Times have certainly changed. Ten years ago a tax query from a SARS assessor would find its way to the desk of the financial director or in-house tax advisor who would send it off to their auditors. The auditors would, in turn, give it to their tax department who would draft a reply to SARS and hope the matter went away. If not, an informal meeting between the financial director and tax advisor at the audit firm would usually settle the dispute ...
In Roshcon (Pty) Ltd v Anchor Auto Body Builders CC (“Roshcon”) the Supreme Court of Appeal (“SCA”), in a unanimous judgment drafted by Wallis JA, has clarified the issues caused by its previous decision in SARS v NWK Limited (“NWK”). Roshcon was not a tax case; it concerned supplier and floorplan agreements relating to the sale of trucks, with a reservation of ownership to a finance house as security until the trucks were fully paid for by the purchaser ...
Each of the Common Monetary Area (CMA) Member States presented their 2014/15 Budgets during February 2014. An overview of the Budgets of Lesotho, Namibia and Swaziland reveals Namibia as the only country proposing fiscal amendments of any significance. A common theme of these Budgets is a concern about the increased uncertainty regarding the future of the South African Customs Union (SACU) and a firm intention to reduce reliance on SACU revenue ...
The Internal Revenue Service (the “IRS”) has temporarily suspended the issuance of private letter rulings on master limited partnership (“MLP”) “qualifying income” under Internal Revenue Code Section 7704(d) during the pendency of an internal committee review of existing rulings in that area ...
The English case of Malcolm Newbury v Sun Microsystems Ltd, [2013] EWHC 2180 (Q8) illustrates the importance of carefully wording settlement offers. Although not a construction case, this of course applies equally to construction cases. Malcolm Newbury ("Mr Newbury") commenced legal proceedings against Sun Microsystems Ltd ("Sun") for just over US$2 million, being commission payable under a contract, and Sun counterclaimed for an alleged overpayment ...
A payroll tax reduction with potential savings of up to SEK 2,760,000 per annum is available from January 1st 2014 for companies conducting research and development (R&D) on a full or part time basais. According to the new rules, the payroll tax amount for the associated salaries for persons working in R&D can be reduced by 10 per cent which equates to SEK 230,000 per month on a group level (SEK 2,760,000 per annum) ...
On March 11, 2014, Alabama formally created an independent tax tribunal and implemented additional procedural changes through the enactment of the Alabama Taxpayer Fairness Act (“Act”), which becomes effective October 1, 2014. The Alabama Senate approved legislation creating the Act on February 27, followed by House approval on March 4 and formal enactment by Governor Robert Bentley on March 11 ...
As the end of another tax year approaches, now is a good time to consider your financial position and check whether you have taken full advantage of the tax reliefs and exemptions that are available. This note is intended to provide a brief guide to the opportunities that we believe may be worth considering. There are many tax-saving measures available and we detail below a number of steps that can be taken to improve your tax position, without significant effort ...
BackgroundThe case relates to the insolvency of a women’s fashion retailer and their shops in Bristol and Leicester.In 2010 the landlords entered into agreements to surrender and deeds of variation with the company in relation to the two shops. The agreements granted rent concessions and in return the company agreed to surrender the leases for a premium, payable by the company ...
The recent amendments to the VAT legislation introduced by the Taxation Laws Amendment Act, No 31 of 2013, gives effect to government’s proposal that all foreign businesses supplying e-books, e-music and other digital goods and services in South Africa be required to register as South African value-added tax (“VAT”) vendors ...
The news last week that the development of the Haymarket site in Edinburgh is to receive £9 ...
The Court of Appeal has overturned existing rules in England and Wales about administrators’ liability to pay rents falling due before their appointment. The Court ruled that rent payable in advance will now be treated as an administration expense for the whole period of occupation of premises by administrators for the benefit of the administration. Game's administrators sold the assets of the group, including a number of the stores, which continued to trade ...
Business Rates has been a hot potato in the property industry for many years, no more so than in the retail sector. We are a nation of shoppers, yet the outdated system of rates valuation disincentivises investment in retail property and inhibits growth. The way in which we shop has changed, with the growth of online and multi-channel retailing, but the way in which retail businesses are taxed on their bricks and mortar has not ...
The new Act on Strategic Investment in Croatia has achieved its goal of reducing administrative procedures and ensuring the speedy realisation of strategic projects in Croatia. In order to declare a project “strategic,” it must meet several criteria. Foremost, the project must be in accordance with spatial planning regulations. Also, the total amount of capital expense must be HRK 150 million (approx. EUR 19.6 million) or more ...
For the Portuguese tax authorities to grant the status of the non-habitual tax resident, it is necessary to meet the following conditions: The applicant cannot have been taxed as tax resident in Portugal in any of the five preceding years; The applicant must be considered as a tax resident in Portugal and residence in Portugal for tax purposes may be acquired in any year, among other situations, when the taxable person ...
While helpful, California’s Board of Equalization has not exactly taken the most pro-renewable energy position in their new guidance on the effect of the installation of a solar power system on tax-exempt property. In what appears to be a fairly common acquisition structure, for example, a solar power company installs a solar power system that it retains ownership of, and the nonprofit provides the space for installation and then leases the system from the solar company ...
On December 20, 2013, the Quebec Department of Finance and the Economy issued Information Bulletin 2013-14 (the “Bulletin”), announcing inter alia changes to various tax measures specifically applicable to the natural resources industry ...
CONTENTS Requirements for ITC and ITR claims: A judgment of the Court of Québec sets the record straightRestrictive covenants transactional context vs ...
Unlike the position in England, in Scotland there is virtually no statutory protection for a commercial tenant at the expiry of their lease.Provided sufficient notice has been given by their landlord, the lease will come to an end on the expiry date and, unless a deal can be struck with the landlord, the tenant is required to leave the property on or prior to that date ...
As the end of 2013 draws near, taxpayers should consider the effect of the new 3.8% surtax on investment income. Beginning January 1, 2013, a 3.8% surtax is placed on certain investment income for individuals, trusts, and estates. The surtax is imposed in addition to all other taxes imposed by the Internal Revenue Code (including the alternative minimum tax). Prior to the end of 2013, individuals, trustees, and executors should consider ways to minimize the 3.8% surtax ...
Condominium and villa investors will have a more affordable, flexible and attractive opportunity to invest in the Turks and Caicos Islands’ (TCI) real estate following the enactment of the Fractional Ownership Ordinance. The Ordinance has not yet come into force, but shall do so once a notice has been published in the gazette, to this effect ...
FUNGAL CONTAMINATION AND COMMERCIAL LEASES Fungal contamination: a complex problem The detection of a fungal contamination problem in a building can be a complex operation. For example, recurring water infiltration due to leaks in a building’s outer envelope can create an environment that is conducive to the growth of mould in spaces not visible to the occupant, such as behind walls, in ventilation conduits, and in the plenums of the ventilation system ...
The "pay when paid" issue has troubled the construction industry for many years. It refers to payment terms contained in a sub-contract, which typically provide that the main contractor shall pay the sub-contractor a certain period of time after the main contractor has received payment from the employer. The controversy is whether the phrase should be construed as creating a condition precedent to the main contractor's liability to the sub-contractor ...
