Tax partner, Joe Duffy, Tax principal, Greg Lockhart and Tax associate, Kathryn Stapleton co-author the Ireland chapter of Getting the Deal Through: Tax Controversy 2019.
The Revenue Commissioners are responsible for tax administration in Ireland. They verify compliance by reviewing tax returns, which typically takes less than four years from the filing date. Revenue can request information from taxpayers and interview employees. If taxpayers do not comply, Revenue can take enforcement actions like assessments, penalties and criminal prosecution. Taxpayers can protect privileged commercial information like legal advice. The standard limitation period for Revenue to review returns is four years.
This document summarizes key aspects of Ireland's transfer pricing laws and regulations:
1. The primary transfer pricing legislation is Part 35A of the Taxes Consolidation Act 1997, which incorporates the OECD Transfer Pricing Guidelines. The Revenue Commissioners are responsible for enforcing the transfer pricing rules.
2. The transfer pricing rules apply to transactions between associated enterprises, both domestic and cross-border, involving trade in goods, services, money or intangibles. Acceptable transfer pricing methods include those outlined in the OECD Guidelines.
3. Ireland has participated fully in the OECD's BEPS project and has begun implementing recommendations such as country-by-country reporting and following the updated OECD Guidelines
Julie Murphy O'Connor and Gearoid Carey provide an overview on Enforcement of Foreign Judgments in Ireland in the 2018 edition of Getting the Deal Through.
The Legal 500 and The In-House Lawyer Comparative Legal Guide Ireland: TaxMatheson Law Firm
Tax partner, Joe Duffy and Tax associate Tomás Bailey author the In-House Lawyer Comparative Legal Guide Ireland: Tax. This Q&A provides an overview to tax laws and regulations that may occur in Ireland.
Tax fraud occurs when an individual or entity underreports income or overstates deductions on a tax return to reduce the amount of taxes owed. In India, major areas of tax fraud include falsification of invoices, unreported income, and bribery of tax officials. The Indian government estimates an annual loss of 14 trillion rupees from tax evasion. Recent government efforts to curb fraud include new laws targeting undisclosed foreign assets, a proposed nationwide goods and services tax, and increased use of technology in tax administration. However, tax fraud remains a significant problem in India due to complex tax laws, weak enforcement, and corruption. Simplification of the tax system and improved monitoring are needed to further reduce the prevalence of tax evasion.
The Revenue Commissioners are responsible for tax administration in Ireland. They verify compliance by reviewing tax returns, which typically takes less than four years from the filing date. Revenue can request information from taxpayers and interview employees. If taxpayers do not comply, Revenue can take enforcement actions like assessments, penalties and criminal prosecution. Taxpayers can protect privileged commercial information like legal advice. The standard limitation period for Revenue to review returns is four years.
This document summarizes key aspects of Ireland's transfer pricing laws and regulations:
1. The primary transfer pricing legislation is Part 35A of the Taxes Consolidation Act 1997, which incorporates the OECD Transfer Pricing Guidelines. The Revenue Commissioners are responsible for enforcing the transfer pricing rules.
2. The transfer pricing rules apply to transactions between associated enterprises, both domestic and cross-border, involving trade in goods, services, money or intangibles. Acceptable transfer pricing methods include those outlined in the OECD Guidelines.
3. Ireland has participated fully in the OECD's BEPS project and has begun implementing recommendations such as country-by-country reporting and following the updated OECD Guidelines
Julie Murphy O'Connor and Gearoid Carey provide an overview on Enforcement of Foreign Judgments in Ireland in the 2018 edition of Getting the Deal Through.
The Legal 500 and The In-House Lawyer Comparative Legal Guide Ireland: TaxMatheson Law Firm
Tax partner, Joe Duffy and Tax associate Tomás Bailey author the In-House Lawyer Comparative Legal Guide Ireland: Tax. This Q&A provides an overview to tax laws and regulations that may occur in Ireland.
