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2907, 2019

A trustee in a relocation – Issues in the severing of the tax residency of a trust

Contributed by: Yiallourides & Partners Ltd, Cyprus
We kindly remind you that under the provisions of the Income Tax Law, every Company must submit to the [...]

2707, 2019

A trustee in a relocation – Issues in the severing of the tax residency of a trust

Contributed by: Danny Fink, Adv., Artzi, Hiba, Elmekiesse, Cohen - Tax Solutions Ltd., Israel
The chapter on trusts in the Israeli Tax Ordinance affords the status of a taxpayer for tax [...]

1507, 2019

GHong Kong continues to expand its tax treaty network – New double taxation agreement with Cambodia

Contributed by: Masson de Morfontaine, Anthony Hung, China
>Hong Kong has signed a comprehensive double taxation agreement (CDTA) with Cambodia on 26 June 2019 [...]

1507, 2019

Gov't Received 39% of Projected 965 Income - Expect Increased IRS Audit of Forms 5471

Contributed by: Ronald A. Marini, Marini and Accociates, USA
According to Law360, although taxpayers have already calculated and reported their Section 965 [...]

1507, 2019

When delaying your U.S. Social Security benefits pays off

Contributed by: Marc J Strohl, CPA, Protax Consulting Services Inc Tax Accountants and Consultants
When to start collecting Social Security can have a significant impact on the monthly benefit you receive, the moral of the story is although you can start [...]

2406, 2019

Virtual currency not FBAR reportable (at least for now) USA

Contributed by: Protax Consulting Services Inc Tax Accountants and Consultants USA
Ask the federal district court of California, which recently upheld the IRS’ imposition of separate non-willful penalties against 13 foreign [...]

1906, 2019

How Can The IRS Impose 13 Negligent FBAR Penalties For 1 Year?

Contributed by: Marini and Accociates ,Ronald A. Marini. USA
Ask the federal district court of California, which recently upheld the IRS’ imposition of separate non-willful penalties against 13 foreign [...]

1906, 2019

Malta Introduces Fiscal Unity Regime

Contributed by: LexPractis, Malta
On May 31, 2019, by virtue of Legal Notice 110 of 2019, the ‘Consolidated Group (Income Tax) Rules’, Malta introduced a ruleset enabling the formation of a fiscal [...]

1906, 2019

Mauritius is a great place to live and work

Contributed by: Toukan Corporate Services Limited, Mauritius
Mauritius has recently revamped the existing schemes to encourage foreigners to appreciate the benefits of the country. In this respect please find below fascinating points which are worth considering. [...]

0406, 2019

Resolve Tax Debt, USA

Contributed by: Protax Consulting Services Inc., New York, USA
As previously reported by Protax Consulting Services Inc "Protax"  back in February of 2019, Protax warned that under The Fixing America’s Surface Transportation Act (FAST Act), P.L. 114-94, adding Sec. 7345, which authorizes the [...]

0406, 2019

Double Tax Treaty (DTT) signed between Cyprus and Kazakhstan

Contributed by: Patrikios Pavlou & Associates LLC, Cyprus
A DTT between Cyprus and Kazakhstan has been signed and ratified by Cyprus on the 15th of May 2019. The DTT is expected to “enter into force’ as from the 1st of January 2020, provided that the various legal procedures involved are finalized. Kazakhstan currently has the largest and strongest performing economy in Central Asia. [...]

2205, 2019

Report by the Security Authority's Committee in Connection with the Issuance of Crypto-Currencies and the Tax Implications

Contributed by: Artzi, Hiba, Elmekiesse, Cohen - Tax Solutions Ltd., Danny Fink
In March 2019, the final report by the Security Authority – The Committee for the Arrangement of the Issuance of Distributed Ledger Technology Based Crypto-currencies to the public [...]

