Under a new bill adopted by the Ohio General Assembly, school boards, governmental bodies, and other third parties will be prohibited from filing complaints to increase the value of others’ Ohio real property for tax purposes, except under certain limited conditions. Am. Sub. H.B. 126 is expected to largely eliminate the practice of retroactive tax increases as a result of complaints filed based on a sale in the year currently subject to appeal. On its effective date, Am. Sub ...
Under a new Ohio law, school boards, governmental bodies, and other third parties will be prohibited from filing complaints to increase the value of others’ Ohio real property for tax purposes, except under certain limited conditions. Am. Sub. H.B. 126 is expected to largely eliminate the practice of retroactive tax increases as a result of complaints filed based on a sale in the year currently subject to appeal ...
The Ministry of Planning and Finance issued Notification 20/2022 on 31 March 2022 reiterating that companies and non-profit organizations were required to obtain a Taxpayer Identification Numbers (“TIN”) with the Internal Revenue Department (“IRD“). Under this Notification, companies and non-profit organizations that have not yet secured a TIN must apply for one by these deadlines: Taxpayer Deadline 1 ...
The 2022 tax assessment of real and personal property have been determined by the local Assessor and a Notice of Assessment was issued and mailed to property owners. Property owners should make sure to check the mail for a copy of the Notice in order to determine whether an appeal of their taxable value should be filed ...
On April 12, 2022, Law No. 21,440 was published in the Official Gazette, which modifies Law Decree No. 3,063 (Municipal Income Law), creating a new regime applicable to donations in favor of non-profit legal entities, which contemplates certain tax benefits. This new regime will be complementary to those contained in special regulations regarding donations ...
In March 2021, the Philippine Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order No. 014-21 (the Memorandum), which streamlines the procedures for non-resident corporations and other juridical entities (collectively "non-resident taxpayers") to access Philippine tax treaty benefits ...
In September 2021, the House of Representatives of the Philippines approved House Bill (HB) 7425 upon its third reading. HB 7425 seeks to impose a 12% value-added tax (VAT) on digital transactions in the Philippines ...
In September 2021, the House of Representatives approved on third reading House Bill (HB) 8942 – the Ease of Paying Taxes Act. The bill proposed to amend the National Internal Revenue Code as amended (the Tax Code) and introduce administrative reforms that will simplify tax compliance and strengthen taxpayers' rights ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for March 2022 ...
Lao PDR is following the regional trend of taxing the activities of non-resident E-Commerce and digital platform service providers. In this client update, we provide the key features and our commentary on the Ministry of Finance’s Notification on the Implementation of the Tax Obligations of the E-Commerce and Digital Platform No. 0541/MOF, dated 24 February 2022 (“the Notification”) ...
The Ministry of Finance of the Lao PDR has issued the Notification on the Implementation of the Tax Obligations of the E-Commerce and Digital Platform No. 0541/MOF, 24 February 2022 with the purpose to disseminate the Decree on Electronic Commerce No. 296/Gov, 12 April 2021 and the implementation of the tax obligations of the e-commerce and digital platform business operators in the Lao PDR. 1 ...
The Thai cabinet has recently approved the draft Royal Decree issued under the Revenue Code regarding income tax exemption on investment in Thai startups (the “Draft Royal Decree”), in cases where the funding for the startups is provided directly or indirectly through Venture Capital (VC), Corporate Venture Capital (CVC), or private equity trust (PE Trust). This Draft Royal Decree aims to unlock capital gains tax on investment in startups under the Royal Decree No ...
By: Manuel Fishman March 2022 Documentary Credit World Most issuers of, and beneficiaries under, letters of credit are familiar with the impact a tenant bankruptcy has on the continued effectiveness of draws under the LC. Assuming a “direct draw” letter of credit that does not require prior notice to the applicant, the beneficiary is entitled to draw on the LC because of the independent obligation of the issuer to honor credit-complying draws ...
In line with the actions planned in the European Union’s tax policy agenda to reform the corporate tax system, the Proposal for a Council Directive 2021/0434 (the “Unshell Directive”) was published on 22 December 2021. This proposal introduces a set of rules to prevent the improper use of shell companies (companies without economic substance) exclusively intended to obtain tax advantages ...
[!<CDATA[ Most state and federal courts have expressed a strong preference for parties to resolve their legal disputes via binding arbitration when there is an arbitration clause applicable to the dispute, there are instances where courts will deny such a request – even when the parties have expressly agreed to this particular forum in their construction contract ...
[!<CDATA[ As of September 1, 2021, in a change to Texas caselaw that had been in place for over a century, Texas contractors now have protection in certain circumstances from liability for defective plans and specifications provided to the contractor by someone else. In the 1907 Texas Supreme Court case Lonergan v ...
CRF Payments to ANCs and Their Shareholders Are Not Taxable On January 21, 2022, the Department of the Treasury held a consultation with Alaska Native Corporations on the federal income tax consequences of Coronavirus Relief Fund (CRF) distributions made to Alaska Native Corporations (ANCs) and to Alaska Native Corporation shareholders ...
The new Register of Persons Holding a Controlled interest in Land (RCI) will come into force in Scotland on 1 April 2022. The purpose of this article is to highlight the key points of the regulations behind the RCI1 and how they may affect landowners and tenants of registrable leases (being those longer than 20 years) in Scotland ...
The Economic Crime (Transparency and Enforcement) Act received Royal Assent on 15 March 2022. Its effects will be felt far and wide across the UK real estate industry. We explained in our article Economic Crime Bill – what it means for real estate, that the aim of the new Act is to crack down on foreign criminals using UK property to launder money ...
The Corporate Transparency Act (the “Act”) was enacted by Congress on January 1, 2021, as part of the National Defense Authorization Act. The Act’s purpose is to curtail shell companies often used in corporate transactions, including real estate transactions, from conducting illegal activities made possible by concealing the ownership and control of such entities ...
How has the use of digital technology, as a result of the COVID-19 pandemic, contributed to the rise in fraud? As a result of the COVID-19 pandemic, businesses experienced a rapid and significant increase in the use of digital technology. Bearing in mind health concerns, as well as business continuity, many businesses began to shift to widespread remote working environments ...
A decision this week from the Third District Court of Appeals serves as a reminder for why contractors need to be aware of all of the terms of the warranties they rely on and pass on to their customers. In West Bay Plaza Condominium Association v. Sika Corporation, a condominium association appealed the dismissal of its lawsuit due to claims that the lawsuit was filed in the wrong location ...
Last week the government issued the Economic Crime (Transparency and Enforcement) Bill. The bill looks set to become law later this month and it will have a significant impact on the process of overseas entities acquiring or disposing of land in the UK ...
