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25/01/2023 KENYA: JANUARY 2023 UPDATE FROM THE TAX DESK AT MBAYA & ASSOCIATES

This month's newsletter focuses on tax changes in Kenya effective from 1 January, and also includes information on the Voluntary Tax Disclosure Program (VTDP) which ends on 31 December 2023, and on the implementation of the Tax Invoice Management System (TIMS).  [Read More]

  • Kenya

20/01/2023 UK: NEW CHANGES TO VAT FOR 2023

In December, Graeme Blair, Tax Partner at Goodman Jones spoke to VAT consultant Robert Facer to discuss the changes to late filing and late payment penalties that came into effect on 1 January 2023.  Find out what has changed.

  • United Kingdom

20/01/2023 CANADA: TAX TIPS & TRAPS JANUARY 2023

Click here for more Tax Tips & Traps from Yale PGC in Toronto.  Topics covered include:

  • Covid benefits:  review/audit activity
  • Unreported real estate dispositions:  multiple issues
  • Employee gifts and parking:  updated CRA policies
  • Witnesses for legal documents:  choose them wisely
  • Canada dental benefit:  support for those with young children
  • One-time top-up to The Canada Housing Benefit:  additional support
  • Poker Winnings:  taxable or not?
  • Canada

09/01/2023 KENYA: DECEMBER 2022 UPDATE FROM THE TAX DESK OF MBAYA & ASSOCIATES

Click here for the latesty tax updates including a summary of the implementation of the Tax Invoice Management System, an alert about "Minimum Tax" and what it means for taxpayers, and a continued look at tax incentives on renewable energy.

  • Kenya

14/12/2022 USA: 2022 YEAR-END TAX PLANNING CHECKLIST

As we approach the end of the year there is still time to minimise your 2022 tax liability and get a start on your 2023 tax planning.  This guide from MichaelSilver in Chicago highlights several potential tax-saving opportunities for you to consider.

  • United States of America

06/12/2022 USA: 2022 YEAR-END CHECKLIST FOR AUTO DEALERS

As another tax year comes to a close, it is time to consider your tax planning opportunities and year-end tasks.  Click here for a checklist provided by MichaelSilver in Chicago.

  • United States of America

18/11/2022 UK: AUTUMN STATEMENT 2022

In his Autumn Statement, announced in the Houseof Commons on 17 September, UK  Chancellor of the Exchequer, Jeremy Hunt, revealed tax rises and spending cuts worth billions of pounds aimed at mending the nation's finances.  Here is a summary of the key points, provided by Richard Verge, Tax Director at Goodman Jones in London.

  • United Kingdom

17/11/2022 UAE: TAX RESIDENCY CERTIFICATES - WHAT? WHY? HOW?

The UAE has issued a Cabinet Decision on the tax residency of companies and individuals in the country, providing clarity on the residential/domicile status of corporates and individuals.  This legislation will take effect from 1 March 2023.  In this article from Mr Rajgopal Pai at KPI in Dubai, he covers what you need to know about the Tax Residency Certiicate, who needs to have it and why, and how to apply for and obtain the tax domicile certificate.

  • United Arab Emirates

10/11/2022 CANADA: TAX TIPS & TRAPS

Yale PGC in Toronto present their 2022 fourth quarter edition of Tax Tips & Traps, covering the following topics:

  • Crowdfunding:  taxable or not?
  • Trusts:  new and expanded disclosure requirements.
  • Director liability:  is asking aout source deductions enough?
  • Executor:  whether to accept this role.
  • GST/HST input tax credits:  reasonable expectation of profit.
  • Tips collected electronically:  withholding requirements

 

  • Canada

19/10/2022 GMNI 2022 INTERNATIONAL CONFERENCE

GMNI's 2022 International Conference is taking place in Dubai, 30 October to 1 November.  Being our first physical international meeting since the outbreak of Covid and, with record member attendance, we are looking forward to a full programme of events.

18/10/2022 THE IMPORTANCE OF CLOUD ERP IN THE POST-PANDEMIC ERA

The onset of Covid-19 slowed down business operations across the globe.  The use of cloud-based technology, however, skyrocketed and adopting Cloud ERP has become a necessity when it comes to business continuing and recovery.  Find out more here.

Contact KPI  in Dubai to transform your business with NetSuite ERP today.

18/10/2022 KENYA: THE OCTOBER UPDATE FROM THE TAX DESK OF MBAYA & ASSOCIATES

This month's newsletter includes information of the extended deadline for compliance with Kenya's Tax Invoice Management System (TIMS), along with tax exemptions (both individual and corporate).  [Read More]

  • Kenya

29/09/2022 GERMANY: A CAUTIONARY TALE ABOUT ....

.... getting your business structure right.  Find out more from this article by Dr Rene Schafter, Head of International Tax Law at Dornbach.

  • Germany

29/09/2022 IRELAND: BUDGET 2023 SUMMARY

On 27 September Ireland's Minister of Finance, Paschal Donohoe, announced the government's budget for 2023.  Click here for  the budget highlights, presented by Merry Mullen in Dublin.

