We are delighted to present the fourth edition of India Trade and Tax Scan, our monthly newsletter offering key updates, recent developments, and actionable insights in trade and taxation. This edition covers critical updates on Direct Tax, including changes to the ‘Vivad se Vishwas Scheme’, insights from the GST Council Meeting, significant judicial rulings, and global trade developments ...
By: Louis J. Terminello, Esq., Jaci Flug, Esq., and Brad Berkman, Esq. On Jan. 10, 2024, the TTB issued new rules that allow for 13 additional standards of fill for wine and 15 additional standards for distilled spirits. Newly Approved Wine Standards of Fill: 180 ml 600 ml 300 ml 620 ml 330 ml 700 ml 360 ml 720 ml 473 ml/ 16 oz 1.8 liters 500 ml 2.25 liters 568 ml/ 19 ...
By: Jaci Flug, Esq. and Louis J. Terminello, Esq. Per Tennessee: Shipping as an “agent of the consumer” is “categorically false.” In an email to all Tennessee direct shippers, the Tennessee Alcoholic Beverage Commission (TNABC) states that shipments made into the state as the “agent of the consumer” violate the Tennessee Code ...
We are pleased to share the third edition of India Trade and Tax Scan, our monthly newsletter offering key updates, recent developments, and practical insights in trade and taxation. This edition features updates on Direct Tax, including developments under the Black Money Act and amendments to Central Excise Rules by the CBIC, along with significant changes in Goods and Services Tax (GST), judicial rulings, and international trade insights ...
Hot on the heels of the Non-Domestic Rating Act 2023 coming into force, the new government announced preliminary steps in its Autumn Budget to reform the business rates system. The key changes introduced by the Act, combined with the proposals outlined in the Budget, are set to have a major impact on businesses in the coming years ...
The presidential and congressional campaigns brought considerable disagreement on a number of platform issues that were constantly in the daily news cycle. Each brings their potential political polarization, yet we heard less about economic development incentives that often bring bipartisan support. Many of these vehicles lead to accomplishing the common goals of stimulating economic development and community revitalization ...
We are pleased to present the second edition of India Trade and Tax Scan, our monthly newsletter delivering key updates, recent developments, and practical insights in the realm of trade and taxation. This edition includes noteworthy updates in Direct Tax such as Vivad se Vishwas Scheme, Arm’s Length Pricing, etc., Customs, significant changes in Goods and Services Tax (GST), crucial judicial rulings, and an International Trade section covering topics like RoDTEP and more ...
By: Ruben Gotlieb, Esq. As many of you know by now, Donald Trump has won a second term as president. Additionally, Republicans in the U.S. Senate will have a small majority in Congress. It is still uncertain who will hold a majority in the House of Representatives. What does this mean for tax legislation set to expire, or “sunset,” at the end of 2025? To pass a permanent tax law, a majority of at least 60 senators is needed. Without this, the law can only last for 10 years ...
Our readers may recall our column in this magazine last Fall involving a SALT malpractice suit filed against a North Carolina CPA firm by its former client, Vista Horticulture, Inc. d/b/a Eden Brothers. If you or your spouse are gardeners, you may know the company as an online seller of flower bulbs and seeds, etc. to customers all over the country ...
We are pleased to share the inaugural edition of India Trade and Tax Scan, our new monthly newsletter delivering key insights, recent developments, and emerging trends in the world of trade and taxation.This edition covers significant developments in Customs, key updates on Goods and Services Tax (GST), important judicial rulings, and a special section on International Trade, including Anti-dumping, SCOMET, Foreign Trade Policy, and more ...
The UK’s Chancellor, Rachel Reeves, is set to deliver her first Budget on 30 October and it is anticipated to bring significant changes to the tax landscape. With the Government having identified a funding shortfall of £22 billion, it seems almost inevitable that tax rises are on the way, with capital gains tax (CGT) squarely in the Chancellor’s sights. We’ve outlined some potential changes and key considerations that may be relevant before, and after, Budget Day ...
SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for August which covers the following tax issues: 1. What are the options of the taxpayer in case of overpayment of creditable withholding tax ("CWT")? Are these options irrevocable? 2. Does the irrevocability rule under Section 76 of the Tax Code apply to a corporation even if it is already in the process of dissolution? 3 ...