Tax fraud occurs when an individual or entity underreports income or overstates deductions on a tax return to reduce the amount of taxes owed. In India, major areas of tax fraud include falsification of invoices, unreported income, and bribery of tax officials. The Indian government estimates an annual loss of 14 trillion rupees from tax evasion. Recent government efforts to curb fraud include new laws targeting undisclosed foreign assets, a proposed nationwide goods and services tax, and increased use of technology in tax administration. However, tax fraud remains a significant problem in India due to complex tax laws, weak enforcement, and corruption. Simplification of the tax system and improved monitoring are needed to further reduce the prevalence of tax evasion.
This document discusses tax evasion from the perspective of a forensic expert. It begins by defining tax evasion and tax avoidance, noting that the latter involves legally minimizing taxes while the former involves illegal means. Next, it compares tax evasion and avoidance and examines reasons for the tax gap in the UK. It then looks at global tax evasion by profession and discusses long-term remedies like tax planning and management. The document outlines ways that tax evasion occurs and who is responsible in India. It also examines some attempts at tax evasion during India's demonetization and concludes by emphasizing the importance of tax planning to curb evasion.
The document defines tax evasion as illegally avoiding paying true tax liability through intentional omissions or falsifications. Those caught face criminal charges and penalties. Tax avoidance refers to legally reducing taxes owed by taking advantage of deductions, credits, and loopholes within tax laws. While tax avoidance is legal, tax evasion is never legal and carries criminal consequences if caught. The document provides examples of common tax evasion and avoidance practices and clarifies the key difference that tax avoidance operates within legal tax frameworks, whereas tax evasion does not.
Tax is a crucial revenue stream for administrations across the world.
While many agencies have already established processes for compliance and enforcement, a combination of avoidance and error is still costing governments billions.
Detection and Prevention measures provide the key to tackling these challenges
This document summarizes different types of taxes in the United Kingdom, including direct and indirect taxes. Direct taxes include income tax, corporation tax, inheritance tax, and capital gains tax. Indirect taxes include value added tax (VAT), stamp duty, stamp duty land tax, and customs duty. It provides brief definitions and details for each of these taxes.
This document discusses the difference between tax avoidance and tax evasion. Tax avoidance involves legally minimizing tax liability through legitimate tax planning methods and takes advantage of loopholes in tax laws. It does not involve malintent and carries no public disgrace. Tax evasion, on the other hand, involves illegally avoiding taxes through fraudulent means such as making false statements, omitting information, or not maintaining proper records. Tax evasion is unlawful and punishable under relevant laws. The key differences are that tax avoidance works within legal frameworks while tax evasion uses unfair methods to omit tax liability.
In associations with Croner Taxwise, the conference will provide a general tax update whilst also focussing on some more specific areas which appear to be causing problems for our consultancy clients.
Topics covered;
• Topical tax issues
• Requirement to Correct for offshore income and assets
• What should your Tax Fee Protection Insurance provider do for your practice?
• R & D tax relief claims
• VAT update including, land and property, possible Brexit landscape and disputes & resolutions
ethical issues in tax evasion. In business, theres always a situation where one has to choose one of the 2 things:
1) ethics 2) profits
one has to decide whether profits are more important than ethics
This document discusses tax evasion and avoidance. It defines tax as a financial charge imposed by governments to fund public expenditures. Direct taxes are levied on personal income, while indirect taxes are levied on goods and services. Tax evasion is illegally not paying taxes when they are due, while tax avoidance uses legal loopholes to reduce taxes owed. Common methods of evasion include failing to pay taxes, smuggling, and falsifying financial statements. Tax evasion harms economies by reducing government revenues. To reduce evasion, governments can simplify tax laws, increase awareness, and strengthen penalties for noncompliance.
This document provides an overview of tax havens, including definitions, criteria, characteristics, types, examples, effects, and approaches taken by governments and organizations like the OECD. It discusses what constitutes a tax haven according to the OECD and other sources. It outlines the major tax haven locations around the world and different types of tax havens. It also summarizes the responses by governments and regulatory bodies to promote transparency and exchange of information between jurisdictions.
