Canadian newspapers' loss of advertising revenues to the hands of internet giants over the past several years has jeopardized the very existence of many such newspapers. In 2018, our governments announced several advantageous tax measures in order to ensure the survival of independent print media ...
On Friday December 17, 2010, the President signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”). Many taxpayers were keeping an eye on this legislation because of the possible impact it might have on year-end tax planning. Specifically, taxpayers were keen to find out if certain favorable tax laws would be extended. Many of the tax laws that were scheduled to sunset were extended for an additional two years ...
On Monday, September 13, 2021, the House Ways and Means Committee released several markups of proposed legislation (the “House Tax Proposals”) intended to pay for various proposed spending initiatives. Importantly, the House Tax Proposals are not entirely consistent with the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (the “Green Book”) released by the U.S ...
Lots of folks have been asking of late, “Do I have to show taxes in drink prices?” The Tennessee Department of Revenue recently clarified that including taxes in drink prices is optional. Previously, the state required that menu prices include both liquor by the drink and sales taxes. The law now gives taxpayers the option to include taxes on the final bill to the customer, instead of in the sales price listed in menus. A copy of the notice from Revenue is included here ...
Download a free copy of the Philippine section of The Tax Disputes and Litigation Review edition 3, which was contributed by the SyCipLaw Partner Carina C. Laforteza with Associate Mark Xavier D. Oyales ...
The Philippines section of The Tax Disputes and Litigation Review 4th Edition contains information on commencing disputes, including national and local taxes; courts and tribunals; penalties and remedies; tax claims, including recovering overpaid taxes, challenging administrative decisions, and claimants; costs; alternative dispute resolution; anti-avoidance; double taxation treaties; areas of focus; and outlook and conclusions. The section was contributed by SyCipLaw partner Carina C ...
UAE companies can offer significant tax benefits when used as holding companies in certain scenarios. As an example, assume that an Italian limited liability company (“ItalianCo”) holds a 90% stake in a Moroccan operating subsidiary (“MoroccanCo”) and does not have a permanent establishment in Morocco ...
With the ink now dry on The Taxpayer Relief Act of 2012 (passed in early 2013) which, among other things, raised the capital gains tax rate from 15% to 20% and the top income tax bracket of “high income” Americans from 35% to 39.6%, Senate Democrats have now proposed the “American Family Economic Protection Act” which defers the sequestration for the remainder of 2013 by (i) raising the income tax on millionaires ($55 billion over 10 years), (ii) increasing future military cuts ($27 ...
Under the provisions of the Tax Administration Act, the Commissioner: South African Revenue Service (‘SARS’) is entitled to request that a taxpayer submits relevant material that SARS requires in terms of section 46 of the Tax Administration Act No. 28 of 2011 (‘TAA’). Section 1 of the TAA in turn defines ‘relevant material’ as meaning: “any information, document or thing that is foreseeably relevant for the administration of a Tax Act as referred to in section 3 ...
As we navigate the waters of these tough economic times, appraisal districts faced with massive city, school and county revenue losses caused by declining property values will most likely try to stem the tide by not voluntarily lowering taxpayers’ 2010 property values to their fair market values ...
The State Budget Law for 2022, Law 12/2022 of 27 June (“SBL2022”) was published on 27 June 2022 and came into force on the following day. SBL2022 is framed in a context of expectations for the economic recovery of the country in what is hoped will be a post-pandemic period. It has been presented as a budget that promotes economic recovery and reinforces policies favourable to investment. However, the greatest changes that have been proposed relate to the taxation of individuals ...
On 20 May 2020, the State Administration of Foreign Exchange of China issued the Circular on Supporting the Development of New Forms of Trade (Circular). The Circular summarised previous pilot experiences and, established foreign exchange (forex) policies that are meant to optimise new forms of trade[1]. The Circular has been implemented since the date of its promulgation ...
In the history of the Eurozone crisis, Spain has been a special case. It was always the "teachers pet" when it came to sovereign debt, that is, until recently. On 9 June 2012, Spain received an offer of up to EUR 100 bn in financial support from the EU for its ailing banking sector. What does that mean for Spain and the rest of the Eurozone and how did Europe’s fourth-largest economy find itself in this state? BACKGROUND Spain has been unlucky in many respects ...
The South African Taxation of Trusts Recent Developments The Davis Tax Committee’s (“DTC”) first interim report was released in July 2015 (the “First Report”) and made various significant recommendations to the Minister of Finance regarding (among other topics) the taxation of trusts in South Africa ...
The Act of 21 December 2013 concerning the financing of small and medium-sized undertakings (the “Act”) was published in the Belgian State Gazette on 31 December 2013. The Act entered into force in 2014 and applies to all Credit Agreements that have been concluded since that date. The Act applies to all Credit Agreements entered into between an Undertaking and an EEA Provider of Credit ...
On 7 June 2017, South Africa was one of more than 70 countries that signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”). The MLI is the result of certain of the Organisation for Economic Co-operation and Development’s action points aimed at preventing base erosion and profit shifting (“BEPS”) ...
We bemoan the lacklustre stock exchange and complain that the government isn’t doing enough. We point to greener trading pastures in Hong Kong. Is it time to re-look at the role of the stock market and how we benchmark ourselves?This February,Bloombergpublished an article headlined The Incredible Shrinking Singapore Stock Market, which stated that overthe past five years, more companies had exited than joined the SGX, leading the bourse to suffer a net outflow of S$19 ...
February marks the start of the second month after Brexit materializing. The Member States have finally understood that the United Kingdom (UK) is no longer in the Europen Union (EU) so that the fairy-tale of the Single Market that has lasted for decades is now over. Although many businesses resolved various legal or regulatory issues before 1st January, new challenges inevitably keep arising now, when Brexit is a reality ...
Labour party donor and entrepreneur, Dale Vince, has put the spotlight back on the controversy surrounding the tax treatment of carried interest received by private equity fund managers, by instructing The Good Law Project to serve a “pre-action protocol” letter on HMRC seeking judicial review of its practice of taxing such carried interest as capital gains as opposed to income ...
Kochhar & Co- India- The Reserve Bank of India Simplifies Procedures in respect of Transfer of Shares/ Convertible Debentures by way of sale by a resident to a non-resident Under Indian exchange control laws, the transfer of shares, by way of sale, by a resident to a non-resident (i.e ...
As the first of several deadlines under the Qualified Opportunity Zone (“QOZ”) program rapidly approaches, investors still on the sidelines are discovering that time is running out on the ability to take advantage of the full suite of tax benefits under the program. December 31, 2019 marks the last day in which investors may roll over capital gains into Qualified Opportunity Funds (“QOF”) and obtain a 15% reduction in the amount of the deferred gain ...
In line with the state policy set out in the Philippines Constitution to recognise the indispensable role of the private sector in national growth, encourage private enterprise and provide incentives to attract needed investment, the Philippine government has long resorted to public-private partnerships (PPPs) to address problems of national interest ...
The Oregon legislature is currently considering, as part of its February 2022 session, three bills that form a comprehensive set of changes to the Oregon Forest Practices Act (Senate Bill 1501), create a small forestland owner tax credit (Senate Bill 1502), and update the forest harvest tax (House Bill 4055). The bills stem from negotiations between private forestry companies, small woodland owners, conservation groups, and fishing organizations ...
In the lead up to the Expo 2020, the UAE government has taken a number of measures to promote economic diversification, foster growth, and stimulate the region’s innovation environment. The government’s push to develop the private equity, venture capital, and start-up eco-system is a central component of this agenda ...
