News

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.

Issued annually by Rand Merchant Bank, a leading African corporate and investment bank, the Where to Invest in Africa 2021 report positions Egypt as Africa's top investment destination, with Morocco and South Africa in second and third place.  Find out more in this Newsletter from Khodeir Consulting in Cairo.

This month's update features:

• A reminder about the Volntary Tax Disclosure Programme, allowing taxpayers to confidentially disclose tax liabilities that were previously undisclosed;
• Requirements for the uptake of the Electronic Tax Invoice;
• Information about an inflation adjustment on specific rates of Excise Duty (November 2021)

Overseas businesses can relaim UK VAT on expenses using a special refund scheme, subject to meeting certain conditions.  Businesses in the EU should note that the process and deadline for making a claim has changed this year due to Brexit.  Find out more from this "Insight" from Esther Wood at Goodman Jones in London.

As we approach the end of the year, there is still time to minmise your 2021 tax liability and make a start on your 2022 tax planning.  This checklist from MichaelSilver in Chicago can help you to consider your current tax strategies to decide whether they are still meeting your needs and to taken any last-minute steps that could say you money.

On 19 November the House passed the roughly US$2 trillion Build Back Better Act.  The bill includes income tax changes, expansion of current tax credits, support for health care, and measures to battle climate change.  The Senate is in the proces of reviewing the bill with the goal to have it completed before the end of the year.  [Read More]

The November Newsletter covers:

• Covid support package - an update.
• International VAT - One Stop Shop scheme.
• Cross-border dividend distributions - what about dividend withholding tax?
• Cross-border working from home.

Steve Handler, partner in member firm MichaelSilver in Chicago, becomes GMNI's International Chairman.  [Read More]

Double tax treaties, along with Fringe Benefit Tax and Deemed Interest Rate, and some thoughts on the importance of motivation are covered in this latest Newsletter from the Tax Desk at Mbaya & Associates in Nairobi.

The UK's Chancellor of the Exchequer, Rishi Sunak, presented his Autumn Budget and Spending Review on 27 October 2021.  Click here for the highlights and a summary, as presented by Goodman Jones in London.

Topics included in this edition are:

• Enhancing the value of owner-managed business
• Salaries to family members
• Providing supplies to your contractors
• Director liability
• Life insurance policies
• Holding digital assets in RRSPs
• Withdrawing from family RESPs
• Workspace in home claims.

[Read more]

On 20 September 2021 the High Court of Kenya delivered a judgement declaring the "minimum tax" provisions in the Kenya Income Tax Act to be unconstitutional.  Find out more on page 3 of this Newsletter from the Tax Desk at Mbaya & Associates in Nairobi.

On 15 October 2021, with the aim of making the island a Sustainable Business and Trade Centre of the broader region and Europe, the Government of Cyprus presented its action plan for attracting companies to operate or expand their activities there.  The strategy aims to create added value to the economy and also redefine the country's development model.  Find out more from this tax update provided by AuditPro Services.

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]