There are two videos in PPT, where are black slides:
Video1: https://www.youtube.com/watch?v=wxW8GP59Sq8
Video 2: https://www.youtube.com/watch?v=VcZF_DxQ5cU
Tax avoidance is legal minimization of taxes through approved means like RRSP contributions or incorporating a business. Tax evasion is illegal non-reporting of income. People engage in both up to the point where marginal benefits equal marginal costs, taking advantage of techniques like postponing taxes, arbitraging across income streams and individuals. While avoidance diverts resources, evasion undermines the tax system and fairness. Higher taxes and penalties reduce evasion, while audits are also deterrent but costly.
India loses over $314 billion annually to tax evasion, including $314 billion from uncollected income taxes and $800 billion from corporate tax incentives. Tax evasion occurs through weak enforcement systems, corruption, complex laws, and methods like overstating expenses and underreporting income. While some large companies and trusts have been caught evading taxes, overall tax evasion remains a major problem as only about 36 million of India's 1.3 billion people pay income taxes. Efforts to curb evasion through new laws and whistleblower rewards have had limited success.
This document discusses tax evasion in the Philippines. It defines tax evasion as the criminal act of deliberately failing to pay tax liability. People who commit tax evasion face criminal charges and penalties such as jail time and fines. The document then discusses various tax revenues in the Philippines including income tax, excise tax, franchise taxes, and import duties. It provides examples of high-profile tax evasion cases in the country. Finally, it discusses what counts as tax evasion and common types of tax evasion such as tax fraud, abusive tax schemes, and employment tax fraud.
This document summarizes changes to UK tax law and provides tax planning strategies. It discusses the new UK coalition government's emergency budget in 2010 which reversed some previous decisions. It also summarizes changes such as new penalties for late filing of tax returns, a reduction in the corporation tax rate, and an increase in capital gains tax. The document recommends contacting the firm to discuss tax planning opportunities before the end of the tax year.
Tax avoidance means neglecting to pay taxes that are owed. It is commonly practiced by multinational companies using tax havens to hide profits. While some tax avoidance has existed since the 1920s, it has grown significantly in recent decades, costing governments $50-200 billion in lost revenue annually. Poor countries have struggled to raise sufficient tax revenue due to tax competition between governments and trade liberalization policies that shift more of the tax burden onto poor individuals through consumption taxes. Tax havens undermine market competition and capital investment by allowing wealthy individuals and companies to escape taxation, and enable political corruption through secret bank accounts.
This document discusses different methods taxpayers can use to reduce their tax liability: tax evasion, tax avoidance, and tax planning. Tax evasion involves illegally hiding income or falsifying records. Tax avoidance aims to reduce taxes through legal but questionable loopholes. In contrast, tax planning makes legitimate use of exemptions, deductions, and other provisions in the tax code to lower tax burden. Proper tax planning is an encouraged way for taxpayers to minimize their liability within the law.
Phuong - Taxation - Chapter 8 - The tax practitioner and the UK tax environme...Phuong Nguyen
This document provides an overview of taxation in the UK. It discusses the main sources of UK tax legislation including Acts of Parliament, statutory instruments, and case law. It also describes the role and organization of HM Revenue & Customs, which administers the UK tax system. Finally, it defines different types of taxes such as income tax, corporation tax, capital gains tax, and inheritance tax, and how income is classified for taxation purposes.
Tax planning involves legally arranging one's financial affairs to minimize tax liability, while complying with all applicable tax laws. Tax avoidance uses artificial or dubious methods to reduce taxes in a manner that defeats the intent of tax statutes. Tax evasion illegally avoids taxes through actions like knowingly making untrue statements or omitting required information. The line between tax planning and avoidance is thin, with avoidance including an element of mala fide intent or use of "colorable devices" to circumvent the spirit of tax laws.
This document discusses tax planning, avoidance, evasion and management. Tax planning is arranging one's affairs to minimize tax liability legally by taking deductions. Tax management refers to complying with tax laws by maintaining records and filing returns. Tax avoidance legally reduces taxes by claiming exemptions, while tax evasion illegally avoids taxes by omitting information or submitting false statements, and can result in penalties.
