The document summarizes key aspects of Puerto Rican Bill P de la C 2329 which aims to reform Puerto Rico's tax system. It overhauls individual and corporate income taxes by introducing a simplified tax structure with fewer exemptions and deductions. It also replaces the sales and use tax with a value added tax of 16% on most transactions. The bill proposes converting certain business entities and subjects most taxpayers to the new tax system starting in 2015.
[ON-DEMAND WEBINAR] Revealing The State & Local Tax Considerations Of A Remot...Rea & Associates
Tax Consequences Holding You Back From Deploying A Remote Workforce?
As remote work continues to overtake the traditional workforce, organizations must understand state and local tax considerations for their remote employees before adopting such a policy. Due to quick changes in the work environment and work-from-home arrangements many tax consequences that may result in your business reconsidering the deployment of a remote workforce. Fortunately, state and local tax leader and a principal with Rea & Associates, Kathy LaMonica, will be on hand to explain what businesses are up against. She will also be taking your questions throughout the presentation. Read on to discover what you will hear during this free, hour-long webinar.
State & Local Tax Guidance To Guide Your Remote Workforce Decision
Join Rea & Associates for a free, hour-long webinar to gain insight on tax law updates, remote work implications, what land mines you need to be aware of when registering for payroll taxes in new states, and more. During this event, you will:
- Gain insight on the Wayfair decision, and recent updates that may affect your business 3 years later.
- Take a deep dive into the State and Local direct and indirect tax concerns when hiring remote workers.
- Receive an update on Ohio Municipal Tax legal challenges.
- Tune in for predictions of where the states may be headed with the taxability of services and digital products, and how that may affect your compliance requirements.
- And more!
Kathy, an income principal on the firm's state and local tax team, focuses on sales and use tax consulting, compliance, and implementing technology solutions for businesses and organizations that continue to struggle with the various tax laws found throughout the nation. Since COVID-19 emerged and the topic of working remote took center stage, she has been tracking the implications associated with deploying a remote workforce. You won't want to miss this one!
#ReaCPA #State&LocalTax #RemoteEmployees
With the passage and implementation of the Tax Cuts and Jobs Act (TCJA), comes a lot of changes for taxpayers to wrap their heads around – but we’re up to the challenge.
Even with all the information floating around these days, it’s easy to overlook or misinterpret how the law works. Don’t worry; with this presentation, we'll provide you the important tips and insights surrounding this law.
Income Tax saving tips for your online businessSam Elahee
Five Star Tax Service Online Income Tax Tips. www.taxsupport.ca your one stop source for Canada, USA and Cross Border Taxation. These income tax tips are applicable to all businesses and specially businesses operation on line. It is important to keep detail record of all expenses so that you can offset some of your income and lower your tax rate. Tax in most countries are progressive. These income tax tips will help you reduce your marginal tax rates. Moving from a higher marginal tax rate to a lower marginal tax rate means savings of thousands of dollars in taxes.
WORK OPPORTUNITY TAX CREDIT: HOW EMPLOYERS CAN MAXIMIZE HIRING INVESTMENTCost Management Services
Brian Kelly hosts an interactive online workshop on the Work Opportunity Tax Credits “WOTC” for CPA Academy. The 1 hour session will focused on How Employers Can Maximize Hiring Investment. The webinar, was targeted at the accounting community, CPAs, CEOs and CFOs, and CPE Credits were available for attending.
Attendees learn how to add value to CPA service and take advantage of the billions dollars that are available today through the WOTC Tax Credit program. #WOTC
Visit our website www.cmswotc.com to learn more.
[ON-DEMAND WEBINAR] Revealing The State & Local Tax Considerations Of A Remot...Rea & Associates
Tax Consequences Holding You Back From Deploying A Remote Workforce?
As remote work continues to overtake the traditional workforce, organizations must understand state and local tax considerations for their remote employees before adopting such a policy. Due to quick changes in the work environment and work-from-home arrangements many tax consequences that may result in your business reconsidering the deployment of a remote workforce. Fortunately, state and local tax leader and a principal with Rea & Associates, Kathy LaMonica, will be on hand to explain what businesses are up against. She will also be taking your questions throughout the presentation. Read on to discover what you will hear during this free, hour-long webinar.
State & Local Tax Guidance To Guide Your Remote Workforce Decision
Join Rea & Associates for a free, hour-long webinar to gain insight on tax law updates, remote work implications, what land mines you need to be aware of when registering for payroll taxes in new states, and more. During this event, you will:
- Gain insight on the Wayfair decision, and recent updates that may affect your business 3 years later.
