News

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

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.

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.

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

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]

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.

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]

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.

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

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.

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]

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]

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

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.

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.

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

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.