The document discusses several recent tax developments across Europe:
1) The European Commission ordered Ireland to recover up to €13 billion in back taxes from Apple, claiming Ireland's tax rulings with Apple constituted illegal state aid. This decision does not affect Ireland's overall tax system.
2) New rules were enacted in the Netherlands imposing country-by-country reporting requirements and transfer pricing documentation obligations on large multinational groups.
3) The Silicon Valley Tax Directors Group sent a letter to the Dutch government with suggestions to improve the Netherlands' business tax regime and maintain its competitiveness in attracting foreign investment. They expressed concerns about the EU's anti-tax avoidance directive and public country-by-country reporting proposals
International Tax For SMEs September 2011 Abbreviatedsarogers99
These slides were used in a presentation given to attendees at a recent UKTI / Natwest / Francis Clark LLP seminar in Salisbury - How to Open Up New Markets Overseas.
Navigate the complexities of tax compliancess716150
Tax compliance can be a complex endeavor due to ever-evolving tax laws, intricate regulations, and varying jurisdictional requirements. Navigating these challenges requires a comprehensive understanding of tax codes, meticulous record-keeping, and staying updated with the latest changes in tax legislation.
www.annapoornaapt.com
This document discusses tax evasion from the perspective of a forensic expert. It begins by defining tax evasion and tax avoidance, noting that the latter involves legally minimizing taxes while the former involves illegal means. Next, it compares tax evasion and avoidance and examines reasons for the tax gap in the UK. It then looks at global tax evasion by profession and discusses long-term remedies like tax planning and management. The document outlines ways that tax evasion occurs and who is responsible in India. It also examines some attempts at tax evasion during India's demonetization and concludes by emphasizing the importance of tax planning to curb evasion.
The document defines tax evasion as illegally avoiding paying true tax liability through intentional omissions or falsifications. Those caught face criminal charges and penalties. Tax avoidance refers to legally reducing taxes owed by taking advantage of deductions, credits, and loopholes within tax laws. While tax avoidance is legal, tax evasion is never legal and carries criminal consequences if caught. The document provides examples of common tax evasion and avoidance practices and clarifies the key difference that tax avoidance operates within legal tax frameworks, whereas tax evasion does not.
Tax is a crucial revenue stream for administrations across the world.
While many agencies have already established processes for compliance and enforcement, a combination of avoidance and error is still costing governments billions.
Detection and Prevention measures provide the key to tackling these challenges
This document summarizes different types of taxes in the United Kingdom, including direct and indirect taxes. Direct taxes include income tax, corporation tax, inheritance tax, and capital gains tax. Indirect taxes include value added tax (VAT), stamp duty, stamp duty land tax, and customs duty. It provides brief definitions and details for each of these taxes.
This document discusses the difference between tax avoidance and tax evasion. Tax avoidance involves legally minimizing tax liability through legitimate tax planning methods and takes advantage of loopholes in tax laws. It does not involve malintent and carries no public disgrace. Tax evasion, on the other hand, involves illegally avoiding taxes through fraudulent means such as making false statements, omitting information, or not maintaining proper records. Tax evasion is unlawful and punishable under relevant laws. The key differences are that tax avoidance works within legal frameworks while tax evasion uses unfair methods to omit tax liability.
In associations with Croner Taxwise, the conference will provide a general tax update whilst also focussing on some more specific areas which appear to be causing problems for our consultancy clients.
Topics covered;
• Topical tax issues
• Requirement to Correct for offshore income and assets
• What should your Tax Fee Protection Insurance provider do for your practice?
• R & D tax relief claims
• VAT update including, land and property, possible Brexit landscape and disputes & resolutions
ethical issues in tax evasion. In business, theres always a situation where one has to choose one of the 2 things:
1) ethics 2) profits
one has to decide whether profits are more important than ethics
This document discusses tax evasion and avoidance. It defines tax as a financial charge imposed by governments to fund public expenditures. Direct taxes are levied on personal income, while indirect taxes are levied on goods and services. Tax evasion is illegally not paying taxes when they are due, while tax avoidance uses legal loopholes to reduce taxes owed. Common methods of evasion include failing to pay taxes, smuggling, and falsifying financial statements. Tax evasion harms economies by reducing government revenues. To reduce evasion, governments can simplify tax laws, increase awareness, and strengthen penalties for noncompliance.