- Take a deep dive into the State and Local direct and indirect tax concerns when hiring remote workers.
- Receive an update on Ohio Municipal Tax legal challenges.
- Tune in for predictions of where the states may be headed with the taxability of services and digital products, and how that may affect your compliance requirements.
- And more!
Kathy, an income principal on the firm's state and local tax team, focuses on sales and use tax consulting, compliance, and implementing technology solutions for businesses and organizations that continue to struggle with the various tax laws found throughout the nation. Since COVID-19 emerged and the topic of working remote took center stage, she has been tracking the implications associated with deploying a remote workforce. You won't want to miss this one!
#ReaCPA #State&LocalTax #RemoteEmployees
With the passage and implementation of the Tax Cuts and Jobs Act (TCJA), comes a lot of changes for taxpayers to wrap their heads around – but we’re up to the challenge.
Even with all the information floating around these days, it’s easy to overlook or misinterpret how the law works. Don’t worry; with this presentation, we'll provide you the important tips and insights surrounding this law.
Income Tax saving tips for your online businessSam Elahee
Five Star Tax Service Online Income Tax Tips. www.taxsupport.ca your one stop source for Canada, USA and Cross Border Taxation. These income tax tips are applicable to all businesses and specially businesses operation on line. It is important to keep detail record of all expenses so that you can offset some of your income and lower your tax rate. Tax in most countries are progressive. These income tax tips will help you reduce your marginal tax rates. Moving from a higher marginal tax rate to a lower marginal tax rate means savings of thousands of dollars in taxes.
WORK OPPORTUNITY TAX CREDIT: HOW EMPLOYERS CAN MAXIMIZE HIRING INVESTMENTCost Management Services
Brian Kelly hosts an interactive online workshop on the Work Opportunity Tax Credits “WOTC” for CPA Academy. The 1 hour session will focused on How Employers Can Maximize Hiring Investment. The webinar, was targeted at the accounting community, CPAs, CEOs and CFOs, and CPE Credits were available for attending.
Attendees learn how to add value to CPA service and take advantage of the billions dollars that are available today through the WOTC Tax Credit program. #WOTC
Visit our website www.cmswotc.com to learn more.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
2014 Annual Accounting Update for Not-for-ProfitsWelch LLP
On Oct. 22nd, 2014, Welch LLP's experts hosted its annual Not-For-Profit seminar where they reviewed past, present & upcoming financial issues facing NPO’s.
To listen to the recording, please visit: http://www.welchllp.com/resource-centre/videos/events/
Areas of Discussion:
• A refresher of last year's key topics
• Anti-spam legislation
• Tax Essentials: Key income tax & HST updates
• Federal incorporation act update
• Accounting update on new principles
• Governance best practices
• Tips to prevent fraud in NPO's
Speakers:
• Don Scott, FCPA, CA - Tax Partner, Director of Tax Services
• Mona Tessier, CPA, CA, CA.IT - Senior Manager, Indirect Tax Partner
• Shawn Kelso, CPA,CA - Director of Professional Standards
• Christa Casey, CPA, CA - Partner & Director of the Not-for-Profit Sector
• Andre Auger, CGA, CFE - Government Services Provider
• Adam Aptowitzer - Lawyer, Drache Aptowitzer LLP
• Alexandra Tzannidakis, B.A., LL.B. - Lawyer, Drache Aptowitzer LLP
This is a snapshot of the indirect taxes that are relevant for Australia. It was designed to be part of a larger handbook covering the world indirect taxes.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
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
On Friday the 12th February Gordon presented to clients of MRA. The topic under discussion was the possible impact of the Davis Tax Committee on estate planning as we currently know it. The presentation also looked at updates made in a Webinar held between the DTC and the South African Institute of Tax Practioners.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
2014 Annual Accounting Update for Not-for-ProfitsWelch LLP
On Oct. 22nd, 2014, Welch LLP's experts hosted its annual Not-For-Profit seminar where they reviewed past, present & upcoming financial issues facing NPO’s.
