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Corporate Tax

22 January 2021
Wendawn Miller-Frazer CESRA: economic substance reporting deadline extension

Bahamas - Lennox Paton

The Commercial Entities Substance Requirements Act (CESRA) 2018 requires all legal entities registered in The Bahamas to comply with economic substance reporting by submitting an annual filing to the minister of finance. Economic substance reporting under CESRA must be completed within nine months of the entity's fiscal year end; however, due to the COVID-19 pandemic, the deadline in respect of reporting for 2019 has been extended to 31 January 2021.

Author: Wendawn Miller-Frazer
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Anat Shavit Taxation of investment funds

Israel - Fischer Behar Chen Well Orion & Co

Among the primary tools for encouraging inbound investments in Israel is the special tax regime for private investment funds. Over the years, the Tax Authority has issued substantial guidance and numerous private rulings under the Income Tax Ordinance, providing significant tax benefits to foreign investors and private investment funds operating in Israel. This article outlines the income tax arrangements applicable to private investment funds operating in Israel.

Authors: Anat Shavit, Ronald Lehmann, Ron Sitton, Yuval Peled
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Simona Zangrandi Budget Law 2021: tax incentive for business combinations

Italy - Studio Legale e Tributario Biscozzi Nobili Piazza

Parliament recently enacted the Budget Law 2021 which, among other things, enables a portion of deferred tax assets to be converted into a tax credit relating to tax losses carried forward and excess aid to economic growth, accrued up to the fiscal year prior to that in which a business combination occurs. The rule aims to encourage business combinations and more structured and competitive realities on the market, especially in a crisis situation, such as that brought about by COVID-19.

Authors: Simona Zangrandi, Franco Pozzi
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Recent updates

Simona Zangrandi Updated transfer pricing documentation requirements

Italy - Studio Legale e Tributario Biscozzi Nobili Piazza

Authors: Simona Zangrandi, Franco Pozzi
Elena Christodoulou Tax Department clarifies tax status of permanent establishments and legal persons during COVID-19 pandemic

Cyprus - Elias Neocleous & Co LLC

Authors: Elena Christodoulou, Andrea Constantinou
Valery Narezhniy New tax system for controlled foreign corporations

Russia - Gorodissky & Partners

Author: Valery Narezhniy
Anat Shavit Challenges in taxation of oil and gas partnerships

Israel - Fischer Behar Chen Well Orion & Co

Authors: Anat Shavit, Yuval Peled
James Bergstrom DITC Portal update

Cayman Islands - Ogier

Authors: James Bergstrom, Angus Davison, Joanne Huckle, Bradley Kruger
Maurus Winzap Federal Council to request Parliament to abolish withholding tax on bonds

Switzerland - Walder Wyss

Authors: Maurus Winzap, Fabienne Limacher