Taxation Law Articles

Articles written by attorneys and experts worldwide discussing legal aspects related to Taxation.



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Obama Care’s Impact on Permanent Residents and Expatriates

  November 30, 2012     By WF Frank & Partner LLP
The re-election of President Obama ensures that the Affordable Care Act (“ACC”) will be implemented. The ACC imposes obligations that most individuals maintain health care coverage. Individuals who fail to comply with the law are subjected to penalties in the form of excise taxes. For permanent residents who may maintain coverage provided by a foreign company or government and for expatriates living abroad, the individual mandate creates a number of potential issues and concerns.

International Taxation: Resident and Non-Resident Considerations - Pakistan

  November 21, 2012     By Azimuddin Law Associates
In view of world wide economic integration, the international aspect of income taxation has become increasingly important. This note provides an introduction to the policies that countries seek to advance. The questions of source, jurisdiction and distinction between resident and non-resident from the perspective of international taxation are an important issue and in this perspective tax treaties and related instruments have been reviewed.

What Happens When You Are Audited?

  November 15, 2012     By Ellsworth Law Group
Many Americans live in fear that the dreaded IRS man will come knocking with in-home income tax audits. The truth of the matter is that the auditing process usually begins with a letter or a phone call that you must respond to.

Who Is An Income Tax Return Preparer?

  November 15, 2012     By Ellsworth Law Group
Income tax return preparers may be subject to a number of general penalty provisions as well as specific preparer penalties aimed directly at them. Beware getting yourself into a position of having overstated deduction areas repeatedly. You can lose your right to prepare returns if you do.

Transferring Assets? The Tax Man Looms

  November 14, 2012     By Parman and Easterday
The gift tax exists because of the fact that people logically transfer assets to their future heirs while they are still alive in order to avoid the estate tax at their death

China - A Primer on Major Indirect Taxes for Foreign Enterprises

  November 13, 2012     By MMLC Group
Foreign investors need to understand China's indirect taxes, especially its withholding taxes and VAT reforms. China relies greatly on these for its revenue base, thus enforcement of these taxes is strict. This article reviews these indirect taxes and identified major current issues.

Highly Qualified Persons Rules - 15% Flat Tax Rate on Employment Income - Malta

  November 12, 2012     By Mamo TCV Advocates
Malta’s position within the financial services, gaming and aviation sectors, is further bolstered by the newly introduced 15% flat tax rate on; income derived from employment in Malta, by persons not domiciled in Malta and working in either of the ‘eligible offices’ as defined by the HQP Rules. With a minimum annual tax payable of € 11,250, equating to a 15% tax rate being applied to an income of € 75,000, tax planning has become a lot simpler.

VAT and Aircraft Leasing Initiative – Malta

  November 8, 2012     By Mamo TCV Advocates
The VAT Department in Malta has issued guidelines relating to aircraft leasing. The guidelines which are based on the current yacht leasing measures, seek to mitigate the VAT impact on the purchase of an aircraft and its engines.

The New Ukrainian Property Tax Law

  November 8, 2012     By Frishberg & Partners
Until recently, residential property owners in Ukraine did not need to pay any property tax whatsoever. At long last, however, the government has passed legislation designed to remedy this significant loophole in its ongoing tax collection efforts.

At The Conclusion Of The Year, Inheritance Gifts Will Reach Their Expiration Date - Germany

  November 2, 2012     By GRP Rainer LLP
Inheritances may possibly expire at the end of the year, because of a legislation alternation in compliance with the inheritance reform. The reform of 2010 changed the actual guidelines and may even display its effects for the first time this coming year. On the 10.09.2010 the new inheritance and also limits legislations grew to be useful.

Pakistan: VAT on Services Rendered by Construction Industry

  November 1, 2012     By Azimuddin Law Associates
In order to regulate the levy of Sales Tax on services provided, rendered, initiated, received or consumed in the province of Sindh, the provincial government enacted, The Sindh Sales Tax on Services Act, 2011,1 which became enforceable from the first day of July 2011.2

Reporting Requirement Of Inherited Untaxed Properties in Germany

  October 31, 2012     By GRP Rainer LLP
Even inheritors of tax evaders should eventually take criminal prosecution against them into account, since more and more tax investigations due to fiscal fraud were lately brought to light. It seems that a stricter pursuit of tax evaders is to be expected.

European VAT: Is Sale of an Asset Used for Private Purposes Taxable Under VAT? - Pakistan

  October 31, 2012     By Azimuddin Law Associates
General principles on ‘Taxability’, ‘Jurisdiction’, ‘Taxable person’, ‘Taxable event’, Taxable supply, Tax exemption, Adjustments, etc bear a common phraseology among different jurisdictions, hence understanding of the general principles elucidated by courts of different jurisdiction will extend us new grounds for understanding the complexities of issues arising between taxpayer and tax department.

