Since 1 January 2013, section 19 of the Income Tax Act, 1962 (the “Act”) and paragraph 12A of the Eighth Schedule to the Act (the “Eighth Schedule”) have determined the tax implications where a debt owing by a taxpayer is cancelled, waived, forgiven or discharged for no consideration (or for consideration that is less than the amount of the debt) ...
On June 7, 2005, a Decree amending, enacting and repealing various provisions of the VAT Law was published at the Mexican Federal Register. These amendments, to a large extent, merely renumber and relocate various provisions of the VAT Law, leaving their content unaltered. Nonetheless, it is quite important to underline that these amendments repeal any reference to “activities which fall outside the scope of this tax” in the provisions dealing with creditable VAT ...
On December 22, 2017, President Trump signed into law a sweeping tax act now known as An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Tax Cuts and Jobs Act”). The Tax Cuts and Jobs Act is effective beginning with the 2018 tax year. Over the coming weeks, we will be alerting you to changes in the tax law and planning ideas that may help to minimize your taxes ...
If you are a business owner-leader whose years of hard labour earned him substantial wealth, you certainly wish to maximize the value of the assets that will be transferred to your heirs. You also want such transfer to proceed harmoniously and at the lowest tax cost possible. To achieve these goals, you must start to plan now ...
Corporate status A foundation company is a body corporate with a legal personality distinct from its members, directors and other connected persons. As foundation companies are governed by the Companies Act (Revised), except where it is inconsistent with the Foundation Company Act (2017), they benefit from an extensive body of case law and are well recognised in other jurisdictions ...
On 25 May 2021, the Central Bank of Nigeria (“CBN”) issued a circular to deposit money banks, payment service providers and other financial institutions notifying them of the release of the Regulatory Framework for Non-Bank Acquiring in Nigeria (“the Framework”). In this article, our Olubusola Oyeyosola Diya examines the provisions of the Framework and considers its impact on financial service providers ...
The Private Investment Law (Law 10/18 of 26 June) was amended by Law 10/21 of 22 April. The new law marks the return of the contractual system to the area of private investment. As a result, the current private investment systems are the following: i) Prior declaration system ii) Special system iii) Contractual system The contractual system is applicable to projects in any sector ...
In the context of the approval of the Tax Package, which is part of the tax reform process started in 2020, on 15 April 2021, the Angolan General Tax Administration (AGT) published Instruction 0033/ GACA/GJ/AGT/2021 (the “Instruction”). The aim of this Instruction is to clarify and standardise the rules for the application in time of the amendments made to the main Tax Codes, in particular, the Industrial Tax Code and the Employment Income Tax Code ...
Angola's General State Budget for 2021 (“GSB 2021”) came into force on 1 January 2021 and was approved by Law 42/20 of 31 December. It introduced the following tax changes: Value Added Tax • Definition of the scope of application of Value Added Tax (“VAT”) Individuals or legal entities are now excluded from the scope of VAT when their turnover or import transactions are no more than Kz (AOA) 10 million ...
TAX REFORM The purpose of the current Angolan tax reform is to diversify sources of tax revenue (which up to now has been excessively dependent on oil), to modernise the Angolan tax system with a view to promoting greater tax justice and equity and also to increase the effectiveness and efficiency of the machinery of tax administration ...
Following the global trend for tax transparency and fighting harmful tax practices, Ukraine finally adopted its ownanti-BEPS package law, known by businesses and tax practitioners as "tax bill 1210". Asters selected the key takeaways for businesses operating across the borders. The law is in effect starting from 23 May 2020 with some provisions taking effect later. I ...
There has been a growing expectation that in order to fill the COVID sized hole in the Treasury's finances focus and ultimately action would be brought to bear on pension tax relief across defined benefit and defined contribution pension schemes. However, "Tax Day" has seen cuts to higher rate tax relief fail to materialise ...
There has been a growing expectation that in order to fill the COVID sized hole in the Treasury's finances focus and ultimately action would be brought to bear on pension tax relief across defined benefit and defined contribution pension schemes. However, "Tax Day" has seen cuts to higher rate tax relief fail to materialise ...
The main points of the “Economic and social anti-crisis shield to protect businesses and employees in connection with the SARS-Cov-2 pandemic” was presented by the President, the Prime Minister, agroup of other ministers, and the president of the National Bank of Poland at apress conference on 18 March 2020 ...
In Nicaragua, we did not have a Tributary Code as a unique legal body, the attributions of the Tributary Administration and the regulation of the different tributary procedures, the rights and duties of the contributor, were dispersed in our legislation existing in several cases, inapplicable norms, conflicts of application of the same, lack of adaptation to the actual technological recourses, among others ...
A dynamic platform, gathering answers to your most frequently asked questions in relation to the ongoing crisis. The content of this page will be continuously updated based on the latest news. Click here to access the Arendt Covid-19 Solutions Platform ...
The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more. NEWSFLASHES Budget 2021: various tax measures to address the impact of the COVID-19 pandemic and support a sustainable recovery On 14 October 2020, the Luxembourg government filed the budget bill 7666 with the Luxembourg parliament ...
The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more ...
The March 22, 2017 Budget of the Government of Canada, through its "Innovation and Skills Plan" (http://www.budget.gc.ca/2017/docs/plan/budget-2017-en.pdf) mentions that Canadian academic and research leadership in artificial intelligence will be translated into a more innovative economy and increased economic growth ...
What has happened?On 16 September 2015, the Federal Government introduced the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015. The Bill contains two significant proposals, both of which were signalled in the 2015-16 Federal Budget in May 2015 (see 2015-16 Federal Budget - key tax announcements for business) ...
Foreign investors in Australian entities may be unaware that in some circumstances the Australian Taxation Office (ATO) can assess them for Australian tax on gains made from the sale of their investment. The circumstances in which tax can arise are described in this article. In addition, law changes are proposed which (amongst other matters) would, from 1 July 2016, require purchasers to withhold 10% from the purchase price and pay that to the ATO in some circumstances ...
The Australian Taxation Office's unsuccessful attempt to freeze the bank accounts of the private equity firm Texas Pacific Group has highlighted the ATO's new focus on private equity activities in Australia. The attempted freeze followed the stock market float of the Myer Group, as the ATO sought a reported tax bill of $A452 million from TPG ...
