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16/09/2020 KENYA: KEEPING YOU CURRENT AND UPDATED ON TAX MATTERS

This issue of the Tax Newsletter from Mbaya & Associates in Nairobi covers Types of Audit Engagements, Tax Compliance/Clearance, an Overview of Minimum Tax and Excisable Goods Businesses.

  • Kenya

16/09/2020 USA: DEFERRAL OF PAYROLL TAX WITHHOLDING FROM THE PRESIDENT'S MEMORANDUM

On 8 August, the President issued a memorandum allowing, but not requiring, companies to defer the withholding and payment of the 6.2% employee share of social security taxes.  The deferal payroll period runs from 1 September to 31 December 2020.  Find out more.

  • United States of America

28/08/2020 CYPRUS: AMENDMENT TO CYPRUS-RUSSIA DOUBLE TAX TREATY

On 10 August 2020 Cyprus and Russia concluded the negotiation of a new protocol to amend the existing provisions of the Cyprus-Russia tax treaty.  Find out more in this tax update from AuditPro Services.

  • Cyprus

20/08/2020 KENYA: RECENT TAXATION DEVELOPMENTS

This latest newsletter from Mbaya & Associates in Nairobi will keep you current and updated on recent develpments in the Kenyan taxation regime.

  • Kenya

14/08/2020 USA: FREQUENTLY ASKED QUESTIONS ON PPP LOAN FORGIVENESS

On 4 August 2020, the Small Business Administration, in consultation with the US Treasury Department, related an FAQ documents on guidance to calculate loan forgiveness under the Payroll Protection Program.  These are divided into four areas.  Click here for the highlights of each section provided by MichaelSilver in Chicago.

  • United States of America

04/08/2020 GMNI ADDS A NEW MEMBER IN SWITZERLAND

GMNI is pleased to welcome MWP Treuhand to our European region,  [Read More]

  • Switzerland

16/07/2020 KENYA: TURNOVER TAX, CAPITAL GAINS TAX AND SOME FAQs

This latest newsletter from the tax desk at Mbaya & Associates in Nairobi considers Turnover Tax and Capital Gains Tax, and also provides answers to some of those freqently asked questions about tax.

  • Kenya

09/07/2020 UK: SUMMER STATEMENT JULY 2020

UK Chancellor, Rishi Sunak, has delivered his summer economic plan to help the UK economy recover from the impact of the coronavirus pandemic.  It includes plans to protect jobs, help younger workers and encourage spending with measures such as a VAT cut for leisure activities and a restaurant voucher scheme.  Read more in these highlights provided by Goodman Jones in London.

  • United Kingdom

06/07/2020 KENYA: HIGHLIGHTS OF AMENDMENTS UNDER THE FINANCE ACT 2020

Click here for an outline of amendments to the Finance Act, assented into law on 30 June 2020, from the Kenyan Revenue Authority.

 

 

 

 

 

 

  • Kenya
  • GMNI News

01/07/2020 USA: THE IRS PROVIDES RMD ROLLOVER RELIEF

On 23 June 2020 the IRS released Notice 2020-51 that provides relief to taxpayers who had already taken their Required Minimum Distributions prior to the CARES Act that suspended the requirement for 2020. [Find out more]

  • United States of America

29/06/2020 USA: MIDYEAR TAX PLANNING

Strategies to consider that may lower your individual income tax bill and your business tax bill for 2020 from Judy Mason, Partner at MichaelSilver in Illinois.

  • United States of America

17/06/2020 CYPRUS: AMENDMENTS TO THE NOTIONAL INTEREST DEDUCTION PROVISIONS OF THE INCOME TAX LAW

The revised NID provisions enhance the tax benefits for Cyprus companies financing their operations through new equity, in line with the recommendations of the European Commission.

Find out more from this Cyprus Tax Update from AuditPro Services.

  • Cyprus

15/06/2020 UAE: INTRODUCTION OF ECONOMIC SUBSTANCE REGULATIONS

The UAE has introduced Economic Substance Regulations ("ESR") to align with the Organisation of Economic Cooperation and Development ("OECD") directives on Base Erosion and Profit Shifting ("BEPS").  Over 135 countries are implementing 15 actions to tackle tax avoidance, improve the coherence of international tax rules and ensure a more transparent tax environemnt.  Find out more from this presentation on Economic Substance Regulations - Notifications & Compliance provided by KPI in Dubai.

  • United Arab Emirates

22/05/2020 KENYA: TAX LAW AMENDMENTS TO CUSHION AGAINST THE ECONOMIC EFFECTS OF COVID-19

This month's Newsletter from the Tax Desk at Mbaya & Associates in Nairobi focuses on the measures the government intends to make to cushion the country against the economic effects of COVID-19, and also takes a look at what constitutes VAT Fraud.

  • Kenya

01/05/2020 USA: NEW SBA GUIDANCE ON QUALIFICATIONS FOR A PAYROLL PROTECTION PROGRAM LOAN

On 23 April 2020 the Small Business Administration (SBA) provided new guidance on qualifications for Payroll Protection Program (PPP) loans in the form of a Frequently Asked Question (FAZ).  This was an attempt by the SBA to define how borrowers should consider financial need when certifying, in good faith, that their PPP loan request is necessary.  The following question and answer was published by the SBA in FAQ #31.