The Battle over Beer Taxation - Points of Interest - Israel

  October 30, 2012     By Gill Nadel Law Offices
This article is dealing with the battle over the salse taxes over beer in Israel. It was recently reported that the Minister of Finance raised the sales tax rate on beer from NIS 2.18 per liter to NIS 4.19 per liter and in light of this, local producers of beer claim that they will not be able to withstand such a tax raise.

Common Characteristics of the System of Taxation in the Russian Federation

  October 29, 2012     By Levine Bridge Law Firm
The basic laws governing taxation are covered by the Tax Code of the Russian Federation (TC RF). The Tax Code consists of two parts. The first part of the Tax Code came into effect on January 1, 1999. It contains the basic rules that are applicable to tax legislation in Russia, including the concepts used in the tax law, the principles of taxation, the system of taxation, the status of taxpayers and government bodies involved in taxation...

An Explanation of Unified Gift/Estate Tax

  October 26, 2012     By Kuhn & Kuhn Law Firm
levy that is imposed on gifts that you give to others if they exceed a certain amount. Every year you can give as much as $13,000 to any number of gift recipients free of the gift tax. The total sum of these tax-free gifts can equal any amount of money.

Tax Alert – The Income Tax (Transfer Pricing) Regulations, No. 1, 2012 - Nigeria

  October 25, 2012     By Oserogho & Associates
Some of the objectives of the proposed Income Tax (Transfer pricing) Regulations, 2012 as published by the Federal Inland Revenue Service in pursuance of the powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act include the provision to the Nigerian tax authorities, tools to fight tax evasion, which is usually promoted through over or under–pricing of transactions between associated enterprises not adhering to the arm’s length tax principle.

Germany - Income Tax For Year Of Death Of The Deceased Deductible According To Federal Court Of Finance

  October 23, 2012     By GRP Rainer LLP
The verdict of the German Federal Finance Court (BFH) of the 04.07.2012 (AZ: II R 15/11) strongly portrayed the point in which the income tax debtfor the death year of the departed is actually tax deductible. Consequently, going forward, the debts belonging to the deceased, consisting of church taxes, as well as, the solidarity surcharges, can be subtracted before computation of the inheritance tax by the taxation office.

Unified Exclusion Applies to Estate Plus Taxable Gifts

  October 18, 2012     By Frank & Kraft, Attorneys at Law
You may have heard the term "unified exclusion" if you have started to do any research into the field of estate planning as you look ahead toward your own future. What this is referring to is the amount of resources you can pass along to your loved ones without facing the prospect of paying a hefty tax.

Malta Retirement Program Rules 2012

  October 18, 2012     By CSB Advocates
In October 2012, the Maltese Government has issued a special tax status for retirees from EU, EEA countries and Switzerland when remitting their pension into Malta. A fixed tax rate of 15% will be due on the pension remitted, and the minimum tax payable shall be of €7,500 for the beneficiary and €500 for every dependant (if any).

Shedding Light on Unified Gift/Estate Tax

  October 18, 2012     By Law Office of Roy W. Litherland
The taxes that are imposed on transfers of assets are something to take very seriously when you are interested in wealth preservation. These taxes extend beyond the estate tax alone. There is also a gift tax, and it is unified with the estate tax under Internal Revenue Service regulations.

Settling Tax Debt with an "Offer in Compromise"

  October 16, 2012     By Ellsworth Law Group
There are lots and lots of offer in compromise companies advertising to get your money and in return have you pay “pennies on the dollar” to resolve your tax liability. This post reviews the real facts underlying how the offer in compromise process really works. First we’ll take a look at getting your offer in compromise based on economic hardship. We’ll examine just what this means in the offer in compromise arena.

The Gift Tax, the Estate Tax and Your Family's Future

  October 12, 2012     By Augulis Law Firm
It is important to be aggressive about tax planning in light of the heavy toll that the federal estate tax can take on your legacy. To be able to act intelligently you must gain an understanding of the taxation that is imposed on significant asset transfers and we will shed some light here.

Unification of Gift and Estate Tax

  October 11, 2012     By The O'Brien Law Firm LLC
To be able to proceed intelligently when you are planning your estate you must have an understanding of the relevant tax laws. There are those who think that it is not fair, but acts of giving while you are alive or after you pass away are taxable.

Help Relatives Now, Reduce Future Tax Burden

  October 4, 2012     By Parman and Easterday
Success is the name of the game, but unfortunately the fruition of your financial goals can present some tax challenges. If your assets exceed a certain amount after you pass away your heirs are potentially subject to the Federal estate tax.

Legal and Tax Alerts in Nigeria – Companies’ and Personal Withholding Tax Regime

  September 27, 2012     By Oserogho & Associates
Withholding Tax is a mandatory advance tax payment which is deducted and withheld from any income or disbursement due to a taxable person, for onward remittance to the relevant tax or government collecting authority, against a final tax liability. This advance tax payment can be set-off against the final tax obligation(s) of the taxable person subject to such person applying for and obtaining the Withholding Tax Credit Notes in respect of each advance tax withheld and remitted.

