The document discusses issues with New Zealand's proposed Resident Land Withholding Tax. It summarizes that the proposed tax rates of 33% of profit or 10% of sale price are excessively high and could double or quadruple taxpayers' current tax liabilities. It provides examples showing the proposed tax is much higher than the actual tax owed. It argues the tax places undue burden on conveyancing agents and may leave creditors out of pocket if it takes priority over other loans. It calls for the officials to refine the policy to ensure a more reasonable tax system is implemented.
Information On Property Tax Lien Investinglschmidtcep
Earn Attractive Annual Yields by Investing in Tax Liens and Deeds purchased by Commercial Equity Partners, Ltd. Your funds are invested through the purchase of Property Tax Liens throughout the United States.
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 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
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
Information On Property Tax Lien Investinglschmidtcep
Earn Attractive Annual Yields by Investing in Tax Liens and Deeds purchased by Commercial Equity Partners, Ltd. Your funds are invested through the purchase of Property Tax Liens throughout the United States.
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 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
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
Tax Havens , Major Tax Havens around the world.JASEEM LAL
What is a Tax Haven
OECD Criteria for a Tax Haven
Characteristics of a Tax Haven
Uses of a Tax Haven
Legal entities in a Tax Haven
Major Tax Havens around the world
Types of Tax Havens
Examples: Types of Tax Havens
# Cayman Islands
Effects of Tax Havens
Four Reasons Of Tax Havens Are Good
The response of Governments
OECD objectives
Is there a future for Tax Havens
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.
A slide share outlining the risk that a company or individual can be exposed to for inaccurate and non compliant mileage expenses. We point out the risk, where it is hiding, what it might cost you and how to prevent it.
[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
David Stewart Tax Evasion: What is tax evasion? What are tax evasion penalties? What are some celebrities who have been charged with tax evasion? Take a look!
The principle of proportionality is an unwritten concept of European law. In simple terms and in a VAT context, the principle is intended to ensure that, when dealing with taxpayers, Member State's actions go no further than what is necessary to achieve the objective being pursued.
The objective of the Default Surcharge regime in the UK is to ensure that taxpayers not only submit their VAT returns on time but also pay any VAT due on time.
The First-tier Tribunal found that the surcharge in this case was disproportionate. However, the Upper Tribunal has allowed HMRC's appeal. In the circumstances, the First-tier's decision was wrong in law.
We analyse a small open economy with a tradable and a sheltered sector. If the unions that operate in each sector coordinate their wage demands sectorwise, the choice of monetary regime – floating cum inflation target vs. EMU – may affect the relative wages and prices of the economy. We show that EMU results in lower prices for tradable goods and lower real wages in the traded sector while opposite results hold for sheltered sector prices and wages. Thus, if large unions behave strategically, the choice of monetary regime has far-reaching structural implications.
Tax Havens , Major Tax Havens around the world.JASEEM LAL
What is a Tax Haven
OECD Criteria for a Tax Haven
Characteristics of a Tax Haven
Uses of a Tax Haven
Legal entities in a Tax Haven
Major Tax Havens around the world
Types of Tax Havens
Examples: Types of Tax Havens
# Cayman Islands
Effects of Tax Havens
Four Reasons Of Tax Havens Are Good
The response of Governments
OECD objectives
Is there a future for Tax Havens
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.
A slide share outlining the risk that a company or individual can be exposed to for inaccurate and non compliant mileage expenses. We point out the risk, where it is hiding, what it might cost you and how to prevent it.
[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
David Stewart Tax Evasion: What is tax evasion? What are tax evasion penalties? What are some celebrities who have been charged with tax evasion? Take a look!
The principle of proportionality is an unwritten concept of European law. In simple terms and in a VAT context, the principle is intended to ensure that, when dealing with taxpayers, Member State's actions go no further than what is necessary to achieve the objective being pursued.
The objective of the Default Surcharge regime in the UK is to ensure that taxpayers not only submit their VAT returns on time but also pay any VAT due on time.
The First-tier Tribunal found that the surcharge in this case was disproportionate. However, the Upper Tribunal has allowed HMRC's appeal. In the circumstances, the First-tier's decision was wrong in law.
We analyse a small open economy with a tradable and a sheltered sector. If the unions that operate in each sector coordinate their wage demands sectorwise, the choice of monetary regime – floating cum inflation target vs. EMU – may affect the relative wages and prices of the economy. We show that EMU results in lower prices for tradable goods and lower real wages in the traded sector while opposite results hold for sheltered sector prices and wages. Thus, if large unions behave strategically, the choice of monetary regime has far-reaching structural implications.
