Introduction The rapid spread of COVID-19 pandemic has led to a significant increase in demand for medical devices (MDs) and personal protective equipment (PPE), masks for social use (textile articles) and other products destined to prevent the spread of the disease. As a result, it became clear that there was insufficient supply to meet existing needs during the state of emergency and the subsequent period ...
On June 5, 2020 the Department of the Treasury and the Internal Revenue Service (“IRS”) issued Notice 2020-43 (the “Notice”) proposing two alternative methods to satisfy tax capital account reporting requirements as the only methods for reporting partner’s capital accounts under the tax basis method for taxable years that end on or after December 31, 2020 ...
Strap: In a recent case of Samsung Heavy Industries, the Indian Supreme Court held that the Project Office of the company cannot be termed as PE under the provisions of India-Korea Tax Treaty as it is solely carrying out activities of an auxiliary nature ...
The 2020 election in California as pertains to national politics was never in doubt, but despite being a deeply blue state, Californians continued to show their divide on taxing businesses and making major changes to the statewide tax code. Several ballot initiatives, both at the state and municipal level, would have radically altered how businesses and executives are taxed ...
In the recent decision in Agracity Ltd. v. The Queen1, the Tax Court of Canada (the “Court”) endorsed the Canadian tax consequences of business transactions between a Canadian corporation (“Agracity”) and its Barbados affiliate (“NewAgco-Barbados”) within a group of companies operating in the agrochemical industry (the “Group”) ...
In the age of COVID-19, demand for surface wipes, sprays and similar products is at record levels. Retail stores have struggled to keep supplies stocked and shelves may once again be emptied when the winter flu season arrives. If schools and businesses reopen concurrently, the prospects of securing these products becomes even bleaker, which may re-fuel consumer stockpiling ...
The supply of undeveloped (bare) land is exempt from value added tax (VAT) pursuant to Article 46 (3) of UAE Law No 8 of 2017. Bare land (as opposed to covered land) is defined as ‘land that is not covered by completed, partially completed buildings or civil engineering works’ pursuant to Article 44 of Cabinet Decision 52 of 2017 ...
The SyCipLaw T.I.P.S. for October cover the following tax issues: 1. When the taxpayer cannot be located, what are the options available to a Revenue Officer in serving an electronic Letter of Authority? 2. Is the sale, barter, exchange or other disposition through Initial Public Offering of shares of stock in closely held corporations subject to tax? 3 ...
Income tax The Income Tax (Prescribed Fees under Schedule 5 to the Act) Rules 2020 have been gazetted on 22 September 2020 and have come into operation on 25 September 2020. The following public rulings and guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website:i. Appeal Against an Assessment and Application for Relief (Public Ruling No. 7/2020) issued on 7 October 2020 to replace Public Ruling No. 12/2017 dated 29 December 2017;ii ...
Michigan has joined the majority of jurisdictions in holding that a general liability policy may provide coverage for claims for property damage allegedly caused by the defective work of a subcontractor ...
Key Points The FDA will exercise enforcement discretion when Nutrition and Supplement Facts Labels (a) exclude allulose from Total Sugars and Added Sugars declarations, and (b) use as low as 0.4 kcal/g for allulose calorie count; but allulose must be included as a Total Carbohydrate. Allulose is a basic form of carbohydrate that is naturally occurring in a variety of sweet foods, such as raisins, maple syrup, and brown sugar ...
Introduction The balance of trade between India and China continues to be heavily tilted in favour of China. Trade remedies such as anti-dumping and countervailing duties have been used frequently by India to curtail import of Chinese goods. To overcome such barriers, India has long suspected that China has been routing its goods through the ASEAN countries by misusing the Free Trade Agreements (‘FTA’) ...
27.10.2020 –Emergency Ordinance no ...
The new legal framework applicable to the Angolan oil sector was approved by Presidential Decree 271/20 of 20 October (the "Decree"). The Decree makes a substantial change to the rules on local Angolan content applicable in the sector and it naturally repeals Order 127/03 of 25 November.The new legal framework now extends to service providers and suppliers of goods and services to the oil sector ("Providers") and not only which oil companies (i.e ...
E-commerce: New VAT rules Law 47/2020 was published on 24 August to implement articles 2 and 3 of Council Directive (EU) 2017/2455 of 5 December 2017, and Council Directive (EU) 2019/1995 of 21 November 2019, modifying the operation of the Value Added Tax (“VAT”) system in intra-EU and international e-commerce. This legislation enters into force on 1 January 2021 ...
Defining your strategy and analysing the market are crucial when making the decision to invest in China, but the tax efficiency of the business has its own specific issues and investors should not neglect them either. The Chinese tax system has particular characteristics that you must get to know before investing. In this informative note, we will address some basic aspects of value added tax and the invoicing system ...
The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more. NEWSFLASHES Budget 2021: various tax measures to address the impact of the COVID-19 pandemic and support a sustainable recovery On 14 October 2020, the Luxembourg government filed the budget bill 7666 with the Luxembourg parliament ...
The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more ...
On October 01, 2020, Law No. 17 ...
A case note by Sim Sook Eng ...
A case note by Abhilaash Subramaniam Introduction In the recent case of SWW v Ketua Pengarah Hasil Dalam Negeri, the High Court of Malaya granted the taxpayer leave to apply for judicial review, a stay of proceedings pending the disposal of the taxpayer’s application for judicial review and subsequently allowed the taxpayer’s judicial review application on the merits, ordering a prohibition on all collection and enforcement action relating to disputed taxes and assessments
Compounding of Offences under the Malaysian Trademarks Act 2019 and RegulationsSection 136 (2) of the Trademarks Act 2019 (“Act”) grants the Controller with the power to compound offences under the Act. In essence, compounding means payment as a settlement in lieu of prosecution of an offence.Further, section 136 (1) of the Act empowers the Minister to make regulations pertaining to compounding with the approval of the Public Prosecutor ...
Income Tax The Income tax The Income Tax (Special Treatment for Interest on Loan) Regulations 2020 have been gazetted on 25 August 2020 and shall have effect for the year of assessment 2020 and subsequent years of assessment ...
In a major win for sellers of services and intangibles, the Ohio Supreme Court ruled on Sept. 29, 2020, that a taxpayer is entitled to Ohio Commercial Activity Tax (CAT) refunds stemming from its sale of contracts to an out-of-state buyer ...
A recent Ministerial Order1 from the Minister of National Revenue has formally extended certain deadlines under the Income Tax Act (“ITA”) and the Excise Tax Act (“ETA”). The Order is retroactive to March 13, 2020. The extension is 6 months or until December 31, 2020, whichever is earlier. This Ministerial Order will have various implications for taxpayers and registrants, in particular in terms of limitation periods ...