Come to the Rescue While Reducing Tax Exposure

  September 20, 2012     By Kuhn & Kuhn Law Firm
A study was released earlier this year by the American Journal of Medicine regarding bankruptcies caused by medical bills that were simply too overwhelming to address. They found that in 2007 62% of all bankruptcies were due to an inability to pay health care debt. If you are in a position to assist family members who may be in financial difficulty due to medical bills you may be concerned about the gift tax.

Who Will Carry Out Your Wishes?

  September 20, 2012     By Kuhn & Kuhn Law Firm
Leaving behind your final wishes via the construction of a Last Will is part of the equation when you are making preparations for the inevitable. But words on a piece of paper are not going to accomplish much in and of themselves. Someone is going to have to actually make sure that your wishes are carried out,and this will be the executor or personal representative.

Don't Sleep as Tax Hikes Near

  September 20, 2012     By Kuhn & Kuhn Law Firm
As they say time flies,and it is kind of hard to believe that we are so far into 2012 already. This is a very interesting year on a number of different levels and coming changes to the tax code are among the points of intrigue. You may remember that the Bush era tax cuts were scheduled to expire at the end of 2010.

Discounted Gift Giving

  September 20, 2012     By Kuhn & Kuhn Law Firm
The Federal estate tax is unified with the gift tax.As a result,gifts that you give are subject to the same 35% tax that is applied to your estate. It should be noted that there is a unified gift/estate tax exemption and right now it sits at $5.12 million. However, these numbers are only accurate for 2012.As laws currently stand,the exclusion is going to be reduced to $1 million in 2013 and the rate is scheduled to rise to 55%.

Estate Tax to Impact More Americans in 2013

  September 20, 2012     By Kuhn & Kuhn Law Firm
There was once a time when being a millionaire implied that you were truly of the upper crust.The commonly held wisdom was that a millionaire could live forever on the interest alone and that million dollar figure took on a magical allure. Nowadays things are quite a bit different and everyday people who work hard and do the right things could find themselves with assets exceeding $1 million.

COLA Will Assist People on Social Security in 2012

  September 20, 2012     By Kuhn & Kuhn Law Firm
Individuals who are receiving Social Security did not receive any cost-of-living adjustments in 2009 or 2010. These adjustments are given based on the rate of inflation,and during those years increases were not justified based on the parameters that are used. Unfortunately, the health care costs that seniors must pay out-of-pocket rose during that time by just over 14%, and this underscores how difficult is to get by if you are overly reliant on Social Security.

Give Less to the IRS, More to Family

  September 20, 2012     By Frank & Kraft, Attorneys at Law
Once you come to the realization that your store of financial assets exceeds the unified estate/gift tax exclusion amount you have a pleasant problem on your hands. You have to seek ways to gain tax efficiency,and one possibility would be to give certain types of gifts to family members or others that you care about.

Minors and Conveyances

  September 17, 2012     By Pohl & Short, P.A.
Mary Smith contacted me to assist her in the sale of a vacant lot owned by both Mary and her son, Michael. Mary originally went to a local title agency and was advised that she cannot complete the sale because her son is a minor – i.e., under the age of 18 years. Mary owns a 50% interest in the property, and her 17 year old son, Michael, owns the remaining 50% interest. They have a Buyer ready to purchase the lot for $25,000.00.

What Assets Can the IRS Seize?

  September 17, 2012     By Ellsworth Law Group
A non-wage levy seizes the taxpayer’s right, title and interest to all property that is in the possession of the levied party (the person or company holding your property for you) at the time the levy is served. It seizes no more and no less. The exemptions from levy are few and meager, but they exist and consist of the first (sometimes the last) line of defense against the levy.

Your Statute of Limitations for an IRS Tax Audit

  September 17, 2012     By Ellsworth Law Group
The wise taxpayer will always ask his or her tax lawyer or tax audit representative in cases like tax audit cases first about the statute of limitations in the case. At its simplest, a statute of limitations is just what it says–a limit on the amount of time the IRS has to perform a particular task, like audit taxes or collect taxes. And, it is set by statute, hence “statute of limitations.”

Getting Wage Levies Released

  September 17, 2012     By Ellsworth Law Group
Wage levies are vicious collection devices used by the IRS to get your attention. A wage garnishment can take up to 85% of your gross pay, leaving you with nowhere to sleep but the street. In most cases our immediate goal is to remove the levy. In the case of a wage levy, Revenue Officers or ACS often (but not always) release wage levies upon request of an authorized representative.

