Taxation Law Articles
Articles written by attorneys and experts worldwide discussing legal aspects related to Taxation.
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.”
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.
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:
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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
July 17, 2012 By Herdem & Co. 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.
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.
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.
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
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.
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.
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
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.
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.
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.
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.
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.
June 19, 2012 By Herdem & Co. 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.
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:
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.
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.
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 that amends the International Trusts Law. 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.
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.
May 31, 2012 By Esther Wang - The Elderly and Disability Law Firm
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.
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.
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.
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?
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
April 12, 2012 By The Law Offices of Saul Kobrick, P.C.
As we watch the countdown on New Year's Eve it is a heady time indeed. Another year beckons, full of change and pregnant with possibility. Before you know it, that fateful time arrives and champagne corks take flight, people break into heartfelt song, and anything seems possible. But when you wake up the next morning and make it to work a day or two later, you tend to find the world looking pretty much the same as it did before all of that change that went down on New Year's Eve.
April 9, 2012 By Davidov Law Group
You might have heard that you can give some of your money to your heirs before you pass away without any tax consequences. While this is sometimes the case, if you do not speak to an estate planning attorney before you give your money away, you might be making a big mistake. A well-intentioned, but improperly given, gift can cause more problems and greater financial burdens than anyone wants deal with.
April 6, 2012 By Frank & Kraft, Attorneys at Law
It would be logical to consider giving gifts to people that you would otherwise be leaving inheritances to while you are still alive in an effort to gain estate tax efficiency. However, the powers that be are well aware of this logic as well. Therefore, there is a gift tax in place that is unified with the estate tax.
April 5, 2012 By Byrd Garrett PLLC
Federal estate taxes are taxes that will be owed upon your estate after you pass away. Your estate will owe taxes if your assets are worth more than a certain amount. The maximum estate tax rate is quite high, so finding ways to decrease your taxable estate is vital.
April 5, 2012 By Byrd Garrett PLLC
Trusts, both revocable and irrevocable, offer a variety of options that allow you to tailor your estate plan to your specific needs and desires. If you have an estate that extends beyond a basic Last Will and Testament, you should understand the differences between these two types of Trusts.
April 5, 2012 By Law Firm of Mark S. Eghrari & Associates PLLC
You can withdraw money from your IRA at any time, but there are sometimes penalties or income tax associated. The rules vary depending on whether you have a Roth or a traditional IRA and, as with a 401(k), the “magic” age is 59 ½.
April 2, 2012 By Dardikman Law Offices
Over the last few years Israel has become an attractive jurisdiction for tax planners, the following article will provide information on some of the tax benefits which new immigrants or returning residents can obtain.
March 29, 2012 By CSB Advocates
A comprehensive double tax agreement between Guernsey and Malta was signed on the 12th March, 2012.
March 28, 2012 By John Rogers Burk, A Law Corporation
While the ability to decide who will receive your assets upon your death is certainly an important feature of estate planning, the ability to reduce, or even avoid, the tax consequences of transferring wealth and assets upon your death is an equally important facet of estate planning.
Sometimes you just cannot do it alone. When you need an expert dealing with the IRS, a Seattle IRS lawyer is just the ticket. Perhaps you have a business overseas and require help with your taxes. Maybe the IRS is making an audit of your company and you feel a bit queasy about it. If there are any allegations of tax fraud, you definitely want someone on your side fighting for you.
Dealing with the IRS is never pleasant, even when you do not owe the agency money. When you're behind on filing or owe back taxes, it can be downright scary. If you fear that your wages will be garnished or your bank account levied, it's time to consult with Seattle tax lawyers who can help guide you and determine the next steps to resolve the issues.
The Internal Revenue Service is a very intimidating entity to most people. When you are behind on filing, failed to file past tax returns or simply cannot afford to pay what you owe, it can cause undue stress and anxiety. An experienced Renton IRS attorney can help put an end to the stress you are under, and the harassment. You may fear that your bank account will be levied, or that you may even be put in jail.
