Search for:
Category

Tax

Category
In Tax

European Union: New EU rules on mandatory disclosure of cross-border tax arrangements by EU intermediaries

by and 7 Mins Read

On 25 May 2018, the Council of the European Union adopted a directive on the mandatory disclosure and exchange of cross-border tax arrangements. This is the sixth update of the Directive on Administrative Cooperation, therefore referred to as ‘DAC6’ and the disclosure regime is now live.
Under the new rules, intermediaries such as lawyers, tax advisors, and accountants that design, promote or implement certain ‘arrangements’, or that provide advice in relation to such arrangements, are required to report them to tax authorities.

Read More
In

Argentina: Tax on the Acquisition of Foreign Currency – Extended to new transactions and introduction of new Collection Regime of 25%

by and 4 Mins Read

On 13 October 2022, Decree No. 682/2022 and Resolution No. 5272/2022 were published in the Official Gazette. With respect to certain transactions covered by the Tax on the Acquisition of Foreign Currency, the Federal Tax Authority added a new Collection Regime at a rate of 25% to the acquisition of foreign currency for certain payments through the Resolution.
By means of the Decree, payments for the (i) acquisition abroad of personal, cultural and recreational services (not including education), in accordance with the Central Bank of Argentina regulations, and (ii) the import of goods listed as “sumptuous” are also levied by the Tax at a rate of 30%.

In Tax

Global: Taxes become more complex when entering the metaverse

by and 6 Mins Read

More and more companies are either building or considering building a presence in a metaverse. As metaverses continue to develop, they’re blending online multiplayer gaming, cryptocurrency, non-fungible tokens (NFTs), and virtual reality into a new immersive digital experience for their users. In this article, Baker McKenzie aim to provide a non-exhaustive overview of some high-level tax aspects to consider when expanding into the metaverse ecosystem.

In Tax

Canada: Proposed Excessive Interest and Financing Expense Limitation Rules

by , and 3 Mins Read

On 4 February 2022, the Canadian Department of Finance released a proposed set of rules “EIFEL Rules”) intended to address concerns that Canadian taxpayers that are part of a multinational group are deducting excessive interest and other financing costs. The EIFEL Rules restrict the deductibility of net interest and other financing expenses. Although technical amendments are expected, it is anticipated that the EIFEL Rules will begin to apply for tax years that begin in 2023. Multinational groups with Canadian members are encouraged to consider the impact of the EIFEL Rules, and potential mitigation and optimization strategies, now.

Read More
In Tax

United States: Group Financing and IP Ownership in the Pillar 2 World – Event at Baker McKenzie New York Office on 3 November 2022

by , , and 2 Mins Read

While the OECD continues with its journey to modernize the global tax system under its two-pillar approach, many countries are now beginning to embark on the road to implementation of Pillar 2 and multinationals may need to prepare for its impact as early as 2023.
Join our panel of Tax professionals at the Baker McKenzie New York Office on 3 November 2022 for the next installment in our series of Pillar 2 events

In Tax

South Africa: Non-resident shareholders, are your shares endorsed?

by and 3 Mins Read

There are many examples of non-resident shareholders of South African companies failing to endorse their shares. This constitutes a breach of South Africa’s Exchange Control Regulations and may be subject to penalties and/or imprisonment. This endorsement should be carried out as soon as possible after the acquisition of shares, and if this was not done, it should be rectified straight away.

In Environment

South Africa: Carbon tax – Impact on carbon-intensive businesses and the way forward

by , and 4 Mins Read

Carbon tax was introduced in 2019 to assist South Africa to deliver on commitments made in the Paris Agreement in 2015. This tax is expected to increase in the years ahead, and carbon-intensive businesses have spoken out about the negative impact of this tax on their bottom lines, especially as they continue to recover from the pandemic and invest in energy transition infrastructure. As the clean energy industry grows, so does the need for specific incentives or legislation to deal with certain spin-offs from the measures introduced to reduce exposure to carbon tax. As such, more policies that incentivize the reduction of carbon emissions and the transition to clean energy are likely to be announced in the coming years.

In Philippines

Philippines: Quisumbing Torres Publishes Guide to Developing and Operating Data Centers in the Philippines

by , , and 2 Mins Read

The Philippines logged one of the highest growth rates as an emerging data center market alongside Malaysia and Thailand, supporting the active digital profile of Filipinos.
Access Quisumbing Torres’ Developing and Operating Data Centers in the Philippines to learn more about the key legal issues for data center investors. The guide provides the relevant regulatory information including issues and considerations related to foreign investment controls, data (i.e., privacy, telecommunications laws, cybersecurity, data localization, antitrust),tax, M&A, financing, sustainability and real estate.

In AML & Financial Services Regulatory

Global: Crypto Boot Camp 2022

by , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 4 Mins Read

The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging.
This virtual seminar series will provide insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Set out below are details of our 2022 series.

Read More
Load More