VAT Reform in China Extended to 11 Provinces/Cities

  September 17, 2012     By UB & Co. Attorneys and Counselors
July 25th, 2012. - On July 25th, 2012, the State Council of China held its standing meeting and approved to extend the Value Added Tax (“VAT”) reform. From August 1st to December 31st, 2012, the transformation from Business Tax (“BT”) to VAT in transportation industries and certain modern service industries will be launched in 8 provinces and 2 cities as follows:

Estate Tax: How Much is too Much

  September 14, 2012     By Esther Wang - The Elderly and Disability Law Firm
Taxes are a controversial subject, but most people would probably agree that a tax that takes more of the assets in question than it leaves behind to the rightful owners is questionable. However, this is the situation those in the estate planning community are faced with in 2013 with regard to the federal estate tax.

Is a 55% Death Tax Fair?

  September 13, 2012     By Anderson, Dorn & Rader, Ltd.
Some people within the estate planning community call the estate tax the "death tax" because it is a tax that is levied because you passed away and for no other reason. The assets that comprise your estate are simply your real and personal property you accumulate while you are living.You paid taxes along the way and these assets are what you were able to hold onto after paying them. They are not taxed again while you are alive.

Some Observers Decry Estate Tax Rate

  September 12, 2012     By Law Office of Roy W. Litherland
Where do you draw the line when it comes to a tax rate? This is an ongoing question that is always being debated among lawmakers. However, even the most zealous pro-tax advocates may have to concede that a tax that consumes the majority of the resources in question is a bit excessive. This will be the case with the federal estate tax in 2013, assuming the laws that are in place as of this writing remain in effect.

Evolving Global System of Financial Scrutiny and Taxation - Pakistan

  September 7, 2012     By Azimuddin Law Associates
The forces of ‘globalization’ have had a profound impact on the world’s leading economies. Today, the leading countries of Asia know this lesson well, and North America and Europe are rapidly feeling the effects of the difficulties faced by Asian economies.

Taxation Aspect of Property Sale and Purchase - Indonesia

  September 1, 2012     By Leks&Co
Business sale and purchase of property has been demanded by many people. In performing the business sale and purchase of property, it does not only need an agreement between seller and buyer, but there are things that shall be performed by both parties as one of the obligations to State. The relevant obligation is payment of a tax in acquisition of property that should be performed by buyer and seller.

The Ease of Benefitting from Tax Residence in Malta

  August 21, 2012     By CSB Advocates
Further to the suspension of the Permanent Residents Scheme in December 2010, the Government of Malta has put in place a scheme for special tax status aimed at attracting internationally mobile, high net worth individuals to become tax resident in our islands and benefit from a favourable tax rate of 15% on any income remitted into Malta.

Tax Alert - Minimum Tax and Dormant Companies in Nigeria

  August 12, 2012     By Oserogho & Associates
The general perception that dormant companies are not liable to pay any tax at all as they are not engaged in any trade or business is not correct. As a tax-avoidance measure, Minimum Tax is charged on the higher amounts of such a dormant company’s gross profit, or its net assets, or its paid-up share capital, or its turnover, at the rates stated in this article. The only exemptions to this rule are as also stated in this article.

Pending Loss of Estate Tax Portability A Concern

  August 10, 2012     By Parman and Easterday
When this year comes to a close we are going to be looking at an entirely different lay of the land when it comes to the estate tax parameters. With this in mind we would like to examine the subject of estate tax exclusion portability. What does portability mean in this context?

Two People, One Exemption?

  August 9, 2012     By Law Office of Roy W. Litherland
The federal estate tax is applicable to everyone as an individual, so each person is afforded an individual exemption. The current amount of the estate tax exclusion is $5.12 million. So, a husband and wife would each have $5.12 million for a total of $10.24 million that could be passed along to their heirs before the estate tax becomes applicable.

7 Things to Consider in International Business Structuring in the Ukraine

  August 9, 2012     By Avellum Partners
It is common on the market that any business structuring for a Ukrainian business is conducted mostly by financial advisers and business consultants looking primarilyat the cost reduction and direct tax economy. However, current tax legislation in most countries around the world is eager to fight with structures erected only for tax economy purposes. Ukrainian tax authorities are not exception in this case.

Malta QROPS: A Success Story

  July 24, 2012     By Mamo TCV Advocates
Malta has come a long way since it first gained its Qualifying Recognized Overseas Pension Schemes (“QROPS”) status from the UK HM Revenue and Customs (“HMRC”) in 2009. Since then Malta has rapidly established a reputation as a safe and robust QROPS domicile. As will be seen below, various factors have proved pivotal in allowing Malta to benefit from a steadily growing slice of the QROPS market.

Malta - Switzerland Double Taxation Agreement Comes into Force

  July 18, 2012     By CSB Advocates
Malta’s double taxation agreement (DTA) with Switzerland has entered into force on the 6th July 2012. This DTA was signed on the 25th February 2011 and replaces the agreement signed on the 18th December 2008 which used to be limited to the taxation of income derived from ships and aircraft.