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A brand positioning summarises the complex package of rational and emotional benefits and personality traits that drive stand-out, choice and forge enduring customer relationships. If products are people then brands should be friends or lovers. This mini presentation summarises The Marketing Directors' approach to brand positioning. For help to build your brand, call us on +44(0) 1628 400699 or pop into our Marlow or London office.
Cleaning Up Your Tax with Voluntary Disclosure AgreementsCBIZ, Inc.
While paying taxes might not be our favorite pastime, the overwhelming majority of taxpayers strive to file and pay all of their tax obligations. However, sometimes taxpayers' best efforts to comply with their tax obligations are not enough, especially in the state and local tax world. Although it may be an innocent mistake, such non-compliance may be very costly if it is first discovered by the state or local taxing jurisdiction, because the taxpayer will not only be subject to tax and interest but also harsh penalties (up to 25 percent or more).
1.Amount of Retained EarningsThe IRS permits both types of corpo.pdfdilipanushkagallery
1.
Amount of Retained Earnings
The IRS permits both types of corporations to retain some profits for business purposes. At the
end of the year, corporations that need money to upgrade facilities and purchase equipment can
retain earnings from being distributed to their shareholders. Regular corporations can retain up to
$250,000 in earnings, while personal service corporations can only keep up to $150,000.
Corporate Tax Rates
One of the benefits of operating a corporation is the favorable tax treatment from the IRS. A
corporation is the only business structure in the United States with its own tax rates.
Corporations benefit from tax rates as low as 15 percent. However, personal service corporations
don’t get to take advantage of these low tax rates. In fact, most personal service corporations are
charged a flat tax rate of 35 percent on all profits, as of publication.
S Corporations
The subchapter S corporation is a smaller version of a regular corporation. It can only have up to
100 shareholders and one class of stock. The model used to tax S corporation profits is the pass-
through method. Under this taxation model, S corporations do not pay income taxes at the
company level. Instead, profits are passed through to its shareholders and taxed as income on
their individual tax returns.
Other Differences
Because profits flow directly to shareholders, the pass-through taxation method isn’t structured
for S corporations to retain earnings like personal services corporations. However, this method
prevents S corporations’ profits from being double taxed. Regular and personal service
corporations’ profits are taxed twice at the corporate level and again when they reported on the
shareholders’ individual tax returns as income. Also, S corporations cannot deduct fringe
benefits as business expenses given to employee-shareholders who own more than 2 percent of
the business.
2.High federal taxes can affect the size and strength of the small business population in several
ways. They can reduce the number of business births by discouraging those who might otherwise
form new businesses. Second, they can slow down the rate at which small businesses are able to
grow by making it more difficult for them to finance a rapid expansion. And third, they can
weaken the desire and the ability of small concerns to survive as independent enterprises by
making the gains from a sale or merger look more attractive than the income to be derived from
continued operation. It can be argued from the experience of individual firms that high taxes
have done all three of these things, but there are no data that indicate the extent of the impact in
any of these directions.
Nevertheless, there is some evidence that the high taxes which have been imposed on most
businesses during and since the last war have hurt many of the smaller concerns more severely
than they have the larger ones. Unless it has been expected to have spectacular growth, the small
dynamic business has been hand.
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.
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.
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action.
1. MEDIA RELEASE
11/09/2015
FOR IMMEDIATE RELEASE
Questions remain about the new resident land withholding tax
The IRD recently released an officials paper on Resident Land Withholding Tax, a
tax to apply to offshore sellers of residential land, who have held the land for less
than two years, (except for the main family home).
The withholding tax is an estimate of the income tax liability a seller may have. It
does not remove the requirement for a tax return to be lodged.
However, according to Leicester Gouwland of William Buck Christmas Gouwland, an
Auckland based accounting firm, analysis of the officials paper reveals four
problems. The proposed withholding is excessive; it places onerous responsibilities
on the lawyer or the conveyancing agent; it will apply to residents as well as offshore
sellers; it may leave creditors out of pocket.
The proposed withholding tax is the lower of 33% of the gain, or 10% of the sale
price.
The tax rate of 33% appears to be chosen because this is the rate of resident
withholding tax on dividends. Where is the logic for this? It is not residents that are
being subject to this tax.
