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Details About the Proposal for Changes in Taxation of Options for Employees in Start Ups
Simonsen Vogt Wiig AS, May 2021

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...

Salaries Tax Alert: Decision of the Court of First Instance in Dr Leung Ka-Lau v CIR [2021] HKCFI 1117
Deacons, May 2021

Factual background The taxpayer, Dr Leung, was a medical doctor employed by the Hospital Authority (“HA”). Part of the conditions of his employment was that he was required to be ‘on call’ on certain days including Sundays and public holidays. When ‘on call’, he was obligated, among other things, to be within the physical proximity of the hospital, to be ready to render medical services if the need arose, and to abstain from drinking alcohol...

Consultation on New Tax for UK Residential Property Developers
Shoosmiths LLP, May 2021

The government is consulting on a proposal to introduce a new UK-wide tax for residential property developers from 2022, with a view to generating revenue to cover the costs associated with the removal of unsafe cladding. The measure is intended to generate at least £2 billion over the course of a decade, which the government says is a “fair contribution” to the overall cost of the remediation programme...

Tax Issues and Practical Solutions (T.I.P.S.) for April
SyCip Salazar Hernandez & Gatmaitan, May 2021

 The SyCipLaw T.I.P.S. for April covers the following tax issues: 1. What are the requirements to claim tax exemption for the procurement, importation, donation, storage, transportation, deployment, and administration of COVID-19 vaccines? 2. How are the amendments under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act on certain final taxes implemented by the BIR? 3...

Angola Amendments to the Private Investment Law
PLMJ, April 2021

The Private Investment Law (Law 10/18 of 26 June) was amended by Law 10/21 of 22 April. The new law marks the return of the contractual system to the area of private investment. As a result, the current private investment systems are the following: i) Prior declaration system ii) Special system iii) Contractual system The contractual system is applicable to projects in any sector...

Angola Rules on the Application in Time of the Legislation Included in the Tax Package Approved in 2020
PLMJ, April 2021

In the context of the approval of the Tax Package, which is part of the tax reform process started in 2020, on 15 April 2021, the Angolan General Tax Administration (AGT) published Instruction 0033/ GACA/GJ/AGT/2021 (the “Instruction”). The aim of this Instruction is to clarify and standardise the rules for the application in time of the amendments made to the main Tax Codes, in particular, the Industrial Tax Code and the Employment Income Tax Code...

Notable Tax Provisions of President Biden's Proposed American Families Plan
Dykema, April 2021

On April 28, 2021, President Biden addressed a Joint Session of Congress unveiling his proposals to invest in and restructure the American economy. In his address to Congress, President Biden formally announced his American Families Plan (the “AFP”) which combines $1 trillion in spending with $800 billion in tax cuts and credits for low and middle-class families, and targets high-income earners and corporations to fund all of the costs over a 15-year period...

Senate Bill 57 Offers Property Tax Reduction Opportunity
Dinsmore & Shohl LLP, April 2021

If the COVID-19 pandemic affected the value of your property, Ohio Senate Bill 57 (S.B. 57) may offer you (or your triple-net lease tenant) a chance to reduce your Ohio real property taxes not available under prior law. Property tax valuation complaints in Ohio counties can be filed only once in each three-year interim period, and property values are determined as of January 1 of the tax year. Because the COVID-19 pandemic in the U.S...

New Tax Measures to Mitigate the Impact of the Health Emergency on People and Companies are Published
Carey, April 2021

On April 24, Supreme Decree No. 611 of the Ministry of Finance was published, which authorizes some authorities to extend and establish certain tax measures to mitigate the impact of the health emergency caused by COVID-19 on people and companies...

Hong Kong Proposes New Rules Enhancing Deductibility of Foreign Tax
Deacons, April 2021

The Government of Hong Kong gazetted the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 (the “Bill”) on 19 March which, among other things, seeks to amend the Inland Revenue Ordinance (“IRO”) to expand and clarify the scope of profits tax deductions for foreign taxes...

Real Estate IHL Series – Taxing Times
Shoosmiths LLP, April 2021

Led by Anna Lowe, this short and sharp session covered recent updates in tax affecting real estate. 1. VAT and the Reverse Charge Applies from 1 March 2021 to supplies of building and construction services where the Construction Industry Scheme would apply...

Michigan Department of Treasury Confirms Conformity to Federal Treatment of PPP Loan Forgiveness
Dykema, April 2021

On April 19, 2021, the Michigan Department of Treasury issued a notice (the “Notice”) outlining Michigan’s conformity to the federal tax treatment of Paycheck Protection Program (“PPP”) loans under the Coronavirus Aid, Relief and Economic Security Act, Pub. L. No. 116-135 (the “CARES Act”)...

Angola: New Rules for Exchange Operations - Individuals
PLMJ, April 2021

The recent Notice 05/2021 of 14 April issued by Banco Nacional de Angola (the "Notice") introduces new rules and procedures that must be observed by individuals – whether or not they are residents for foreign exchange purposes – when carrying out foreign exchange transactions...