Limitations for Corporate and Income Taxpayers on Financial Expenses - Turkey

  July 17, 2012     By Herdem Attorneys at Law
Turkish Parliament has adopted a new law, Law No 6322 that brings out a limitation to financial expenses to corporate and income taxpayers. Accordingly, amounts including but not limited to credit interest, foreign exchange losses i.e. as a part of financial charges that exceed the equity capital and not a part of investment expenses shall not be determined as financial expenses and be written off as of 01 January 2013.

Highlights of Corporate Taxes in the Democratic Republic of Congo

  July 13, 2012     By Yav & Associates
This brief gives insights on taxes applied to corporate income and corporate capital gains. Corporate Income Tax - Congolese companies are taxed on the territoriality principle. As a result, companies carrying on a trade or business outside the Democratic Republic of Congo (DRC) are not taxed in the DRC on the related profits.

Tax Hikes Loom

  July 12, 2012     By Parman and Easterday
Oklahoma City estate planning attorneys are always reminding their clients to stay in touch because the initial estate plan is like a snapshot whereas estate planning as a whole is an ongoing motion picture of sorts. As things change, the estate plan that you previously constructed may need to be updated – something to keep in mind every step of the way.

Transferring Quarry and Mining Rights in the Democratic Republic of Congo [DRC]

  July 12, 2012     By Yav & Associates
The mining code of the Democratic Republic of Congo [DRC] provides for a possibility of leasing and assigning mining and quarry rights. Since mining and quarry rights, as expressed in mining and quarry permits, are real and exclusive property rights, it is possible to lease and assign these rights, although under the restrictions set out in the Mining Code.

(EU Law) Claiming the Import of Tax Credits Granted by Foreign Countries is only Possible in Certain Cases - Spain

  July 11, 2012     By Javier Valls Abogados
The Spanish tax authorities prohibited a Spanish bank from deducting in Spain the withholding at source of interest obtained in Belgium, given that this income, in accordance with Belgian regulations, was exempt in that country and the bank had thus never paid any tax in Belgium. In other words, deduction was being claimed in Spain of an amount that had never been paid abroad.

On the Obligation of Outputting VAT Within a Period of One Year

  July 11, 2012     By Javier Valls Abogados
Spanish regulations require the seller of goods or services to issue the invoice within a maximum period of one month following the transaction. The pertaining VAT must evidently be included in the invoice. In the event of failure to do so due to error or omission, the seller has up to one year to output the VAT, that is, to issue a new invoice and claim the payment of VAT from the buyer.

Input VAT Before and After the Business Activity is Always Deductible in Spain

  July 11, 2012     By Javier Valls Abogados
VAT often accumulates before a company begins its ordinary business activity and likewise, when a company is undergoing a winding-up process and is no longer active. Two rulings will help us understand that under no circumstance will the input VAT be lost in either of these two stages of a business.

Risks in the Acquisition of the Status of Business Established in Spain for more Expedient VAT Refunds

  July 11, 2012     By Javier Valls Abogados
Our client, a French company, dissatisfied with the tardiness of the Spanish administration in refunding output VAT in Spain (and which had already been reported on more than one occasion by the European Commission), decided to become established in Spain for VAT purposes (but not in regard to other taxes). The company thus obtained a Spanish tax number (NIF) and established the commencement of its activity in Spain in December.

Question and Answers On Collection Statute of Limitations (for Hawaii State Taxes)

  July 2, 2012     By Richard Paul McClellan III Lawyer
Answers to Common Questions about the State of Hawaii Statute of Limitations on the Collection of Unpaid or "Back" Taxes.

How to Minimize or Eliminate Taxation of Your Retirement Accounts at Death

  June 28, 2012     By Law Offices of John C. Martin
While retirement accounts do provide healthy tax incentives to save money during one’s lifetime, most people don’t consider what will happen to the accounts at death. The reality is, these accounts can be subject to both estate and income taxes at death. However, choosing a beneficiary carefully can minimize—or even eliminate—taxation of retirement accounts at death. This article discusses several issues to consider when choosing plan beneficiaries.

Warding Off Living Trust Disasters: Issues to Consider when Funding your Living Trust

  June 21, 2012     By Law Offices of John C. Martin
A revocable trust can minimize or eliminate the supervision of probate courts; increase privacy, reduce expenses and costs; and simplify the administration process at death. However, a failure to fund can result in costly probate proceedings or worse—a transfer of your estate to the wrong beneficiaries. Rather than undermining the very purposes of the trust by failing to fund, individuals should take concrete steps in order to ensure complete trust funding.

Law on Sea Ports of Ukraine: First Impressions

  June 21, 2012     By International Law Offices
The Law, long-awaited by the national port industry, establishes the basis of governmental regulation and defines new procedures for building, expanding and closing seaports in Ukraine, as well as the procedure for performing any economic activity on the sea ports’ territory.

