On 27 March 2020, the South African Revenue (“SARS”) announced much needed value-added tax (“VAT”) relief on the importation of “essential goods” as part of the coronavirus (COVID-19) tax relief measures. Section 7(1)(b) of the Value-Added Tax Act, 1991 (“VAT Act”) imposes VAT on the importation of any goods into South Africa by any person. In terms of section 7(1), VAT is imposed at the standard rate of 15% ...
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 ...
The Algarve has been seriously affected by the social and economic impacts of the COVID-19 pandemic. In this context, on 29 July 2020, the Portuguese Parliament published Resolution no. 51/2020 in which it recommend the adoption of a social and economic emergency plan for the Algarve (“Plano de emergência social e económico para o Algarve”) by the Portuguese Government. The recommended measures set out in Resolution no ...
How is taxable income determined in your state? To what extent is the state income tax base aligned with the federal income tax base? Alabama levies a corporate income tax on business entities classified as taxable or “C” corporations that have nexus with the state and are not classified as “financial institutions” or insurance companies subject to a separate premium license tax; and it levies a FIET on business entities classified as financial institutions havin
Slump Sale - Effect of Amendments by Finance Act 2021 AUTHOR: Shahid Khan Senior Partner and Head Direct Taxation Kochhar & Co. Email: [email protected] Finance Act 2021 has made certain important amendments to Income Tax Act (the Act) in respect of provisions relating to taxation of capital gains arising on Slump Sale ...
The DIFC has provided slightly more clarity as to how UAE Cabinet Decision 31 of 2019 (the Economic Substance Regulations, or ESR) will apply within Dubai’s financial free zone. Helpful as the guidance is, significant questions remain. The DIFC held a presentation on 17 December to discuss the Economic Substance Regulations. The first point of note was that all businesses in the DIFC must file an ESR notification by 31 March 2020 ...
The South African Revenue Service (“SARS”) introduced a new streamlined process primarily geared towards the single registration of a taxpayer across applicable tax types. This system was implemented on 12 May 2014. Prior to this system, processes at SARS required that a taxpayer be registered at a SARS branch on several interfaces relating to each tax type ...
How does Singapore's business environment make it an attractive location for foreign law firms? Anthony McKenzie: Singapore is considered a favourable destination for doing business due to its political stability, strong legal framework, well-regulated financial sector, competitive tax rates, excellent infrastructure and pro-business policies that attract foreign investment. It has a highly skilled and educated workforce with a strong emphasis on innovation and technological advancements ...
In Roshcon (Pty) Ltd v Anchor Auto Body Builders CC (“Roshcon”) the Supreme Court of Appeal (“SCA”), in a unanimous judgment drafted by Wallis JA, has clarified the issues caused by its previous decision in SARS v NWK Limited (“NWK”). Roshcon was not a tax case; it concerned supplier and floorplan agreements relating to the sale of trucks, with a reservation of ownership to a finance house as security until the trucks were fully paid for by the purchaser ...
The Ministry of Finance published Decree 535 of 2020, which establishes a simplified procedure for the reimbursement or compensation of balances in favor of Income Tax and Value added Tax ("VAT") amid the COVID-19 outbreak. According to the Decree, the simplified procedure implies that requests for the reimbursement or compensation that are duly filed within the health emergency, will be decided by the Tax Office within 15 working days after their submission ...
We are pleased to advise that, with effect from 15 May 2013, some important changes were made to the Virgin Islands Special Trusts Act (VISTA), the Trustee Act and various other British Virgin Islands statutes relating to the trusts and estates. The main changes include the following: 1 Amendments to VISTA 1 ...
Dear valued clients, colleagues and friends, In July 2021 the Carriage of Goods by Sea (Amendment) Act (2020) (the "Amendment Act") and its supplementary Carriage of Goods by Sea (Amendment of First Schedule) Order 2021 (the "Order") officially came into force. The Amendment Act and the Order brought into effect the long-awaited changes to the Carriage of Goods by Sea Act 1950 (the "Principal Act"), which has been in force since 23 May 1950 ...
As expected, Luxembourg has adopted a restrictive approach of the provisions provided for under the MLI and has sought to limit the scope and impacts of this new layer of international legislation to the minimum standards required. However, the new PPT and the impact on structures and the application of tax treaties need to be carefully monitored in the furture for new and existing structures ...
Taxpayers subject to Tennessee ad valorem taxation should take note of the recent Initial Decision and Order by the Tennessee Board of Equalization in In re: Signal Mountain Cement Company (Hamilton County, Tax Years 2008-2011). The Administrative Law Judge (ALJ) rejected both the “value in use” methodology as well as the use of federal capitalization principles in valuing tangible personal property ...
A Taxpayers’ Charter setting out the rights and obligations of taxpayers in South Africa was published for the first time during 1997. That Charter contained a statement of intent insofar as taxpayers’ rights in South Africa is concerned. On 19 October 2005 the SARS Client Service Charter was released setting out the levels of service that taxpayers could expect in their dealings with the South African Revenue Service (‘SARS’) ...
Buyers’ Default Clause 13 of Saleform 2012 regulates Buyers’ default. The potential Buyers’ defaults are quite restricted to payment defaults. There are no Buyers’ default linked to failure to take over the Vessel (like you often find in shipbuilding contracts) or failure to provide the agreed documents. Nor is it likely that a Buyer will pay for the Vessel but not accept physical delivery ...
Norway has acceded to the Cape Town Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment (the «CTC»). The CTC has been implemented and given effect under Norwegian law as of 1 April 2011. It is still possible to register security interests over an aircraft with the Norwegian Civil Aircraft Registry («NCAR») ...
Shoosmiths has submitted a comprehensive response for the proposed Automated Vehicles Bill (AV Bill) to the House of Commons. It outlines crucial insights from the firm into the expanding connected and automated mobility sector, to support with new legislation ...
Michelle Craven-Faulkner, Partner and Rail Sector Lead participated in a roundtable in Birmingham last month hosted by Insider Media Limited, which was focused on the challenges, obstacles and opportunities supply chains face when looking at how manufacturing is adapting and innovating to bring forward the green revolution in transport. Michelle joined a team of experts and leading players from the mobility sector covering rail, automotive and aerospace ...
On 17 February 2020, we wrote our first notes on the effect of the virus on shipping. Since then, both the outbreak as well as the measures against it are spreading wider. Link to our first article about the Covid-19 and its impact on Shipping. We have received numerous queries from our clients and have assisted in establishing management plans for situations ranging from chartering, to shipbuilding and sale and purchase through to notices to master and crew on board ...
Shipment in Indonesia is regulated by the Indonesian Commercial Code (“ICC”) and Law No. 17 of 2008 (the “Shipping Act”), which spawned a variety of implementing regulations. After 2008 a package of new implementing regulations to the Shipping Act sought to regulate a broad spectrum of water transportation aspects, including: • Port Affairs (Government Regulation No ...
Financing in the shipping industry has changed and will continue to change in the following years. The new IMO 2020 Regulations on low sulphur fuel and the IMO strategy on greenhouse gas emissions (GHG emissions) put more pressure on the shipping industry in the aftermath of the worldwide financial crisis. The need for the development of new financial structures in the shipping industry was therefore profound ...
The recently published project of the National Development Plan (“PND”) 2022-2026 “Colombia World Power of Life” embodies the objectives, goals and priorities of the National Government for the next four years. In the PND, the National Government introduces rules or regulations that would make it easier to achieve the objectives pursued ...