To listen to the recording, please visit: http://www.welchllp.com/resource-centre/videos/events/
Areas of Discussion:
• A refresher of last year's key topics
• Anti-spam legislation
• Tax Essentials: Key income tax & HST updates
• Federal incorporation act update
• Accounting update on new principles
• Governance best practices
• Tips to prevent fraud in NPO's
Speakers:
• Don Scott, FCPA, CA - Tax Partner, Director of Tax Services
• Mona Tessier, CPA, CA, CA.IT - Senior Manager, Indirect Tax Partner
• Shawn Kelso, CPA,CA - Director of Professional Standards
• Christa Casey, CPA, CA - Partner & Director of the Not-for-Profit Sector
• Andre Auger, CGA, CFE - Government Services Provider
• Adam Aptowitzer - Lawyer, Drache Aptowitzer LLP
• Alexandra Tzannidakis, B.A., LL.B. - Lawyer, Drache Aptowitzer LLP
This is a snapshot of the indirect taxes that are relevant for Australia. It was designed to be part of a larger handbook covering the world indirect taxes.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
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
On Friday the 12th February Gordon presented to clients of MRA. The topic under discussion was the possible impact of the Davis Tax Committee on estate planning as we currently know it. The presentation also looked at updates made in a Webinar held between the DTC and the South African Institute of Tax Practioners.
2015 Accounting Updates for Not-for-ProfitsWelch LLP
To view our webinars geared for Not-for-profits, please visit: http://www.welchllp.com/resource-centre/webinars/non-profit-hot-topics/
On Oct. 21st, 2015, we hosted our annual Accounting Updates for Not-For-Profits breakfast seminar where our expert panel presented the relevant updates for your NPO / Registered Charity.
The following topics were discussed:
- NPO & Charity Tax Updates
- EHT Exemption, EI Rebate, & HST Updates
- New Income Streams for Not-for-Profit Corporations
- Restrictions with Respect to Business Activities of NPOs & Charities
- Update on Accounting & Audit Standards
- Controlled Entities, Branches & Divisions
- Disaster Planning
Puerto Rico: Value Added Tax - Impact on the Services IndustryAlex Baulf
Act 72 which amends the Internal Revenue Code for a New Puerto Rico introduces a value added tax system in Puerto Rico that will replace the Sales and Use tax system (“SUT”) effective April 1, 2016, for state tax purposes.The SUT will continue to be in place for municipal tax purposes after March 31, 2016.
This guidance from Kevane Grant Thornton LLP specifically relates to the services industry.
The Finance Act 2015 - How does it affect your clients? By CBW TaxRobert Maas
How will the many significant changes in the Finance Act 2015 affect your clients?
Let us share with you our thoughts on all of the main changes in the Finance Act.
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Senior Tax Manager and SALT Leader, Michael Eby, and Tax Supervisor, Lindsey Waltemyer.
It provides an overview of the enacted 2017-2018 Pennsylvania State Budget; a brief update on recently passed Pennsylvania tax legislation and court decisions of interest; and discusses how states, including Pennsylvania, are addressing these changes at the Federal level in their own respective tax structure.
California Incentives and Multi-State Tax Issues webinar slidesRoger Royse
An online discussion of various state tax issues for companies and individuals doing business in California. Our panelists cover recent developments in California income and sales tax, tax credits and incentives, multi-state tax issues for technology companies and state residency planning for individuals. Our panel of speakers includes:
Roger Royse, Royse Law Firm
Monika Miles, Miles Consulting Group
David Wittrock, Price, Wittrock CPA LLP
David Spence, Royse Law Firm
Tax Planning Update by Tracy Monroe, CPA. Presented at Cohen & Company's Client CPE Day. Covers business as well as individual tax updates.
www.cohencpa.com
An overview of current tax reform proposals and potential implications. Overview of business implications with Chairman Camp's 2014 discussion draft, Senator Hatch's 2014 report on tax reform, corporate integration, House tax reform task force, and The Trump Plan.
U.S. State and Local Indirect Tax OverviewAlex Baulf
Please find a copy of the slides from Grant Thornton UK LLP's recent VAT Club seminar, held at our Finsbury Square offices in London. In this breakout session, Adam Raschke discussed key concepts and issues relating to the US state and local indirect tax system.
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
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Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
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USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Kevane Grant Thornton Webcast on Puerto Rico proposed tax reform
1. @2015 Kevane Grant Thornton LLP. All rights reserved.
Act to Transform the Tax System of the
Commonwealth of Puerto Rico
P de la C 2329
February 20, 2015
2. @2015 Kevane Grant Thornton LLP. All rights reserved.
Disclaimer
DISCLAIMER: These presentations and their content do not represent a consulting. Participants should not
act solely on the basis of this material and its content. Its usefulness is for information only and should not be
used as a specific consulting. In addition, you must obtain the consultation of an expert before acting or
taking a decision on any topic addressed in this presentation.