New Incentive Scheme of Turkey

  June 19, 2012     By Herdem Attorneys at Law
Turkish Cabinet has announced a new decree on 15th June 2012, numbered 2012/3305 and published on official gazette of 19th June 2012.

How Anticipating Future Problems with Powerful Estate Planning Documents Can Save You Time and Money

  June 18, 2012     By Law Offices of John C. Martin
This article discusses ways to beef up your California estate planning documents in order to minimize costs. Want to save money with wills, trusts, and estate? The best way is to plan for changed circumstances with estate planning documents that anticipate future changes in the law. Special emphasis on: special needs trusts; IRA accounts and retirement accounts; divorce protection; beneficiary-controlled trusts; asset protection; medi-cal planning; and generation skipping transfer tax.

Panama New Tax Reform

  June 7, 2012     By Quijano & Associates
A recent tax reform enacted by the Panamanian government is applicable to Panamanian corporations and private interest foundations as of the 8th of May 2012, which means that the annual tax has increased as follow:

Michigan Tax Tribunal Undergoes Procedural Changes

  June 6, 2012     By Fahey Schultz Burzych Rhodes PLC
For various reasons relating to the increase in property tax appeals in recent years, the Michigan Tax Tribunal has found itself in a position where numerous procedural changes are necessary in order that it might keep up with claims. The following article addresses these changes.

VAT in Cyprus

  June 6, 2012     By Michael Chambers & Co. LLC
Value Added Tax is a tax charged on every taxable supply, by a taxable person, of goods and services within the Republic, other than an exempted supply. It is also charged on goods acquired in Cyprus from other EU countries and on goods imported from outside the EU. VAT is an indirect taxation which is applied by the VAT registered business acting as agent of the VAT authority by adding VAT to the full sale price of the taxable goods and services they provide.

The New and Improved Cyprus International Trusts Law

  June 6, 2012     By Michael Chambers & Co. LLC
The law on international trusts in Cyprus has undergone considerable changes this month with the enactment of a new law[1] that amends the International Trusts Law[2]. The amendments have been heralded as positioning Cyprus as the most favorable trust jurisdiction in the European Union and its much-anticipated provisions have been received with considerable praise by investors and professional advisors across the island.

Notice on the Matters regarding Double Taxation in Mainland China for Hong Kong (and Macao) Tax Residents

  June 3, 2012     By UB & Co. Attorneys and Counselors
The State Administration of Taxation (“SAT”) of the People's Republic of China (“PRC”) issued Notice on the Matters regarding Individual Income Tax with respect to the Implementation of the Tax Arrangements between the Mainland China and Hong Kong (and Macao) (hereinafter referred to as the "Notice") on April 26th, 2012, which addresses the double taxation problems in favor of the Hong Kong (and Macao) tax residents.

Expiration of Tax Relief Package Approaching

  June 1, 2012     By Law Office of Roy W. Litherland
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is scheduled to expire, or sunset, at the end of the year. If you do not take the necessary steps to gain tax efficiency, you could be missing out on a window of opportunity and lose a great deal of money in the process.

Are You Aware of Coming Tax Increases?

There are some tax increases on the way at the end of this year and a lot of people may not be aware of them. Given the implications of these pending tax hikes cut it is absolutely necessary to sit down and discuss your situation with a licensed and experienced San Bernardino estate planning lawyer because there is a lot of money in the balance.

Tax Implication of Secondment Agreement in the Democratic Republic of Congo [DRC]

  May 30, 2012     By Yav & Associates
The idea behind a secondment arrangement is that the secondee will remain employed by the original employer during the secondment, and will, following the termination of the secondment, "return" to the seconder. However there is a risk that the secondee may (technically) become the host's employee, despite the parties' intentions. This depends on the facts of the particular case. This brief discusses the tax Implication of Secondment Agreement in the Democratic Republic of Congo.

Clarification on the Implementation of the EIT Preferential Policies for China's Western Region

  May 28, 2012     By UB & Co. Attorneys and Counselors
The State Administration of Taxation (“SAT”) issued Notice on the Matters regarding Enterprise Income Tax under the Development Strategy for Western Region (hereinafter referred to as “Notice”) which provided certain important clarifications for the implementation of Enterprise Income Tax (“EIT”) preferential policies and set out the relevant applications and approval procedures. The Notice takes retrospective effect from January 1st 2011.

Foreigners are Required to Declare their International Assets to the Brazilian IRS

  May 27, 2012     By Lubbad Law Office
According to our understanding and as a result of an extensive study of tax law, IRS internal norms, as well as the law regulating foreigners’ status in Brazil. We have come to the following understanding of the ever so controversy question, do foreigners need to declare their international assets in Brazil when having permanent visa?

