Switzerland Eyeing Tax Regime Improvements
A group of experts assessing the Swiss tax regime has drawn up an action plan on improving Switzerland’s international tax competitiveness. The group is comprised of representatives from the Confederation, the cantons, and academia. It was tasked by a member of the Federal Council with drawing up policy options to…
Corporate Transparency Act, 2020
To start 2021, the U.S. Senate passed H.R. 6395, the National Defense Authorization Act, 2021 (NDAA) over the presidential veto. Part of the NDAA incorporates the Corporate Transparency Act of 2020 (CTA). An earlier version of the CTA, H.R. 2513, was passed by the House of Representatives in 2019. The…
Jersey Launches Individual Tax Season
The Jersey Government has announced that islanders can now file their 2020 tax return and has issued advice to Prior Year Basis (PYB) taxpayers that have been moved to the Current Year Basis (CYB) for paying income tax. The deadline for filing paper returns is May 31, 2021, and…
Malta Amends VAT Registration Thresholds
Malta has published The Value Added Tax Act (Amendment of Sixth Schedule) (Amendment No. 2) Regulations, 2020, which makes changes to the thresholds for VAT registration as a small undertaking. The Regulations establish a new, single entry threshold of EUR30,000 for Article 11 registration and a single exit threshold…
Russian Duma Approves Changes To Luxembourg And Cyprus DTAs
At its December 22 plenum, Russia’s lower house of parliament approved revisions to the country’s double tax agreements with Cyprus and Luxembourg. Both double tax agreement Protocols would increase the rate of withholding tax that may be levied at source by Russia on outbound dividends and interest income to…
Cyprus Government Fails To Pass Budget
Lawmakers in Cyprus have rejected the 2021 Budget, for the first time in the country’s history. The Budget provided that a reduced rate of value-added tax of five percent should apply to tourism services in the period July 1, 2020, until December 31, 2020, down from nine percent. Separately,…
Isle of Man Reminds Of Tax Payment Deadlines
The Isle of Man has issued a reminder of the deadlines for 2019 corporate tax returns and for certain personal tax payments. The Government said that the effective final deadline for the submission of income tax returns for accounting periods ended December 31, 2019, is midnight on January 4,…
Bermuda Consults Industry On New Conduct Of Business Regime
The Bermuda Monetary Authority on December 15, 2020, released a new consultation paper on its proposal for a conduct of business regulatory regime to better protect retail investors. Bermuda’s financial services regulator had discussed potentially introducing a conduct of business oversight regime in August 2020. At that time,…
Few Tax Changes In Guernsey’s 2021 Budget
Guernsey announced no major tax changes to its tax regime in its 2021 Budget, released on November 17, 2020. The Budget featured an increase to the personal income tax-exempt allowance to GBP11,875 (USD15,810), from GBP11,575, and increases to alcohol, tobacco, and fuel duties in line with inflation.
2020 Year End Due Diligence Packages
It’s important to enter the new calendar year knowing you’re in good standing, or maybe a new transaction is on the horizon for your client. Take advantage now of these comprehensive due diligence packages in the United States and Canada. United States- Due Diligence Package Includes: State Level: Good Standing and…