3. @2015 Kevane Grant Thornton LLP. All rights reserved.
Our Values… CLEARR
unite through global Collaboration
demonstrate Leadership in all we do
promote a consistent culture of Excellence
act with Agility
ensure deep Respect for people and
actively communicate
take Responsibility for our
actions and demonstrate integrity
4. @2015 Kevane Grant Thornton LLP. All rights reserved.
Agenda
• Summary of P de la C 2329 “Act to Transform the
Tax System of the Commonwealth of Puerto Rico”
– Income Tax
– Sales and Use Tax – Value Added Tax
• Questions
5. @2015 Kevane Grant Thornton LLP. All rights reserved.
Summary of P de la C 2329
“Act to Transform the Tax System of the
Commonwealth of Puerto Rico”
6. @2015 Kevane Grant Thornton LLP. All rights reserved.
Individual Income Tax
• Tax computation for individuals, married filing
separate and married filing joint with optional
method
Net Taxable Income Tax
Not more than $40,000 0%
More than $40,000 but less
than $125,000
15% of the del excess over
$40,000
More than $125,000 but
less than $200,000
$12,750 plus 20% of the
excess over $125,000
More than $200,000 $27,750 plus 30% of the
excess over $200,000
7. @2015 Kevane Grant Thornton LLP. All rights reserved.
Individual Income Tax
• Tax computation for married filing joint not electing
optional method
Net Taxable Income Tax
Not more than $80,000 0%
More than $80,000 but less
than $125,000
15% of the del excess over
$80,000
More than $125,000 but
less than $200,000
$6,750 plus 20% of the
excess over $125,000
More than $200,000 $21,750 plus 30% of the
excess over $200,000
8. @2015 Kevane Grant Thornton LLP. All rights reserved.
Individual Income Tax
• The Bill proposes the elimination of:
• Alternate Basic Tax ("CBA")
• Personal Exemptions
• Dependents Exemptions
• 2% additional tax on self-employed
• Option 94 elections are revoked
• Exclusion of gain on sale of principal residence
• One time exclusion for individual 60 years
and older
• Deferral of gain
9. @2015 Kevane Grant Thornton LLP. All rights reserved.
Individual Income Tax
• The Bill proposes the elimination of:
• Deductions:
• Mortgage Interest – new credit
• Educational IRA's
• Casualty losses
• Health Savings Accounts
• Special deduction to individuals – new
exemption level
10. @2015 Kevane Grant Thornton LLP. All rights reserved.
Individual Income Tax
• The Bill proposes the elimination of:
• Filing of income tax returns for those with only
salary income (W-2) which does not exceeds
$40,000 ($80,000)
• new informative return
11. @2015 Kevane Grant Thornton LLP. All rights reserved.
Corporate Income Tax
• The Bill proposes the following:
• Fixed tax rate of 30%
• Elimination of additional tax on gross income
("patente nacional")
• Keep the Alternative Minimum Tax ("AMT")
• 25% rate or % of purchases from related
person
• No waivers after 12/31/14
• Actual waivers will expire 12/31/14
12. @2015 Kevane Grant Thornton LLP. All rights reserved.
Corporate Income Tax
• The Bill proposes the following:
• AMT preferences back to 2011 Code, including
expenses paid to related person and home office
13. @2015 Kevane Grant Thornton LLP. All rights reserved.
Flow Through Entities
• The Bill proposes the following:
• Statutory conversion of all partnerships, special
partnerships and corporations of individuals
created as of 12/31/14 to a new flow through
entity ("entidad conducto")
• partnerships and certain LLC's created after
12/31/14 will be taxed as this "entidad conducto"
14. @2015 Kevane Grant Thornton LLP. All rights reserved.
Flow Through Entities
• The Bill proposes the following:
• Tax will be computed pursuant to Chapter 7 for
their first taxable year after 12/31/14. All
sections related to special partnerships and
corporations of individuals eliminated
15. @2015 Kevane Grant Thornton LLP. All rights reserved.
Flow Through Entities
• The Bill proposes the following:
• Statutory conversion of special partnerships and
corporations of individuals will not make their
owners to be deemed engaged in trade or
business in Puerto Rico.
16. @2015 Kevane Grant Thornton LLP. All rights reserved.
Flow Through Entities
• The Bill proposes the following:
• Tax effect of statutory conversion depends on
each particular case
• In general, no gain or loss
• Keep same taxable year, basis and holding
periods
• Computation of owners basis as of 12/31/14
must be done
• "Simple" change of identity
17. @2015 Kevane Grant Thornton LLP. All rights reserved.