22/04/2020 USA: PAYROLL PROTECTION PROGRAM: BEST PRACTICES FOR LOAN FORGIVENESS

Although they are still awaiting futher guidance from the Small Business Administration click here for some recommended best practices to follow from MichaelSilver.

  • United States of America
  • GMNI News

17/04/2020 UK: CAN'T TRAVEL DUE TO COVID-19 - WHAT HAPPENS ABOUT MY TAX RESIDENCY

The global response to COVID-19 has stranded some people in countries that they had expected to be able to leave.  This is obviouslyinconvenient for everyone affected, but in certain situations could have an impact on tax residency.  Click here to find out more.

17/04/2020 USA: PAYROLL PROTECTION PROGRAM FOR THE SELF-EMPLOYED AND PAYROLL TAX UPDATES

On 14 April the Small Business Administration released another Interim Final Rule related to the Payroll Protection Program.  Find out more.

30/03/2020 KENYA: COVID-19 ECONOMIC STIMULUS

In light of the Covid-19 pandemic the Kenyan government has taken measures to cushion its tax payers against the economic impact it is having on the country and relieve some of their tax liabilities.  [Find out more]

30/03/2020 USA: US$2 TRILLION RESCUE PACKAGE TO COMBAT CORONAVIRUS

On 27 March President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act worth more than US$2 trillion to stimulate the US economy from the effects of the Coronavirus.  [Read More]

25/03/2020 KENYA: VAT INCONSISTENCIES, AN UPDATE ON DATA MIGRATION TO iTAX AND A DISCUSSION ON EXCISE TAX

Find out more on these from this Newsletter provided by Mbaya & Associates in Nairobi.

  • Kenya

25/03/2020 USA: NEWS AND GUIDANCE FROM THE IRS ON THE DEFERRED PAYMENT DATES FOR 2019 TAX RETURNS

Read the latest information from MichaelSilver on the deferred payment date for 2019 tax returns, along with additional guidance from the IRS.

  • United States of America

12/03/2020 UK BUDGET 2020

UK Chancellor of the Exchequer, Mr Rishi Sunak, delivered his first Budget on 11 March, announcing the UK government's tax and spending plans for the year ahead.

Highlights of the Budget, provided by Goodman Jones, GMNI's member firm in London, can be viewed here.

  • United Kingdom
  • GMNI News

11/03/2020 BUSINESS DURING WORLD CRISIS

How your trusted business advisor can help you through the uncertain times of the Coronavirus - an article from Steve Handler at MichaelSilver in Chicago.

04/03/2020 SOUTH AFRICA: NATIONAL BUDGET SPEECH 2020

South African Finance Minister, Tito Mboweni, delivered his National Budget Speech on 26 February.  See highlights of his budget and all the latest tax information from South Africa in this Tax Guide 2020/2021 provided by HVM Chartered Accountants.

  • South Africa
  • GMNI News

03/03/2020 GMNI'S EUROPEAN REGION WELCOMES A NEW MEMBER IN SWITZERLAND

GMNI is pleased to welcome PTA Dynamix SA in Chiasso, Switzerland, to its European region.  [Read More]

  • Switzerland

17/02/2020 KENYA: LATEST TAX UPDATES

The February newsletter from Mbaya & Associates in Nairobi covers recent changes in the tax regime in Kenya.  [Find out more]
  • Kenya
  • GMNI News

13/02/2020 D'ARCANGELO & CO. LLP ANNOUNCES NEW MANAGING PARTNER

GMNI member firm, D'Arcangelo & Co. LLP in Upstate New York announces that Robert R. Ritz has been named Managing Partner, effective 1 January 2020.  [Read More]

12/02/2020 UAE: TIME FRAME FOR RECOVERING INPUT TAX

The Federal Tax Authority (FTA) in the UAE has issued public clarification on the Timeframe for Recovering Input Tax.  Find out more from this article provided by KPI in Dubai.

  • United Arab Emirates
  • GMNI News

27/01/2020 USA: WHAT YOU NEED TO KNOW ABOUT THE REVAMPED 2020 FORM W-4

The IRS recently released a completely revamped 2020 Form W-4, Employee's Withholding Certificate.  The new format requires businesses to change the way they determine the amount to withhold for Federal income taxes from an employee's pay.  [Find out more]

  • United States of America

14/01/2020 KENYA: REVISED WITHHOLDING VAT RATE OF 2% HAS BEEN EFFECTED

The withholding VAT rate in Kenya has been reduced from 6% to 2%, effective 7 November 2019.  Find out more on this, revised Electronic Tax Register (ETR) specifications and the re-introduction of Turnover Tax from this Newsletter from the Tax Desk at Mbaya & Associates in Nairobi.

  • Kenya
  • GMNI News

13/01/2020 A FURTHER NEW MEMBER FOR GMNI IN CHINA

GMNI is pleased to welcome Prowise CPA in Beijing to its Asia Pacific region, strengthening its presence in China. [Read More]

  • China
  • GMNI News

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