Hong Kong Issues Tax Returns For Individuals
On May 3, 2021, the Hong Kong Inland Revenue Department issued over 2.62 million tax returns for individuals for the year of assessment 2020-21. The IRD said that, in general, taxpayers should file their tax returns within one month, making the due date June 3, 2021. For sole proprietors…
Bermuda To Launch Codes Of Conduct For Banks, Insurers
The Bermuda Monetary Authority has released a responses document on the development of a conduct of business regulatory regime in the territory. In August 2020, the BMA released a discussion paper on its plans to broaden its mandate by developing a conduct of business regime for the financial…
Hong Kong Issues 2020-21 Tax Returns
On April 1, 2021, the Hong Kong Inland Revenue Department began issuing profits tax, property tax, and employer’s returns for the year of assessment 2020-21. This year’s Budget proposed a one-off reduction of 100 percent of profits tax, salaries tax, and tax under personal assessment for 2020-21, subject to…
Cyprus Extends Deadline For Filing 2019 Corporate Tax Returns
Cyprus has extended the deadline for the submission of corporate tax returns and the TD1A form required from certain self-employed persons. The extension was included in the Confirmation and Collection of Taxes (Extension of Deadline for Submission of Tax Return) Decree of 2021, which was published in…
Introducing IBCF Europe Ltd
International Business Company Formation, Inc, (IBCF) a leading provider of international corporate services, has now opened an office in Paris, France. Intended to facilitate a smooth flow of corporate work between companies in the US, UK, EU and beyond, IBCF Europe Ltd. will offer the same superior customer service clients…
Hong Kong Announces Tax Relief In 2021-22 Budget
Hong Kong will grant taxpayers a waiver of up to HKD10,000 (USD1,290) of profits tax, salaries tax, and tax under personal assessment, the territory announced in its 2021-22 Budget. The Budget announces a one-off 100-percent reduction of profits tax, salaries tax, and tax under personal assessment for the year…
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…