Rules Regulating Foreign Currency in Russia

  May 26, 2012     By Levine Bridge Law Firm
If you are planning on visiting any country, it is always helpful to be familiar with the rules governing the import and export of currency and other securities. In Russia these issues are regulated by Federal Law from 10.12.2003 No.173-FZ “On Currency Regulation and Currency Control” and Customs Legislation.

Tax Transformation from Business Tax to Value-Added Tax in China

  May 25, 2012     By UB & Co. Attorneys and Counselors
The State Administration of Taxation has issued the Provisional Measures of Applying the Exempt, Credit and Refund Method to Zero-rated Value-added Tax Services in Their Transformation from Business Tax to Value-added Tax under the Pilot Program (the “Provisional Measures”) on April 5th, 2012, which has retrospectively become into effective since January 1st, 2012.

Educational Giving

  May 25, 2012     By Deborah Sexton Law Office, PA
Acts of generosity are beautiful things for the most part, but there is a reason to proceed with caution when you are planning your estate for the good of your loved ones. In some cases, a gift or inheritance can be detrimental, causing more problems than providing benefits to your loved ones.

What’s the Deal with Estate Taxes?

  May 24, 2012     By Deborah Sexton Law Office, PA
Estate taxes are federal taxes placed upon any estate above a certain net worth. The net worth of an estate is the value of all property and financial assets minus the total of debts that are owed.

Year-End Tax Increases Getting Closer

  May 24, 2012     By Frank & Kraft, Attorneys at Law
Now that we are getting well into the year it is important to recognize the fact that there are some significant changes to the tax laws scheduled to kick in at the end of 2012. These alterations may make it necessary for you to make changes to your estate plan and perhaps your long-term financial plan as well.

Planning was Essential for TV Icon Clark

  May 24, 2012     By Augulis Law Firm
At the present time the details regarding the way that the late TV icon Dick Clark planned his estate have not yet been made public. One thing is for sure though: If Clark did not take steps to gain tax efficiency his heirs will be faced with an enormous estate tax bill.

Reasons Why Planning for Your Death is So Important

  May 23, 2012     By John Rogers Burk, A Law Corporation
None of us really like the idea of sitting down and planning for our death, yet as the old saying goes “the only things that are certain in life are death and taxes. Interestingly, the two go hand in hand in many cases. If you do not plan for your death, your estate will likely owe more taxes than had you taken the time to plan ahead.

Using Your Traditional IRA to Buy a Home

  May 23, 2012     By Norrie & Associates
For many individuals, buying their first home is difficult because of the need to save up enough money to make the initial payment or to cover the closing costs. However, you may be able to use funds you saved in your traditional IRA to buy a home without incurring the 10% early withdrawal penalty (but you will probably still have to pay the regular income taxes on the distribution).

Capital Gains Tax in Cyprus

  May 23, 2012     By Michael Chambers & Co. LLC
Capital Gains Tax (“CGT”) is a tax imposed on capital gains made by companies and individuals in Cyprus. - Application - It is applied to any gain that is attributable to: a) the disposal of immovable property located in the Republic; and b) the sale of shares in a company that owns immovable property in the Republic provided that the relevant company is not listed on a recognized stock exchange.

An Introduction to Personal and Business Income Tax in Cyprus

  May 21, 2012     By Michael Chambers & Co. LLC
In a challenging financial climate, it has never been more important to comprehend the system of taxation in the jurisdictions in which you operate. One needs to be fully aware of the entire picture concerning applicable fiscal provisions and the advantages that one jurisdiction may present over another in order to make informed and correct choices about various venues for undertaking international business.

New Detailed Rules Regulating Value-added Tax and Business Tax of China

  May 21, 2012     By UB & Co. Attorneys and Counselors
The new Detailed Rules of the Provisional Regulations on Value-added Tax of the People’s Republic of China (the “VAT Rules”) and the new Detailed Rules of the Provisional Regulations on Business Tax of the People’s Republic of China (the “Business Tax Rules”) were issued by the Ministry of Finance and the State Administration of Taxation on October 28, 2011 and will become effective as of November 1, 2011.

When You Pass Away Can Make a Lot of Difference

  May 15, 2012     By The Law Offices of Saul Kobrick, P.C.
There are a number of things about the Federal estate tax that do not seem fair to many observers. One of them is the fact that it is a tax that is imposed on resources that are still in your possession after you paid taxes. They are not subject to more taxes by virtue of their very existence while you are alive. But the event of your death is somehow viewed as a taxable one by the powers that be.

Will Filing Bankruptcy Affect Your Tax Refund?

  May 14, 2012     By Carucci Di Lorenzo LLC
One frequent topic of discussion this time of year is the way bankruptcy will affect tax refunds. Some people assume that all future refunds may somehow be set off against what they owe; others assume that the government may keep it for some period of time. It is important to make sure that you know what can happen to a tax refund, both to minimize the impact, and so you can plan accordingly.