This document provides an overview of tax havens, including definitions, criteria, characteristics, types, examples, effects, and approaches taken by governments and organizations like the OECD. It discusses what constitutes a tax haven according to the OECD and other sources. It outlines the major tax haven locations around the world and different types of tax havens. It also summarizes the responses by governments and regulatory bodies to promote transparency and exchange of information between jurisdictions.
There are two videos in PPT, where are black slides:
Video1: https://www.youtube.com/watch?v=wxW8GP59Sq8
Video 2: https://www.youtube.com/watch?v=VcZF_DxQ5cU
Tax avoidance is legal minimization of taxes through approved means like RRSP contributions or incorporating a business. Tax evasion is illegal non-reporting of income. People engage in both up to the point where marginal benefits equal marginal costs, taking advantage of techniques like postponing taxes, arbitraging across income streams and individuals. While avoidance diverts resources, evasion undermines the tax system and fairness. Higher taxes and penalties reduce evasion, while audits are also deterrent but costly.
India loses over $314 billion annually to tax evasion, including $314 billion from uncollected income taxes and $800 billion from corporate tax incentives. Tax evasion occurs through weak enforcement systems, corruption, complex laws, and methods like overstating expenses and underreporting income. While some large companies and trusts have been caught evading taxes, overall tax evasion remains a major problem as only about 36 million of India's 1.3 billion people pay income taxes. Efforts to curb evasion through new laws and whistleblower rewards have had limited success.
This document discusses tax evasion in the Philippines. It defines tax evasion as the criminal act of deliberately failing to pay tax liability. People who commit tax evasion face criminal charges and penalties such as jail time and fines. The document then discusses various tax revenues in the Philippines including income tax, excise tax, franchise taxes, and import duties. It provides examples of high-profile tax evasion cases in the country. Finally, it discusses what counts as tax evasion and common types of tax evasion such as tax fraud, abusive tax schemes, and employment tax fraud.
This document summarizes changes to UK tax law and provides tax planning strategies. It discusses the new UK coalition government's emergency budget in 2010 which reversed some previous decisions. It also summarizes changes such as new penalties for late filing of tax returns, a reduction in the corporation tax rate, and an increase in capital gains tax. The document recommends contacting the firm to discuss tax planning opportunities before the end of the tax year.
Tax avoidance means neglecting to pay taxes that are owed. It is commonly practiced by multinational companies using tax havens to hide profits. While some tax avoidance has existed since the 1920s, it has grown significantly in recent decades, costing governments $50-200 billion in lost revenue annually. Poor countries have struggled to raise sufficient tax revenue due to tax competition between governments and trade liberalization policies that shift more of the tax burden onto poor individuals through consumption taxes. Tax havens undermine market competition and capital investment by allowing wealthy individuals and companies to escape taxation, and enable political corruption through secret bank accounts.
This document discusses different methods taxpayers can use to reduce their tax liability: tax evasion, tax avoidance, and tax planning. Tax evasion involves illegally hiding income or falsifying records. Tax avoidance aims to reduce taxes through legal but questionable loopholes. In contrast, tax planning makes legitimate use of exemptions, deductions, and other provisions in the tax code to lower tax burden. Proper tax planning is an encouraged way for taxpayers to minimize their liability within the law.
Phuong - Taxation - Chapter 8 - The tax practitioner and the UK tax environme...Phuong Nguyen
This document provides an overview of taxation in the UK. It discusses the main sources of UK tax legislation including Acts of Parliament, statutory instruments, and case law. It also describes the role and organization of HM Revenue & Customs, which administers the UK tax system. Finally, it defines different types of taxes such as income tax, corporation tax, capital gains tax, and inheritance tax, and how income is classified for taxation purposes.