March 26, 2012 By Christophi & Associates LLC
After much debate the House of Representatives finally voted into law the new Cyprus International Trust Law. The bill that was enacted on the 9th of March 2012 aims to modernise the framework of international trusts and have positive impact on investment.
March 21, 2012 By Michael Chambers & Co. LLC
When buying property in Cyprus there are a number of additional costs and taxes of which every buyer should be aware prior to committing to an acquisition. It is extremely important that a potential buyer plans for and takes into account each of the following incidental costs that will occur when buying property in Cyprus.
March 18, 2012 By Dr. Avi Nov, Law Offices
The Israeli Tax Authority issued recently a tax circular entitled: Determining the date of ceasing to be Israeli resident and the date when a foreign resident becomes Israeli resident.
March 15, 2012 By Yav & Associates
On 10 February 2012, the income tax treaty (Treaty) between Belgium and the Democratic Republic of Congo (DRC) was published in the Belgian Official Gazette. As Belgium is the first country with a treaty with the DRC, the Treaty may be an important impetus for bilateral financial, commercial and trade relationships between the DRC and Belgium. This can also be beneficial in an international context.
March 15, 2012 By Frishberg & Partners
From a purely legal perspective, there is no such term as “raid” in the Tax Code. All the necessary forms, legal grounds and procedure for carrying out inspections of the subjects of entrepreneurial activity, as well as the procedure for execution of documents per results of such inspections, are regulated by the Tax Code of Ukraine. From a practical perspective, however, tax inspection visit can quickly escalate into a battle for your company’s survival.
March 14, 2012 By The Law Offices of James A. Miller
As a Leominster resident, you have probably given considerable thought and consideration to how you wish to structure your estate plan in order to transfer your estate assets to family members and loved ones upon your death.
March 13, 2012 By Law Office of Roy W. Litherland
Home ownership has long been the foundation of wealth building in the United States. If you are like most Americans, your home is your single most valuable possession. As a result, if you were to reduce the taxable value of your home you could go a long way toward mitigating your estate tax exposure.
March 13, 2012 By Law Office of Roy W. Litherland
San Jose estate planning attorneys invariably speak to many clients who feel as though the estate tax is fundamentally unfair. Their clients register multiple complaints, but the primary reason that they cite is the fact that the estate tax is an instance of double taxation.
March 13, 2012 By Thorn Law Group
TEFRA stands for the Tax Equity and Fiscal Responsibility Act of 1982; however, it has evolved into a much different use in the parlance of New Jersey tax lawyers. TEFRA is the common acronym used to describe the judicial, examination, and processing requirements that apply to most entities treated as partnerships for income tax purposes.
March 8, 2012 By Yav & Associates
Like all tax systems, the Congolese tax system is characterized by the multiplicity of taxes notably: direct taxes on revenue; indirect taxes on spending; and taxes on capital. Taxation can be either spontaneous or organized by the authorities. To encourage certain business, the State generally grants aid in two forms: through subsidies and very low interest loans or through exemptions or reductions in tax payments. This article gives the Tax highlights of the Democratic Republic of Congo [DRC].
March 6, 2012 By Anderson, Dorn & Rader, Ltd.
There are two basic reasons why estate planning is so important. First, estate planning allows you to decide what will happen to your assets upon your death. Second, by planning ahead, you can substantially decrease the tax consequences of transferring your estate assets to family members or loved ones. In the absence of planning, your estate assets may be subject to either estate or gift taxes, both of which can significantly drain estate assets.
March 1, 2012 By Law Offices of Moffa, Gainor, & Sutton, P.A.
With the ever increasing amount of taxes, consumers have found ways around some of the rules for the time being. One recent way in which they have been able to avoid the high expense of taxes is through online purchases. Buying items online is not a completely new concept, but is more recent and has been steadily gaining greater popularity.
