On 14 December 2022, following a campaign by the Royal Yachting Association, the UK Government confirmed that it would not be implementing changes to HMRC policy to enable UK residents that purchased (EU) VAT paid UK vessels located in the EU prior to the end of the Brexit transition period (31 December 2020) to bring these vessels back into the UK without incurring a second (UK) VAT charge ...
A lesser-known state incentive in the nonprofit sector has created a boon for taxpayers, private education institutions and their students. Across the country, states are providing tax credits that reduce individuals’ state income taxes for any donation to a state-certified nonprofit organization providing scholarships to K-12 students to attend private schools ...
Mosaic Brands, Inc. v. Ridge Wallet LLC, Appeal Nos. 2022-1001, -1002 (Fed. Cir. Dec. 20, 2022) In our Case of the Week, the Federal Circuit discussed the corroboration requirement concerning the amount of evidence needed to successfully invalidate a patent as anticipated. Mosaic claimed that Ridge infringed Mosaic’s patent and trade dress for a money-clip wallet. Ridge countered that Mosaic infringed Ridge’s own patent for a money-clip wallet ...
The Intellectual Property and Related Rights (Amendment) Law of 2022, published in the Official Gazette of the Republic of Cyprus on 7 October 2022, aims to harmonise the Cyprus copyright regime with various acts at the European Union (‘EU’) level and the WIPO Performances and Phonograms Treaty. This Law amends and redefines already existing concepts and establishes new definitions and obligations ...
Kudun and Partners has successfully represented Thanulux Public Company Limited (“TNL”), the biggest market leader in the manufacturing and sale of ready-made clothes and leather goods in Thailand, on the listed company’s major restructuring and expansion of its investment with a highly significant total value of THB 8.8 billion ...
In this briefing, we will review the implications of the Law for property transactions in Jersey. Tax on purchase of residential properties which are not used as a main residence The key implication of the Law is that stamp duty (and equivalent land taxes such as land transactions tax and enveloped property transactions tax) on acquisitions of domestic residential property which will not be the purchaser's main residence will be increased ...
Video games have become increasing popular among all age groups in Indonesia – especially with the introduction of mobile video games in the past few years that allows almost all types of smartphones to operate the most popular video games with ease. Now, parents are no longer hiding the fact that their children from a very young age are much more interested in playing video games than playing outside ...
Recently approved Cabinet Decision 85 of 2022 (the Decision) outlines the requirements and conditions for classification of persons as a “Tax Resident” of the UAE. We briefly outline below who qualifies as a UAE tax resident. Afridi & Angell have assisted a variety of clients in procuring tax domicile certificates and are well versed in the procedures and requirements ...
January 2022 began with the announcement that businesses and corporations will be subject to Corporate Tax (CT) from 1 June 2023. While the UAE Ministry of Finance helpfully provided information on the basic tenets of CT, including a comprehensive white paper, the CT Law governing CT was published on 9 December 2022 providing clarity. However, there are still a number of areas that will be further clarified through the implementing regulations ...
As CIT finalization approaches, we highlight the existing Transfer Pricing compliance requirements for Vietnam taxpayers, under Decrees 132 and 126, and Law No. 38: When does Transfer Pricing (TP) apply? When a Vietnam company or local subsidiary of a foreign company has intra-group transactions (goods, services, loans or royalty transactions) with its related parties ...
With the 2022 year quickly coming to an end, we take this opportunity to remind our clients and readers of the annual compliance obligations for enterprises in Cambodia. With each year that passes there seem to be more compliance obligations, and the latest 2023 compliance requirements continue this trend. With that in mind, we have provided below what we believe are the most important annual compliance requirements that enterprises in Cambodia should be aware of ...
In a Pre-Budget Report (PBR) announced to Parliament last week, the Government has set out its priorities for next year's budget. These include proposals to increase revenues via significant changes to the current employment tax regime. Perhaps the most headline-grabbing aspect of these potential reforms is the proposal to increase the employer portion of payroll tax for exempted companies, from 10.25% to 10.75% ...
Companies face the loss of a major tax break on research and experimental ("R&E") costs for 2022, absent Congressional action. Since 1954, Internal Revenue Code section 174 has allowed taxpayers to immediately deduct R&E costs. Effective January 1, 2022, the Tax Cuts and Jobs Act of 2017 ("TCJA") amended section 174 to eliminate the deduction of R&E costs. Instead, costs for R&E activities in the U.S ...
