In light of the ineffectiveness of tax litigation and the increased mistrust of taxpayers in relation to tax decisions, with the decision-makers very often hiding behind mere decisions of form, it is imperative that we weigh up alternative methods for resolving tax disputes, such as mediation, conciliation, and tax arbitration itself, in order to deal with disputes accumulated and arising out of relations between the State and the taxpayer, thus reversing the fe
Following the recent actions taken by the Australian Taxation Office to freeze the bank accounts of the private equity firm TPG, the Commissioner of Taxation has released two draft Taxation Determinations (TDs): TD 2009/D17 Treaty Shopping - Can Part IVA of the Income Tax Assessment Act 1936 apply to arrangements designed to alter the intended effect of Australia's International Tax Agreements network?; and TD 200
The Australian Taxation Office's unsuccessful attempt to freeze the bank accounts of the private equity firm Texas Pacific Group has highlighted the ATO's new focus on private equity activities in Australia. The attempted freeze followed the stock market float of the Myer Group, as the ATO sought a reported tax bill of $A452 million from TPG ...
The Foreign Investment Review Board (Board), being the Australian government body that examines proposals for foreign investment in Australia, recently announced that the monetary thresholds set for the purposes of compulsory notification to the Board of a proposed acquisition will be revised to: AUD231 million, for private business investment (up from AUD219 million); and AUD1004 million, for US investors under the Australia-US Free Trade Agreement (up from AUD953 million) ...
The Russian Federation, the Kazakhstan Republic and the Belarus Republic (hereinafter also referred to as the “Member States”) have formed Customs Union in accordance with the Treaty on Creation of Unified Customs Territory and Formation of Customs Union (Dushanbe, October 6, 2007) ...
Historically, a significant number of states had a general policy of respecting the form of a transaction chosen by a taxpayer and applied their sales tax laws based on that form of transaction ...
Dear Sirs, We would like to present you a brief overview of tax legislation updates concerning transfer pricing and VAT on services upon importation of goods into the territory of the Russian Federation. Draft law On Transfer Pricing We would like to pay your attention to the fact that draft law “On transfer pricing” was accepted by the State Duma in the 1st reading ...
As we navigate the waters of these tough economic times, appraisal districts faced with massive city, school and county revenue losses caused by declining property values will most likely try to stem the tide by not voluntarily lowering taxpayers’ 2010 property values to their fair market values ...
The Texas franchise tax (also known as the “margin tax”) is so expansive that it can apply to private trusts administered in Texas. Every taxable entity is subject to the franchise tax, and the term “taxable entity” generally includes trusts, partnerships, limited liability companies, and corporations. If the franchise tax applies to a trust, the amount of franchise tax will typically be 0.7% of the trust's federal gross income that is apportioned to Texas (i.e ...
After becoming the object of several infringement procedures conducted by the European Commission, Spain has been forced to amend several non-resident income tax provisions to ensure those provisions comply with the principles enshrined in the Treaty on the Functioning of the European Union ...
The report of the Henry Review of the Australian taxation and transfer system released on 2 May 2010, entitled 'Australia's Future Tax System' (the Report) is the 'root and branch' review into the taxation and transfer system proposed by the Australian Labor Party at the election in 2007. It contains some 138 recommendations for long-term reform of the tax and transfer system ...
CASE REVIEW The Federal High Court in the recent case of NOBLE DRILLING (NIGERIA) LIMITED V THE NIGERIAN MARITIME ADMINISTRATION AND SAFETY AGENCY (NIMASA) & THE MINISTER OF TRANSPORTATION, (Suit No. FHC/L/CS/78/2008) provides clarity on Sections 2, 5 and 22(5) of the Coastal and Inland Shipping (Cabotage) Act, Cap. C51, Laws of the Federation of Nigeria, 2004 (Cabotage Act) ...
On 23 March 2010, Indonesia and Hong Kong signed a new agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (“Tax Treaty”). To date, the Tax Treaty has not yet been ratified by either country. It is expected that the Tax Treaty will come into force in early 2011 following its ratification ...
If you are a U.S. business with international operations, here are four questions you should consider: Does your company have more than two foreign subsidiaries, at least one of which is profitable? Do you have a profitable foreign subsidiary that guarantees any U.S. debt? Are you considering the purchase of a company located outside the U.S.? Does your U.S ...
* New Developments Concerning Insider Reporting Requirements. * Revenu Québec Bares its Teeth at Restaurant Owners* Planning for the Unavoidable: The Usefulness of Reviewing a Shareholder Agreement's Redemption Provisions in Case of Death* Speech is Silver, Silence is Golden.. ...
As part of the ongoing rulemaking initiatives contemplated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Securities and Exchange Commission (“SEC”) recently released a proposed rule defining “family offices” for purposes of an exemption from registration under the Investment Advisers Act of 1940 (the “Advisers Act”) ...
In response to the current state of the economy, Congress has passed some tax legislation amending the Internal Revenue Code (the “Code”). Although it is up for debate, some would say that Congress has not been busy enough. As we near the end of the year, many taxpayers and their advisers are going through their usual year-end tax planning checklist ...
Last March, we informed you that the Business Corporations Act (Quebec) (the “Bill”) had been adopted by Quebec’s National Assembly and summarily described certain features of this new legislation, which will replace the Companies Act (Quebec) (the “CAQ”). In this special edition of Ratio, we provide an overview of certain aspects of the Bill that are of interest to professionals in the areas of accounting, management and finance ...
First, the good news: No estate tax on individuals who die during 2010; No generation-skipping transfer (“GST”) tax on “transfers” during 2010; Tax rate on gifts during 2010 is 35% (rather than 45%); and Congress appears less likely to take any action to retroactively change these rules ...
Those who have filed – or at least reviewed – the “new” Form 990 since it was revised in 2008 are well aware of its comprehensive nature. For everyone else, suffice it to say that the form requires substantially more information than its predecessor and can compel an organization to implement additional record-keeping or information-gathering procedures ...
Following is a list of year-end administrative issues for Texas limited partnerships and limited liability companies (“LP/LLC”): Ensure that the LP/LLC’s activities, transactions, capital infusions (capital contributions or loan proceeds), and distributions are accurately reflected in the entity’s records; Avoid causing the LP/LLC to make any distributions not in compliance with the terms of its LP/LLC agreement or applicable law; for example, an LP/LLC should not make disproportion
Here are the most significant estate, gift, and generation-skipping tax features of the Tax Bill introduced in the Senate yesterday: The estate of an individual who died in 2010 can elect the 2011 rules ($5,000,000 exemption and top estate tax rate of 35%) or the "repeal" provisions (no estate tax but special rules for limited increase in the income tax basis of the assets of the decedent) ...
If the generation-skipping transfer tax (“GST tax”) provisions of the proposed Tax Bill from December 9 remain unchanged, the most significant year-end tax planning opportunity is the ability to make gifts to trusts for grandchildren and great-grandchildren without imposition of the GST tax and without utilizing any of your GST tax exemption ...
Contents* Limited Partners: a Closer Look at Your Liability * Voluntary Disclosure: Is It Still a Worthwhile Option for Repenting Taxpayers? * The Court of Appeal Recognizes the Right to Claim Legal Fees from a Defaulting Debtor * The Superior Court’s Decision in Chambre des notaires du Québec v ...
President Obama signed HR 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act), into law on December 17, 2010. Some key estate and gift tax provisions of the Act are summarized below.Increase in Estate Tax Exemption Amount; Decrease in Maximum RateUnder the terms of the Act, the estate tax exemption amount for decedents dying between Jan. 1, 2011 and Dec ...