2005, 2019

Cyprus implements the legislation of the EU Anti-Tax Avoidance Directive

Contributed by: Yiallourides & Partners Ltd ,Konstantinos Anastasiou.
On the 5th of April 2019, the House of Representatives approved the proposed legislation (the Law) implementing the provisions of the European Union Anti-Tax Avoidance Directive [...]

1505, 2019

3rd Circuit in Bedrosian Addresses Appellate Standard Of Review In FBAR Penalty Case

Contributed by: Marini and Accociates ,Ronald A. Marini.
March 7, 2018 we posted 1st Taxpayer Victory in a "Willful" FBAR Penalty Case! where we discussed that on September 20, 2017 [...]

0605, 2019

New preferential Individual Income Tax policy in Greater Bay Area of China

Contributed by: Masson de Morfontaine, Anthony Hung.
The Chinese Ministry of Finance and State Administration of Taxation recently issued a circular regarding the Individual Income Tax (“IIT”) preferential [...]

2003, 2019

New Tax Treaty between Spain and the United Kingdom on Gibraltar

By Emilio Alvarez Arjona (https://accountinginspain.com) Spain and United Kingdom have agreed a new Tax Treaty on Gibraltar. In first place, the Treaty encourages the exchange of tax information between both Jurisdictions, which will probably imply [...]

403, 2019

Post-implementation review of the Tax Transparency Code in Australia

By Vicca Chartered Accountants The Board of Taxation (the Board) is conducting a post-implementation review of the Tax Transparency Code (the TTC) in an effort to continue with its mandate to increase transparency about the [...]

2202, 2019

IFRS 9 Financial Instruments (Cyprus)

By Yiallourides & Partners Ltd IFRS 9 despite the wide perception actually affects not only financial institutions but much more organizations. This is the case especially when an entity has long-term loans, equity instruments or [...]

1302, 2019

Corporate inversion – a new green path: The transfer of shares in an Israeli company to a foreign company that is resident in a treaty country

By Artzi, Hiba, Elmekiesse, Cohen - Tax Solutions Ltd. The Israeli Tax Authority has recently published a new green path, the subject matter of which is an application in advance for the transfer of all [...]

802, 2019

Two BEPS measures introduced into the Australian Parliament

By Robert Gordon, Pointon Partners Bills to enact OECD BEPS measures No 2 & 15 were introduced into the House on 24 May 2018 and 28 March 2018 respectively, with the government's hope that they [...]

3101, 2019

New preferential tax policy for Small & Medium-sized Enterprises (SMEs) in mainland China

On 17 January 2019, the Chinese Ministry of Finance and State Administration of Taxation jointly issued a circular Cai Shui (2019) No.13 that sets out the new preferential tax policy available to qualified SMEs for [...]

3001, 2019

WHAT DOES THE NEW PAPUA NEW GUINEAN GST LAW MEAN TO YOUR BUSINESS?

The 2019 budget has done away with the GST exemption, on supplies made to resource companies, from 1 January 2019. In this write up, we look at the impact this may have on businesses operating [...]

2301, 2019

Global Business Reforms in Mauritius

The Mauritian Global Business Sector has undergone key transformations following the National Budget 2018-2019 and recommendations made by the OECD, in order to strengthen its position globally, with the addition of new substance requirements, the [...]

2301, 2019

Implementation of the European Union Anti-Tax Avoidance Directive

Legal Notice 411 of 2018 which came into force at the end of last year has brought about the implementation of the provisions of the EU Directive 2016/1164 of the 12th July 2016, laying down [...]

101, 2019

New Family Bonus Plus in Austria

The tax rules for families with children will be changed as of January 2019. The new benefit is called "Family Bonus Plus" ("Familienbonus plus"). Basics The previous tax benefits for families with children have been [...]

1712, 2018

IRS Update Makes Voluntary Disclosures For Foreign Accounts More Expensive

The cost of voluntarily disclosing previously unreported offshore assets to the IRS avoid criminal prosecution, just got more expenses under an updated procedures the revenue agency released on November 29, 2018. IRS deputy commissioner for [...]