Previously ALRUD reported that an increase of the “exit tax” up to 40% of the valuation was being discussed by the Russian Government. The new information provided by ALRUD’s sources suggests that the “exit tax” will be increased ****up to 35%**** total, with ****three separate payments within 2 years**** from closing of a transaction. Please note, however, that no official statements have been made by the authorities ...
Establishment of Bermuda’s Corporate Income Tax Agency Following the enactment of Bermuda’s Corporate Income Tax Act (the “CIT Act”) in December 2023, in July 2024, the Government of Bermuda passed the Corporate Income Tax Agency Act (the “Agency Act”) which, among other things, (i) establishes the Bermuda Corporate Income Tax Agency (the “Agency”); (ii) sets out the functions and powers of the Agency with respect to administration of the CIT Ac
Administration of Bermuda's Corporate Income Tax Act 2024 In August 2024, Bermuda’s Ministry of Finance published a public consultation paper setting out certain proposed compliance obligations for Bermuda corporate taxpayers including certain anticipated procedural requirements with respect to registration, tax return filings, and payment of taxes ...
Administration of Bermuda's Corporate Income Tax In August 2024, Bermuda’s Ministry of Finance published a public consultation paper setting out certain proposed compliance obligations for Bermuda corporate taxpayers including certain anticipated procedural requirements with respect to registration, tax return filings, and payment of taxes ...
Taxation of Guernsey Funds Guernsey does not levy any form of capital gains tax, inheritance tax or value added tax. No stamp or document duty, or transfer tax, is payable in respect of companies, unit trusts or limited partnerships that are collective investment schemes. The income tax position for fund vehicles is detailed below. Companies A company incorporated in Guernsey or centrally managed and controlled in Guernsey is treated as tax resident in Guernsey in any year of charge ...
Case 1: the Lila Lisbon[i] — an appeal on an LMAA arbitration award, at the High Court, London, dealing with whether a Buyer under a NSF 2012 can claim loss of bargain (market price vs purchase price) following Seller’s failure to deliver within Cancelling Date [held: no] ...
SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for July which covers the following tax issues: 1. Is a taxpayer always required to make the "payment under protest" under Section 252 of the Local Government Code of 1991, as amended, to assail real property taxes? 2. May services rendered to foreign entities outsourcing manpower recruitment in the Philippines qualify for a zero percent rate of value-added tax ("VAT")? 3 ...
On 9 September 2024, Mario Draghi, former Italian Prime Minister and European Central Bank President, presented his highly anticipated report on «The Future of European Competitiveness» to European Commission President Ursula von der Leyen [1][2]. This comprehensive report analyzes the challenges faced by European industries and companies in the Single Market and proposes strategies to enhance the EU’s competitiveness [2] ...
On 18 September 2024, SVW and head of EU law Jan Magne Langseth pleaded on behalf the Plaintiff – Alsaker Fjordbruk– one of Norway’s biggest salmon producers – in case E-8/24 before the EFTA Court ...
SyCipLaw's Tax Department has prepared a double edition of its Tax Issues and Practical Solutions (T.I.P.S.) for May-June. The May-June 2024 issue covers the following tax issues: 1. Under the current VAT regulations, is input tax required to be directly attributable (or a factor in the production chain) to zero-rated sales, i.e., to come from purchases of goods and services that form part of the finished product of the zero-rated taxpayer in order to be creditable or refundable? 2 ...
SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for April. The April 2024 issue covers the following tax issues: 1. In assessing deficiency withholding tax on compensation of employees who were not individually identified, is it proper for the Commissioner of Internal Revenue ("CIR") to use the top withholding tax rate of 32%? 2. Which court has exclusive and original jurisdiction over criminal offenses involving tax claims amounting to PhP 1,000,000 ...
Law No. 21,398 (known as the "Pro-Consumer Law"), which amended Law No. 19,496, Consumer Protection Act ("CPA"), reinforced the right of withdrawal in distance purchases, establishing that: Consumers may exercise the right of withdrawal or repentance, within a period of 10 days from receipt of the product, without expression of cause, with respect to all purchases of goods, without conditioning the right to the will of the supplier ...
Simplified Stock Companies (SAS) have been implemented in El Salvador as a corporate solution aimed at micro-entrepreneurs and informal sector merchants who, due to entry barriers established in various regulatory bodies, were discouraged from forming a traditional corporate vehicle (e.g., Corporation, Limited Partnership, Limited Liability Company, among others) to conduct their business. In pursuit of the objective mentioned above, the reforms to the Commercial Code (C. Com ...
