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]
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.
20/01/2023 CANADA: TAX TIPS & TRAPS JANUARY 2023
Click here for more Tax Tips & Traps from Yale PGC in Toronto. Topics covered include:
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.
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.
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.
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.
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.
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:
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]
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.
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.
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.
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]
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.
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:
15/08/2022 KENYA: AUGUST UPDATE FROM THE TAX DESK AT MBAYA & ASSOCIATES IN NAIROBI
The latest newsletter from Mbaya & Associates covers:
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.
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]
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]
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]
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.
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.
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]
10/06/2022 USA: ARE YOU READY FOR THE NEW FOREIGN REPORTING REQUIREMENTS FOR PASS-THROUGH ENTITIES?
As if the current pass-through entity tax requirements were not complicated enough, the IRS introduced new schedules to the mix. [Find out 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]
02/06/2022 CANADA: THE LATEST "TAX TIPS & TRAPS" FROM YALE PGC
Subjects covered in this issue of Tax Tips & Traps include:
31/05/2022 KENYA: MAY 2022 UPDATES FROM THE TAX DESK AT MBAYA & ASSOCIATES
The May 2022 newsletter includes information on Fringe Benefit Tax, Deemed Interest Rate, Tax Invoice Management System and proposed changes recommended by The Finance Bill 2022 to current tax laws.
25/04/2022 KENYA: 2022/2023 BUDGET HIGHLIGHTS
The theme of the 2022/23 budget, presented by the National Treasure & Planning Cabinet Secretary on 7 April, was "Accelerating Economic Recovery for Improved Livelihood. Read the budget highlights as presented by Mbaya & Associates in Nairobi.
07/04/2022 GMNI WELCOMES A NEW MEMBER IN THE PRINCIPALITY OF ANDORRA
ABF Consultors in Andorran capital, Andorra la Vella, joins GMNI's European region. [Read More]
30/03/2022 INDIA: HIGHLIGHTS OF THE UNION BUDGET 2022-23
The key highlights of the budget, as announced by the Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman in February, can be found here.
24/03/2022 UK: SPRING STATEMENT 2022
Against a backdrop of rising costs and inflation, UK Chancellor of the Exchequer, Rishi Sunak, focused on easing the burden for families and businesses in his Spring Statement 2022, announced on 23 March, Click here for a summary of the key points provided by Goodman Jones in London.
22/03/2022 CYPRUS: EXTENSION OF TAX INCENTIVES GRANTED FOR INVESTMENT IN INNOVATIVE SMES UNTIL 30 JUNE 2024
On 10 March 2022 the Cyprus Parliament voted for an extension of the tax incentives for investing in innovative enterprises (introduced into Cyprus Income Tax Law in 2017) until 30 June 2024. Find out more in this tax update from AuditPro Services.
17/03/2022 THE SITUATION IN UKRAINE
GMNI is shocked and saddened by the ongoing situation in Ukraine. Whilst as an organisation we strive to remain apolitical, we cannot ignore the totally unnecessary and unfounded acts of aggression and complete disregard for human life that are taking place. Our thoughts are with all those whose lives are put at risk, or have been lost, and pray that common sense will prevail to bring a peaceful solution to this humanitarian crisis.
16/03/2022 KENYA: THE MARCH UPDATE FROM THE TAX DESK AT MBAYA & ASSOCIATES
This month we have information on:
Click here to find out more.
01/03/2022 ELEMENTS OF A STRATEGIC BUSINESS PLAN
GMNI's International Chairman, Steve Handler, begins a series of articles addressing the importance of having a well thought out, written Strategic Business Plan to guide you on the path of business success. [Read More]
21/02/2022 UAE: COMMERCIAL COMPANIES LAW (CCL) 2021
For an overview of the Commerical Companies Law 2021 (CCL 2021) that came into force on 2 January 2022 click here.
21/02/2022 UAE: THE INTRODUCTION OF FEDERAL CORPORATE TAX IN UAE
Long known as a tax-free country, the UAE has finally announced Corporate Tax. Find out more about when this becomes effective, what the registration requirements are, the proposed tax rates are, and much more from this Blog published by KPI in Dubai.