1012, 2018

New tax incentives to boost research & development activities in Hong Kong

In order to promote Hong Kong as an international research & development (R&D) hub and attract more R&D activities to be performed in Hong Kong, the Hong Kong government has recently enacted new tax regulations [...]

2311, 2018

Employee Share Option Plans in Hong Kong

Employee Share Option Plans in Hong Kong How does ESOP work? Employee Share Option Plan (ESOP) refers to the mechanism by which a company (which can be either private or listed) offers to one of [...]

1511, 2018

2019 PAPUA NEW GUINEA BUDGET – EXPERT COMMENTARY BY SHISHYA BUSINESS SERVICES

The Deputy Prime Minister and Minister for Treasury, Hon. Charles Abel handed over the 2019 Budget on behalf of O'Neill-Abel Government, at the Parliament, yesterday. Theme of this year budget is "Building a Broader Based [...]

1411, 2018

Austrian Tax free allowance 2018 – pay less Income Tax

Dear clients, The year 2018 will come to its end soon and we wanted to remind you of the Austrian "Tax Free Allowance". As a counterpart to the favoured taxation of the 13th and 14th [...]

3110, 2018

Malta's labour marked has increased resulting in a very low rate of unemployment

Malta announces its 2019 Budget whereby the country has recorded an economic growth leaving surplus of 1% in the country's GDP. Malta's labour market has increased resulting in a very low rate of unemployment. During [...]

3110, 2018

OVDP Ended Sept. 28 – So Now What?

We originally posted on March 13, 2018 IRS to End OVDP Sept. 28 - Last Chance for Taxpayers With Undisclosed Foreign Assets! where we discussed that the Internal Revenue Service announced in IR-2018-52 that it [...]

3010, 2018

PNG's Internal Revenue Commission (IRC) hosted a Meet and Greet session

On October 12, 2018, PNG's Internal Revenue Commission (IRC) hosted a Meet and Greet session for certain large tax payers, at Revenue Haus in Port Moresby, and Shishya Business Services was a special invitee. The [...]

2910, 2018

Proceeds from Export of Goods Must Be Brought Into To Turkey And A Minimum Of 80% Of The Said Proceeds Are Required To Be Sold To The Banks

Communiqué No. 48 regarding the Decree No. 32 on the Protection of the Value of the Turkish Currency is published in the Official Gazette on September 4th, 2018 and entered into force on the same [...]

2610, 2018

Accelerated Reduction of Company Tax Rates now Law

The previously legislated tax cuts for small business included a reduction to eligible entity's rate to 27.5% and a progressive ramp up of the Turnover threshold, peaking in the current FY19 year at $50 million. [...]

2510, 2018

Anti-Money Laundering & Countering Financing Of Terrorism (AML/CFT)

You may have already been asked for increased proof of identity and in some cases, information regarding your tax residency by your bank or lawyer. From 1 October 2018 all New Zealand Accountants need to [...]

1110, 2018

Malta goes Blockchain

Malta introduces the enactment of three pieces of legislation; namely: The Malta Digital Innovation Act, The Innovative Technology Arrangement and Services Act, and The Virtual Financial Assets Act. Although not yet in force, but it [...]

1010, 2018

New startup visa introduced in Shanghai

Shanghai's Public Security Bureau introduced, in May 2018, a new ''Private Residence Permit (Entrepreneurship)'', most commonly known as ''Business Startup visa'' (创业签证), which enables foreign entrepreneurs to live in China while launching their innovative business [...]

1010, 2018

China proposes new measures for foreign investors' strategic investments in listed companies

The Chinese Ministry of Commerce (''MOC'') released on 30 July 2018 a draft on the amended Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies (the ''Draft''), which aims at further opening the [...]

1010, 2018

China Individual Income Tax Reform

The Chinese government has recently released the draft amendments to the Individual Income Tax ("IIT") Law to the public for consultation. The proposed amendments comprise broad changes to the IIT system and the salient proposed [...]