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The Philosophy Behind the Successful Economic Substance Regime of the BVI
Morgan & Morgan, November 2020

Following the introduction in the British Virgin Islands (BVI) of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA), which became effective on January 1st, 2019, some questioned the sustainability of BVI’s position as a leading international financial centre. While we cannot underestimate those concerns, we believe that there is also evidence that ESA will not have a negative impact on the BVI...

Regional Comprehensive Economic Partnership Signed
DFDL, November 2020

On 15 November 2020, leaders of the ASEAN Member States, Australia, China, Japan, Republic of Korea and New Zealand witnessed the signing of the Regional Comprehensive Economic Partnership (“RCEP“) Agreement. The RCEP Agreement marks ASEAN’s biggest free trade pact to date, covering a market of 2.2 billion people with a combined size of US$26.2 trillion...

What Happened to My Capital Account? New Partnership Reporting Requirements for 2020 and Beyond
Dykema, November 2020

On June 5, 2020 the Department of the Treasury and the Internal Revenue Service (“IRS”) issued Notice 2020-43 (the “Notice”) proposing two alternative methods to satisfy tax capital account reporting requirements as the only methods for reporting partner’s capital accounts under the tax basis method for taxable years that end on or after December 31, 2020...

Indian Project Office of Foreign Company Not Engaged In Core Business Activities Not a Permanent Establishment (PE): Supreme Court
Kochhar & Co. Advocates & Legal Consultants, November 2020

Strap: In a recent case of Samsung Heavy Industries, the Indian Supreme Court held that the Project Office of the company cannot be termed as PE under the provisions of India-Korea Tax Treaty as it is solely carrying out activities of an auxiliary nature...

Does VAT Apply to Bare Land that is Leased to a Tenant Who will Develop It?
Afridi & Angell, November 2020

The supply of undeveloped (bare) land is exempt from value added tax (VAT) pursuant to Article 46 (3) of UAE Law No 8 of 2017. Bare land (as opposed to covered land) is defined as ‘land that is not covered by completed, partially completed buildings or civil engineering works’ pursuant to Article 44 of Cabinet Decision 52 of 2017...

Tax Updates October 2020: SyCipLaw Tax Issues and Practical Solutions (T.I.P.S.) Vol. 4
SyCip Salazar Hernandez & Gatmaitan, November 2020

The SyCipLaw T.I.P.S. for October cover the following tax issues: 1. When the taxpayer cannot be located, what are the options available to a Revenue Officer in serving an electronic Letter of Authority?  2. Is the sale, barter, exchange or other disposition through Initial Public Offering of shares of stock in closely held corporations subject to tax? 3...

Shearn Delamore & Co. Legal Update October 2020 (Tax and Revenue)
Shearn Delamore & Co., November 2020

Income tax The Income Tax (Prescribed Fees under Schedule 5 to the Act) Rules 2020 have been gazetted on 22 September 2020 and have come into operation on 25 September 2020. The following public rulings and guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website:i. Appeal Against an Assessment and Application for Relief (Public Ruling No. 7/2020) issued on 7 October 2020 to replace Public Ruling No. 12/2017 dated 29 December 2017;ii...

India Attempts to Thwart Import of Chinese Goods Under FTAs
Kochhar & Co. Advocates & Legal Consultants, October 2020

Introduction The balance of trade between India and China continues to be heavily tilted in favour of China. Trade remedies such as anti-dumping and countervailing duties have been used frequently by India to curtail import of Chinese goods. To overcome such barriers, India has long suspected that China has been routing its goods through the ASEAN countries by misusing the Free Trade Agreements (‘FTA’)...

Additional Fiscal Measures in the Context of COVID-19 - Tax Flash no.16/2020
Nestor Nestor Diculescu Kingston Petersen, October 2020

27.10.2020 –Emergency Ordinance no...

Recent Changes to Value Added Tax
PLMJ, October 2020

E-commerce: New VAT rules Law 47/2020 was published on 24 August to implement articles 2 and 3 of Council Directive (EU) 2017/2455 of 5 December 2017, and Council Directive (EU) 2019/1995 of 21 November 2019, modifying the operation of the Value Added Tax (“VAT”) system in intra-EU and international e-commerce. This legislation enters into force on 1 January 2021...

The Impact of VAT on Your Business in China
PLMJ, October 2020

Defining your strategy and analysing the market are crucial when making the decision to invest in China, but the tax efficiency of the business has its own specific issues and investors should not neglect them either. The Chinese tax system has particular characteristics that you must get to know before investing. In this informative note, we will address some basic aspects of value added tax and the invoicing system...

Arendt Weekly Update - 16 October 2020
Arendt & Medernach, October 2020

The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more. NEWSFLASHES   Budget 2021: various tax measures to address the impact of the COVID-19 pandemic and support a sustainable recovery On 14 October 2020, the Luxembourg government filed the budget bill 7666 with the Luxembourg parliament...