What is ATAD III? In December 2021, the European Commission (“EC”) published its proposed Anti-Tax Avoidance Directive (known as “ATAD III”). ATAD III is intended to discourage the misuse of shell companies within the European Union (“EU”). The Directive is aimed at EU-resident entities which claim benefits under double taxation treaties and other EU Directives, but which lack a minimum level of economic substance ...
In Commissioner of Internal Revenue v Ruben U Yu,(1) the Court of Tax Appeals (CTA) en banc clarified that the 180-day period referred to in section 228 of the Tax Code, as amended, applies only to the period within which the Commissioner of Internal Revenue (CIR), or their duly authorised representative, may act on a protest against a tax assessment ...
Due to the covid-19 pandemic, registered business enterprises (RBEs) in the information technology-business process management (IT-BPM) sector have adopted work from home (WFH) arrangements to continue business operations. Now that movement restrictions have been relaxed, a balance must be struck between the requirement for RBEs to operate within economic zones and the clamour of RBEs to continue hybrid work arrangements while maintaining their fiscal incentives ...
The EU revenue cap which limits certain electricity generators' revenues has raised many questions within the energy sector. In Finland, the revenue cap will likely be implemented in the form of a temporary windfall tax which would apply to profits made in 2023. Our energy team's associate Nelli Rönkkö has summarised the key points regarding the implementation of the EU revenue cap in Finland ...
December 6, 2022 By: Alexander Davis and Manuel Fishman In March 2020, the voters of San Francisco approved Proposition D, also known as the Commercial Vacancy Tax. The ordinance applies to ground floor, street-facing, commercial properties within any of the 32 districts listed in Section 201 of the Planning Code (which the regulation defines as “Taxable Commercial Space”) ...
Dear valued clients, colleagues and friends, The Firm successfully defended the prominent e-commerce platform operator, Shopee Mobile Malaysia Sdn Bhd, in a suit filed by A & M Beauty Wellness Sdn Bhd after a full trial on matters pertaining to trademark infringement, unlawful interference of trade and obligation to disclose users’ data. Click here to read more ...
Dear valued clients, colleagues and friends, In the recent case of Lam Ah Company Sdn Bhd (“taxpayer”) v Director General of Customs and Excise, the taxpayer succeeded in its judicial review application challenging Customs’ refusal to give effect to the exemption under section 155 of the Goods and Services Tax Act 2014, which exempted, among others, taxable supplies of goods or services made within a “designated area” (i.e ...
In Society of Composers, Authors and Music Publishers of Canada v. Entertainment Software Association1 (the ?SOCAN Decision?), the Supreme Court of Canada ruled on the obligation to pay a royalty for making a work available to the public on a server, where it can later be streamed or downloaded ...
On 17 November 2022, the State Administration Council (“SAC”) enacted the Law Amending the 2022 Union Tax Law (“2022 UTL Amendment”). This law provides tax exemptions for Battery Electric Vehicles (“BEVs”) and increases the corporate income tax rate of companies engaged in the oil and gas exploration and production sector in Myanmar. We highlight below the major changes under this law: 1 ...
The Philippines is currently a party to 43 double taxation agreements (DTAs), all of which contain a mutual agreement procedure (MAP) provision. The Department of Finance recently issued Revenue Regulations (RR) No. 10-2022, which took effect on 23 July 2022. RR No. 10-2022 prescribes the guidelines for filing a MAP request for assistance in resolving DTA disputes ...
On 16 November 2022, the Internal Revenue Department (“IRD”) issued Public Ruling 3/2022, which clarifies how the tax authorities will interpret tax avoidance, underpayment, false or misleading tax information, and tax evasion as provided under Myanmar’s Tax Administration Law (“TAL”). This Public Ruling will take effect on 1 January 2023. A summary of the Public Ruling is provided here ...
In the BlackFriday event, from November 25th to 28th 2022, will be fully in force the reforms to Law No. 19,496 on Consumer Rights Protection in the field of e-commerce, introduced mainly by the "Pro-Consumer" Law and the Electronic Commerce Regulation. The following are the main aspects and obligations to be taken into consideration for the event: Promotions, offers, contests and sweepstakes must disclose the terms and conditions governing them and their term of duration ...
