Tax Insights


November 9, 2018

Creation of Opportunity Zone

One of the sleeper provisions in the 2017 Tax Reform bill is now picking up steam – the creation of Opportunity Zones (more info on Opportunity Zones below).
November 8, 2018

Opportunity Zone Roadmap

If you are in the real estate industry, you have probably heard about Opportunity Zones (the “OZProgram”). If you haven’t, you should get up to speed (very!) quickly since these two unassuming sections of the Internal Revenue Code of 1986, as amended (the “Code”), which were added as part of 2017 Tax Reform, have cracked wide open a new investment structure that results in significant tax benefits to investors.
October 30, 2018

SHARE OPTIONS LOSE TAX ADVANTAGES AS EU STATE AID APPROVAL LAPSES

Companies using the Enterprise Management Incentives (EMI) scheme have been advised to delay the transaction of shares until EU State Aid approval has been reinstated.
September 13, 2018

New Rules Will Apply to Tax Return Filing in May 2019

On February 07, 2018, the President promulgated the following amendments to the Income Tax Act.  These amendments apply to income tax filings for May 2018, and are applied retroactively to January 01, 2018.
July 16, 2018

Uruguay – Taxation on E-commerce Companies: New Regulations

Online companies incorporated abroad (with no presence in Uruguay) are required to pay taxes in Uruguay whenever their clients are located within Uruguayan territory. Online services providers (such as Netflix and Spotify) are subject to VAT at the rate of 22%, plus Non-Residents Income Tax (so-called IRNR) at the rate of 12%, both assessed over the sales price. Online services intermediaries (such as Uber and Airbnb) are subject to the same taxes, except that IRNR is assessed only over 50% of their sales where one of the parties of the ultimate transaction is based abroad.
July 10, 2018

Bureau of Internal Revenue Clarifies Taxes on Offshore Gaming

The Bureau of Internal Revenue (BIR) issued on December 27, 2017 Revenue Circular No. 102-2017 clarifying the tax imposed on entities engaged in Philippine offshore gaming operations. Philippine offshore gaming operators offer to offshore players online games of chance through the internet.
June 1, 2018

Taxation Highlights

A company is resident in Iran if it’s established under the Iranian Commercial Code, or if it is managed from Iran. For tax purposes, the Iranian calendar year, starting 21 March and ending 20 March of the following year is generally used, but a company or branch may use its own accounting year if different.
April 27, 2018

Taxation Highlights

A company is resident in Iran if it’s established under the Iranian Commercial Code, or if it is managed from Iran. For tax purposes, the Iranian calendar year, starting 21 March and ending 20 March of the following year is generally used, but a company or branch may use its own accounting year if different.
February 23, 2018

2017: A Transparent Year

The end of year is often surrounded by tax news: the desire to close the year, the commitments undertaken with third parties (in this case, the OECD) or even the imminent summer break, tend to encourage such phenomenon.
February 8, 2018

Tax and Customs Laws update

NOVELTIES IN LEGISLATION The laws covered by the present Client Update are related to both public and private sectors. Some of these may be of interest to you as they may affect your business in Kazakhstan. We would like to draw your attention to the following legislative acts, which have come into legal force from 1 July 2017.