Tax planning involves legally arranging one's financial affairs to minimize tax liability, while complying with all applicable tax laws. Tax avoidance uses artificial or dubious methods to reduce taxes in a manner that defeats the intent of tax statutes. Tax evasion illegally avoids taxes through actions like knowingly making untrue statements or omitting required information. The line between tax planning and avoidance is thin, with avoidance including an element of mala fide intent or use of "colorable devices" to circumvent the spirit of tax laws.
This document discusses tax planning, avoidance, evasion and management. Tax planning is arranging one's affairs to minimize tax liability legally by taking deductions. Tax management refers to complying with tax laws by maintaining records and filing returns. Tax avoidance legally reduces taxes by claiming exemptions, while tax evasion illegally avoids taxes by omitting information or submitting false statements, and can result in penalties.
The document discusses several recent tax developments across Europe:
1) The European Commission ordered Ireland to recover up to €13 billion in back taxes from Apple, claiming Ireland's tax rulings with Apple constituted illegal state aid. This decision does not affect Ireland's overall tax system.
2) New rules were enacted in the Netherlands imposing country-by-country reporting requirements and transfer pricing documentation obligations on large multinational groups.
3) The Silicon Valley Tax Directors Group sent a letter to the Dutch government with suggestions to improve the Netherlands' business tax regime and maintain its competitiveness in attracting foreign investment. They expressed concerns about the EU's anti-tax avoidance directive and public country-by-country reporting proposals
International Tax For SMEs September 2011 Abbreviatedsarogers99
These slides were used in a presentation given to attendees at a recent UKTI / Natwest / Francis Clark LLP seminar in Salisbury - How to Open Up New Markets Overseas.
Navigate the complexities of tax compliancess716150
Tax compliance can be a complex endeavor due to ever-evolving tax laws, intricate regulations, and varying jurisdictional requirements. Navigating these challenges requires a comprehensive understanding of tax codes, meticulous record-keeping, and staying updated with the latest changes in tax legislation.
www.annapoornaapt.com
The First-tier Tax Tribunal issued decisions in two cases. In Hotels4U.com v HMRC, the Tribunal followed the precedent from an earlier Supreme Court case and found that Hotels4U.com acted as an agent for hotels, not a principal, so was not subject to the UK Tour Operators' Margin Scheme for VAT. In Water Property Ltd, the Tribunal rejected HMRC's argument that an option to tax should be disapplied due to anti-avoidance rules, as there was no evidence of tax avoidance. The Tribunal also alerted importers that six countries will start using the new EU Registered Exporters scheme from January 2017, which could impact their ability to claim customs duty reductions if their
Getting The Deal Through: Anti-Corruption Regulation 2018Matheson Law Firm
This document summarizes Ireland's anti-corruption laws and regulations. Ireland has signed and ratified several international anti-corruption conventions. Ireland prohibits both foreign and domestic bribery through common law offenses as well as various statutory laws. The key statutes are the Public Bodies Corrupt Practices Act and the Prevention of Corruption Act, which criminalize bribing both public officials and private individuals in Ireland and abroad where there is a connection to Ireland. The offenses do not generally distinguish between bribery of public and private persons. There are also presumptions of corruption under these acts in certain specified situations.
Getting the Deal Through: Enforcement of Foreign Judgments 2019Matheson Law Firm
Partner Julie Murphy O'Connor and senior associate Gearóid Carey co-author the Ireland chapter for Getting the Deal Through: Enforcement of Foreign Judgments 2019.
The document provides an overview of tax regulations for the shipping industry in Argentina. Key points include:
- Shipping companies must comply with general tax regulations like income tax, VAT, and other federal/provincial taxes.
- Income from shipping activities, both domestic and international, is considered Argentine-source income for local companies.
- Foreign shipping companies are presumed to have Argentine-source income from transport to/from Argentina.
- Argentina has double taxation treaties with many countries to avoid double taxation of international shipping income.
- Other taxes that may apply include thin capitalization rules, transfer pricing rules, and a minimum presumed income tax.
