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Global: International: Global Equity Matrix | June 2020 Edition

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Baker McKenzie's Compensation Practice Group is pleased to provide you with the latest update of our Global Equity Matrix. 

Europe: Recovery & Renewal – EMEA Tax Issues: Digital Tax

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Baker McKenzie's EMEA Tax Practice Group presented an overview on "Digital Tax", the third in a series of short webinars to keep tax professionals abreast of recent developments in these less than certain times on 23 June 2020.

Brazil: Brazilian IRS authorizes additional PIS and COFINS credits

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The Brazilian Federal Revenue ('RFB') issued COSIT Ruling No. 45/20 to authorize PIS/COFINS credits over expenses incurred with employees' transportation and meal. Although the Ruling was filed by an association of companies that act in cleaning, servicing, and maintenance, the RFB adopted some assumptions that, in our view, could be applied to companies of other sectors.In a nutshell, the Ruling indicates that Art. 3, item X of Law 10833, only allows the record of PIS/COFINS credits to the cleaning, servicing, and maintenance companies on the expenses effectively incurred with the acquisition of transportation and meal tickets/vouchers.

Global: USMCA: Game On! Webinar Series

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Part 1: How to Claim Preferential Tariff TreatmentBaker McKenzie experts from Canada, US and Mexico deliver a 75-minute session to understand the impact of...

UK: Opportunities in Distressed M&A

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The COVID-19 pandemic is likely to give rise to a wave of distressed companies looking for buyers or investors. With depressed valuations and significant...

United States: Handling a State Tax Controversy

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The Baker McKenzie State and Local Tax (SALT) Subpractice Group presented "Handling a State Tax Controversy", the twelfth in a series of short webinars to keep members of the SALT community abreast of recent developments in these less than certain times on 10 June 2020.

Indonesia: Expansion of Tax Incentives in Relation to COVID-19

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The government has expanded the tax incentives given to taxpayers that are affected by COVID-19. Some taxpayers that were not entitled to tax incentives under Minister of Finance Regulation No. 23/PMK.03/2020 ("MOF Regulation 23") may now enjoy those tax incentives under Minister of Finance Regulation No. 44/PMK.03/2020 ("MOF Regulation 44"). The government has also expanded the types of tax for which tax incentives are given. MOF Regulation 44, which revokes MOF Regulation 23, came into force on 27 April. The Directorate General of Taxation has also issued Circular Letter No. SE29/PJ/2020 on 30 April 2020 as an implementing regulation of MOF Regulation 44.

United States: Idaho’s Supreme Court means business, handing taxpayers a win on definition of...

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The Idaho Supreme Court recently affirmed a District Court's judgment that the gain from the sale of a 78.54% membership interest in a limited liability company did not constitute 'business income' under Idaho Code section 63-3027.  In Noell Indus. Inc. v. Idaho State Tax Comm'n, Docket No. 46941 (Idaho 2020), the court determined that “this type of gain does not meet the definition of ‘business income’ under either the transactional test or functional test (including the unitary business test),” and was therefore not apportionable income.

United States: An Ounce of Prevention – Plans to Protect Loss Deduction in COVID-19...

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Baker McKenzie attorneys discuss the increased risks under the section 382 loss limitation rules in the COVID-19 environment. This article was previously published in Bloomberg Tax's Daily Tax Report.

Europe: COVID-19 – Recovery & Renewal – EMEA Tax Issues – Employee Benefits

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Baker McKenzie's EMEA Tax Practice Group presented an overview on "Employee Benefits", the second in a series of short webinars to keep tax professionals abreast of recent developments in these less than certain times on 9 June 2020.
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