ILN Today Post

Tax treaties in Russia: 2016 updates

Russia has a quite extensive network of tax treaties, with the vast majority of tax treaties being conventions for elimination of double taxation with respect to taxes on income and on capital and the prevention of tax evasion and avoidance ( here and after – double tax treaties). As of January, 1 2017 Russia has 82 double tax treaties in force.

In 2016 Russia has strengthened its tax cooperation with Asian countries and made steps towards automatic exchange of information.

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What will the tax authorities learn?

Automatic Exchange of Financial Account Information among tax authorities worldwide applies to 2016 data 

Today, 108 jurisdictions, including many tax havens (the British Virgin Islands, the Cayman Islands, Gibraltar, Guernsey, the Isle of Man, Liechtenstein, Seychelles, etc.), participate in the automatic exchange of financial account information. The sharing of data on capital gains, account balances, income from the sale of financial instruments and data on the beneficial owners of passive entities (for the year 2016 already) will aid in the effective verification of income tax returns and improve tax transparency. Consequently, tax authorities will no longer have to rely only on spontaneous exchanges of data or journalists revealing secret information and causing scandals the likes of the Panama Papers. 

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Significant Changes to Irish Inheritance Tax Regime with effect from 25th December 2016: Dwelling House Relief

By Kevin Doughan, Holmes O’Malley Sexton Solicitors, Associate Solicitor, Wills and Probate Unit.

Introduction to Irish Inheritance Tax Regime

Irish inheritance and gift tax falls under the umbrella of Capital Acquisitions Tax (CAT). In Ireland CAT will arise if any of the following conditions are met:-

  1. a) The deceased/disponer is resident or ordinarily resident in Ireland
  2. b) The beneficiary is resident or ordinarily resident in Ireland
  3. c) The assets are situated in Ireland.
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Decrease of the corporate income tax rate to 28%

The standard corporate income tax rate fixed at 33.33% will progressively be decreased to 28%.

In 2017, only the SMEs which have less than 250 employees, and less than EUR 50 million turnover or balance sheet of under EUR 43 million benefit from the 28% on their profit first EUR 75,000 of taxable income.

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3 Ways to Find the Right Network for Your Law Firm

rawpixel-com-196464Recently, I had the opportunity to write a piece for JD Supra’s Perspectives, on 5 Ways a Law Firm Network Can Make Your Firm More Successful. Sure, I’m a little bit biased, but here’s how I feel:

Over the last decade, we’ve seen a titanic shift in the legal industry, and one thing I know for sure is that we’ve all got to get comfortable with being uncomfortable. Change, innovation, disruption – it’s all here to stay, and how it shakes out will be different for each law firm and law firm client.

What we do know is that the client is king – they always were, but now they know it too. And that means clients expect their firms to get creative about ways and means to provide value. This can be accomplished in a myriad of ways, depending on your strategy, goals, and clients, but a piece of that puzzle is the law firm network.”

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Will you be caught within the expanding cover of the Retail Leases Act?

The recent decision by the Supreme Court of Victoria in CB Cold Storage Pty Ltd v IMCC Group (Australia) Pty Ltd [2017] VSC 23 endorses a wider interpretation of what is considered a ‘retail premise’ for the purposes of the Retail Leases Act 2003 (Vic) (RLA). As a result of this decision, it is clear that the ‘ultimate consumer’ test could be satisfied by either commercial or private consumers and that most service businesses will be found to be involved in the ‘retail provision of services’ and subject to the RLA. As a consequence, leases which have previously been considered to fall outside the scope of the tenant friendly RLA provisions may, in fact, be regulated by its provisions, without landlords or tenants realising.

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Hall & Wilcox a finalist in two categories at the 2017 Australasian Law Award

Hall & Wilcox is delighted to be named a finalist in two categories at the 2017 Australasian Law Awards.

These are:

  • Law Firm of the Year (101-500 lawyers)
  • Law Firm Leader of the Year (>200 employees) – Tony Macvean
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States and online retailers continue to battle over sales tax laws

SOUTH DAKOTA

Less than a year ago, we wrote about a taxing provision that South Dakota lawmakers passed in an effort to quell revenue losses attributable to out-of-state internet sellers who do not have enough of a connection, or nexus, with the state to be subject to sales tax collection and remittance obligations. That law, SB 106, effective May 1, 2016, set a threshold of $100,000 of in-state sales, or 200 separate transactions, above which an out-of-state retailer would be required to collect and remit sales taxes.
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Pennsylvania: Department of Revenue retracts controversial letter ruling

Earlier this month, we explained the Pennsylvania Department of Revenue’s (Department) February 9, 2017, Letter Ruling SUT-17-001, which clarified the Department’s interpretation of Act 84 of 2016 (the Act). Among other things, the Act broadened the definition of “tangible personal property” to expand the list of items subject to the state’s 6 percent sales and use tax. The Letter Ruling made it clear that the tax would apply to canned computer software and related maintenance and support services, along with books, applications, games, music and audio.

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Michigan: Detroit codifies jock tax that includes travel and practice time

“Detroit finds a way to collect more income tax from pro athletes playing here,” reads the headline from Detroit Headline Sports addressing the city’s new formula for collecting additional income taxes from professional athletes and others. Much is being made of the Motor City’s March 1, 2017, codification of the ordinance that increases the amount of income subject to the city’s income tax. The new formula, which takes the number of days that a player is in the city for game-related activities – “city days” – divided into a roster of “duty days,” now accounts for practice and travel days, not just the days on which games are played.
The article points out that while such jock taxes are widely used to generate extra revenue, some players will see a hefty increase, especially when the Detroit Pistons basketball team relocates to the new Little Caesars Arena, downtown. For example, Andre Drummond, the highest-paid Detroit Piston, who is projected to earn $23.8 million next season, would pay about $158,500 in Detroit city income taxes annually. Baseball player Miguel Cabrera, currently the first baseman for the Detroit Tigers, would pay an estimated city income tax of $152,899 each year.
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