The GST Council in its 39th meeting held on 14 March 2020 has made the following recommendations: Movement in Tax Rate Goods Increase in GST rates on mobile phones and specified parts to 18% from 12% Handmade and other than handmade matches rates rationalised to 12 %, thereby solving the HSN classification issue: Increase in handmade matches from 5% to 12 % Decrease in other matches from 18% to 12% Services Reduction in GST rates on maintenance, re
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 ...
Whether CMC of a Guernsey company is exercised in the UK is question of fact. This briefing summarises UK tax residence points arising out of UK tax case law, focussing in particular on the most recent case of Development Securities (No. 9) Ltd and other v HMRC2, and also provides some practical guidance on how Guernsey companies can minimise UK CMC risks when there is no intention to make the company UK tax resident ...
Background On 15 July 2021 the States of Deliberation (Guernsey's parliament) approved the Income Tax (Guernsey) (Amendment) Ordinance, 2021 (the "Ordinance") which makes a number of important amendments to Guernsey's Income Tax Law ...
Guernsey: an ideal domicile for continuation funds Guernsey provides an ideal domicile for continuation funds, with proportionate, principle-based regulation, and a neutral tax environment, facilitating quick-to-market establishments and competitive ongoing costs ...
Even after four years of the introduction of Goods and Service Tax, there is a lack of clarity on many substantive and procedural issues. One such issue is the absence of complete relief from the ill effects of an inverted duty structure, that is where the GST rate paid on purchases is more than the GST rate payable on sales, resulting in an accumulation of credits. The difficulty arises because the taxpayer has to pay tax to its vendors on its purchases in cash ...
Since the inception of the IRS determination letter program, many sponsors and administrators of qualified retirement plans have come to rely on IRS determination letters to document their plan's tax-qualified status ...
Out-of-State Sellers Can Now Be Required to Collect and Remit State Sales Tax Even When They Don’t Have a Physical Presence in the State In a recent 5-4 ruling, the Supreme Court, in South Dakota v. Wayfair, abandoned its physical presence standard established in National Bella Hess, Inc. v. Department of Revenue of Ill. and Quill Corp. v. North Dakota ...
Please note the following press release. This press release is available at our homepage. Heuking advises the City of Frankfurt am Main on leasing LATERAL Towers A team led by Heuking Partner Dr. Frank Baßler advised the City of Frankfurt am Main on legal and tax matters associated with leasing the “Lateral Towers” from CELLS group ...
In its discretionary funding request for fiscal year (FY) 2022, the Biden administration is seeking an additional $1.2 billion for the IRS – a 10.4% increase over FY 2021. $900 million of the increase will be earmarked for compliance. The additional funding in the White House proposal would enable the IRS to “increase oversight of high-income and corporate tax returns,” according to a statement issued by U.S. Treasury Secretary Janet Yellen ...
Last week, the House Republicans unveiled their highly anticipated plan for tax reform. Although clients should not rush into planning based on the House plan, it is important to be aware of potential changes in the tax code. In particular, business owners and individual high net worth clients should be prepared for the adverse and beneficial aspects of the proposed plan because the plan is intended to be effective for tax years beginning January 1, 2018 ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Direct Tax Proposals Personal Taxation Tax rates, TDS rates, Standard deduction and relief for savings etc. remain unchanged. Rates of surcharge have been rationalized in case of Long - term capital gain other than listed shares, and for Cooperative societies. Medical relief provided by employers or any other person in relation to COVID-19 will be exempt from F.Y. 2019-20 onwards ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Indirect Tax Proposals Special Economic Zones Act to be replaced Special Economic Zones Act is set to be replaced with a new legislation, under which Customs administration would be IT driven, and a Customs National Portal would be set up for this purpose. This is being done to encourage paperless processing and ease of doing business ...
On 15 April 2016, the Minister of Mineral Resources published the draft Reviewed Broad Based Black-Economic Empowerment Charter for the South African Mining and Minerals Industry 2016 (“the draft reviewed Mining Charter”) for public comment, addressing among other issues, the targets to be met by the mining industry in respect of the housing and living conditions of mine workers ...
Introduction and summary As part of a longstanding Government policy to attract private equity (“PE”) and investment fund operations to Hong Kong, the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the “Bill”) was gazetted on 29 January of this year ...
The Government of Hong Kong gazetted the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 (the “Bill”) on 19 March which, among other things, seeks to amend the Inland Revenue Ordinance (“IRO”) to expand and clarify the scope of profits tax deductions for foreign taxes ...
On 2 November 2005, the Legislative Council enacted the Revenue (Abolition of Estate Duty) Ordinance ("RAEDO"). It came into operation on 11 February 2006. RAEDO, among other things: (i) abolishes estate duty as proposed in the 2005 - 2006 Budget; and (ii) empowers the Secretary for Home Affairs ("SHA") to release money from bank accounts of deceased persons and allow inspection of bank safe deposit boxes ...
Hong Kong is a Special Administrative Region of the People's Republic of China which is governed by the Basic Law which forms a mini constitution for Hong Kong. Under the Basic Law, Hong Kong enjoys a high degree of autonomy except in relation to matters such as defence or foreign affairs. It has its own executive, legislative and independent judicial power including that of final adjudication ...
Following the amendments to the Inland Revenue Ordinance earlier this year, the Inland Revenue Department ("IRD") issued its Departmental Interpretation and Practice Notes ("DIPN") No. 43 on 6 September 2006. Whilst the Inland Revenue Ordinance ("IRO") laid down the legal foundation in respect of the Hong Kong profits tax exemption for unauthorised funds, DIPN 43 provides some practical guidance on the application of the exemption ...
It is quite common in Hong Kong for employers to arrange an employee's employment by using dual contracts to take advantage of the tax position. Under Hong Kong law, only income derived from Hong Kong is taxable and earnings under a foreign employment contract with non-Hong Kong entity in respect of duties carried out outside Hong Kong are not taxable. However, the benefits under this arrangement may reduce following a recent UK guideline ...
What is BEPS?Much has been said in both professional and commercial circles on the imminent introduction in Hong Kong of the Common Reporting Standard (CRS) regime for the automatic exchange of tax information between participating jurisdictions. There is, however, a much lesser awareness of the commitments undertaken by the Government to the new Organisation for Economic Co-operation and Development (OECD) standard to combat base erosion and profits shifting (BEPS) ...
On October 15th 2013 the New Hotel and Restaurant (Taxation) Ordinance 2013 came into effect. This ordinance amends the former Hotel and Restaurant (Taxation) Ordinance which was into effect prior to October 15th.There are a wide range of new provisions which clients should be aware of ...
The Bush Administration and House leaders Democrat Nancy Pelosi and Republican John Boehner reached an agreement on January 24, 2008 regarding a stimulus package. This stimulus package includes tax relief targeted at both businesses and individuals. As discussed below, the Senate may well have additional individual and business provisions before legislation is passed ...
The turbulent nature of recent years, not least the impact of the global pandemic, stock market volatility, the rising cost of living and rising inflation, has left no sector of the economy untouched, and so it is for wealth management ...
