News

Click here for the highlights of Ireland's 2022 Budget, announced by Minister Paschal Donohoe on 12 October 2021, as presented by Merry Mullen.

The Employee Retention Tax Credit (ERTC), originally passed in the CARES Act of March 2020, encourages businesses and tax-exempt organisations to keep employees on the payroll during the pandemnic.  Find out whether your business is eligible.

As part of a US$3./5 trillion reconciliation bill being considered by Congress, multiple far-reaching tax proposals were recently addressed by the House Ways & Means Committee.  The proposed changes could have a significant impact on trusts, estates, and income taxes.  Highlights of the House proposals, as provided by MichaelSilver in Chicago, can be viewed here.

GWMS in Mauritius bring you the salient features of the Act, which was adopted on 5 August 2021, in their latest Global Business Update.

In line with the South African 2020 Budget Announcement, the government proposes to broaden the corporate income tax base by restricting the offset of the balance of assessed losses carried forward to 80% of taxable income.  [Find out more]

This month's Newsletter from the Tax Desk at Mbaya & Associates in Nairobi gives an insight into applying for tax refunds, and also highlights the tax dispute resolution mechanism known as Alternative Dispute Resolution (ADR).

At the beginning of September the UK government announced an increase in National Insurance Contributions to help fund the required reforms to the country's National Health Service and Social Care system.  Here Janet Pilborough-Skinner of Goodman Jones in London comments.

Topics covered in this issue include more clarification on the Canada Emergency Rent Subsidy, the potential impact on businesses of Canada Revenue Agency's collections, limited distance covered for travel allowances, tax treatment of Covid-19 medical expenses, repayments of Canada Emergency Response Benefits, TFSA excess contributions, and Will and Beneficiary Designations - are they current?  Also an important note on how to spot signs that someone making a phone call claiming to be from the Canada Revenue Agency could be a scammer, and how you can verify that they are who they say they are.  [Find out more]

Subjects covered this month include:

• The extension of time to comply with the Value Added Tax (Electronic Tax Invoice) Regulations 2020
• Automation of the Voluntary Tax Disclosure Programe
• Customs duty

.... and more.  [Read More]

This Newsletter from Khodeir consulting in Egypt explains how electronic invoicing not only increases the internal productivity of a business but also assists their government in its mission to get everyone not only to "think green" but also to "act green".

Enric Paredes, partner of GPM Auditors in Catalonia, Spain, takes over from Søren Larsen as GMNI's European Regional President.  [Read More]

Looking to start or expand a business in the United States?  Steve Handler at MichaelSilver in Chicago shares his thoughts on what you may need to consider.  [Read More]

Click here for a summary of the key aspects of Kenya's Finance act 2021 provided by Mbaya & Associates in Nairobi

• Update on Dutch government Covid support
• Registration in UBO Register
• New EU rules for VAT on e-commerce on 1 July 2021
• Cross-border workers - compliance with Dutch coronavirus legislation
• Multi-state workers: salary split
• Doing business in the Netherlands - video

Click here to find out more on the above. 

Prof. Dr. Rene Schafer, Tax Advisor and Specialist Advisor for International Tax Law, at Dornbach GmbH explains ...... [Read More]

A significant developmnent in the UAE for granting parental leave, applicable to both male and females.  Find out more ....

The UAE government has amended the Commerical Companies Law to allow foreign investors and entrepreneurs to set up fully owned onshore companies.  The amendment came into effect on 1 June 2021.  [Read More]

Judy Mason and Marco Loza at MichaelSilver in Chicago look at items to consider for your personal tax planning, strategies small business owners may wish to consider to minimise their 2021 tax bill and the American Families Plan announced by President Biden in April 2021.  [Read More]

The UAE is implementing measure to tackle tax avoidance (via profit shifting) and money laundering to bring in best practices as per the agreement with the OECD.  The find out more on this and the Economic Substance Regulation read this Blog from KPI in Dubai.