Flow Through Entities
• The Bill proposes the following:
• Election available for corporations and LLC's
taxed as corporations to be taxed as "entidad
conducto"
• even with only one owner
• within 90 days of the beginning of the taxable
for which the election will be effective
18. @2015 Kevane Grant Thornton LLP. All rights reserved.
Preferential Tax Rates
• The Bill proposes the following:
• Capital gains
• Individuals – rate of 30% with election to tax at
normal rates
• Corporations – taxed at 30% or as ordinary
income
• Transactions after 12/31/14
19. @2015 Kevane Grant Thornton LLP. All rights reserved.
Preferential Tax Rates
• The Bill proposes the following:
• Interest
• Individuals – eliminates the 10% and 17% on
interest from financial institutions
• Individuals – eliminates the optional 10% on
interest on certain loans to eligible
corporations/partnerships
20. @2015 Kevane Grant Thornton LLP. All rights reserved.
Preferential Tax Rates
• The Bill proposes the following:
• Eligible dividends
• Individuals – rate is 30%
• subject to withholding
• until 3/31/15 – 15%
• from 4/1/15 – 20%
21. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Exclusions/Exemptions from gross income:
• Income from sports teams taxed as ordinary
income rather than at 20%
• In the case of non resident citizens subject
to 20% withholding (29% if non resident
aliens)
22. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Exclusions/Exemptions from gross income:
• Eliminates:
• literary, journalist, scientific, artistic awards
• amounts received from crop insurance
• IVU Loto awards – IVU Loto system is
eliminated
23. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Exclusions/Exemptions from gross income:
• Eliminates:
• interest – except from PR and US
Government (including subdivisions and
instrumentalities)
• $2,000 ($4,000) from financial institutions
• $5,000 from Coops
• interest from certain commercial banks
24. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Exclusions/Exemptions from gross income:
• Eliminates:
• income from royalties to news agencies
• income from military o naval
"licenciamiento"
• COLA
• income from sports game; Serie del
Caribe excluded until 1/1/16
25. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Exclusions/Exemptions from gross income:
• Eliminates:
• rent income from Historic Zones
• only remains for contracts in placed as
of 2/15/15
• renewal of such a contract will not be
deemed in place as of 2/15/15
26. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Exclusions/Exemptions from gross income:
• Eliminates:
• reference to Act 135 (young workers)
since new tables cover the same
exemption of $40,000 of income.
27. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Deductions:
• Only straight line depreciation for purchases
after 12/31/14:
• If accelerate depreciation used:
compute tax basis as of 1/1/15 and
depreciate S/L for remaining life
28. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Deductions:
• automobile expenses – use and maintenance
• actual expenses
• Secretary may allow the use of standard
mileage rate by Regulations
29. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Deductions:
• charitable contributions –
• only for non for profits operating in Puerto
Rico and registered with Treasury
Department
30. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Deductions:
• payments to related person or Home Office
remain 51% non deductible
• no waivers to be issued
31. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Credits Moratorium:
• for years after 12/31/14 and before 1/1/2017
limited to 25% of tax
• Eliminates:
• Credit for work
• Credit to individuals older than 65 years
32. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• New credit for mortgage interest:
Gross Income Credit
No more than $125,000 the lesser of 15% of the
interest or $5,250
More than $125,000 but not
more than $140,000
the lesser of 12% of the
interest or $4,200
More than $140,000 but not
more than $155,000
the lesser of 9% of the
interest or $3,150
More than $155,000 but not
more than $170,000
the lesser of 6% of the
interest or $2,100
More than $170,000 the lesser of 3% of the
interest or $1,050
33. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• credit for mortgage interest will not be
reimbursable
• any amount not used will not be carried over
34. @2015 Kevane Grant Thornton LLP. All rights reserved.
Changes that may affect all taxpayers
• The Bill proposes the following:
• Act 163 supplementary information to audited
financial statements requirement remains.
• Period for the Secretary to issue estate tax
waiver increased from 30 to 60 days.
35. @2015 Kevane Grant Thornton LLP. All rights reserved.
Value Added Tax ("VAT")
• A VAT or also goods and
services tax (GST) is a
form of consumption tax.
• For the buyer, it is a tax on
the purchase price.
• For the seller, it is a tax
only on the value added to
a product, material, or
service.
.
