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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]

  • United States of America

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]

  • Kenya

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.

  • United States of America

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.

 

 

  • India

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.

  • United Kingdom

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.

  • United Kingdom

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.

  • 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]

  • Kenya

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.

  • United States of America

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]

  • United States of America

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.

  • Kenya

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.

  • United Kingdom
  • GMNI News

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.

  • United States of America
  • GMNI News

15/12/2020 NETHERLANDS: END OF YEAR TIPS 2020

Accon International share their year-end tips to help you and your business:

  • Make use of the coronavirus support package
  • Buy an electric car before the year is out
  • Distribute dividend in 2020
  • Work-related costs scheme:  increase and decrease in discretionary budget
  • Benefit from the lower corporate income tax rate.

Click here for more details. 

  • Netherlands

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.

  • Kenya

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]

  • United States of America

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.

  • Mauritius

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.

  • United States of America

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]

  • United States of America

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.

  • United States of America

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.

  • United Arab Emirates

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.

  • United States of America

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.

  • Kenya

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 ....

  • United Arab Emirates
  • Economy

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.

  • United Arab Emirates

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]

  • Cyprus

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.

  • Netherlands

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]

  • Kenya

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.

  • United States of America

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.

  • Ireland

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]

  • Jordan

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

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 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.

  • 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
  • GMNI News

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
  • GMNI News

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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