News Archive

This month's update contains information on:

• Closure of the Voluntary Tax Disclosure Program (VTDP).
• On Boarding of Non-VAT Taxpayers on eTIMS.
• Tax Payment through PayBill Number 222222.
• Simplification of the VAT Return Filing Process.
• Common Tax Mistakes Small Businesses Make.
• Tax Due Dates.

We are delighted to announce that Oriental Star Consulting (Shanghai) Co. Ltd. has joined our Asia Pacific region.  [Read more]

As 2024 draws near, it is an excellent time to review your tax planning strategies.  This guide from MichaelSilver in Chicago outlines various potential tax-saving opportunities.

As another tax year comes to a close, it is time to consider your tax planning opportunities and year-end taks.  Find our more here.

The UK's Chancellor of the Exchequer, Jeremy Hunt, opened his Autumn Statement on 22 November by announcing that he was introducing 110 measures to help grow the British economy.  He did not detail all but his message was clear:  stimulating growth was a priority.  He set out five focus areas:  reducing debt, cutting tax and rwarding hard work, backing British business, building domestic and sustainable energy, and delivering world-class education.  Further details can be found in this summary provided by Goodman Jones in London.

This month's update contains information on:

• Fringe benefit tax and deemed interest rate.
• A step-by-step guide on Amnesty Implementation on iTax.
• iTax enhancements and resolved system defects.
• On-boarding of non-VAT taxpayers on eTIMS.
• The National Health Insurance Fund regulations, 2023.
• Key questions for audit committees overseeing sustainability.

Expanding your business overseas is an exciting venture, but it comes with a set of administrative and legal responsibilities.  If your company is considering entering the United Kingdom market, one critical aspect you need to understand is National Insurance (NI).  NI is a social security system in the UK that provides various benefits to residents.  This article from Amit Sharma at Goodman Jones in London, will guide overseas companies on what they need to know about NI in the UK.

In the latest edition of their Tax Tips & Traps, Yale PGC cover the following:

• CEBA repayment deadline extended:  some issues
• Enhanced GST residential rental rebate:  increased incentives
• Enhanced first-year CCA:  phase-out after 31 December 2023
• Surcharge to accept payment via credit card:  GST/HST?
• Businesses purchasing from non-residents:  GST/HST?
• Mandatory disclosure rules:  inceased CRA disclosures
• Revival of a corporation:  tax collection
• Employment insurance:  misconduct

Malta's Budget for the year 2024 was announced by Finance Minister, Clyde Caruana, in Parliament on 30 October.  A report on that Budget, provided by Emanuel Ellul Limited in Malta, can be viewed here.

With effect from our recently held International Conference in Toronto, Nandan Bendarkar of MBK Auditing in Dubai, has become our International Chairman, a post he will hold for the next two years.  [Read More].

Reporting requirements for employee benefit plans are changing, effective for plan years beginning on or after 1 January 2023.  [Find out more]

Click here for highlights from Ireland's Budget 2024, announced by Minister Michael McGrath on 10 October 2023.

Information provided by Merry Mullen in Dublin.

Subject to a commencement order, with effect from 1 January next year, employers in Ireland will be required to notify the Revenue of certain payments (known as "reportable benefits") made to employees and directors.  [Find out more]

We are delighted to welcome LLC Balans-Inform-Audit in Tashkent to our Asia Pacific region.  [Read More]

This month's Newsletter features information on:

• Affordable housing levy.
• Tax amnesty on interest and penalties for periods up to 31 December 2022
• Issues to consider for Kenya on the road to the launch of a carbon tax.
• An introduction to IFRS sustainability disclosure standards.
• Time management.

GMNI is pleased to welcome SGA-Taxwize in Mumbai to its Asia Pacific region.

This latest edition of Tax Tips are Traps features information on the following:

• CPP Enhancements: higher contributions and higher benefits.
• First Home Savings Account (FHSA):  A new investment tool.
• Cryptocurrency exchange cessation:  record keeping.
• Multigenerational home renovation tax credit:  more housing support.
• Disability Tax Credit (DTC):  electronic applications.
• Paying rent to non-residents:  withholdings required.
• Gifts directed to other donees:  loss of charitable status.

This month's newsletter focuses on:

• Fringe benefit tax and deemed interest rate
• Collection of affordable housing levy by the Kenya Revenue Authority
• Further tax changes from the Finance Act 2023
• VAT 3 Return changes

Measures raising the statutory retirement age and extending the contribution period will come into force in France on 1 September 2023  [Find out more]

Further to the previous Cyprus Tax Update (July 2022-B), on 30 June this year an amending law was published in the Gazette with respect to the 50% exemption of the remuneration from employment, as provided in Article 8(23A) of the Income Tax Law.  [Read More]

The Kenyan Finance Act 2023 was assented into law on 26 June this year.  Click here for Mbaya & Associates' summary of the key aspects of the Act.

The latest Tax Tips & Traps from Yale PGC in Toronto features the following topics:

• Budget 2023:  Top five items for owner-managers
• Underused Housing Tax (UHT):  Increased disclosures and taxes
• TFSA:  Carrying on a business within it
• Unreported Capital trades included on a T5008:  CRA Policy
• Emploument expenses for commissioned employee:  Sponsorship
• Small business succession:  Many business transfers coming shortly
• Employee time theft:  Some challenges

As we approach the midpoint of the year 2023 it is the perfect timme to assess your tax situation and explore strategies to optimise your financial poisition.  Here MichaelSilver discuss key considerations for both individuals and businesses.

