The Fit for 55-package To achieve EU’s Paris climate goals, the EU Commission presented in December 2019 the European Green Deal, including a commitment to reduce greenhouse gas emissions by at least 55% by 2030 (compared to 1990 levels) and become carbon neutral by 2050 ...
Whither Advance Ruling under Income tax law? ‘Prevention is better than cure’ is an adage that applies equally to litigation - specially to tax litigation. Towards this end and based on several committee reports starting from Wanchoo Committee (1971) to Choksi Committee (1978) and Raja Chelliah Committee (1993), the Government eventually introduced a mechanism for advance rulings by inserting a new Chapter XIX-B in Income Tax Act 1961 (the Act) ...
Employment Law An examination of the case ofTelekom Research andDevelopment Sdn Bhd v Ahmad Farid Bin Abdul Rahman by the Court of Appeal Introduction The Industrial Court had ruled that the company, Telekom Research and Development Sdn Bhd (“Telekom”), had proven the misconduct against a former employee, the claimant Ahmad Farid Bin Abdul Rahman (“Ahmad”), and that the dismissal was justified ...
It makes for great entertainment if a competition comes down to the last few minutes. So a dramatic final race in Abu Dhabi should have been the finishing flourish for a Formula One season that has been one of the closest in years, with Sir Lewis Hamilton and Max Verstappen fighting it out for the championship. Instead, the last lap generated huge controversy after a decision by the Race Director to allow some cars to unlap themselves, and order the safety car in immediately ...
The General Department of Taxation (“GDT”) issued Notification no. 776 GDT on the 17th of January 2022 (“Notification 776”) which delays the implementation of Prakas 542 MEF.P on the Rules and Procedure for the Implementation of VAT on E-Commerce (“Prakas 542”) to 31 March 2022 ...
On December 31, 2021, The Chilean Ministry of Public Works published one of the last calls for bids before closing 2021, corresponding to the modernization and improvement of the current Route 68. The 140.7 km project will connect the municipalities of Santiago, Valparaíso and Viña del Mar and has a budget of approximately US $ 1.2 billion - the highest amount ever in a call for bids under Sebastián Piñera's administration ...
Union budget 2022-2023 Expectations Overview The economy of the resurgent India is expecting a road map with the upcoming Union Budget 2022-23. The Budget speech is likely to pen down new reforms and policies that helps the economy to maintain a sustained growth rate. Accomplishing this shall rather be dependent on the ability and the capacity to locate additional revenue sources by striking a balancing of the expenses ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for January 2022 ...
Key Points Employers that claimed a tax credit for qualified COVID-related leave paid to employees in 2021 must report the amount of leave paid in Box 14 of the employee's 2021 Form W-2 or on a separate statement. The reporting requirement is new for 2021 for governmental employers, because those employers were not eligible for a tax credit for COVID-related leave paid in 2020 ...
Is the unitary business principle the sole test for determining whether a state can tax an apportioned share of a non-domiciliary’s capital gains under the U.S. Supreme Court’s Due Process Clause and Commerce Clause jurisprudence? Jaye A. Calhoun, Bruce P. Ely, and Kelvin M. Lawrence believe so, and discuss its relevance in the last of a two-part series focusing on a closely watched case currently on appeal before the Massachusetts Supreme Judicial Court ...
The UAE Ministry of Finance announced on 31 January 2022 the introduction of Corporate Tax (CT) commencing from June 2023. In the latest UAE initiative to diversify government income, UAE CT will build upon the tax infrastructure established following the introduction of a Value Added Tax regime in 2018.UAE CT is a Federal tax and will therefore apply across all Emirates, with the Federal Tax Authority responsible for administration and compliance of the UAE CT regime ...
The UAE Ministry of Finance announced on 31 January 2022 the introduction of Corporate Tax (CT) commencing from June 2023. In the latest UAE initiative to diversify government income, UAE CT will build upon the tax infrastructure established following the introduction of a Value Added Tax regime in 2018. UAE CT is a Federal tax and will therefore apply across all Emirates, with the Federal Tax Authority responsible for administration and compliance of the UAE CT regime ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Indirect Tax Proposals Special Economic Zones Act to be replaced Special Economic Zones Act is set to be replaced with a new legislation, under which Customs administration would be IT driven, and a Customs National Portal would be set up for this purpose. This is being done to encourage paperless processing and ease of doing business ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Direct Tax Proposals Personal Taxation Tax rates, TDS rates, Standard deduction and relief for savings etc. remain unchanged. Rates of surcharge have been rationalized in case of Long - term capital gain other than listed shares, and for Cooperative societies. Medical relief provided by employers or any other person in relation to COVID-19 will be exempt from F.Y. 2019-20 onwards ...
GLIMPSES OF UNION BUDGET 2022 With the economy riding on the twin waves of rapid economic growth and increased tax collections, the Union Budget for 2022-23 was presented by the Hon’ble Finance Minister on February 1, 2022. A wide gamut policy and tax matters were outlined by the Minister in her speech, many of which found its way into the Finance Bill. We have put together the key takeaways for direct tax and indirect tax from the Union Budget. Trust this would be helpful ...
The General Department of Taxation (“GDT”) issued Instruction no. 1972 GDT on 31 January 2022 (“Instruction 1972”) which sets out obligations for taxpayers in Cambodia that carry out projects for public interest in connection with a grant or loan agreement (“Agreement”) or memorandum of understanding (“MoU”) between the Royal Government of Cambodia and another government or national development agency or partner international organisations ...
A recent IRS concession bodes well for how the tax treatment of proof of stake validators may develop through case law. On December 20, 2021, the IRS offered a full refund to the plaintiffs in Jarrett et al v. United States for taxes paid on tokens created through proof of stake on the Tezos blockchain in 2019. In a statement released February 3, 2022, Joshua Jarrett confirmed the decision to seek an IRS ruling in the cryptocurrency case, rather than accept the tax refund ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for January 2022.Corporate/M&AAmendments to the Main and ACE Market Listing Requirements in relation to Directors’ Appointment, Independence and Miscellaneous ChangeTax & RevenueExplanation in relation to the Definition of Factory for the Purpose of Reinvestment Allowance Claim under Schedule 7A, Income Tax Act 1967 (Practice Note No ...
With the 2022 year well under way most enterprises in Cambodia are turning their attention to their annual compliance obligations. There have been some recent changes and updates with respect to the annual compliance obligations for most enterprises in Cambodia. We have included the recent changes in our summary below ...
The Oregon legislature is currently considering, as part of its February 2022 session, three bills that form a comprehensive set of changes to the Oregon Forest Practices Act (Senate Bill 1501), create a small forestland owner tax credit (Senate Bill 1502), and update the forest harvest tax (House Bill 4055). The bills stem from negotiations between private forestry companies, small woodland owners, conservation groups, and fishing organizations ...
The turbulent nature of recent years, not least the impact of the global pandemic, stock market volatility, the rising cost of living and rising inflation, has left no sector of the economy untouched, and so it is for wealth management ...
Dinsmore taxation associate Sierra Williams wrote an article for the American Bar Association's Journal of Affordable Housing titled "Power Couples: Twinning Opportunity Zones with Other Economic Tax Incentives." An excerpt is below. Since this country’s inception, federal economic development programs have been fundamental and innovative tools to incentivize both public and private sector investment in distressed areas ...
On 12 August 2020 a tragedy occurred on Scotland’s railways. A passenger train, already turned around due to blockages on the line, derailed. Three people tragically lost their lives. After months of investigation the Rail Accident Investigation Board (“RAIB”) has released its formal report into the incident. The report details a number of failings, which led to the tragedy ...
