We would like to take this opportunity to remind our readers that the immovable property tax (“TOIP”) and Unused Land Tax deadlines for 2022 of 30 September 2022 are fast approaching. The 2022 TOIP and Unused Land Tax payment can be submitted at any tax branch or any branches of the following banks: Canadia, ACLEDA, Vattanac, Cambodia Public Bank or ABA Bank ...
Resource rent tax on aquaculture The government proposes to introduce a resource rent tax on aquaculture from 1st of January 2023. The proposal will be circulated for consultation today with a deadline of 3rd of January 2023. The proposal includes a resource rent tax with an effective rate of 40% applicable to the production of salmon, trout, and rainbow trout. The proposal includes a tax-free allowance of between 4,000 and 5,000 tonnes ...
Annex II is a list of cooperative jurisdictions maintained by the EU that reflects ongoing cooperation between the EU and its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles ...
After more than 10 years, the Department of Finance has finally issued Revenue Regulations (RR) 7-2022, which provides "the policies and guidelines for the availment of tax incentives under the Renewable Energy Act of 2008" ...
On 10 October, the Government submitted the State Budget Law Proposal for 2023 Parliament Bill 38/XV/1st to the Portuguese Parliament. This budget proposal comes in a demanding economic environment that is characterised by high inflation and the prospects of a slowdown in most economies ...
The insurer incorrectly notified the insured of the general conditions of insurance. Could this result in the insurer being required to pay compensation, even though the general conditions of insurance state that there is an exception excluding the insurer’s liability? In our practice, we encountered an issue surrounding the need to notify the insured of the general conditions of the insurance contract ...
It has been a little over a year since the Financial Action Task Force (“FATF”), an international initiative established to combat money laundering published its Mutual Evaluation Report (“MER”) on South Africa in which it identified major “weak spots” in our compliance processes. The FATF gave the country a deadline of February 2023 to remedy all the deficiencies or face possible grey listing ...
The Embedding ESG in Insurance webinar is being held as part the Mamo TCV Sustainable Finance Week being held between 24 October & 28 October 2022. Please click here for the programme of events ...
On 6 October 2022, as part of the ongoing work of the OECD/G20 Inclusive Framework (“IF”) on Base Erosion and Profit Shifting (“BEPS”) to implement the Two-Pillar solution to address the tax challenges arising from the digitalisation of the economy, the OECD released its progress report for comment. Background The report was prepared for the purposes of obtaining further input from stakeholders on the administration and tax certainty aspects of Amount A ...
Alleged base erosion and profit shifting activities of multinational enterprises (“MNEs”) have been a hot issue globally and therefore the chances of an MNE being confronted with a transfer pricing audit have increased substantially over the last few years ...
Due to the impact of the COVID-19 pandemic, many employers have seen an increased demand for international remote working arrangements. We have briefly touched upon the OECD guidelines relevant to these arrangements in a prior article ...
The Royal Government of Cambodia will continue its relief measures to mitigate the economic impact of Covid-19 and support the recovery of the country’s tourism sector, according to an official announcement on 25 October 2022 ...
Instruction No. 26118 GDT on the Use of Official Exchange Rate for Self-Assessment Taxpayers dated 28 October 2022 (“Instruction 26118”) has abrogated Instruction No. 10362 GDT, dated May 17, 2022 (“Instruction 10362”) ...
With this continued interest, a number of Singapore are managers using Jersey as the jurisdiction in which to domicile their funds. This choice is driven by several factors. Singapore tax treatment of digital assets. Digital assets do not fall within the definition of a “designated investment” for the purposes of Singapore tax legislation. This means that a Singapore domiciled fund will be subject to tax in the country, and such tax leakage is hugely unattractive to investors ...
In November 2022, South Africa is expected to present a report to the Financial Action Task Force (“FATF”) on the steps it has taken to address the shortcomings identified in the Mutual Evaluation Report concluded last year ...
Tackling base erosion and profit shifting remains a priority for the National Treasury and the South African Revenue Service (“SARS”). It was recently reported that in the 2021 fiscal year, SARS dealt with 345 cases of transfer pricing, base erosion and profit shifting to the value of almost ZAR12-billion. Yet, only three South African courts have dealt with transfer pricing ...
Under Notice 2022-33, the Internal Revenue Service (IRS) has extended the deadline for adopting amendments to qualified retirement plans and individual retirement accounts (IRAs) to reflect certain changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan American Miners Act of 2019 (Miners Act), and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ...
On October 21, 2022, the IRS announced in Notice 2022-55 cost-of-living adjustments to the tax-qualified retirement plan dollar limits for 2023. Most of the applicable dollar limits currently effective for 2022 will increase substantially compared with prior years. Below is a summary of the limits that are generally relevant for most retirement plans. Effective January 1, 2023: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is increased from $20,500 to $22,500 ...
In March 2022, the Oregon legislature passed House Bill (HB) 4002, which imposes new overtime pay requirements for agricultural workers beginning on January 1, 2023. The bill also establishes a refundable tax credit for eligible employers to help offset all or part of the additional wage expenses attributed to overtime pay ...
MamoTCV has contributed to the 10th Edition of The Insurance and Reinsurance Law Review. This edition was edited by Simon Cooper (Ince Gordon Dadds LLP) and provides an overview of the legal and regulatory regime for (re)insurance undertakings and intermediaries in 30 jurisdictions. The publication provides guidance on legal and market developments in each jurisdiction aiding comparative analysis ...
Instruction No. 27185 GDT (“Instruction 27185”) on the Display of Tax Registration Documents at Business Premises was issued by the General Department of Taxation on the 14th of November 2022 ...
The High Court has handed down three new judgments on BI insurance claims resulting from Covid-19: Stonegate Pub Co Ltd v MS Amlin Corporate Member Ltd [2022] EWHC 2548 (Comm), Various Eateries Trading Ltd (formerly Strada Trading Ltd) v Allianz Insurance Plc [2022] EWHC 2549 (Comm) and Greggs v Zurich Insurance Plc [2022] EWHC 2545 (Comm). These cases are another reminder of the complexities of BI insurance and the particular challenges created by Covid-19 ...
