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Webinar: Digital Tax Services in Latin America

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 Baker McKenzie's VAT/Indirect Tax Practice presented 'Digital Services in Latin America,' on 12 August 2020. This was the second presentation in the International VAT...

South Africa: Contract Miners Beware – Proposed Tax Amendments to Have Far-reaching Impact on...

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At the end of July 2020, the National Treasury in South Africa released the Draft Taxation Laws Amendment Bill for comment. The Bill includes proposed amendments to both section 15 and section 36 of the Income Tax Act, effectively noting that capital expenditure allowances are only available to taxpayers that hold the relevant mineral rights. The proposed amendment, if passed in its current form, means that contract miners will not be entitled to claim any accelerated capital expenditure allowances, and will have to claim allowances for capital expenditure in terms of other provisions in the Income Tax Act. Denny Da Silva, Senior Tax Advisor at Baker McKenzie in Johannesburg, explains how this will impact contract miners.

International: Digital Tax Services in Latin America

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Baker McKenzie's VAT/Indirect Tax Practice presented 'Digital Services in Latin America,' on 12 August 2020. This was the second presentation in the International VAT Conference Webinar Series, a global webinar series designed for VAT specialists from all industry sectors that aims to discuss the latest developing trends and hot topics in the VAT/GST and customs arena.

Philippines: Amending the rules on determining the fair market value of shares of stock

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The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 20-2020 dated 3 August 2020, amending RR No. 06-2013 in relation to RR No. 06-2008, governing the imposition of tax on the sale, barter, exchange or other disposition of shares of stock not traded through the local stock exchange. 

United States: Final and Proposed Regulations Issued for GILTI and Subpart F High-Taxed Income...

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On 23 July 2020, the Treasury Department (“Treasury”) and the Internal Revenue Service (“IRS”) published final regulations under Section 951A providing guidance with respect to the high-tax exception, which excepts certain ‘high-taxed’ income from being otherwise taxed as “Global Intangible Low-Tax Income” (“GILTI”). The final regulations maintain the same foreign tax rate threshold to be eligible for a high-taxed income exclusion while simultaneously modifying operational rules that may affect a U.S. individual's decision to pursue the exclusion. In conjunction with these final regulations, Treasury and the IRS issued new proposed regulations conforming aspects of the Subpart F high-tax exception with the newly finalized GILTI high-tax exception, and providing for a single high-tax exception election under Section 954(b)(4). 

United Arab Emirates: Dr. Habib Al Mulla writes to CNN on maritime fraud –...

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The horrific explosion that recently took place at the port of the city of  Beirut is a tragedy for its people. The possible casues of the explosion has brought to mind the cases of maritime fraud that many observers overlook. In recent years, the shipping and maritime trade industry has witnessed a sharp increase not only in the number of fraud cases but also in the diversity and sophistication of fraud. Fraudsters are becoming more creative in laying out and executing their plans, including using modern technology such as computer hacking while also preserving some tried and tested traditional methods, such as document fraud. Ship owners are also finding themselves under pressure to earn new business and, to that end, many of them ignore exercising due diligence when dealing with new business partners. While ports are adopting new technologies this too has the potential to enable new certain types of fraud (such as automating container operations).

United Kingdom: New post-Brexit VAT rules for online sales of goods

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On 20 July 2020, HMRC published new guidance about how VAT will apply to sales of goods in the UK from 1 January 2021. The rules broadly align with the EU proposals for distance sales and imported goods, currently due to come into force from 1 July 2021.Businesses impacted by these changes include overseas sellers of goods to UK customers, all Online Marketplaces (OMPs) which facilitate sales to UK customers and businesses that currently rely on goods being imported VAT-free under the low value consignment relief.

United Kingdom: Reopening for Business Essential Checklists for UK In-House Counsel

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Businesses have to be adaptable when navigating the business and legal impact of the COVID-19 pandemic. Our Resilience, Recovery & Renewal model supports organizations...

Global Guide to Legal Issues in Securitisation 2020 Now Available

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Baker McKenzie has published its fully revised and expanded Global Guide to Legal Issues in Securitisation.This guide has been compiled by Baker McKenzie lawyers...

Czech Republic: Baker McKenzie for Startups

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Welcome to the “BM for Startups” project by Baker McKenzie PragueThe program is intended for startups in the area of IT and online services...
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