Mondaq.Com - feed of articles on Tax

United Kingdom: UK Tax Residence Latest Developments - Strategic Tax Planning International & UK Tax Consultants

Fri, 20 Nov 2009 00:00:00 GMT

The Court of Appeal Decision in Grace earlier this month is the latest twist in a high profile tax case on the law of Residence.

Australia: New clauses to allow land tax recovery - HopgoodGanim Lawyers

Fri, 20 Nov 2009 00:00:00 GMT

The Revenue and Other Legislation Amendment Act 2009 comes into effect on 30 June 2009. It lifts the current restriction in the Land Tax Act 1915 that prevents landlords of commercial and industrial properties (and retail properties not governed by the Retail Shop Leases Act 1994) passing land tax directly to tenants.

Canada: Doing Business In Canada - Farris, Vaughan, Wills & Murphy LLP

Thu, 19 Nov 2009 12:15:11 GMT

Canada is a federation comprised of ten provinces and three territories. Legal authority is divided between the federal and provincial or territorial governments, although jurisdiction overlaps in some areas.

United Kingdom: A Review Of Financial Regulations And Tax Issues For FSA-Regulated Businesses - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

As part of Smith & Williamson’s continued commitment to the financial services industry, we are conducting our 12th annual survey of the sector at a time of uncertain economic recovery, both in the UK and globally

United Kingdom: Enterprise – Autumn 2009 - This Time It’s Different - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

‘This time it’s different’ is a phrase we normally associate with asset bubbles and impending financial turmoil.

United States: Obama Signs Bill Expanding The Corporate Net Operating Loss Carry Back - Bracewell & Giuliani LLP

Thu, 19 Nov 2009 09:45:09 GMT

The Worker, Homeownership, and Business Assistance Act of 2009 (the "Act") signed today by President Obama allows corporate taxpayers with net operating losses ("NOLs") in 2008 or 2009 to elect to carry back such NOLs up to five years.

United Kingdom: VAT Advice For Housing Associations - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

HM Revenue & Customs (HMRC) is again trying to understand what housing associations are all about and how they operate.

Indonesia: New Indonesian Tax Regulations Have Significant Implications For Indonesian Bond Issuance Structures - O'Melveny & Myers LLP

Thu, 19 Nov 2009 00:00:00 GMT

The Indonesian Directorate General of Taxation issued two key tax regulations (the "Regulations") dated 5 November 2009 (Director General of Tax Regulations Nos. 61/PJ/2009 and 62/PJ/2009).

Indonesia: Impact Of New Indonesian Tax Regulations: Update - O'Melveny & Myers LLP

Thu, 19 Nov 2009 00:00:00 GMT

We have had overwhelming response to our alert on the new Indonesian tax regulations last week available here. SPV issuers will be required to certify that they meet all the criteria in the Certificate of Domicile to be submitted to the Indonesian tax authorities.

United States: Pennsylvania State Budget: Changes To Capital Stock/Foreign Franchise Tax And Corporate Net Income Tax For Fiscal Year 2009-2010 - Schnader Harrison Segal & Lewis LLP

Thu, 19 Nov 2009 00:00:00 GMT

On October 9, Governor Edward G. Rendell signed into law House Bill 1531 ("Act 48") as part of Pennsylvania’s 2009-2010 budget process. Act 48 includes, among other things, several business tax changes that affect both the capital stock – foreign franchise tax and the corporate net income tax.

United Kingdom: False Dawn For UK Tax Schemes - Strategic Tax Planning International & UK Tax Consultants

Thu, 19 Nov 2009 00:00:00 GMT

Many firms involved in marketing UK tax schemes were excited when the High Court judgment in the case of Mayes v HMRC was published several weeks ago.

United Kingdom: The Truth About The New Disclosure Opportunity - Strategic Tax Planning International & UK Tax Consultants

Thu, 19 Nov 2009 00:00:00 GMT

Following on from a previous attempt by the UK's HMRC in 2007 to get tax evaders to reveal undisclosed Offshore assets and pay tax on them, the NDO ("New Disclosure Opportunity") was recently launched this summer and closes on 30th November 2009.