The tax rate of 10% of the gain, on the other hand, is advanced on the basis of rates
used by other countries.
The Officials suggest that this approach of the lower of two calculations is both
because it is simple, and because it approximates the tax payable.
However a simple analysis shows that the proposed withholding tax rates will be well
in excess of the likely tax, particularly as there is no allowance for any costs such as
real estate agents fees and past losses. Regardless, in comparison with the
company tax rate of 28%, companies will be overtaxed at least 5 percentage points.
Therefore the 10% rate based on the sale of the property could logically be reduced
to under 5%.
Take, for example, a property sold for $500,000 with a profit of $50,000 and before
sale costs of $20,000. According to the paper, the options are either 10% of the sale
price ($50,000 tax), or 33% of profit ($16,667 tax). Therefore the tax owed is
$16,667, being the lower of the two figures.
2. However, the real profit figure is of course $30,000, once the before sale costs are
removed from the sale price. Taxing the actual $30,000 profit at the company tax
rate of 28% would mean $8,400 tax. Taxing it at the individual tax rates (10.5%
below $14K and 17.5% above $14K) would mean $4,270 tax.
To repeat, tax under this new regime is $16,667. Using either of the tax rates in
place would mean either $8,400 or $4,270 tax. What is the justification for doubling
or quadrupling current tax rates?
Let’s look at a second example. In this case the sale price is $1,000,000, the profit is
$150,000 and the before sale costs are $30,000. So the options are either 10% of
the sale price ($100,000 tax), or 33% of profit ($49,500 tax). Therefore the tax owed
is $49,500, being the lower of the two figures.
Taxing the actual 120,000 profit at the company tax rate of 28% would mean
$33,600 tax. Taxing it at the individual tax rates would mean $30,520 tax. Again,
what is the justification for the huge difference?
One point that is not clear is the interest rate that will be paid for overpayment. Will it
be enough to compensate for the lost opportunity the taxpayer had for the money?
The solution is to have different rates of withholding tax for different levels of gains.
The withholding tax rates on the profit could start at 10% and rise to 25%. For
companies the tax rates could start at 15% and rise to 25%.
A further allowance should be to enable any losses to be deducted from any gain. To
tax someone who clearly has no tax obligation is unacceptable.
These changes are not complicated, and would not require the payer to obtain any
further information apart from the losses available. This information is readily
available.
The officials propose that the conveyancing agent, usually a lawyer, will be
responsible for the deduction and payment of the tax. The officials prefer the
purchaser's solicitor to be the agent, even though it is the seller who is subject to the
tax. Therefore the legislation is shifting the burden of the compliance cost to an
innocent third party.
The obligation of the agent will also include determining whether the withholding tax
needs to be deducted in the first place. This places the agent in the position of being
subject to IRD penalties should they get it wrong. How is it possibly fair to penalise
the agent for acting as the IRD's tax agent, particularly when the fee is typically
relatively modest?
While the intent of the withholding tax is to tax offshore persons, the actual plan is to
tax residents as well. This seems odd because New Zealand tax residents are
already in the New Zealand tax system, lodging annual income tax returns.
3. For instance, a New Zealand company that is 25% or more owned by an offshore
company or individual will treated as being offshore. Clearly, if for example, 25% is
owned offshore, then 75% must be locally owned.
The officials suggest that these rules are required to prevent offshore individuals
circumventing the rules by using companies. However, it is hard to understand
where there is tax avoidance if the company is already paying tax in the New
Zealand system. Surely this is therefore nothing more than an additional,
unnecessary, compliance burden.
Of significant concern to creditors, particularly banks, is the officials’ belief that
withholding tax should be paid before other creditors are paid. This is an
unnecessarily aggressive position, particularly where tax is deducted in situations
where no tax is payable!
Currently, where the subject property is also securing other loans, it is common for
the bank to require all of the sale proceeds to be paid to the bank. In fact this is
sometimes the reason for the sale in the first place. By taking priority over the private
sector, the IRD is putting the security banks hold at risk. Without doubt the effect will
be to shift the tax burden to others.
The legislation comes into effect on 1 July 2016. Time is running out for the officials
to refine their views, to ensure a more sensible and workable system is enacted.
###
For further information contact:
Leicester Gouwland, Managing Director
William Buck Christmas Gouwland
021 727 035 / 09 366 5030
Leicester.gouwland@wbcg.co.nz