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Corporate Tax

06 July 2018
Elena Christodoulou Tax Department aims to streamline payment of tax liabilities

Cyprus - Elias Neocleous & Co LLC

One of the Tax Department's main priorities is to streamline and modernise its processes and make it more convenient for taxpayers to deal with the department by facilitating the electronic submission of tax returns and payments, thus removing the need to visit a tax office. The electronic submission of income tax and value added tax returns is now mandatory and the department is undertaking a large-scale public information programme to help taxpayers make the change.

Author: Elena Christodoulou
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Szymon Gogulski Changes to tax deductible expenses for authors

Poland - Sołtysiński Kawecki & Szlęzak

The Act of 27 October 2017 amending the Personal Income Tax (PIT) Act, the Corporate Income Tax Act and the Flat Income Tax on Certain Revenues Performed by Individuals Act amended the PIT Act to introduce categories of creative activity which entitle authors to settle 50% of their tax deductible expenses and doubled the annual limit of tax deductible expenses. Following doubts over the shortcoming of the amendments, the legislature decided to remedy their scope.

Authors: Szymon Gogulski, Jacek Zwara
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Ben Strauss Accrual of amount on cession of right to dividends

South Africa - Cliffe Dekker Hofmeyr

Dividends are exempt from income tax even if a person receives the dividend by virtue of a cession to that person of the right to receive the dividend. In a notable exception to this principle, if a shareholder cedes the right only to receive dividends (ie, without transferring the other rights attaching to the underlying shares) to a company, the dividend accruing to the company is subject to income tax.

Author: Ben Strauss
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Damon Lyon Tax reform insight: new foreign tax credit rules may warrant restructuring foreign branches

USA - McDermott Will & Emery

The 2017 Tax Act added a separate foreign tax credit limitation category for income earned in a foreign branch. As a result, certain US groups may be limited in their ability to use foreign income taxes paid or accrued by a foreign branch as a credit against their US federal income tax liability. This new limitation could present a problem for taxpayers with losses in some foreign branches and income in other foreign branches.

Authors: Damon Lyon, Evan Walters, Lowell D Yoder, Susan O'Banion
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Recent updates

Candice Gibson Efficient or inept? Corporate income tax rate and restructuring rules

South Africa - Cliffe Dekker Hofmeyr

Author: Candice Gibson
Elena Christodoulou New double tax agreement between Cyprus and Andorra

Cyprus - Elias Neocleous & Co LLC

Author: Elena Christodoulou
Maurus Winzap Swiss Upper House issues revised Tax Proposal 17

Switzerland - Walder Wyss

Authors: Maurus Winzap, Robert Desax
Lowell D Yoder Deductible payments to CFCs can result in exorbitant BEAT

USA - McDermott Will & Emery

Authors: Lowell D Yoder, Dahlia Ali, David G Noren, Britt Haxton
Omar Morales Nothing is certain but death and taxes: Tax Department considers taxation of cryptocurrencies

Chile - Montt y Cia SA

Author: Omar Morales