17/02/2022 MANAGING CURRENCY RISKS & REWARDS
Listen to this podcast (or read the transcript) of Esther Wood at Goodman Jones in London speaking to Martin Mulligan from VUCA Treasurey, a company authorised and regulated by the Financial Conduct Authority in the UK to provide advice to business clients on foreign exchange and interest rate risks.
14/02/2022 KENYA: FEBRUARY UPDATE FROM THE TAX DESK AT MBAYA & ASSOCIATES IN NAIROBI
This month's update includes information on:
a warning about fraudulent person(s) masquerading as staff from the Kenya Revenue Authority.
10/02/2022 GMNI'S EUROPEAN REGION ANNOUNCES A NEW MEMBER IN PORTUGAL
We are delighted to welcome AContar, Lda in Porto to our membership. [Read More]
08/02/2022 GMNI WELCOMES A NEW MEMBER FIRM IN SAUDI ARABIA
GMNI is pleased to announce that Sultan Ahmed Alshubaily CPA Company has joined its Asia Pacific region. [Read More]
02/02/2022 USA: TAKE ADVANTAGE OF THE 179D ENERGY-EFFICIENT COMMERCIAL BUILDING TAX DEDUCTION
Great news for commercial building owners! Originally passed by Congress in 2005, but subject to renewal every few years, the Section 179D Energy Policy Act tax deduction was made permanent in 2021. This enables business owners and government contractors to take advantage of a perpetual tax incentive for energy-saving improvements. [Read More]
01/02/2022 COMPENSATION AND MOTIVATION
Want to know how best to use compensation in accomplishihing your business goals and how to evaluate the right compensation structures for your business? Here Steve Handler, Partner at MichaelSilver in Chicago, takes a brief look at rewarding someone for services, such as wages and benefits paid to an employee.
25/01/2022 CANADA: THE JANUARY EDITION OF
In their first quarter edition of "TaxTips & Traps", Yale PGC in Toronto cover the following:
17/01/2022 KENYA: JANUARY 2022 UPDATE FROM THE TAX DESK AT MBAYA & ASSOCIATES
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.
17/01/2022 USA: IT'S 1099 SEASON!!
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.
11/01/2022 CYPRUS: TAX TREATY SIGNED WITH JORDAN
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.
17/12/2021 EGYPT: WHERE TO INVEST IN AFRICA
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.
14/12/2021 KENYA: DECEMBER UPDATE FROM THE TAX DESK AT MBAYA & ASSOCIATES
This month's update features:
14/12/2021 UK: 31 DECEMBER VAT CLAIM DEADLINE FOR OVERSEAS BUSINESSES IS FAST APPROACHING
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.
01/12/2021 USA: 2021 YEAR-END TAX PLANNING CHECKLIST
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.
30/11/2021 USA: THE HOUSE PASSES BIDEN'S BUILD BACK BETTER ACT
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]
26/11/2021 NETHERLANDS: THE NOVEMBER NEWSLETTER FROM ACCON INTERNATIONAL
The November Newsletter covers:
24/11/2021 GMNI HAS A NEW INTERNATIONAL CHAIRMAN
Steve Handler, partner in member firm MichaelSilver in Chicago, becomes GMNI's International Chairman. [Read More]
16/11/2021 KENYA: DOUBLE TAX TREATIES & INTERNATIONAL POLICY
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.
04/11/2021 UK: AUTUMN BUDGET 2021
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.
27/10/2021 CANADA: MORE TAX TIPS & TRAPS FROM YALE PGC IN TORONTO
Topics included in this edition are:
22/10/2021 KENYA: HIGH COURT DECLARES MINIMUM TAX UNCONSTITUTIONAL
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.
22/10/2021 CYPRUS: ACTION PLAN FOR ATTRACTING COMPANIES TO OPERATE OR EXPAND THEIR ACTIVITIES IN CYPRUS
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.
15/10/2021 IRELAND: BUDGET 2022
Click here for the highlights of Ireland's 2022 Budget, announced by Minister Paschal Donohoe on 12 October 2021, as presented by Merry Mullen.