Estate Planning Uncertainty in an Election Year

  May 12, 2012     By The Law Offices of James A. Miller
Creating a comprehensive estate plan is a complicated undertaking and requires a thorough understanding of all the myriad tax laws that will impact your plan. This can be difficult under normal circumstances. In an election year, it becomes increasingly difficult as the fate of many tax laws is uncertain. This is not, however, the time to become complacent. Doing nothing could cost you a substantial amount in taxes.

Estate Planning and Taxes -- Why the Two Go Hand in Hand

  May 11, 2012     By Anderson, Dorn & Rader, Ltd.
When most people make an appointment to sit down with their estate planning attorney, they have given some very serious thought to how they want their assets to be distributed upon their death. If you are like most, you have done this as well as thought about the need to provide for your family in the event you die an untimely death. These are the things that most people think about when it comes to estate planning.

The Generous, but Temporary, Gift Tax Exclusion

  May 4, 2012     By TroyGould
One of the remarkable changes to the 2010 tax law increases the amount a taxpayer may gift on a tax-free basis from $1 million to $5,120,000 ($10,240,000 per couple) for 2012, more than five times greater than any gift tax exclusion previously offered.

Don't Be Fooled by Estate Tax Changes

  May 4, 2012     By Duffy Law Office
With the recent changes to the estate tax, many people have become confused about estate planning. Unfortunately, a lot of the confusion is because people have misinterpreted the changes to the tax. It has some people thinking that the increase in the estate tax exclusion limit means that they do not need to plan for their estate at all. Nothing could be further than truth.

Don't Give Large Gifts Without Legal Counsel

  May 3, 2012     By Frank & Kraft, Attorneys at Law
You have to be extremely careful about giving gifts of significant value in light of the looming threat of the federal gift tax. Right now this tax carries a 35% rate, and if this was not high enough it is scheduled to rise to 55% at the beginning of 2013.

Purchasing Real Estate Property in the Dominican Republic: The Due Diligence Process

  April 29, 2012     By Arthur & Castillo
Persons, be either Dominican nationals or foreigners desiring to buy, resell or in any way dispose of real estate in the Dominican Republic should note that Dominican Republic real estate laws and regulations particularities make it preferable to conduct a due diligence and review process through independent counsel in order to verify legal and tax status of the property before any formal decisions or payments are made.

Hotels and Tourism Licensing and Regulatory Regimes - Nigeria

  April 29, 2012     By Oserogho & Associates
A proper understanding of the various federal, state and local government licensing and regulatory regimes in the Hotels, Hospitality and Tourism markets in Nigeria is critical to the execution and substance of a viable business plan in any of these sectors. This Legal Alert is our contribution to your achieving this objective. - Legal Alert – April 2012 – Hotels & Tourism Licensing and Regulatory Regimes

Understand Tax Laws Before Making Asset Transfers

  April 20, 2012     By Augulis Law Firm
If you were to enjoy extraordinary financial success one of the first things that may cross your mind would be to share the wealth with your loved ones. While generosity is almost universally viewed as a positive trait, you would do well to consider the tax code before you divest yourself of any significant quantity of resources.

Estate Planning Uncertainty in an Election Year

  April 19, 2012     By John Rogers Burk, A Law Corporation
Tax laws have a direct and significant impact on your estate plan. During an election year, such as this year, the fate of many tax laws is often uncertain. Scheduling a review of your current estate plan with your estate planning attorney is a good way to make sure that your plan takes advantage of the current tax laws and anticipates any scheduled changes.

A GST Can Reduce Heavy Estate Tax Erosion

  April 18, 2012     By Pyke & Associates, P.C.
When you are a child you are taught to understand right from wrong. Because so much effort is put into making this point to you, unfairness can seem like a very big deal when you are a youngster. Then, little by little, the landscape of childhood starts to pass away, and you come to understand that the way of the world as we know it is inherently unfair in some ways. But that doesn't mean you lose your ability to see right from wrong.

Debt Settlement and Tax Resolution

  April 18, 2012     By Ray Bulaon Law Offices
If you have found yourself in financial hardship, you may believe that you are out of options. However, bankruptcy is not your only choice. Through debt settlement, tax resolution, or another form of debt relief, you could be able to get your life back on track.

Estate Planning and Tax Consequences

  April 18, 2012     By Pyke & Associates, P.C.
Estate planning serves two very important functions. First, it allows you to decide what will happen to your estate assets upon your death. A secondhand corresponding, function is that estate planning allows you to structure those assets in a way that will minimize the tax consequences associated with the transfer of estate assets.

GRATs with Appreciating Assets

  April 12, 2012     By The Law Offices of Saul Kobrick, P.C.
There are two primary advantages to utilizing gift giving as a part of your inheritance planning strategy. For one thing you get to enjoy the simple pleasure of doing something nice for a loved one while you are still alive. This is good for you emotionally, but it is good for your heir as well because he or she doesn't have to juggle the grief/happiness conundrum that goes along with receiving an inheritance.