Tag: Tax

Uncertain Tax Positions: Navigating The IFRIC 23 Gauntlet – Tax Authorities

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To print this article, all you need is to be registered or login on Mondaq.com. For financial year-end purposes, taxpayers consider the tax provisions as part of the company’s financial position and how this will be disclosed in their annual financial statements (“AFS“). In this regard, the importance of tax certainty cannot be overstated. The…

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VAT Domestic Reverse Charge On “Valuable Metal” Soon To Be Implemented – Sales Taxes: VAT, GST

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On 8 June 2022, South Africa’s Minister of Finance published regulations to introduce a domestic reverse charge on “valuable metal” relating to gold-containing material, which includes secondary gold sources as well as certain mine dumps. Under a domestic reverse charge mechanism, the purchaser accounts for the VAT (at 15%) on the transaction rather than the…

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QOZs Illustrate How Critical Tax Theory May Bolster Tax Policy Analysis – Capital Gains Tax

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Although Tax Day passed on April 18, 2022, for some taxpayers a different type of tax deadline is approaching. Many tax attorneys, like myself, know that June 30, 2022, is the last day on which certain taxpayers who had capital gains in 2021 can defer paying tax on those gains until 2026 by investing them…

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Tax Court In Brief | Gianninis v. Commissioner | Frivolous Arguments And Reporting Taxable Wages – Tax Authorities

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To print this article, all you need is to be registered or login on Mondaq.com. Gianninis v Commissioner, TC Memo. 2022-65 June 23, 2022 | Urda, J. | Dkt. No. 20132-19. Opinion Short Summary: This case involves the disputed liability for (1) frivolous arguments, (2) the imposition of accuracy-related penalties on underpayments, and (3) penalties…

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CBDT Provides Much Awaited Guidelines In Relation To TDS On Payments For Virtual Digital Assets – Income Tax

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28 June 2022 Khaitan & Co To print this article, all you need is to be registered or login on Mondaq.com. The Finance Act, 2022 (FA 2022) amended the Income-tax Act, 1961 (IT Act) by introducing a new taxation regime in relation to Virtual Digital Assets (VDAs) wherein: (i) a 30% tax has…

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2022 EOFY trust distributions: handle with care – Trusts

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One of the perennial items on everyone’s end of financial year checklist is the proper execution of trust resolutions, ensuring that trustees are not taxed on trust income at the top marginal rate (45%). For family trusts in particular, these distributions often require additional consideration prior to the end of this financial year following some…

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Tax Court In Brief | Morgan v. Commissioner | Foreign Earned Income And Foreign Tax Home – Income Tax

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The Tax Court in Brief – June 20th – June 24th, 2022 Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. For a link to our podcast covering the Tax Court in Brief, download here or check out other episodes…

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SARS Publishes Income Tax Return Filing Dates For The 2022 Year Of Assessment – Income Tax

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27 June 2022 Webber Wentzel To print this article, all you need is to be registered or login on Mondaq.com. SARS has announced the deadline dates for filing income tax returns for the 2022 year of assessment as well as the details of those exempt from filing returns. On 3 June 2022, SARS…

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Unintended Tax Liability? Supreme Court Of Canada Says No Take-Backs – Tax Authorities

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To print this article, all you need is to be registered or login on Mondaq.com. The Supreme Court of Canada (“SCC“) in Canada (Attorney General) v. Collins Family Trust2022 SCC 26 (“Collins Family Trust“)recently set out that a series of transactions cannot be undone using “rescission” in order to avoid an unexpected tax liability, even…

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The Crypto Industry Is Talking Tax, And The Senate Is Listening – Fin Tech

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24 June 2022 Cadwalader, Wickersham & Taft LLP To print this article, all you need is to be registered or login on Mondaq.com. On June 7, 2022, US Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (the “Act”), a comprehensive legislative scheme for the regulation of…

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