15/10/2021 USA: TIME TO TAKE A SECOND LOOK AT YOUR ELIGIBILITY FOR THE EMPLOYEE RETENTION TAX CREDIT (ERTC)
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.
15/10/2021 USA: RECONCILIATION BILL HAS SIGNIFICANT PROPOSED CHANGES FOR ESTATE, GIFT & INCOME TAXES
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.
30/09/2021 MAURITIUS: THE FINANCE (MISCELLANEOUS PROVISIONS) ACT 2021
GWMS in Mauritius bring you the salient features of the Act, which was adopted on 5 August 2021, in their latest Global Business Update.
21/09/2021 SOUTH AFRICA: BALANCING YOUR BUSINESS'S LOSSES AND TAXES
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]
15/09/2021 KENYA: TAX REFUNDS
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).
09/09/2021 UK: THE HEALTH & SOCIAL CARE LEVY
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.
24/08/2021 CANADA: "TAX TIPS & TRAPS" FROM YALE PGC IN TORONTO
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]
24/08/2021 KENYA: AUGUST UPDATES FROM THE TAX DESK OF MBAYA & ASSOCIATES
Subjects covered this month include:
.... and more. [Read More]
24/08/2021 EMPOWERING BUSINESS THROUGH ELECTRONIC INVOICING
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".
06/08/2021 A NEW REGIONAL PRESIDENT FOR GMNI'S EUROPEAN REGION
Enric Paredes, partner of GPM Auditors in Catalonia, Spain, takes over from Søren Larsen as GMNI's European Regional President. [Read More]
03/08/2021 USA: ACCOUNTING & TAX CONSIDERATIONS FOR EXPANDING INTO THE UNITED STATES
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]
28/07/2021 KENYA: HIGHLIGHTS OF FINANCE ACT 2021
Click here for a summary of the key aspects of Kenya's Finance act 2021 provided by Mbaya & Associates in Nairobi
27/07/2021 NETHERLANDS: THE LATEST NEWS FROM ACCON INTERNATIONAL (JULY 2021)
Click here to find out more on the above.
16/07/2021 GERMANY: REFORM OF THE CONTROLLED FOREIGN CORPORATION RULES
Prof. Dr. Rene Schafer, Tax Advisor and Specialist Advisor for International Tax Law, at Dornbach GmbH explains ...... [Read More]
14/07/2021 UAE: PARENTAL LEAVE - NEW LEGISLATION
A significant developmnent in the UAE for granting parental leave, applicable to both male and females. Find out more ....
13/07/2021 UAE: 100% FOREIGN OWNERSHIP IN ONSHORE COMPANIES
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]
06/07/2021 USA: MID-YEAR TAX PLANNING
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]
21/06/2021 UAE: LATEST ON ULTIMATE BENEFICIAL OWNER & ECONOMIC SUBSTANCE REGULATIONS
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.
21/06/2021 KENYA: FISCAL YEAR 2021/2022 BUDGET HIGHLIGHTS
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.
16/06/2021 CYPRUS: NEW TAX TREATY SIGNED WITH THE NETHERLANDS
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.
08/06/2021 A NEW PRESIDENT FOR GMNI'S ASIA PACIFIC REGION
Mr Aubrey Saverimuttu of Ted Saverimuttu & Co. in Sri Lanka takes over the reigns of our Asia Pacific region from Nandan Bendarkar. [Read More]
03/06/2021 EU: VAT SIMPLIFICATION FOR E-COMMERCE BUSINESSES
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.
02/06/2021 GMNI APPOINTS A NEW FIRM IN MOROCCO
We are delighted to be expanding our African region by welcoming Audinex in Casablanca. [Read More]
01/06/2021 UK: WHERE ARE WE ON OUR VAT BREXIT JOURNEY?
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]
25/05/2021 UAE: CRS / FATCA FILING FOR REPORTABLE TAX PERIOD 2020
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]
20/05/2021 UAE: ANTI MONEY LAUNDERING LAW REGISTRATION & COMPLIANCE
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.
