T.I.P.S. for January covers the following tax issues: 1. Can the 25% surcharge for late filing of a tax return be abated due to faulty internet connection at the taxpayer’s office on the last day of filing? 2. What are the new requirements for availing of the 15% tax sparing rate for dividends paid by a domestic corporation to a non-resident foreign corporation? 3 ...
The deduction of the VAT related to services cannot be refused due to reasons concerning the necessity thereof or to the absence/insufficiency of the explanatory documents! The tax authorities frequently deny the taxpayers’ right to deduct the VAT related to services, due to reasons related to the doubts concerning the necessity thereof or the “insufficiency” of the explanatory documents ...
The information listed below is categorized by topic for your convenience and includes content from the previous week. Bradley is actively monitoring and engaging with relevant federal, state or local entities on issues related to the coronavirus. Please contact one of the authors if you have any questions. Click on a link below to view the full article, alert, blog, webinar recording or interview ...
The UK ceased to be part of the EU customs union at 23:00 GMT on 31 December 2020. The UK is now considered by the EU to be a “third country” and as such VAT treatment of UK pleasure craft in EU waters and EU pleasure craft entering UK waters will be affected. This update seeks to outline the post-Brexit position on the payment of VAT for existing pleasure boat owners in the UK, and for those looking to dip their toes in the water this season ...
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 ...
On January 20, 2021, Supreme Decree No. 8/2019 of the Ministry of the Environment was published in the Official Gazette, setting forth collection and valorization goals and other associated obligations for tires in order to prevent the generation of such wastes and to promote their reuse, recycling or other types of recovery, in the context of Law 20,920 on Extended Producer Responsibility. Regulated object: tires This decree is applicable to tires introduced into the market ...
Introductory note The State Budget Law for 2021, which was published on 31 December 2020, comes at a very difficult time that is one of great uncertainty for the State and for the country. It is clear from the outset that the changes to the tax laws are limited in scope and the focus is on issues considered essential and a priority. For example, there are absolutely no amendments to the laws regulating taxpayers’ guarantees or tax justice ...
Canadian newspapers' loss of advertising revenues to the hands of internet giants over the past several years has jeopardized the very existence of many such newspapers. In 2018, our governments announced several advantageous tax measures in order to ensure the survival of independent print media ...
The State of Ohio Board of Pharmacy (OBP) is required to adopt a resolution specifying the required types of credentials for the responsible person of each business type of (i) terminal distributors of dangerous drugs and (ii) distributor of dangerous drugs. Only individuals who meet the credentials specified may be the responsible person for that type of business. On Jan ...
Key Points The CARES Act provides that PPP loans may be forgiven without causing the borrower to incur cancellation of debt income, but did not address whether business expenses could be deducted if paid for by PPP loan proceeds. On April 30, 2020, the IRS published Notice 2020-32 clarifying that taxpayers whose PPP loans were forgiven could not deduct business expenses covered by such loan proceeds ...
Key Points Effective January 1, 2021, public colleges, universities, and governmental entities whose primary purpose is providing medical or hospital care are eligible for the employee retention and rehiring tax credit. The amount of the credit is equal to 70 percent of up to $10,000 in eligible wages per employee per quarter for the first two quarters of 2021. The tax credit is claimed as an offset to employment taxes otherwise payable by the employer ...
In this article, Yeoh Yu Xian sets out the key highlights from Malaysia’s 2021 budget. INTRODUCTION On 6 November 2020, the Malaysian Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, unveiled the Malaysian Budget 2021 (“Budget”). This Budget’s allocation of RM 322.5 billion is the largest on record for the country1 ...
Application of the exemption method conditional on fulfillment of requirements with regards to ownership fraction and period The Norwegian rules regarding participation exemption have in general entailed that companies tax resident in Norway investing in companies tax resident in the UK have benefited from participation exemption rules with regards to dividends and capital gains on such shares, and the same has been the case for UK companies investing in Norwegian companies ...
