2304, 2018

Mauritius: 50 years of Independence this year

Mauritius having attained its independence on 12 March 1968, has celebrated it’s 50 years of Independence this year. The Golden Jubilee of Independence marks a key milestone in the history of Mauritius and is a [...]

2004, 2018

Creatrust Securitisation Platform

Promoters or Issuers use securitisation vehicles as an alternative to traditional bank funding, to transfer risk or deconsolidate risk off their balance sheet. Securitisation is an operation by which investors buy securities in order to [...]

1604, 2018

US Expatriates Living Abroad – What You Should Know About the New Tax Law – Part I

The Tax Cuts and Jobs Act 2017 (TCJA) changed many things, including reporting and taxing requirements for US taxpayers living abroad. While the plan was marketed as a much needed tax simplification for Americans; the TCJA did not [...]

1304, 2018

Hong Kong continues to expand its tax treaty network – New double taxation agreement with India

Hong Kong has recently signed a comprehensive double taxation agreement (CDTA) with India. This brings the number of CDTAs Hong Kong has concluded with other jurisdictions to 39.  It is expected that Hong Kong will [...]

1104, 2018

India: Professional updates for April 2018

CBIC clarified that LUT shall be deemed to be accepted on Generation of ARN, No documents required to be physically submitted to Jurisdictional Office. RBI has decided to defer implementation of Indian Accounting Standard (Ind [...]

704, 2018

Why it is important to reconcile your tax balance regularly

In this month’s write up, we will highlight the importance of reconciling your taxes with the revenue authority in PNG (IRC). What is Tax reconciliation? Tax reconciliation is a process which involves confirming tax compliance [...]

304, 2018

$1 Billion in Refunds Still Unclaimed from 2014 Returns

Under Internal Revenue Code Section 6511(a)Period of Limitation on Filing Claim.— a claim for refund or credit must be filed by the taxpayer within 3 years from the time the return was filed or 2 [...]

2903, 2018

New IP Box Regime in Luxembourg – 5,2% effective tax rate – BEPS compliant.

Luxembourg is known for its favorable intellectual property regime. Its legislation is also one of the main reasons why foreign investors are highly interested in opening intellectual property holding companies in the Grand Duchy. This [...]

2503, 2018

India: Tax & Professional updates For March 2018

RBI had discontinued the Letter of Undertaking (LOU) & Letter of Comfort (LOC) for trade credit for import into India with immediate effect from. RBI has notified the Separate limit of Interest Rate Futures (IRFs) [...]

2303, 2018

A comparison of Cyprus and BVI corporate structures in the light of recent global tax reforms.

The recent revelations in the Panama and Paradise Papers illustrated the need for companies to make a shift towards more responsible fiscal behaviour and tax responsibilities. International guidelines such as the OECD guidelines and the [...]

2103, 2018

Interest on Home Equity Loans Often Still Deductible Under New Law

WASHINGTON - The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the [...]

1903, 2018

Austrian premium for research and development has been increased to 14% as of January 1, 2018

In Austria, companies that carry out research and development are financially supported by the state. They may claim a research premium for certain research and development expenses. This research premium is valid regardless of the [...]

1403, 2018

1st Taxpayer Victory in a “Willful” FBAR Penalty Case!

On September 20, 2017, the Eastern District of Pennsylvania issued an important taxpayer friendly opinion regarding the "willfulness" standard in FBAR penalty matters. In Bedrosian v. United States, Case No. 2:15-cv-05853-MMB (E.D. Pa., Sept. 20, [...]

1103, 2018

Hong Kong uses massive fiscal surplus to spur innovation and alleviate taxes

Hong Kong recently announced record-breaking fiscal surplus of 138 billion HKD from the 2017-18 fiscal year. This is mostly thanks to high revenue from profits tax, land sales, stamp duties and salaries tax. Last year [...]

803, 2018

New chairperson for the National Council of Tax Advisors

On the weekend of 12th-14th of January 2018, the Fifth National Convention of Tax Advisors was held in Warsaw. A new chairperson for the National Council of Tax Advisors was appointed during a vote – [...]

303, 2018

Are you getting your GST Refunds on time?

This write up highlights the GST Refund process followed in Papua New Guinea (PNG) and is useful for all business, who are eligible for refund claim. We have adopted a question-answer approach, to make this [...]

2102, 2018

Initial Coin Offering – BlockChain – Bitcoin Funds

The SLP can be used to setup up a Bitcoin Fund as an Unregulated Alternative Investment Fund An ICO (Initial Coin Offering) is a fundraising method, operating via the issue of digital assets exchangeable against [...]

1802, 2018

Foreign LPs Investing in Australia

There has been a heartening development in the long running uncertainly about the access to treaty benefits for partners in foreign limited partnerships investing into Australia, at least where the foreign LP is actually a [...]

1702, 2018

IRS to Begin Revoking US Passports of Delinquent Taxpayers in 2018!

Starting this month, the IRS will start implementing new procedures required under a 2015 law to crack down on individuals with “seriously delinquent tax debts.” The IRS issued Notice 2018-1 on January 16, 2018, which provides [...]

1502, 2018

Two-tiered Profits Tax Rates Regime in Hong Kong

A two-tiered profits tax rates regime was proposed by the Hong Kong Government during the last quarter of 2017 and the relevant Inland Revenue (Amendment) (No.7) Bill 2017 (the "Bill") was gazetted and introduced to [...]

1402, 2018

Cyprus VAT on Land – Updates by the Tax Department

In November 2017, the Cyprus parliament voted an important amendment to the Cyprus VAT Legislation, which amends the main VAT Law N.95(I)/2000 concerning taxation of building land, in order to align it with the provisions [...]

802, 2018

IRS Urges Travelers Requiring Passports to Pay Their Back Taxes or Enter into Payment Agreements; People Owing $51,000 or More Covered

On January 16, 2018 the IRS further warned that Travelers Requiring Passports to Pay Their Back Taxes or Enter into Payment Agreements; People Owing $51,000 or More Covered.  This month, the IRS will begin implementation [...]

202, 2018

Turkey: 5% of income tax and corporate tax rate deduction would be applied as of 1 January 2018 under certain conditions.

The General Communiqué No: 301 on Income Tax was published in the Official Gazette dated December 23, 2017 and numbered 30279 made explanations on the application of tax deduction to compliant taxpayers. Who are within [...]

2401, 2018

Papua New Guinea Key Compliance Dates for 2018

Shishya, a consulting firm specialising in servicing Asia Pacific markets, has kindly provided the Papua New Guinea Key Compliance Dates for 2018 in an easy to follow table shown below. For more information, kindly visit [...]

2301, 2018

Argentina enacts integral Tax Reform introducing significant changes in decades

Argentina enacted an integral tax reform through Law 27.430 (published on the Official Gazette on December 29th 2017), which became effective as from January 1st 2018. The Law includes changes that would affect the taxation [...]