The key Direct tax changes as announced by the Union Finance & Corporate Affairs Minister Smt ...
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 ...
In the context of a growing transition to a digital economy, the possibility of working anywhere in the world as a remote worker is gaining more and more supporters, and this trend has been encouraged and promoted by many global companies. The concept of digital nomadism focuses on a lifestyle and work that can be considered nomadic in the sense that it does not depend on a fixed location and allows freedom to move around for extended periods of time ...
The recent Autumn Statement contained little support for charities as the sector continues to face increased demand, higher costs and reduced funding ...
In our blog post from July 25, 2016 we highlighted the provincial government’s introduction (effective August 2, 2016) of the new 15% property transfer tax (the “Foreign Entity Tax“) on foreign buyers of residential property in the Greater Vancouver Regional District (“Metro Vancouver“). The Foreign Entity Tax has been introduced by way of an amendment to the Property Transfer Tax Act (British Columbia) (the “Act“) ...
The DIAN issued Internal Circular No. 13 of April 18, 2020, establishing guidelines on the administrative processes to be carried out by the entity during the health crisis caused by COVID-19 ...
The DIAN issues Circular 06 of 2020 clarifying aspects related to the abbreviated processes of balances in favor refunds. The DIAN issued Circular 06 of 2020, which clarifies aspects related to the process of abbreviated refund established by Decree 535 of 2020. In this vein, the Circular indicates that until the end of the health emergency, the list of costs, expenses and deductions should not be attached to the request for summary refund ...
The Tax Administration (DIAN) passed on March 25 the Resolution 0027 to establish new filing due dates for the submission of magnetic media information for taxable year 2019, as follows: Due dates for providing annual and yearly information with monthly cut-off The new due dates for submitting the magnetic media report (tax information report) referred to in Section 45 of Resolution 011004 of 2018 are as follows: Large Taxpayers Last digit of the Tax ID Prio
The 2017 Law on Financial Management has yet to be formally enacted in Cambodia however its content has already been disseminated among most tax professionals and the press so with that in mind we have put together what we believe are the salient points of the draft Law on Financial Management (“the Draft Law”) for your reference. The Draft Law has been rubber stamped by the Council of Ministers and when enacted the changes should take effect from 1 January 2017 ...
in the past week, guidance has been provided by both the Ministry of Finance and the Federal Tax Authority (FTA) regarding deadlines for Corporate Tax registration.The new deadlines have the potential to significantly reduce the time left for meeting the deadlines for Corporate Tax registration. For example, certain applicable taxable persons will be required to submit the Corporate Tax registration applications by 31 May 2024 in order to avoid a violation and the applicable penalties ...
Before going into the details of the proposal it should be mentioned that the actual rules of the proposal were not presented in the revised budget. The government stated that they aim to present the rules in the budget for 2022. The rules will also be subject to a hearing round and since the scheme constitutes state aid in accordance with the rules in the EEA Agreement, they will also require notification to and approval from ESA before implementation ...
Derby has today (21 March 2023) been named as the national headquarters of Great British Railways (GBR) – a key moment in the government’s plan to reform the rail network. Commenting on the announcement, Michelle Craven-Faulkner, partner and rail lead at Shoosmiths, said: “The long-awaited headquarters of Great British Railways has finally been announced ...
Introduction On 7 April 2022, the Department of Finance (DOF) issued Revenue Regulation (RR) No. 3-2022 to implement Republic Act (RA) No. 11635. RA No. 11635 provides for income tax on proprietary educational institutions and hospitals, which are non-profit organisations. RR No ...
Information from Delphi’s Tax Group - The Swedish government has proposed new legislation which will entail further restrictions regarding tax deductions for interest expenses on inter-company loans. Kindly note that the proposed legislation will broaden the definition of the term "affiliated companies" ...
In a previous newsletter (no. 1, April 2012) we described the Swedish government’s proposal on limitation of interest deductions. The bill was circulated for comments, which has now resulted in an amended proposal which, as a whole, follows the initial proposal. The most significant change in the amended bill concerns the reversed general exemption ...
The IRS announced its 2017 annual "Dirty Dozen" list of Tax Scams on February 17, 2017. Finding individuals who are hiding accounts and assets offshore to avoid taxes continues to make the list, indicating this is one of the IRS's highest priorities ...
Under Minister of Transportation of the Republic of Indonesia Regulation No. PM 3 of 2015 dated 7 January 2015 on the Implementation of One-Stop Integrated Services in the field of Transportation at the Indonesia Investment Coordinating Board (BKPM) (“Regulation 3/2015”), the Minister of Transportation has now delegated its authority to issue transportation business licenses for capital investment to the Head of BKPM. The Business Licenses which have been delegated are: 1 ...
We have previously reported on the Order that adopted the extraordinary measures under the COVID-19 health emergency declaration, published on March 31, 2020 (the “Order”), and the subsequent Technical Guidelines regarding certain essential activities described in the Order published on April 6, 2020. (These alerts may be found here and here, respectively ...
On September 2, 2020, we issued an e-alert discussing the deferral of the employee portion of Social Security taxes (“SS Tax Deferral Program”), as directed by the Presidential Memorandum dated August 28, 2020, and as implemented by the Internal Revenue Service (“IRS”) pursuant to Notice 2020-65 (“Notice”) issued on August 28, 2020 ...
On August 13, 2020, President Trump issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit and payment of the employee portion of Social Security taxes (“SS Tax Deferral Program”). On August 28, 2020, the Secretary of the Treasury and IRS issued Notice 2020-65 (“Notice”) to implement the SS Tax Deferral Program ...
In terms of the current Tax Court rules published under the Income Tax Act No. 58 of 1962, where the Commissioner for the South African Revenue Service (“SARS”) did not comply with the prescribed time frames in respect of dispute resolution, practically, there was little that a taxpayer could do. This could change in terms of the proposed new Tax Court rules expected to come into force later this year ...
Default interest rates on tax debts and refunds are lowered.- Through Superintendency Resolution No. 066-2020/SUNAT, published on March 31, 2020, the following is established from April 1, 2020: i) The default interest rates (TIM) on tax debts in national currency will be 1% per month; and in foreign currency, it will be 0.50% per month. ii) The interest rate for reimbursement in national currency made for undue or excess payments will be 0.42% per month ...
Faced with the current Covid-19 pandemic and the consequential economic ramifications, it is inevitable that affected businesses are put under increasing financial strain. Affected businesses would at some point consider a restructuring of the business to manage the tide and stay afloat, with the last resort being liquidation for businesses operating in industries that are the most impacted by this pandemic ...
On 7th March 2014 the Supreme Court of Appeal delivered judgment in the as yet unreported case of Commissioner for the South African Revenue Service v Mobile Telephone Networks Holdings (Pty) Ltd, (966/2012) [2014] ZASCA 4 (7 March 2014) which dealt with the deductibility of audit fees incurred for a dual or mixed purpose and the apportionment thereof for tax purposes in the light of section 11(a) of the Income Tax Act 58 of 1962, as amended (‘the Act’) read with sections 23(f)
On 7th March 2014 the Supreme Court of Appeal delivered judgment in the as yet unreported case of Commissioner for the South African Revenue Service v Mobile Telephone Networks Holdings (Pty) Ltd, (966/2012) [2014] ZASCA 4 (7 March 2014) which dealt with the deductibility of audit fees incurred for a dual or mixed purpose and the apportionment thereof for tax purposes in light of section 11(a) of the Income Tax Act 58 of 1962, as amended (‘the Act’) read with sections 23(f) and 23(g) of the A