20/05/2021 OMAN: THE INTRODUCTION OF VAT
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.
18/05/2021 CANADA: IMMEDIATE CAPITAL ASSET WRITE-OFF, CANADA RECOVERY HIRING, EXTENDED WAGE & RENT SUBSIDIES, COVID-19 BENEFITS FOR INDIVIDUALS AND MUCH MORE
Click here for Yale PGC's 2021 Quarter 2 Newsletter summarising these and other recent tax developments in Canada.
12/05/2021 GERMANY: IMMINENT ADDITIONAL TAX LOAD FOR INTERNATIONAL PAYMENTS
The German Anti-Treaty/Anti-Directive Shopping Provision is expected to be significantly tightened in May. Read more in this newsletter from Dornbach GmbH.
12/05/2021 KENYA: MAY 2021 NEWSLETTER FROM THE TAX DESK OF MBAYA & ASSOCIATES
07/05/2021 SIX ELEMENTS OF A SUCCESSFUL EXIT PLAN
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]
26/04/2021 NETHERLANDS: THE LATEST NEWS FROM ACCON INTERNATIONAL
Click here to read more on the above.
09/04/2021 UK: HMRC SUPPORT FOR BUSINESSES SUFFERING LOST VAT RECOVERY
HM Revenue & Customs has announced swift and sympathetic support for businesses suffering unfair levels of irrecoverable VAT due to the pandemic. [Read More]
09/04/2021 SOUTH AFRICA: WHY DO I NEED TO KNOW MY RIGHTS AS A TAXPAYER?
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.
06/04/2021 GMNI EXTENDS ITS SOUTH AMERICAN PRESENCE BY WELCOMING BADO, KUSTER, ZERBINO & RACHETTI IN URUGUAY
GMNI is delighted to announce that Bado, Kuster, Zerbino & Rachetti in Montevideo has joined our South American region. [Read More]
23/03/2021 USA: TAX DEADLINE FOR INDIVIDUAL (1040) TAX RETURNS PUSHED TO 17 MAY 2021
The US Treasury Depatment and IRS has announced that the federal income tax filing due date for individuals (1040) for the 2020 tax year will be postponed from 15 April to 17 May 2021. [Read More]
23/03/2021 KENYA: EXTENSION OF TIMELINES FOR SUBMISSION OF BENEFICIAL OWNERSHIP INFORMATION
This and more from the Tax Desk at Mbaya & Associates in Nairobi. [Read More]
18/03/2021 USA: THE AMERICAN RESCUE PLAN EXTENDS RELIEF THROUGH 2021
President Biden signed the US$1.9 trillion American Rescue Plan Act of 2021 ("ARP") on 11 March 2021. The ARP provides relief funding to families and individuals, state and local governments, businesses and tax-exempt organisations. Learn more about the notable benefits for individual taxpayers and businesses.
04/03/2021 INDIA: 2021 BUDGET
India's 2021 Budget was presented by Finance Minister, Normla Sitharaman on 1 February. Read the budget highlights, as presented on the Government of India's website.
04/03/2021 UK: SPRING BUDGET 2021
As expected, the Spring Budget announced on 3 March 2021 by the UK Chancellor of the Exchequer, Rishi Sunak, focused on contining support for businesses as the UK moves towards the easing of Covid-19 lockdown measures.
Find out more from this Budget Summary 2021 provided by Goodman Jones in London.
01/03/2021 UK/USA: FAQs FOR U.S. BUSINESSES EXPANDING INTO THE UK
With many American businesses going to the UK right now, Goodman Jones in London have put together a summary of Frequently Asked Quesions that U.S. organisations have been putting to them.
01/03/2021 CANADA: PENSION PLAN COSTS, EMERGENCY WAGE SUBSIDY, EMERGENCY RENT SUBSIDY, PERSONAL TAX DEDUCTIONS FOR EMPLOYEES WORKING FROM HOME DURING COVID-19 AND MORE
Follow the link to Yale PGC's 2021 Quarter 1 Newsletter summarising these and other most recent tax developments in Canada.