The budget speech was read in the Mauritius Parliament on 2 June by Minister of Finance, Economic Planning and Development, Dr. the Honourable Renganaden Padayachy.  The proposals made are yet to be debated in Parliament but this overview from GWMS provides highlights of the budget measures relating to the global business sector and salient features that non-citizens contemplating relocating to, investing in and working in Mauritius may find of interest.

From the tax desk:

• Fringe Benefit Tax and Deemed Interest Rate
• Enforcement of the Electronic Tax Invoice System
• Finance Bill 2023

From the secretarial desk:

• Duties, liabilities of Officers of the Company
• Civil consequences of breach of general duties
• Liabilities of Directors
• Examples of Directors' Liabilities

[Read More]

Ireland's Revenue Commissioners have recently started writing to non-resident landlords to provide some initial information about the Non-Resident Landlord Withholding Tax (NLWT) system that is expected to come into force from 1 July 2023. [Read More]

GMNI is delighted to welcome Huisman Adviseurs to its European region.  [Read More]

The April newsletter from Mbaya & Associates in Nairobi includes information on the following:

• Taxpayer register data clean-up.
• Excise duty
• Employee stock ownership plan (ESOPS), its potential benefits and tax liabilities.
• Duties and liabilities of officers of a company (e.g. director, manager, secretary)

For international groups the situation can be extremely complex and the recent increase in interest rates has thrown up additional considerations that they will need to take into account.  [Find out more.]

Click here for a brief overview of the favourable tax regime known as the "Remittance Basis" that is available as an option to persons from overseas coming to the UK.

Executive leaders of successful businesses devote many hours of the day to business operations, and it is important that they dedicate time to having regular strategic planning meetings.  For such meetings to be the most effective, these guidelines, provided by Steve Handler at MichaelSilver in Chicago, can help.

This month's update from Kenya includes information on:

• the upgrade of the Tax Invoice Management System (eTIMS)
• capital allowances
• tax allowables and disallowables

[Find out more]

Remote and hybrid working has bcome the new norm since the pandemic.  Data shows many Americans want the option to either work remotely or have a hybrid version.  Since many businesses employ remote workers, it is important to know the compliance issues associated with these employees.  [Read More]

The UK's Budget was announced by the Chancellor, Jeremy Hunt, on 15 March.  The key points, provided by Goodman Jones in London, can be viewed here.

Esther Wood, Partner at Goodman Jones in London, recently met with Martin Mulligan from VUCA Treasury to discuss the impact of loosening Covid restrictions and the invasion of Ukraine on the markets, and how risk in the current inflationary climate can be mitigated.  [Read more or listen to Esther's podcast]

The impact of Covid-19 on businesses has been substantial and it has upturned the notion of "Business as usual".  In addition, inflation is projected to continue to rise in 2023.  Regardless of whether your business thrived or not during those unusual times, the changes in today's market have been significant.  Many business owners have found that forecasting cash flow has helped them anticipate potential shortfalls and plan accordingly to cover difficult periods.  [Read More]

On 22 February, South Africa's Minister of Finance, Mr Enoch Godongwana, presented his National Budget Speech to the Members of the National Assembly.  Click here for the budget highlights provided by HVM Chartered Accountants in Stellenbosch.

Legislation that aims to modernise tax procedure law gives cause for hope.  But here Prof. Dr. Rene Schafer and Dr Bela Michael Berens at Dornbach consider whether the new legal requirements regarding the reporting of transfer pricing documentation provide hope or disillusionment.

After passing the House in late March 2022, the Securing a Strong Retirement Act of 2022 (SECURE 2.0), was signed into US law on 29 December 2022.  SECURE 2.0 covers more than 90 provisions aimed at boosting retirement savings and simplifying current rules for retirement plans, some of which take effect in 2023.  Here is a look at some of the most far-reaching provisions of SECURE 2.0, provided by MichaelSilver in Chicago.  Their recommendation is that employers and retirement savers alike consult with appropriate professionals to educate themselves on immediate and upcoming changes.

This month's newsletter from the Tax Desk at Mbaya & Associates covers:

• Fringe Benefit Tax and Deemed Interest Rate
• Domestic Taxes - KRA Service Charter
• Tax Alert - VAT on Exported Services
• Tax Alert - Implementation of new National Social Security Fund Rates

Find out more here

We are delighted to announce that Ali Abdullah Al Selham CPA in Al Khobar has joined GMNI's Asia Pacific region.  [Read More]

Non-profits face a lot of demands, often with limited resources.  Here MichaelSilver iin Chicago shares some best practices for the accounting teams at non-profits and suggestions on how these can be implemented.

India's Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented the Union Budget 2023-24 in Parliament on 1 February 2023.  The Indian economy has increased in size and has gone from being the 10th to the 5th largest in the world in the past nine years.  Read this Quick Synopsis provided by NKR & Co in Mumbai along with the Highlights of the Budget issued by the Ministry of Finance.