Kenya's 2021/2022 Budget was presented by the National Treausre & Planning Cabinet Secretary, Hon. Ukur Yatani on 10 June, and was themed "Building Back Better:  Strategy for Resilient and Sustainabe Economic Recovery and Inclusive Growth".  Click here to find out the taxation policy measures proposed in this update from the Tax Desk at Mbaya & Associates, Nairobi.

On 1 June 2021 Cyprus signed a tax treaty for the avoidance of double taxation with the Netherlands.  The treaty will come into force once legal procedures have been completed and will have effect in both contracting states on or after 1 January following the date it comes into force.  Find out more from this Tax Update provided by AuditPro Services.

Mr Aubrey Saverimuttu of Ted Saverimuttu & Co. in Sri Lanka takes over the reigns of our Asia Pacific region from Nandan Bendarkar.  [Read More]

New VAT simplification measures aimed at e-commerce businesses will be introduced across the EU on 1 July 2021.  Find out more in this Blog from Esther Wood at Goodman Jones in London.

We are delighted to be expanding our African region by welcoming Audinex in Casablanca.  [Read More]

Five months on form the date when the UK finally completed its exit from the European Union, the multiple challenges facing UK businesses trading with the EU are finlly becoming clear.  Graeme Blair at Goodman Jones in London takes a look at these.  [Read More]

The Ministry of Finance ("MOF"), UAE, has created a separate portal within its website for CRS and FATCA annual filings.  

The MOF has announced the opening of the annual reporting cycle of CRS/FATCA filing for the year 2020.  The due date for CRS/FATCA annual filing is 30 June 2021.  [Read More]

In an effort to tighten Anti Money Laundering regulations, the UAW has launched the goAML portal for specified bsinesses to register.  Find out more about the Law and the Designated Non-Financial Business and Professions that need to register on goAML in this blog from KPI in Dubai.

Last month saw Vale Added Tax (VAT) being introuced in the Sultanate of Oman at a standard rate of 5%.  For details of the VAT threshold, registration deadlines, rates and much more, click here to read this blog from KPI in Dubai.

Click here for Yale PGC's 2021 Quarter 2 Newsletter summarising these and other recent tax developments in Canada.

The German Anti-Treaty/Anti-Directive Shopping Provision is expected to be significantly tightened in May.  Read more in this newsletter from Dornbach GmbH.

Featuring:

• Fringe benefit tax and deemed interest tax rate
• Intended de-registration of non-compliant PIN numbers
• Voluntary tax disclousre programme
• Duty-free imports on returning residents
• Investment allowances

[Read More]

Developing an exit plan is the most important thing a business owner can do to protect the value of their business and avoid a "worst case" scenario.  MichaelSilver in Chicago consider the results of having no predetermined exit plan against having a well-designed and implemented exit plan and present their recommendations for achieving a successful one.  [Read More]

• Cross border workers - compliance with Dutch coronavirus legislation
• New EU rules for VAT on e-commerce on 1 July 2021
• What you need to know about the NOW scheme in 2021
• Reimbursement under TVL scheme increased to 100% in Q2
• Dutch tax deferral extended to 1 July 2021
• Help with tenancy issues in the Netherlands
• Doing business in the Netherlands - video

Click here to read more on the above.

HM Revenue & Customs has announced swift and sympathetic support for businesses suffering unfair levels of irrecoverable VAT due to the pandemic.  [Read More]

Since the introduction of the Tax Administration Act in 2011, taxpayers in South Africa have become aware more than ever before of their rights in dealing with the South African Revenue Services.  Click here for some brief highlights (provided by HVM Registered Auditors & Certified Accountants in Stellenbosch) on the rights that taxpayers have in terms of the Tax Administration Act, and which they may wish to enforce at some stage.

GMNI is delighted to announce that Bado, Kuster, Zerbino & Rachetti in Montevideo has joined our South American region.  [Read More]