Australia: New clauses to allow land tax recovery - HopgoodGanim Lawyers

Thu, 19 Nov 2009 00:00:00 GMT

United States: IRS Takes Aim At Offshore Services To The Oil & Gas Industry - Fulbright & Jaworski LLP

Wed, 18 Nov 2009 20:22:42 GMT

The IRS is aggressively targeting foreign companies and the U.S. companies that hire them to perform offshore services for the oil and gas industry on the Outer Continental Shelf in the Gulf of Mexico.

United States: IRS Targets Employment Taxes To Close Tax Gap - Fulbright & Jaworski LLP

Wed, 18 Nov 2009 20:22:24 GMT

The IRS is about to start detailed employment tax audits of 6,000 U.S. employers to determine whether those employers are properly reporting and paying Federal employment taxes.

Canada: Harmonized Sales Tax — Timing Your Tech Purchases - McCarthy Tétrault LLP

Wed, 18 Nov 2009 00:00:00 GMT

Ontario and BC recently announced that they will harmonize their provincial sales tax (PST) with the federal goods and services tax (GST) effective July 1, 2010.

Canada: Taxation Law @ Gowlings - November 16, 2009 - Gowling Lafleur Henderson LLP

Wed, 18 Nov 2009 00:00:00 GMT

The Income Tax Act does not provide a formula for determining the residency of a trust. Instead, the development of a test of trust residence in Canada has been left to the courts.

Canada: Income Trusts - Conversion Options - Bennett Jones LLP

Wed, 18 Nov 2009 00:00:00 GMT

Once an income trust has made the decision to convert to a corporation, there are two structural options available under the tax rules providing for tax-deferred conversions: the exchange method and the distribution (or redemption) method.

United States: Electricity Delivery And Stranded Cost Charges Are Taxable - Cozen O'Connor

Wed, 18 Nov 2009 00:00:00 GMT

The Pennsylvania Supreme Court held that after deregulation of the electricity industry, charges by a distribution company for the transmission of electricity and for stranded costs are taxable for Sales and Use Tax purposes.

United States: IRS Grants Limited Relief For Cash Balance Plans - Proskauer Rose LLP

Wed, 18 Nov 2009 00:00:00 GMT

On November 10, 2009, the Internal Revenue Service issued Announcement 2009-82 (the "Announcement") which gives sponsors of hybrid pension plans, such as cash balance plans, until the end of the 2010 plan year to bring their plans into compliance with pending regulations.

United States: The Affordable Health Care For America Act ("AHCAA") - Proskauer Rose LLP

Wed, 18 Nov 2009 00:00:00 GMT

The U.S. House of Representatives moved closer to an overhaul of the nation’s health care delivery system by passing the Affordable Health Care for America Act ("AHCAA" or the "Act") late in the evening of November 7, 2009.

Gibraltar: Asset Protection and Probate Avoidance Plan - Form A Co

Tue, 17 Nov 2009 14:07:44 GMT

Many people like the idea of transferring their wealth into a trust but are hesitant to do so simply because, once they've given their wealth away, they can't get it back. The APPA (Asset Protection and Probate Avoidance plan) is designed to overcome this problem. Instead of your wealth being in the name of a trust, you put it in the name of a company and you retain exactly the same rights over that wealth that you would do if it remained in your name.

United States: Title Transfer Not Enough To Establish Resale In Massachusetts - Reed Smith

Tue, 17 Nov 2009 00:00:00 GMT

Bucking a nationwide trend, the Massachusetts Supreme Court has denied a taxpayer's refund claim for sales and use tax paid on overhead items indirectly used in the performance of federal government contracts.

United States: Tax-Planning Strategies For Stock Market Gains - Duane Morris LLP

Tue, 17 Nov 2009 00:00:00 GMT

Few can be pleased with the stock market's performance over the last year or so. However, the market's recent rebound has raised the question of whether now is the time to capitalize on some of those newly realized gains on stocks purchased during the downturn.

United States: New Guidance On Expatriation Exit Tax - McDermott Will & Emery

Tue, 17 Nov 2009 00:00:00 GMT

U.S. Treasury has published new guidance concerning the exit tax applicable to expatriates and former long-term green card holders.