  • Ireland

26/09/2022 UK: CHANCELLOR OF THE EXCHEQUER, KWASI KWARTENG, ANNOUNCES NEW GROWTH PLAN WITH BIGGEST PACKAGE OF TAX CUTS IN GENERATIONS

On Friday, 23 September, UK Chancellor of the Exchequer announced his "Mini Budget", unveiling his Growth Plan to release "the huge potential in the British economy by tackling high energhy costs and infoamtion,, and delivery higher productivity and wages".  Read this response from Richard Verge, Tax Director, at Goodman Jones in London.

  • United Kingdom

22/09/2022 AN INTRODUCTION TO CRYPTOCURRENCY

In this final part of their three-part series, MichaelSilver in Chicago look at the financial reporting implications of cryptocurrency transactions.  [Read More]

22/09/2022 KENYA: THE SEPTEMBER NEWSLETTER FROM THE TAX DESK OF MBAYA & ASSOCIATES

This month's newsletter summarises VAT regulations, and the recent corporate Income Tax audits and compliance checks conducted by the Kenya Revenue Authority.  [Read More]

  • Kenya

05/09/2022 USA: INFLATION REDUCTION ACT HIGHLIGHTS

The Inflation Reduction Act (IRA) of 2022 was signed into law on 16 August.  This bill impacts a wide variety of areas from climate to health care.  Although the bill is just a portion of President Biden's overall social agenda, it still provides significant changes.  Here are some of the highlights.

  • United States of America

24/08/2022 A NEW REGIONAL PRESIDENT FOR GMNI IN AFRICA

After serving as Vice President of GMNI Africa for three years, Kamal Hawabhay takes over from Leah Wambui as President.  Kamal, Managing Director of GWMS Limited, our representative in Mauritius, has been on GMNI's International Board since 2019.  [Read More]

22/08/2022 CANADA: TAX TIPS & TRAPS

Click here for this quarter's summary of the most recent tax developments, including:

  • Poker playing:  hobby or business?
  • Required travel:  between home and work.
  • Principal residence exemption:  land in excess of one-half hectare.
  • Personal Services Business (PSB):  CRA education initiatives.
  • TFSA over-contribution:  relying on information in your CRA online account.
  • CPP disability enefit:  fllowing the doctor's advice.
  • Share customdy arrangements:  impact of school closures.
  • Canada

15/08/2022 KENYA: AUGUST UPDATE FROM THE TAX DESK AT MBAYA & ASSOCIATES IN NAIROBI

The latest newsletter from Mbaya & Associates covers:

  • Fringed benefit tax and deemed interest rate
  • Extension of deadline for compliance with the tax invoice management system (TIMS)
  • Differentiating between a consultant and an employee
  • Personal finance:  your journey to financial freedom
  • Tax due dates
  • Kenya

09/08/2022 USA: MIDYEAR TAX PLANNING

With Summer well underway, you may have hit the pause button on thinking aobout your taxes.  Yet the half-year mark is a criticl time to hit resume and spend some time thinking about next year's filing season.  Some simple midyear planning can save you time and money and here are some ideas to consider.

  • United States of America

28/07/2022 CYPRUS: NEW INCOME TAX EXEMPTIONS FOR EMPLOYMENT INCOME TO ATTRACT FOREIGN TALENT

On 26 July 2022 an amending law was published in the Gazette with respect to income tax exemptions for employment income, as provided in Cyprus Income Tax Law.  The amending law was voted in the context of the Government's strategy to attract and retain foreign talent to Cyprus.  [Read More]

  • Cyprus

28/07/2022 CYPRUS: INCREASED TAX DEDUCTION FOR RESEARCH AND DEVELOPMENT EXPENSES

To try to attract new investments and businesses in Cyprus, an enhanced tax deduction for Research & Development expenses was incorporated into Cyprus Income Tax Law and is effective from 20 July 2022.  This development is one of the tax incentives included in the Action Plan announced back in October 2021.  [Find out more]

  • Cyprus

21/07/2022 ITALY: NEW CORPORATE CRISIS & INSOLVENCY CODE

On 15 July the Corporate Crisis and Insolvency Code came into force placing new obligations on all Italian companies, regardless of size.  [Read More]

  • Italy

18/07/2022 KENYA: FINANCE ACT 2022

Kenya's Finance Act 2022 was assented into law on 21 June by the President of the Republic.  Here Mbaya & Associates share some of the key highlights.

  • Kenya

07/07/2022 USA: TAKE ADVANTAGE OF TAX CREDIT OPPORTUNITIES

US Companies of all sizes can access several tax credits for activities related to encouraging innovation and job growth.  Many business owners assume they do not qualify for these tax credits but many normal business activities are applicable.  Find our more here.

  • United States of America

06/07/2022 AN INTRODUCTION TO CRYPTOCURRENCIES

In this second of their three part series, MichaelSilver in Chicago look at the financial reporting implications of cryptocurrency transactions.  [Read More]

02/06/2022 AN INTRODUCTION TO CRYPTOCURRENCY

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

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