Self-Assessment is the system that was created by HM Revenue & Customs (HMRC) to ensure the correct amount of tax is collected for a tax year. You should therefore check each year whether you need to submit a self-assessment tax return.
Getting The Deal Through: Complex Commercial Litigation 2019Matheson Law Firm
Partners Michael Byrne, Maria Kennedy, Karen Reynolds and Claire McLoughlin co-author the Ireland chapter for the 2019 edition of Getting The Deal Through: Complex Commercial Litigation.
Getting the Deal Through Private Client 2019, IrelandMatheson Law Firm
Private Client partner, John Gill and Private Client senior associate, Lydia McCormack co-author the 2019 Ireland chapter of Getting the Deal Through Private Client.
National Tax Investigations flyer CHSSJohn Brassey
The document discusses UK tax risk in the current climate of increased information sharing between countries. It summarizes Grant Thornton's expertise in dealing with HM Revenue and Customs (HMRC) inquiries across various tax areas. Their specialists are skilled at negotiating settlements with HMRC. Countries increasingly share financial information, making wealthy individuals more vulnerable to HMRC activity and uncertainty regarding managing personal and business affairs. Grant Thornton can help navigate this challenging environment and identify and manage tax risks.
Getting The Deal Through: Insurance Litigation 2018Matheson Law Firm
Sharon Daly, Head of the Commercial Litigation Insurance team and April McClements, Partner in the Insurance and Dispute Resolution team co-author the Ireland chapter for Getting The Deal Through: Insurance Litigation 2018.
Executive summary Managing indirect tax controversy
- Indirect taxes like VAT, GST and customs duties have risen in importance for businesses and are a growing focus for tax authorities.
- Businesses face increased scrutiny of indirect tax compliance from authorities, media and the public. Errors can lead to large tax assessments and damage reputations.
- Managing indirect tax controversy effectively, including dealing with audits and disputes, requires a strategic, integrated approach across the business. It is important for businesses to avoid issues becoming subjects of tax disputes.
The document is a newsletter from the law firm Njoroge Regeru & Company that provides updates on legal developments. It discusses the firm's ranking, areas of practice, and team members. It also summarizes recent legislative updates in Kenya regarding insolvency law, companies law, tax procedures, magistrates courts, and other acts. Finally, it outlines changes to traffic laws and the new Special Economic Zones Act.
This document provides a summary of several tax-related topics:
1) HMRC is consulting on reforms to corporation tax loss relief rules and the substantial shareholding exemption.
2) Several tax consultations were recently opened, relating to the public sector intermediaries legislation, secondary transfer pricing adjustments, and business tax reforms.
3) Updates were provided on revised advisory fuel rates for company cars and regulations ensuring rollover relief for Lloyd's underwriters.
Lexology getting the deal through - Insurance and Reinsurance 2019, Ireland Matheson Law Firm
What are the key steps and considerations in the regulation and licensing of insurance and reinsurance companies trading in Ireland and the resolution of insurance disputes? We examine these issues and recent industry developments, in the context of emerging trends and amid the backdrop of Brexit and GDPR, in the Ireland chapter of Lexology, Getting the Deal Through – Insurance and Reinsurance 2019 by Matheson partners Sharon Daly, Darren Maher, April McClements and Gráinne Callanan.
HMRC issued a brief setting out its unchanged policy on VAT recovery by holding companies, requiring a direct link between input VAT and taxable supplies. HMRC has also revised its guidance on VAT and holding companies. With less than a week until October 1st, HMRC still has not published information on registering for the Mini-One-Stop-Shop (MOSS) system for collecting VAT on digital services supplied to EU customers, which takes effect January 1st, 2015. Businesses need to register under MOSS well before this date.
Increasing regulatory complexity for technology companiesNichole Jordan
A brief overview of the ever-evolving regulatory landscape in the tech industry—including: recent tech transformation, U.S. and international regulations, tech compliance, shaping public policy for the technology industry. If you find this presentation useful, connect with me on LinkedIn: http://bit.ly/NJGTLI
Similar to Getting the Deal Through: Tax Controversy 2019, Ireland (20)
The key points from the document are:
1. Ireland introduced formal transfer pricing legislation in 2010 that requires transactions between related parties to be conducted at arm's length prices.