Shearn Delamore & Co. Newsletter March Issue 2021
Shearn Delamore & Co., April 2021

Dear valued clients, colleagues and friends, We are pleased to bring you the March 2021 issue of our quarterly Newsletter, we hope that you will continue to find its contents of value to you. Real Estate PJD Regency Sdn Bhd v Tribunal Tuntutan Pembeli Rumah: Calculation of Liquidated Agreed Damages commences from the Date of Payment of Booking Fee A case note by Alexis Yong Mey Ling … read more...

Shearn Delamore & Co. Legal Updates April 2021
Shearn Delamore & Co., April 2021

Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for April 2021.Tax & RevenueIncome taxThe technical guideline Garis Panduan Berhubung Permohonan Pengecualian Cukai Pendapatan Kepada Institusi Atau Organisasi Keagamaan Yang Layak Di Bawah Perintah Cukai Pendapatan (Pengecualian) 2020 [P.U.(A) 139/2020] (available in Malay language only) has been published on 25 March 2021 on the Inland Revenue Board of Malaysia’s official website...

Cambodia: GDT Facilitates Online Document Submission
DFDL, April 2021

Notification no. 7179 GDT dated 18 April 2021 (“Notification 7179”) from the General Department of Taxation (“GDT”) provides procedures for the submission of scanned application forms, administrative letters, other documents or tax returns to the GDT, including tax branches in Phnom Penh and the provinces, via online (E-Document Submission System)...

Cambodia: Extension of Due Date for March Monthly Tax Returns & Payments
DFDL, April 2021

Notification no. 7175 GDT dated 16 April 2021 (“Notification 7175”) from the General Department of Taxation (“GDT”) provides an extension of the due date for the March 2021 monthly tax returns and payment. Key Takeaway For taxpayers whose businesses are prohibited to operate under Decision No. 49 the deadline for the March 2021 monthly tax payment and return submission has been extended to 15 May 2021...

Cambodia: VAT on Non-Resident E-Commerce Providers
DFDL, April 2021

In an increasingly interconnected world facilitated by the rise of global digital commerce a number of gaps have been exposed in the tax systems of countries with perhaps one of the most significant issues being the difficulties in collecting tax from those providing digital goods and services without a physical presence in the jurisdiction where those goods and services are consumed...

High-Income, Corporate Tax Returns Will Be Scrutinized
Waller, April 2021

In its discretionary funding request for fiscal year (FY) 2022, the Biden administration is seeking an additional $1.2 billion for the IRS – a 10.4% increase over FY 2021. $900 million of the increase will be earmarked for compliance. The additional funding in the White House proposal would enable the IRS to “increase oversight of high-income and corporate tax returns,” according to a statement issued by U.S. Treasury Secretary Janet Yellen...

The Ins and Outs of the Income Tax Deadline Extension—Which Returns, Deadlines Are Affected, and Which Aren’t?
Dykema, April 2021

On March 17, 2021, the IRS published IR-2021-59, postponing the deadline for filing individual income tax returns and payment of individual income taxes from April 15, 2021, to May 17, 2021. On March 29, 2021, the IRS issued Notice 2021-21, further clarifying the postponement of Federal income tax reporting and payment deadlines...

Freeports – Planning FAQs
Shoosmiths LLP, April 2021

The designation of eight new Freeports within England made headlines in the Budget and now the winning bidders have to put into effect their successful proposals. What will this mean in practice for those areas affected and what are the likely issues that Freeport authorities will face? We have pulled together some questions we are asked frequently on Freeports, together with the responses we have been providing to our clients...

The American Jobs Plan Proposes Important Corporate Tax Changes
Dykema, April 2021

On March 31, 2021, the Biden Administration released a Fact Sheet for its proposed American Jobs Plan (the “AJP”). The full text of the AJP can be found here. Although the AJP is primarily a proposal for rebuilding our country’s infrastructure, positioning the U.S. to compete with China and creating millions of jobs, it also proposes important corporate tax changes necessary to fund the AJP...

Massive Tax Changes of Up to $5.8 Trillion on the Horizon
Waller, April 2021

It was only a matter of time – following the election of President Biden and Democratic majorities in both houses of Congress – before the Biden administration and legislative leaders would turn their attention to changing the tax code. While it is early in what promises to be a loud and lengthy legislative debate in Congress, tax proposals introduced by high-profile senators Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) designed to raise $5...

The United States Corporate Transparency Act (“CTA”) of 2021
Morgan & Morgan, April 2021

What is the CTA? The CTA was enacted on January 1st, 2021 as part of the National Defense Authorization Act to prevent the use of companies to evade anti-money laundering rules or to hide other illegal activities. Under the CTA companies will be required to report information regarding its beneficial owners with a beneficial ownership registry maintained by the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN)...

Tax Issues for Practical Solutions (T.I.P.S): International Edition
SyCip Salazar Hernandez & Gatmaitan, March 2021

The SyCipLaw T.I.P.S. International Edition covers the following tax issues: 1. What are the salient provisions on income tax under the Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE Act? On March 26, 2021, President Rodrigo R. Duterte signed the “Corporate Recovery and Tax Incentives for Enterprises Act” (Republic Act No. 11534, the CREATE Act) into law...

 

 

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