Arendt Weekly Update - 9 October 2020
Arendt & Medernach, October 2020

 The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more...

SWW v Ketua Pengarah Hasil Dalam Negeri1 - The Granting of Judicial Review by the High Court of Malaya in Tax Proceedings.
Shearn Delamore & Co., October 2020

A case note by Abhilaash Subramaniam Introduction In the recent case of SWW v Ketua Pengarah Hasil Dalam Negeri, the High Court of Malaya granted the taxpayer leave to apply for judicial review, a stay of proceedings pending the disposal of the taxpayer’s application for judicial review and subsequently allowed the taxpayer’s judicial review application on the merits, ordering a prohibition on all collection and enforcement action relating to disputed taxes and assessments

Shearn Delamore & Co. Legal Update September 2020 (Tax and Revenue)
Shearn Delamore & Co., October 2020

Income Tax The Income tax The Income Tax (Special Treatment for Interest on Loan) Regulations 2020 have been gazetted on 25 August 2020 and shall have effect for the year of assessment 2020 and subsequent years of assessment...

Ohio Supreme Court Hands Down Win for Ohio CAT Taxpayers in Defender Security Case
Dinsmore & Shohl LLP, October 2020

In a major win for sellers of services and intangibles, the Ohio Supreme Court ruled on Sept. 29, 2020, that a taxpayer is entitled to Ohio Commercial Activity Tax (CAT) refunds stemming from its sale of contracts to an out-of-state buyer...

Snapshot: Corporate Income and Franchise Taxes in the USA
Bradley Arant Boult Cummings LLP, September 2020

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

SyCipLaw Tax Issues and Practical Solutions (TIPS) Vol. 3 - September 2020
SyCip Salazar Hernandez & Gatmaitan, September 2020

SyCipLaw TIP 1: Based on reports, the BIR is considering applying a minimum threshold on who will be required to submit BIR Form No. 1709. The threshold may be based on the assets or revenue of the entity or the size of the transaction, or both. However, until the BIR issues the relevant circular, a taxpayer entering into transactions with related parties must ensure that it complies with the requirements under RR No...

Cambodia: 2020 Property Tax Deadline – 30 September
DFDL, September 2020

We would like to take this opportunity to remind our readers that the immovable property tax (“TOIP“) and Unused Land Tax deadline for 2020 is next Wednesday the 30th of September 2020. The 2020 TOIP and Unused Land Tax payment can be made at any tax branch or any branch of Canadia, Acleda, Vattanac or Cambodia Public Bank. Those already registered for TOIP and Unused Land Tax need to provide their 2019 tax payment receipt or Property Tax Registration Identification Card...

Service Tax (ISS) on Activities of Health Plan, Fund Management and Leasing will be Shared Between the Municipalities of the Service Provider and the Client
Veirano Advogados, September 2020

Complementary Law No. 175/2020, enacted in September 23, 2020, determined that the Service Tax (ISS) must be shared between the municipalities where the service providers and the clients are located. Complementary Law No. 175/2020, enacted in September 23, 2020, determined that the Service Tax (ISS) must be shared between the municipalities where the service providers and the clients are located...

IRS Allows Reduction of Gross Receipts For State-Legal Cannabis Businesses
Dykema, September 2020

On Saturday, September 12, 2020, the Internal Revenue Service (“IRS”) updated a marijuana industry frequently asked questions (“FAQ”) page that provides relief to state-legal cannabis businesses. The FAQ announces that state-legal cannabis businesses can reduce their gross receipts by using an alternative accounting method under Section 471 of the Internal Revenue Code (the “Code”)...

Taxpayer Appeals Loss in Rare Constitutional Challenge to Composite Return Statute
Bradley Arant Boult Cummings LLP, September 2020

Cases challenging the constitutionality of state pass-through entity (PTE) nonresident owner withholding or composite return statutes are extremely rare. However, a recent Alabama Circuit Court decision, Black Eagle Minerals, LLC v. Alabama Department of Revenue, Case No. CV-2018-900328.00 (Cir. Ct. Montgomery County, Ala., July 27, 2020), highlights why such challenges may be more common when PTE composite returns are mandatory...

GAO Report on Abusive Tax Schemes Perpetuates Misunderstandings of Captives
Bradley Arant Boult Cummings LLP, September 2020

A GAO report was intended to shed some light the use of captives as abusive tax shelters. Instead it only risks perpetuating misunderstandings, says Bradley’s Davis Smith...

Innovations Covered Under the Value Added Services (VAS) Licence Framework in Nigeria
AELEX, September 2020

INTRODUCTION Information Communication Technology (ICT) has, without a doubt, greatly impacted virtually every industry, and the communications industry is no exception. Services such as bulk short message service (SMS), online games, data services, telemarketing, text messages and media messages, all of which are often referred to as Value Added Services (“VAS”), now constitute a part of our daily lives...

Deferring Payroll Tax—The IRS Lets Employers Off The Hook
Dykema, September 2020

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...



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