As mentioned in our information bulletin of June 8, on June 7, 2005 the Federal Official Gazette published an “Executive Order to Amend the Value Added Tax Law” which altered the procedure for calculating the crediting of valued added tax by removing operations not taxable ...
The judgment of the Supreme Court of Appeal (“SCA”), which established certain guidelines and principles regarding the claiming of input tax for value added tax (“VAT”) purposes in the Commissioner for South African Revenue Services v De Beers Consolidated Mines Ltd (503/11) (1 June 2012) case may have far-reaching consequences for the private equity and venture capital industry ...
According to the Institute for Family Business, over five million family businesses in the UK generate more than a third of UK GDP. In 2018, the family business sector paid £196 billion in tax (over a quarter of the Government's total revenue) and employed 14 million people in the UK (50% of private sector employment) ...
The issue of the Dubai Law No. 4 of 2022 regulating Virtual Assets in Dubai (VA Law) issued in March 2022 created a lot of buzz and further strengthened Dubai’s position as a global hub for digital assets. The VA Law also established the Dubai Virtual Assets Regulatory Authority (VARA) which was tasked with creating a legal framework for virtual assets sector ...
Background VAS Holdings & Investments LLC v. Commissioner of Revenue, No. SJC-13139, currently on appeal before the Massachusetts Supreme Judicial Court, seeks to answer whether a state can tax a nondomiciliary on 100%—or any—of its capital gain derived from the sale of its interest in a subsidiary solely because the subsidiary did business in that state ...
Several legislative instruments on VAT issues were published in the Official Journal of the European Union on 20 February, amending the rules for determining the place where services are supplied for the purposes of VAT: - the general rule will be reversed and services will now be taxed in the place of consumption as opposed to where the supplier has its establishment ...
The UAE has issued substantive law on Value Added Tax (VAT) and Excise Tax. Federal decree law No.8 of 2017 deals with VAT. The imposition of VAT will commence in the UAE from 1 January 2018 at a rate of 5%. The VAT law provides a framework for implementation of VAT in the UAE ...
On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.Following on the awareness workshops launched by the MOF, such update provides some clarification on substantive and procedural aspects pertaining to the implication and implementation of VAT ...
One of the amendments to the National Internal Revenue Code, as amended (the Tax Code), which was introduced by Republic Act (RA) No. 10963 (the Tax Reform for Acceleration and Inclusion (TRAIN) Law) and took effect on 1 January 2018, was the increase of value-added tax (VAT) from 0% to 12% on the sale of goods and services to export enterprises upon satisfaction of certain conditions under the TRAIN Law. On 11 April 2021, RA No ...
The United Arab Emirates (UAE) Federal Tax Authority (FTA) has commenced accepting registrations for Value Added Tax (VAT) through its online portal ...
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 South African Revenue Service (“SARS”) issued Binding General Ruling No. 48 (“BGR 48”) on 25 July 2018, which provides much needed clarification for residential property developers following the recent cessation of relief under section 18B of the Value-Added Tax Act, 1991 (the “VAT Act”) ...
The VAT domestic reverse charge - referred to below as the reverse charge - is a major change to the way VAT will be collected in the building and construction industry. The reverse charge regime will come into effect on 1 March 2021 and will in many instances require customers receiving building and construction services to pay the VAT due directly to HMRC, instead of paying the supplier. This is a fundamental change to the way in which VAT is administered on construction contracts ...
Introduction This is the first in a series of articles on venture capital companies, a tax-favoured investment vehicle regulated by section 12J of the Income Tax Act, 1962 (“ITA 1962”). The venture capital company (“VCC”) scheme, introduced in 2009, is a tax-based scheme designed to encourage individual and corporate investors to invest in a range of smaller, higher-risk trading companies by investing through the VCCs ...
The National Venture Capital Association (US) has prepared various model venture capital documents for use in the industry, including a term sheet (the “NVCA Term Sheet”). These model legal documents are available at www.nvca.org. The American Bar Association has further commented on the provisions in the NVCA Term Sheet, in particular adding commentary including outlining any differences between the California corporations law and Delaware law ...
This inBrief highlights the different aspects of venture capital, animportant source of raising money for start-up companies which donot have access to capital markets. We discuss the different types ofventure financing through which start-ups can raise money andwhich are taken into account when assessing valuations ...
On 3 August 2014, Law of Ukraine "On Amending the Tax Code of Ukraine and Certain Other Legislative Acts of Ukraine" No. 1621-VII which was adopted on 31 July 2014 for creating conditions to increase financial inflow into the state budget (the "Law"), came into force. Implementation of the proposed regulations will provide a possibility to boost in 2014 the resources of Ukraine's unified budget for nearly UAH 10.3 bn ...
The new Law on Tax Administration No. 38/2019/QH14 (“LTA” or “new Law”) was passed by the National Assembly in June 2019 will become effective from 1 July 2020. New provisions relating to electronic invoices and electronic documents take effect from 1 July 2022. We summarize below some of the salient features of the new Law ...
The government of Vietnam issued Decree No. 19/2023/ND-CP dated 28 April 2023 (“Decree 19”) to provide guidance for the Law on Anti-Money Laundering. Decree 19, effective as of its issuance date, includes the following: Details on Know Your Client (“KYC”) Decree 19 sets out the specific situations in which financial institutions must carry out KYC procedures ...
The State Bank of Vietnam (“SBV”) released a draft Circular on 11 May 2022 strengthening conditions for non-government guaranteed foreign loans (the “Draft Circular”) which aims to replace Circular No. 12/2014/TT-NHNN (the “Current Circular”). In the Draft Circular, the SBV indicates its intention to tighten control over foreign loans to address the risks on currency fluctuation and the national debt limit ...
Virtual currencies are once again at the forefront of discussion about top issues facing community banks and the financial industry as a whole. The Independent Community Bankers of America (“ICBA”), a trade association representing more than 6,500 community banks, recently published its list of top issues for the fourth quarter of 2015. Among them were the risks associated with virtual currencies ...
On 3 October, the European Commission fined Visa €10.2 million (approximately £7 million) for its refusal to admit Morgan Stanley Bank International Limited of the UK as a member of the Visa network. The fine is to be seen in the context of continuing regulatory scrutiny of the financial sector, and the banking sector in particular, at both the EU and UK level ...
On the 1st June 2009, the major parts of the Insolvency Act 2009 (“the Act”) came into operation. The Act has completely revamped the insolvency regime in Mauritius and new provisions now govern “voidable transactions” following a company liquidation. The “ordinary course of business” test, which was prevailing under the former regime, has now been abandoned and replaced by what is known as the “running account principle” ...
