News

As if the current pass-through entity tax requirements were not complicated enough, the IRS introduced new schedules to the mix.  [Find out more]

In this first of a series of three articles from MichaelSilver in Chicago, an introduction for newcomers to the world of cryptocurrencies.  [Read More]

Subjects covered in this issue of Tax Tips & Traps include:

• Buying and selling a home:  Budget 2022 proposals.
• Principal residence exemption:  CRA project.
• CERB/CRB:  eligibility verification.
• Estimated sales by CRA:  audit file selection and assessment. 
• Auditing old tax returns:  CRA abilities and limitations.
• Mondey received from abroad:  CRA reviews
• Digital adoption program:  grants, loans and professional assistance.

The May 2022 newsletter includes information on Fringe Benefit Tax, Deemed Interest Rate, Tax Invoice Management System and proposed changes recommended by The Finance Bill 2022 to current tax laws.

The theme of the 2022/23 budget, presented by the National Treasure & Planning Cabinet Secretary on 7 April, was "Accelerating Economic Recovery for Improved Livelihood.  Read the budget highlights as presented by Mbaya & Associates in Nairobi.

ABF Consultors in Andorran capital, Andorra la Vella, joins GMNI's European region.  [Read More]

The key highlights of the budget, as announced by the Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman in February, can be found here.

Against a backdrop of rising costs and inflation, UK Chancellor of the Exchequer, Rishi Sunak, focused on easing the burden for families and businesses in his Spring Statement 2022, announced on 23 March,  Click here for a summary of the key points provided by Goodman Jones in London.

On 10 March 2022 the Cyprus Parliament voted for an extension of the tax incentives for investing in innovative enterprises (introduced into Cyprus Income Tax Law in 2017) until 30 June 2024.  Find out more in this tax update from AuditPro Services.

GMNI is shocked and saddened by the ongoing situation in Ukraine.  Whilst as an organisation we strive to remain apolitical, we cannot ignore the totally unnecessary and unfounded acts of aggression and complete disregard for human life that are taking place.  Our thoughts are with all those whose lives are put at risk, or have been lost, and pray that common sense will prevail to bring a peaceful solution to this humanitarian crisis.

This month we have information on:

• Voluntary Tax Disclosure Programme (VTDP)
• Cessation of supply of non-compliant tax registers
• Tax Invoice Management System (TIMS)
• Excise Tax
• Withholding Tax on royalties in respect of software payments

Click here to find out more.

GMNI's International Chairman, Steve Handler, begins a series of articles addressing the importance of having a well thought out, written Strategic Business Plan to guide you on the path of business success.  [Read More]

For an overview of the Commerical Companies Law 2021 (CCL 2021) that came into force on 2 January 2022 click here.

Long known as a tax-free country, the UAE has finally announced Corporate Tax.  Find out more about when this becomes effective, what the registration requirements are, the proposed tax rates are, and much more from this Blog published by KPI in Dubai.

Listen to this podcast (or read the transcript) of Esther Wood at Goodman Jones in London speaking to Martin Mulligan from VUCA Treasurey, a company authorised and regulated by the Financial Conduct Authority in the UK to provide advice to business clients on foreign exchange and interest rate risks.  

This month's update includes information on:

• Fringe benefit tax, deemed interest rate and low interest benefit;
• Tax planning;
• Expected dynamic auditing trends in 2022;
• Tax due dates; and

a warning about fraudulent person(s) masquerading as staff from the Kenya Revenue Authority.

Find out more.

We are delighted to welcome AContar, Lda in Porto to our membership. [Read More]

GMNI is pleased to announce that Sultan Ahmed Alshubaily CPA Company has joined its Asia Pacific region.  [Read More]

Great news for commercial building owners!  Originally passed by Congress in 2005, but subject to renewal every few years, the Section 179D Energy Policy Act tax deduction was made permanent in 2021.  This enables business owners and government contractors to take advantage of a perpetual tax incentive for energy-saving improvements.  [Read More]

Want to know how best to use compensation in accomplishihing your business goals and how to evaluate the right compensation structures for your business?  Here Steve Handler, Partner at MichaelSilver in Chicago, takes a brief look at rewarding someone for services, such as wages and benefits paid to an employee.

In their first quarter edition of "TaxTips & Traps", Yale PGC in Toronto cover the following:

• Small business air quality improvement tax credit:  could your business benefit?
• COVID-19 business supports:  targeted measures.
• Falsified employment records:  the penalties can be large.
• Corporate advertising and promotion expenses:  CRA increasing reviews.
• Teachers and early childhood educators:  expanded access to tax credit.
• Canada worker lockdown benefit (CWLB):  modified support for individuals
• Old age security (OAS):  clawback planning.

This Newsletter covers recent important develpments in Kenya's tax regime, as well as providing information from the Secretarial Desk on what Company Secretarial Services they can offer you.  

2022 TAX CALENDAR - KENYA

MichaelSilver's Client Accounting Services group takes its first steps into the 2022 tax season with some general information (including filing dates) about Forms 1099.

On 17 December 2021 Cyprus signed a tax treaty for the avoidance of double taxation with Jordan.  Find out more from this Tax Update provided by AuditPro Services.