February 29, 2012 By Pyke & Associates, P.C.
For anyone with a substantial estate, the never-ending search for mechanisms to transfer those estate assets without incurring estate taxes should include the use of both the gift tax exemption and the yearly gift tax exclusion. With estate taxes typically running at 35 percent or more, any tactic that can be employed in the estate planning arsenal to avoid the payment of estate taxes should be considered.
February 29, 2012 By Pyke & Associates, P.C.
After you pass away, the transfer of assets to your loved ones may seem like a relatively simple and straightforward task. It should be but the realities of the tax code can make it rather challenging to avoid a significant portion of your legacy being consumed by the IRS.
Entry Into the Spanish Market Through a Representative Office and the Implications for VAT and Corporate Tax
Our firm often deals with consultations on the effects of VAT for a foreign company developing an activity in Spain through a representative office. This is one of the easiest ways of entering into the Spanish market. In that scenario, the foreign company does not need to incorporate any companies in Spain nor create a branch.
In the context of a severe lack of liquidity in the Spanish public finances and with the purpose of increasing revenue for Corporate Tax collection, on August 19, 2011, the government urgently approved two significant changes for Corporate Tax in relation to offsetting the losses incurred by Spanish companies.
Double-Taxation Agreements in Spain Expands and the List of Countries Classified as Tax Havens is Shortened
To date there are 80 Double Taxation Agreements in force in Spain. For some years, the number of these agreements has been increasing significantly, and this makes international tax planning much easier. Among recent agreements, we can highlight: Among recent agreements, we can highlight the one existing with Panama, which came into force last July, which aims for this country to be removed from the list of countries regarded by Spanish tax authorities as tax havens.
February 26, 2012 By Oserogho & Associates
The Personal Income Tax (Amendment) Act 2011 has among other things consolidated all the personal income tax reliefs or allowances into one consolidated tax allowance/relief of 21% of an individual's gross annual income. The residue of a person's income is then liable to a graduating personal income tax charge of between 7% to 24% per annum. The rules concerning expatriate income earned from businesses in Nigeria has also changed.
February 24, 2012 By Wagner Sidlofsky LLP
For parties with assets and or beneficiaries in multiple jurisdictions it is imperative to ensure a proper estate plan is in place. Unless proper steps were taken in estate planning there could be adverse tax consequences that could have otherwise been planned for and perhaps avoided to achieve the testator’s goals. This article examines the consequences of failing to make such a plan where the deceased resided in both Israel and Canada with beneficiaries and assets in both jurisdictions.
February 23, 2012 By The Law Offices of Saul Kobrick, P.C.
If you were to ask the typical person walking down the street he or she would probably tell you that a certain amount of taxation is necessary. Most Americans don't mind paying their fair share of taxes. The problem arises when you feel as though you're being taxed unfairly or taxed twice on the same resources. When you look at the federal estate tax closely you see that it is in fact an instance of double taxation and this rubs a lot of people the wrong way.
February 23, 2012 By John M. O'Drobinak, P.C.
As part of the Federal Economic Growth and Tax Relief Reconciliation Act of 2001, Congress temporarily eliminated estate taxes for the year 2010 only. However, they returned in 2011. Currently, estates worth over $5.12 million owe federal estate taxes. In some states, these large estates owe state death taxes, too.
February 22, 2012 By Herdem & Co. Attorneys at Law
Although it has been long time to have CFC regulation in Turkey, in parallel with the increasing rate of growth of Turkish economy, many major entrepreneurs making Turkey related businesses required to focus on management of their taxation policies in consideration of CFC regime in Turkey.
February 22, 2012 By Furtuna Law Office
In accordance with national law, free economic zones (free enterprise zones) are part of the customs territory of the Republic of Moldova, economically separated, with strictly demarcated perimeter, where for local and foreign investors, according to the law, are allowed on preferential conditions different types of business activities.