The American Rescue Plan Act of 2021, Pub. L. No. 117-2 (the “ARPA”), signed into law on March 11, 2021, by President Biden, contains a few unexpected tax surprises ...
On March 16, 2021, Decree No. 64 / 2020 of the Ministry of Economy, Development and Tourism, was published in the Official Gazette, approving the Regulation that establishes conditions for the treatment and final disposal of wastes from aquaculture activities (the "Regulation") ...
HM Treasury’s decision to hold a “Tax Day” today will be a bellwether for long-term changes in government tax policy. Traditionally these announcements would have been made alongside the Budget, but this year the Treasury has decided to announce some extra tax rule changes separately. In our previous insight we highlighted an “amber” tax alert for couples contemplating divorce or separation ...
In News Release IR-2021-59, published on March 17, 2021, the IRS and Treasury Department announced that the Federal income tax filing due date for individuals for the 2020 tax year is automatically extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone Federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalty or interest regardless of the amount owed ...
Law 7/2021 was published on 26 February and it amends the General Tax Law, the Tax Procedure and Process Code, the General Rules on Tax Infringements, and some other legislative acts. The aim of the new law is to strengthen taxpayers' guarantees and to simplify procedures in tax matters ...
On March 11th, 2021, the National Consumer Service (hereinafter “ SERNAC ”) published a new interpretative circular which sets rules for the notification of breaches regarding financial portability and other monitoring data (the “ Circular ”). The Circular revokes SERNAC's Exempt Resolution No ...
The Malaysian Bar had challenged the DGIR’s power to undertake tax audits on the clients’ accounts of law firms on the basis that it contravened legal professional privilege ...
The deficits being generated by the emergency measures that the federal and provincial governments have implemented since March 2020 are a reminder of the magnitude of our governments' pre-crisis deficits. This situation will inevitably lead to a greater tax burden for businesses and individuals at some point ...
On Wednesday, March 10, 2021, Supreme Decree N° 007-2021-VIVIENDA was published in the Official Gazette “El Peruano”, which established a three-month deadline for the submission of Cofinanced Private Initiatives (“IPC”) on investment projects for sanitation services ...
FINANCIAL SERVICES BNM announces new funds for SMEs On 5 February 2021, Bank Negara Malaysia ("BNM") announced: an additional RM2 billion for the Targeted Relief and Recovery Facility (“TRRF”); the establishment of a RM200 million Disaster Relief Facility (“DRF”) 2021. TRRF The TRRF was a facility announced in the Budget 2021, established to assist eligible SMEs in the services sector ...
On the 4th March 2021, the Seventh Chamber of the Court of Justice of the European Union issued its decision on an important matter related to the breach of ambient air quality legislation by the UK government (European Commission v. United Kingdom of Great Britain and Northern Ireland, c-664/18). This case is only one among several others filed by the Commission against EU Member States, including France, Italy, Bulgaria and Hungary ...
The Chancellor announced the first eight Freeport locations: Solent, East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth and South Devon, Teesside and Thames ...
From 1 April 2021, a 2% Stamp Duty Land Tax (SDLT) surcharge will apply to non-UK residents purchasing residential property in England & Northern Ireland. However, what is meant by a non-UK resident in these circumstances can result in some surprising outcomes ...
The SyCipLaw T.I.P.S. for February covers the following tax issues: 1. What are the new and simplified guidelines and procedures on the use of Computerized Accounting Systems, Computerized Books of Account, and/or its Components, including Electronic Storage System? The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order No. 9-2021 (RMO No ...
With the new year comes a new president. Will the new year and administration also bring new water policy? Bet on it. Just as President Trump undid President Obama’s signature water policy decision—the Clean Water Rule, which clarified and arguably expanded federal water permitting jurisdiction—President Biden is likely to rewind many of President Trump’s water policy (and, more generally, environmental policy) decisions over the next four or more years ...
The period for filing complaints to challenge 2020 property tax values in Ohio ends on March 31, 2021. For properties assessed in a 2020 county reappraisal or update, a reduction in the 2020 value may offer greater tax savings now than at any point for the next three tax years. However, the potential impact of COVID-19 on tax year 2021 values must be carefully considered ...
Introduction and summary As part of a longstanding Government policy to attract private equity (“PE”) and investment fund operations to Hong Kong, the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the “Bill”) was gazetted on 29 January of this year ...
The Inland Revenue Board of Malaysia (Revenue)’s press release of 13 January 2021 announced the Revenue’s implementation of centralisation and dispersal of tax files for taxpayers of certain categories, with effect from 1 January 2021 ...
On February 9, 2021, Supreme Decree No. 57/2019 of the Ministry of Health, which approves the Regulation on Classification, Labeling and Notification of Hazardous Chemical Substances and Mixtures (the "Regulation"), was published in the Official Gazette ...
On 10 February 2021, the Ministry of Finance has issued a Notification (? 0831/MoF) regarding the issuance of Taxpayer Identification Numbers (“TIN“) for individuals ...
The VAT domestic reverse charge - referred to below as the reverse charge - is a major change to the way VAT will be collected in the building and construction industry. The reverse charge regime will come into effect on 1 March 2021 and will in many instances require customers receiving building and construction services to pay the VAT due directly to HMRC, instead of paying the supplier. This is a fundamental change to the way in which VAT is administered on construction contracts ...
We've become familiar with the Met Office issuing “traffic light” warnings about potentially disruptive weather. Couples contemplating divorce or separation could face similarly rough going when it comes to their tax affairs, especially Capital Gains Tax (CGT) when property or a business is involved. The alert level right now would be considered “amber” - think before you separate as you might not be able to complete a settlement in time for this tax year ...
DISPUTE RESOLUTIONWide order of injunction sought against online marketplace operator refused in the High CourtE-commerce has become an indispensable part of the country’s economy particularly with the Covid-19 pandemic. With its growing demand come legal challenges which are novel to Malaysia.Recently, our Dispute Resolution Partners K ...