16/02/2021 KENYA: THE LATEST UPDATE FROM THE TAX DESK OF MBAYA & ASSOCIATES IN NAIROBI
Including Voluntary Tax Disclosure Program guidelines, accounting for Corporation Tax in years of income 2020 & 2021, solutions for staff onboarding while working-from-home. [Read More]
16/02/2021 USA: IRS NOTICES, ABATING TAX PENALTIES, SALES TAX AUDITS
Find out more on these subjects from this newsletter provided by Sullivan Bille PC in Boston.
12/02/2021 USA: ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS AND EXCHANGE RATES
There are always risks associated with trading in foreign currencies, and even more so now with all the unknowns occuring in the global economy. How can you reduce those risks and how do you account for them in your business accounting system? Read this article by Jennifer Birmingham at MichaelSilver in Chicago. [Click here]
26/01/2021 KENYA: DIGITAL SERVICE TAX, A CHANGE OF TAX RATES AND MORE ....
Find out more from this latest Newsletter from the Tax Desk at Mbaya & Associates in Nairobi.
11/01/2021 UK: VAT CHANGES POST BREXIT
With the UK having left the EU on 31 December, Goodman Jones' Managing Partner, Cetin Suleyman, gives a brief overview of UK VAT changes post Brexit.
11/01/2021 USA: IT'S 1099 SEASON
At the time of year in the US when focus needs to be on getting 1099s prepared and delivered, MichaelSilver highlight some changes and important considerations for tax reporting in the new year.
15/12/2020 NETHERLANDS: END OF YEAR TIPS 2020
Accon International share their year-end tips to help you and your business:
Click here for more details.
15/12/2020 KENYA: RETURN OF PRE-COVID TAX RATES .... AND MORE
The December issue of Mbaya & Associates' Newsletter announces proposals that tax reprieves put in place to cushion tax payers from the effects of Covid-19 will cease at the end of the year. It also looks at the costs on solar energy and discusses income tax and VAT refunds.
15/12/2020 USA: FRAMEWORK SUMMARY OF THE BIPARTISAN COVID RELIEF ACT OF 2020
A recently released Framework Summary of the Bipartisan COVID Relief Act of 2020 calls for a further US$300 billion to be released to the Small Business Administration, providing additional funding to allow those hardest hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan. [Read More]
08/12/2020 MAURITIUS: THE NEW PREMIUM TRAVEL VISA FOR LONG STAYS
Mauritius has introduced a new long-stay visa to meet the growing demand from international visitors looking to relocate to the Covid-safe island for work, leisure or retirement. The new Premium Visa is open to those who want to relocate to allow them to work remotely, have a long-term second home on the islands or to retire there. Find out more from this Global Business Update from GWMS Limited.
07/12/2020 USA: 2020 YEAR-END TAX PLANNING CHECKLIST
Click here to discover what 2020 year-end tax planning opportunities are available to individuals as well as business owners from this checklist provided by MichaelSilver in Chicago.
03/12/2020 USA: LATEST IRS GUIDANCE ON NON-DEDUCTIBILITY OF PPP-RELATED EXPENSES
On 18 November the US Internal Revenue Service doubled down on its position that businesses receiving PPP loan forgiveness cannot deduct the PPP-related expenses. Revenue Ruling 200-27 addresses the timing of the non-deductibility of PPP-related expenses. [Read More]
20/11/2020 USA: 2020 YEAR-END PLANNING CHECKLIST FOR AUTO DEALERS
As another tax year comes to a close int he USA, it is time for auto dealers to consider their tax planning opportunities and year-end tasks. View checklist provided by MichaelSilver in Chicago.
20/11/2020 UAE: COUNTRY BY COUNTRY REPORTING
Applicable to all UAE headquartered Multinational Groups of Entities (MNEs) whose consolidated group revenue exceeds AED 3.15 million in the previous financial year, click here to find out more about Country by Country Reporting in the UAE. Information provided by KPI in Dubai.
17/11/2020 USA: WHEN SHOULD YOU SUBMIT YOUR PPP LOAN FORGIVENESS APPLICATION - EARLIER OR LATER?
