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    Tuesday 26 March 2019
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    Article March 2019

    Switzerland: Withholding tax - relaxation on refunds

     

    The Finance (Miscellaneous Provisions) Act 2018 was promulgated on 9 August 2018 which contained the tax measures as announced in the budget speech delivered on 14 June 2018.

    Article February 2019

    U.S.: Section 163(j) interest limitation rules

     

    A business operating as a corporation, pass through entity, or sole proprietorship is generally allowed a deduction for interest expense paid or accrued in calculating its federal taxable income under Section 163 of the Internal Revenue Code.

    Article February 2019

    Tax efficient remittances to the UK

     

    Ordinarily, taxpayers who are resident in the UK pay tax on their worldwide income and gains, wherever they arise. However, taxpayers who are resident but not domiciled (“non-doms”) in the UK can instead elect, subject to certain conditions, to be taxed on the remittance basis of taxation.

    Article February 2019

    Making tax digital – New UK VAT compliance requirements to be introduced from April 2019

     

    Making Tax Digital (MTD) is HM Revenue & Customs’ (HMRC’s) strategy to modernise the UK tax system. As well as improving HMRC’s own internal systems, MTD involves mandatory digital record keeping and reporting by taxpayers.

    Article February 2019

    First sale of residence or business offices in Turkey to foreigners is without VAT!

     

    In recent years, in the face of recession in the construction sector which is the main force of economic growth in Turkey's economy, a number of changes have been made to government's applied fiscal policy in order to increase the demand for the industry.

    Article February 2019

    VAT liability of mail-order companies in Switzerland

     

    The so called "Mail Order Regulation" has entered into force on 1 January 2019 and aims to treat foreign companies engaged in mail-order business on an equal footing with companies domiciled in Switzerland.

    Article February 2019

    Update on corporate tax reform in Switzerland

     

    After the publication of the dispatch on tax proposal 17 (TP 17) in March 2018, a social compensation in favor of the old age and survivor’s insurance (AHV) was included in the tax reform.

    Article February 2019

    Singapore Central Bank turns up heat on new-age fundraising

     

    In recent years, Singapore has emerged as one of the preferred locations for the incorporation of blockchain companies, as well as the fundraising location for their new blockchain ventures via initial coin offerings, otherwise known as ICOs.

    Article February 2019

    Significant amendments to the tax code of the Russian Federation became effective from 2019

     

    From 1 January 2019, if a foreign company intends to render services to a Russian contractor (whether an individual or a legal entity) in the electronic form via the Internet (the “E-Services”), it shall have a tax registration in the Russian Federation (“RF”) and pay VAT to the state budget of the RF on an independent basis.

    Article February 2019

    Minimum tax in Poland – possible to recover?

     

    Since 1 January 2018, owners of commercial real estate are obliged to pay new tax called Minimum Tax.

    Article February 2019

    Mauritius: Finance Act 2018 – Implementation of new tax regime effective from 1 January 2019

     

    The Finance (Miscellaneous Provisions) Act 2018 was promulgated on 9 August 2018 which contained the tax measures as announced in the budget speech delivered on 14 June 2018.

    Article February 2019

    Netherlands: Mandatory Disclosure Directive

     

    In order to combat cross-border tax avoidance and tax evasion, the European Commission (the EC) has been asked to present a directive proposal for the mandatory reporting of information about potentially aggressive tax-planning arrangements, this in accordance with action item 12 of the OECD’s Base Erosion and Profit Shifting project (BEPS).

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