09/21/2023
HMRC collects £70m from multinationals via profit diversion compliance facility
The UK’s tax regime prevents this by applying the amount of profit or loss that would have been made between unconnected parties for tax purposes.
Tax
09/12/2023
Plastic packaging imports fall in first year of UK tax
The tax is calculated on a fixed amount per tonne.
09/08/2023
Maples Group's International Tax Teams Recognised for Excellence by International Tax Review
This achievement highlights the firm's expertise and focus on providing high-quality, multi-jurisdictional tax advice and transactional support to clients.
08/18/2023
Bermuda Considers Introducing Corporate Income Tax on Multi-National Enterprises
Bermuda’s proposed corporate income tax on MNEs signifies a transformative moment in its tax policy.
08/15/2023
Government of Bermuda Consulting on Possible Introduction of Corporate Income Tax
Taxes paid under the proposed Bermuda corporate income tax regime would be those that would otherwise be payable to other jurisdictions under the OECD global minimum tax framework.
08/02/2023
VAT insights - August 2023
A round up of the Simmons & Simmons insights on VAT developments over the last month.
07/31/2023
More holistic incentives and regulatory clarity needed in HK’s family office push
Helen points out that it is often the personal factors such as how easy it is to get visas for the family and the pathway to obtain permanent residency that “move the needle” for family offices.
07/28/2023
UK VAT recovery allowed on professional services incurred on corporate fundraising disposal
Tax expert Eloise Walker of Pinsent Masons said: “This is a welcome development, and not so specific in its facts that it is not capable of more general application.”
07/27/2023
UK inheritance tax: A reminder of the key concepts and principles
There has been some speculation in the UK press about whether a future Conservative government might scrap UK inheritance tax but what is inheritance tax and how might you be affected?
07/24/2023
New UK R&D tax scheme ‘should not be rushed’
The proposed new scheme is based on the existing Research and Development Expenditure Credit
07/21/2023
Non-dom regime: reform, replace or abolish?
Without doubt, the most radical option for the next government would be to abolish the non-dom regime altogether without adopting any alternative system.
07/20/2023
‘Absolute candour’ demanded by HMRC to avoid UK tax fraud prosecution
HMRC said the CDF was a “vital tool” against tax fraud which enabled officials to recoup millions of pounds for the taxpayer without having to resort to costly criminal prosecutions.
07/18/2023
Canadian financial interest in UK oil field not subject to UK tax
RBC wrote off the original loan to Sulpetro as a bad debt and treated the payments received from the Buchan field as recoveries of that bad debt, which were treated as taxable income in Canada.
07/13/2023
New Philanthropy Tax Incentive Scheme for Singapore Family Offices & Changes to the Fund Tax Exemption Regimes with effect from 5 July 2023
Both of these changes, announced by the Monetary Authority of Singapore ('MAS') on 5 July 2023, are summarised in this article.
07/12/2023
Guernsey company tax residence and rates
This article looks at when companies are treated as tax resident in Guernsey and considers the tax rates applicable to them and whether they are eligible for tax exempt status.
07/04/2023
Global Mobility – Tax Residency in the United Arab Emirates
The UAE is a zero-tax jurisdiction for taxation of an individual.
06/23/2023
Restructured loans did not circumvent withholding tax obligations
The original lender then used the proceeds of the assignment to the Guernsey entity to provide a new loan to Hargreaves.
06/20/2023
ATAD 2 documentation requirement – tailored approach
The complexity of ATAD 2 and its related documentation requirement should not be underestimated
06/15/2023
Fair Procedures in Irish Tax Appeals
The decision serves as another example of the Irish Courts' reluctance to interfere in the TAC's running of live tax appeals, and as a reminder to taxpayers to prepare and argue their full case before the TAC.
06/05/2023
Brazil: Provisional Measure 1.171/2023 – new tax rules on foreign investments
It also clarifies the tax treatment of trusts with respect to both income and capital gains produced by trust assets and the tax treatment of distributions made to beneficiaries.