Tax / TAG Tax (J)

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TAG Tax Newsletters


Meet the Co-chairs - TIAG

Spearman, Lisa
Mercer & Hole

On, Wendy
Fineman West & Co. LLP

Brenner, Saul B.
Berdon LLP

Saba, Fuad

Meet the Co-chairs - TAGLAW

Derewenda, Anna K.
Williams Mullen (VA)

Meet the Co-chairs - TAG-SP

Severino, Maria
Collins Barrow Toronto LLP

Contact: Bathiya & Associates LLP (Mumbai, India)

It is the endeavour of the Income tax Department to digitise various functions of the Department for providing efficient taxpayer services. As another significant step in this direction, electronic filing of appeal before CIT(Appeals) is being made mandatory for persons who are required to file the return of income electronically.

Read more: Electronic filing of first appeal before CIT(Appeals)

Farmers who are still waiting to receive their full Basic Payment should consider asking HM Revenue & Customs if they can defer their January tax bill, according to accountant Old Mill (Somerset, England).

Although the RPA was aiming to make most payments by the end of December 2015, thousands of farmers are still waiting, with many unsure when to expect the money to arrive. “There is no question that this is putting tremendous pressure on farm cash flows and it’s clearly most unwelcome that this pinch point is coming at a time when commodity prices are at such a low level,” says Mike Butler, director of rural services at Old Mill.

Read more: Farmers should act now to defer January tax bills, warns Old Mill

Contact: Hal Zemel, Berdon LLP (New York, New York, USA)

Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in 2015). But even with the rising exemptions, annual exclusion gifts offer a valuable tax-saving opportunity but you must use the exclusion by December 31.

The 2015 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free — without using up any of your gift and estate or GST tax exemption. (The exclusion remains the same for 2016.)

Read more: TAX TALK: Don’t Miss Your Opportunity to Make 2015 Annual Exclusion Gifts

Contact: Voisin (Isle of Man - TAGLaw)

Jersey’s Taxes Office has reached an agreement with the UK tax authorities at HM Revenue and Customs (‘HMRC’) on the interpretation of the residence of companies under the 1952 Jersey - UK Double Taxation Agreement (‘DTA’).

Utilising the mutual agreement provisions contained in the DTA, it has been agreed that paragraph 2(1)(f) of the DTA should be considered as a residence tie-breaker test for companies which are regarded as resident in both jurisdictions under their relevant domestic tax rules.

Read more: Jersey and UK agree on tax treatment of dualresident companies

Executive Summary 

Many multinational enterprises (MNEs) incur VAT in countries where they are not established or VAT registered. A business may, for example, incur foreign VAT on trade fairs and conferences, meals and accommodations, travel, transportation and fuel costs, business entertainment, marketing and advertising costs, professional services, telecommunications; printing materials and stationery, and training. 

Read more: UK VAT refunds for non-EU businesses require action by 31 December 2015