• The sellers remit to the
government the difference
between these two
amounts, and retain the
rest for themselves to offset
the taxes they had
previously paid on the
inputs.
36. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
• The value added to a
product by or with a
business is the sale price
charged to its customer,
minus the cost of materials
and other taxable inputs.
• A VAT is like a sales tax in
that ultimately only the end
consumer is taxed.
• It differs from the sales tax
because collections,
remittances to the
government, and credits for
taxes already paid occur
each time a business in the
supply chain purchases
products.
37. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
• Effectiveness:
– For transactions after
12/31/15
• General rate is 16% on
taxable transactions, except
for the following which have
a 0% rate:
– goods and services for
export
– certain imports by
manufacturers
(Manufacturing Plant
Certificate)
• Effectiveness:
– For transactions before
1/1/16, taxable items
pursuant to 2011 Code will be
subject to 16% (instead of
7%).
• Municipalities may not collect
• Treasury will make the
payment to the eligible
consumer
38. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
New terms
1. Value Added Tax (VAT or
IVA)
2. Taxable transactions:
1. import of goods into PR
2. sale of goods and services;
3. rendering of services by a
nonresident person to a
person in PR
4. combined transactions
Old terms
1. Sales and Use Tax (SUT
or IVU)
2. Taxable item:
1. tangible personal property
2. services
3. admission rights
4. combined transactions
39. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
New terms
3. Merchant
4. Place
5. Eligible consumer
6. Eligible merchant
7. Small merchant
Old terms
3. Nexus
4. Source
41. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
• Exclusions from IVA:
• money, stock, bonds, notes, life insurance, and other securities and
obligations;
• intangibles (except computer programs)
• electricity
• water supplied by the PR Aqueduct and Sewer Authority
• any property of the Commonwealth of PR or of the U.S. Government
• certain entertainment machines
• sales by non-merchants
• exempt transfers under Subtitle A of the Code
• the delivery of donated goods
• goods introduced into foreign trade zones
•
42. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
• Exclusions from IVA:
• alcoholic beverages deposited in a bonded warehouse under certain
conditions;
• certain promotional materials introduced into PR
• certain vessels acquired by non-residents of PR
• services rendered between affiliated entities
• services rendered by the PR Government and by the U.S.
Government
• services rendered as an employee.
43. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
• Taxable transactions exempt from IVA:
• certain financial services (other than bank charges)
• prescription medicines and articles for the treatment of health
conditions
• articles to correct physical deficiencies
• sales and services that qualify for Medicare, Medicaid and the PR
Government’s Health Insurance Plan
• sales to the U.S. Government and PR Government
• import and sale of petroleum derivatives, except propane gas
• certain hotel room charges
44. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
• Taxable transactions exempt from IVA:
• import and sale of unprepared food and food ingredients
• sales of goods acquired with PAN or WIC funds
• sale of real property
• real property leases by individuals for principal residence, students
• gratuitous transfers of goods and services by non-profit entities
• certain imports by and sales to hospitals
• certain imports by and sales of agriculture products to bona fide
farmers;
• imports by and sales to hotels to be used in the exempt operation
• import and sale of vehicles
45. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT – Person responsible for the tax
• the person that imports the
goods to PR;
• non retail sales - the seller as
withholding agent for the buyer is
primarily responsible, but the
person that buys the goods or
services is also responsible;
• retail sales – the seller as
withholding agent for the buyer.
• services rendered by a non-
resident to a PR resident – the
person in PR that receives the
service.
46. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT – Collection of the tax
• The merchant that sells the
goods or services, except for
small merchants:
– sales to merchants
• Fiscal statement
• Debit and Credit notes
– retail sales
• IVA not show as separate item
• Waiver for collection:
– Certificate Exempt Purchases
– Certificate of Exemption
Manufacturing Plant
47. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT – Collection of the tax
• Special rules for sales delivered
by mail to Puerto Rico residents:
– internet sales
– mail order sales
– any other telecommunications means
48. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
• time and form of payment
• returns
• adjustments, credits and reimbursements
• regressivity relief
• registry
– merchants
– small business
49. @2015 Kevane Grant Thornton LLP. All rights reserved.
VAT
• certificates:
– exempt purchases
– manufacturing plant
– eligible merchant
• transitory provisions
– current certificates valid until 12/31/15
– bonds will be effective until expiration date
– current credits – will carry forward but not reimbursable
• Municipalities – cannot impose/collect after effective date
51. @2015 Kevane Grant Thornton LLP. All rights reserved.
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