2. The Irish transfer pricing rules were substantially updated in 2019 to broaden their scope of application.
3. Under the Irish rules, the taxable profits of companies must be computed based on accounting profits, subject to any adjustments required by law, including transfer pricing adjustments. Adjustments may deem transactions at undervalue to be deemed distributions for company law purposes.
Lexology Getting the Deal Through Air Transport 2020Matheson Law Firm
Finance and Capital Markets partners Rory McPhilips and Stuart Kennedy and senior associate, Stephen Gardiner co-author the Ireland chapter of Getting the Deal Through Air Transport 2020.
Corporate M&A partners Brian McCloskey and Fergus Bolster co-author the Ireland chapter of the International Comparative Legal Guide to Mergers and Acquisitions..
Stuart Kennedy, partner, authors The Assumption of Jurisdiction by the Irish Courts in Cases Involving the Registrar of the International chapter of the Cape Town Convention Journal.
Registry
1. Ireland taxes individuals based on their residence and domicile status. Resident and domiciled individuals are taxed on worldwide income and capital gains. Resident but non-domiciled individuals are taxed on Irish-source income and foreign income remitted to Ireland.
2. Ireland has gift, estate, and wealth transfer taxes called Capital Acquisitions Tax (CAT) imposed on beneficiaries. Rates are 33% but certain transfers like between spouses are exempt.
3. Other relevant taxes include income tax, capital gains tax, universal social charge, value-added tax, stamp duties, and a domicile levy for high-earning non-domiciled individuals.
International Comparative Legal Guide to Private Equity 2019Matheson Law Firm
Corporate partner, Brian McCloskey and Tax partner, Aidan Fahy co-author the Ireland chapter of the International Comparative Legal Guide to Private Equity 2019.
Commercial Litigation and Dispute Resolution partner, April McClements and senior associate, Aoife McCluskey co-author the Ireland chapter of the Class Actions Law Review, 3rd Edition.
Commercial Litigation and Dispute Resolution partner, Julie Murphy O'Connor and senior associate, Kevin Gahan co-author the Ireland chapter of the Insolvency Review, 7th Edition.
International Comparative Legal Guide to Business Crime 2020Matheson Law Firm
Commercial Litigation and Dispute Resolution partners Karen Reynolds and Claire McLoughlin co-author the Ireland chapter of the International Comparative Legal Guide to Business Crime.
This document provides information about transfer pricing rules and regulations in Ireland. It discusses the primary Irish transfer pricing legislation, the government agency responsible for enforcement, the role of the OECD Transfer Pricing Guidelines, the types of transactions covered by the rules, and Ireland's adherence to the arm's length principle. It also addresses Ireland's implementation of the OECD's base erosion and profit shifting (BEPS) project and its effects on the applicable transfer pricing rules.
Finance and Capital Market partners Rory McPhillips and Stuart Kennedy and senior associate, Stephen Gardiner co-author the Ireland chapter of GTDT Air Transport 2020.
Getting the Deal Through: Insurance Litigation 2019Matheson Law Firm
Litigation partners, Sharon Daly and April McClements and senior associate, Aoife McCluskey author the Ireland chapter of Getting the Deal Through 2019.
Ireland introduced formal transfer pricing legislation in 2010 that broadly applies the arm's length principle to transactions between related parties, requiring the substitution of an arm's length amount for the actual consideration in computing taxable profits. The legislation applies equally to domestic and international transactions but does not apply to small and medium-sized enterprises. An adjustment to the accounting profits for tax purposes under the transfer pricing rules could also result in a deemed distribution under company law if the transaction was undertaken at an undervalue.
A Critical Study of ICC Prosecutor's Move on GAZA WarNilendra Kumar
ICC Prosecutor Karim Khan's proposal to its judges seeking permission to prosecute Israeli leaders and Hamas commanders for crimes against the law of war has serious ramifications and calls deep scrutiny.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।