Tax / TAG Tax (J)



This is a TIAG and TAGLaw "Joint" Specialty Group.

The TIAG Co-chairs are shown below. Click the "Group Member List" icon to view co-chairs and members from both TIAG and TAGLaw.

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Meet the Co-chairs - TIAG


Spearman, Lisa
Mercer & Hole
lisaspearman@mercerhole.co.uk


On, Wendy
Fineman West & Co. LLP
won@fwllp.com


Brenner, Saul B.
Berdon LLP
sbrenner@berdonllp.com


Saba, Fuad
FGMK, LLC
fsaba@fgmk.com


Meet the Co-chairs - TAGLAW


Derewenda, Anna K.
Williams Mullen (VA)
aderewenda@williamsmullen.com


Meet the Co-chairs - TAG-SP


Severino, Maria
Collins Barrow Toronto LLP
mseverino@collinsbarrow.com


India’s looming the new regime of Goods & Service Tax (“GST”), a modern tax reform which will usher in growth and opportunities for businesses in India. It is a tax trigger, which will lead to business transformation for the industry. It will have a far-reaching impact on business avenues, compelling organizations to realign bottlenecks such as production cost, production time, supply chain, compliance, logistics etc. with changing indirect tax structure. 

GST is a value added tax where tax is imposed only on the value added at each stage in the supply chain. It is levied at all points in the supply chain. Credit is paid for acquiring inputs used in making the supply. In India GST is defined as “tax on supply of goods or services other than alcohol for human consumption”. In simple language, GST is a single tax on all goods and services in the entire economy.

Read more: The Goods & Services Tax in India: Impact Analysis on Various Sectors

Non UK domiciliaries are only subject to UK Inheritance Tax (IHT) on their UK assets. Foreign assets are treated as excluded property, which are outside the scope of UK IHT while they are neither domiciled nor deemed domiciled in the UK (broadly once they have been resident in the UK for more than 15 out of the previous 20 tax years, under the proposed new rules).

It has been common practice for non UK domiciliaries to acquire UK residential property via a non UK company of which they are the ultimate beneficial owners. In doing so the owner was viewed as holding a foreign asset (the shares), which represented excluded property. Furthermore, the shares may have been settled on to a trust prior to the settlor becoming deemed domiciled in the UK and thereby preserving excluded property status for the future.

Read more: IHT exposure: Non UK domiciliaries and UK residential property

Contact: Gordy Jones

The obligation for registered investment companies (RICs) to pay foreign capital gains tax is not new by any means, but it is gaining more attention lately, making it imperative for fund management to take note.

Foreign tax withholding on interest and dividends has been and continues to be the responsibility of the fund custodian, monitoring and remitting taxes based on a specific country’s legislation. Foreign capital gains tax, on the other hand, traditionally has been the responsibility of fund management. The custodian is not responsible for tracking tax basis of investments; therefore, it does not have the information to appropriately pay the foreign capital gains tax.

Read more: Monitoring Foreign Capital Gains Tax Exposure for RICs

Contact: Donna Khoe

With the effective date for the super reforms fast approaching on 1 July 2017, there are numerous planning opportunities available before 30 June 2017.

We’ve set out a quick guide to assist you in surviving these reforms below:

Rule No 1 – Don’t panic!

While significant amendments have been made to the way superannuation funds are regulated in Australia, it is essential to remember that the majority of the key tax concessions (e.g. flat 15% tax on earnings) afforded to these superfunds remains the same which will continue to serve the core purpose of providing you with a better retirement.

Rule No 2 – Identify the reforms that is applicable to you

Not all of the changes announced will have an impact on you and your super member balance and it is important to focus on the ones that do affect you.

Read the entire article.

Contact: Wayne Berkowitz CPA, J.D., LL.M.

There is a joke that starts with three mothers sitting around discussing the professions of their respective sons. The first mother bragged about her son the doctor and all were impressed. The second mother chimed in that her son was a lawyer and everyone smiled. The third mother sheepishly stated her son was an accountant. All shrugged and one of the mothers interjected, that's ok, he always was a little slow.

Read more: SALT TALK: "I'm Just a Bill" - Mobile Workforce Legislation (Re)Introduced