For many borrowers who received Paycheck Protection Program (PPP) funds, the question of "When should I submit my PPP loan forgiveness application, earlier or wait until the application due date?" remains. Click here for an article from Joshua Prince at MichaelSilver in Chicago in which he discusses several issues that may impact your decision.
16/11/2020 KENYA: AMNESTY ON VOLUNTARY TAX DISCLOSURE
For the latest on this, the taxation of subsidiaries and branches and the disclosure of company beneficial ownership in Kenya read this month's Newsletter from the Tax Desk at Mbaya & Associates.
16/11/2020 UAE: ULTIMATE BENEFICIAL OWNERSHIP
The UAE Cabinet recently issued a Resolution introducing a regulation that requires all companies registered in the UAE mainland and commercial-free zones (exemptions do apply) to maintain registers of its real beneficial owners and partners or shareholders. Find out more ....
13/11/2020 UAE : VAT DEREGISTRATION
Does your or your client's business need to apply for VAT Deregistration in the UAE? Find out more from this blog post by KPI in Dubai.
09/11/2020 CYPRUS: APPLICATION OF TAX RESIDENCY AND PERMANENT ESTABLISHMENT (PE) DURING COVID-19 CRISIS
On 27 October 2020 the Cyprus Tax Department issued an Implementing Guideline to clarify the application of Article 2 of the Income Tax Legislation relating to tax residency and permanent establishment (PE). The purpose of the Guideline is to provide specific tax relaxation to those affected by the global measures taken to prevent the spread of COVID-19. [Read More]
22/10/2020 NETHERLANDS: DUTCH GOVERNMENT SUPPORT PACKAGE 3.0, VAT RULES, NEW TAX RATES AND FINAL SETTLEMENT NOW
Continued government support through 2021.
VAT rules for international trade in goods: what has changed?
Expected changes in taxation.
NOW 1.0 final settlement - what does this mean for you?
All the above and more in this Newsletter from Accon International.
19/10/2020 KENYA: MORE OF OUR REGULAR UPDATES AND DEVELOPMENTS ON THE TAX REGIME IN KENYA
This latest update from Mbaya & Associates covers Tax Audits and what triggers them, Taxation of Charitable Trusts and Thin Capitalisation. [Read More]
14/10/2020 USA: HOW THE ELECTION RESULTS MAY IMPACT YOUR FUTURE TAX LIABILITIES
As the 2020 US presidential election approaches, it is important to know how the results may impact you. Click here for MichaelSilver's comparison of how Trump and Biden are positioned on key tax law issues.
14/10/2020 IRELAND: SUMMARY BUDGET 2021
Irelands's 2021 Budget was announced by Finance Minister, Paschal Donohoe, on 13 October 2020. Click here for the summarised highlights provided by Merry Mullen.
05/10/2020 GARY CHENG CPA LIMITED APPOINTED AUDITOR OF A LISTED COMPANY ON THE HONG KONG STOCK EXCHANGE, NICHE-TECH GROUP
Gary Cheng CPA Limited has been appointed as Auditor of Niche-Tech Group Limited (Stock Code: 8490).
Niche-Tech Group Limited (Stock Code: 8490) appointed Gary Cheng CPA Limited as its auditor on 30 September 2020. The group specialises in providing advanced packaging materials for semi-conductor and LED packaging, as well as chip on board industries. Niche-Tech Group also offers copper, aluminium, and silver alloy bonding wires.
For further details please see the attached Change of Auditor announcement.
01/10/2020 WELCOMING GMNI'S FIRST MEMBER IN JORDAN
GMNI is delighted to announce that Methaq Consulting & Auditing in Amman, Jordan has joined its Asia Pacific region. [Read More]
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.
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.
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.
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.
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.
04/08/2020 GMNI ADDS A NEW MEMBER IN SWITZERLAND
GMNI is pleased to welcome MWP Treuhand to our European region, [Read More]
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.
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.
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.
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.
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.
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.
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.
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]
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]
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.
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.
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.
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.
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]
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]
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.
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]
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.
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]
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