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The Pakistan Petroleum Dealers Association (PPDA) has declared a nationwide strike on July 5 to protest against the 0.5% advance turnover tax introduced in the latest budget. The government has acknowledged the error and promised to withdraw the tax, but the PPDA remains committed to their protest. In response, the government has instructed oil marketing companies (OMCs) to maintain sufficient petroleum product stocks to prevent supply disruptions. The PPDA has met with the Federal Board of Revenue (FBR) Chairman, who assured them that the tax imposition was a mistake and would be corrected within two days. The Petroleum Secretary emphasized that higher taxes were a common issue and not specific to petroleum dealers. The strike announcement was made by Abdul Sami Khan, who highlighted the potential impact of the new tax on petroleum retailers already operating on thin margins. He also called on the government to address the smuggling of petroleum products from the Pakistan-Iran border. If the tax is not abolished, OMCs plan to issue tax-inclusive invoices, and if the issue remains unresolved, dealers intend to close fuel stations nationwide. [Extracted from the article]

The Pakistan Petroleum Dealers Association (PPDA) has announced a nationwide strike of petrol stations starting on July 5. Despite negotiations with the government and other stakeholders, the dealers' grievances remain unaddressed, leading to the decision to shut down over 13,000 petrol stations. The strike is in response to the turnover tax imposed in the recent budget, which the dealers argue constitutes double taxation. The government has established a monitoring cell to oversee fuel supplies during the strike and has issued directives to ensure sufficient petroleum product stocks to avoid disruptions. [Extracted from the article]

Businessmen and industrialists have expressed dissatisfaction with the proposed budget for 2024-25, criticizing it as anti-industry and too aligned with IMF directives. They argue that the budget burdens existing taxpayers without broadening the tax base or promoting industrial production and commerce. Concerns were raised about excise duties on cement, debt servicing allocations, and the need for attention to the tourism sector. While some pro-business measures were appreciated, there were criticisms of certain taxation steps that would increase business costs and slow economic activity. The budget was also criticized for lacking clarity on export promotion, import reduction, privatization policy, and ending cross-subsidy. [Extracted from the article]

The Pakistan Business Council (PBC) has expressed concerns over certain budget proposals that they believe will negatively impact the formal, tax-paying sector of the economy. The PBC criticized the government's focus on increasing the tax-to-GDP ratio without reducing government expenditure, arguing that it places an unfair burden on existing taxpayers. The PBC chief, Ehsan Malik, warned that proposed tax rate increases for salaried individuals would exacerbate the brain drain, with many experienced professionals leaving the country. Malik called for the phasing out of the super tax, elimination of double taxation, and a reduction in the corporate tax rate to prevent capital flight. The PBC also disapproved of measures that would deter foreign and local investors and increase disadvantages for Pakistani exporters. [Extracted from the article]

The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, has expressed concerns about the Federal Budget 2024-25 and its impact on the information technology (IT) industry. Sheikh believes that the budget will worsen brain drain in the IT sector due to high taxation, stifling growth and innovation. The Pakistan Software Houses Association (P@SHA) has also raised concerns about the budget, particularly regarding the higher income tax burden on the salaried class and the remote worker tax regime. P@SHA proposes reforms, such as a competitive tax rate for registered IT companies and clearer policies for remote workers, to address these issues and promote the growth of the IT industry. [Extracted from the article]

Pakistan and Kuwait have signed a $25 million loan agreement for the Mohmand Dam during the Pakistan-Kuwait Joint Ministerial Commission (JMC) session. The session also saw progress in strengthening bilateral ties, with the Kuwait Fund expressing interest in financing the Diamer Bhasha Dam and considering Pakistan's request for the Kachhi Canal project. Multiple MoUs and agreements were signed, covering areas such as industrial cooperation, engineering councils, and news exchange. Both countries agreed to establish Joint Working Groups to address trade, investment matters, and visa and consular affairs. [Extracted from the article]

Pakistan and Kuwait have signed a $25 million loan agreement for the Mohmand Dam during the Pakistan-Kuwait Joint Ministerial Commission (JMC) session. The session also saw progress in strengthening bilateral ties, with the Kuwait Fund expressing interest in financing the Diamer Bhasha Dam and considering Pakistan's request for the Kachhi Canal project. Multiple MoUs and agreements were signed, covering areas such as industrial cooperation, engineering councils, and news exchange. Both countries agreed to establish Joint Working Groups to address trade, investment matters, and visa and consular affairs. [Extracted from the article]

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Copyright of Aktuelles Steuerrecht is the property of Richard Boorberg Verlag GmbH & Co KG and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Tax Magazine (2392-7011) is the property of Editura Solomon and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article focuses on the recent judgment by the Supreme Court of Appeal (SCA) in the case of CSARS v Coronation Investment Management SA, where section 9D of the Income Tax Act played a significant role. Topics include the criteria for identifying a foreign business establishment (FBE) under section 9D, the link between FBEs and transfer pricing standards, and the impact of the recent Coronation case on South African taxpayers with Controlled Foreign Companies (CFCs).

Copyright of Aktuelles Steuerrecht is the property of Richard Boorberg Verlag GmbH & Co KG and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article analyzes the accounting and tax regime of non-monetary contributions made by legal entities, as well as the deferral of capital gains obtained from these contributions. It mentions that there are objective, subjective, and formal requirements for the application of this special regime. The article also details who should make the communication, the deadline to do so, and to whom the communication is addressed. In addition, it mentions the corporate operations that can benefit from the special tax regime, such as mergers, spin-offs, and non-monetary contributions. The requirements for non-monetary contributions made by legal entities and individuals are also specified. The article deals with the actions of verification by the tax administration in relation to the special tax regime. These actions often generate discrepancies between the administration and taxpayers, and often result in settlements signed in disagreement. Taxpayers often make binding inquiries to the Tax Administration to determine if a commercial operation can benefit from the special regime and if the economic motive is valid. In summary, operations subject to the special regime must be supported by valid and justified economic reasons before the tax inspection. The article deals with the accounting and tax repercussions in the company ROCK SA due to a capital increase and the receipt of land. In the case of differences between the recorded value and the fair value of the received asset, it will be recognized in the account "Share premium or assumption". For the issuance of shares, they are recorded in the account "Issued shares or participations", "Share capital", and "Share premium or assumption". As for the tax consequences, the contributed lands will have a tax value of 1,000,000 euros, and different scenarios of share and land transfers between the companies ROCK SA and MAC SA are considered. The article deals with the accounting and tax consequences of the transfer of land by the company ROCK SA. The accounts and amounts involved in the transaction are detailed. In addition, it is mentioned that the transfer of shares of the company MAC SA before the transfer of the land has generated double taxation. It is explained that ROCK SA can make a negative adjustment in its taxable base to avoid this double taxation. The tax and legal implications of the operation regarding VAT and the tax on property transfers and document legal acts are also mentioned. The article deals with the practical application of the accounting and tax regime of non-monetary contributions made by legal entities regulated in article 87 of the LIS. The obligation to communicate restructuring operations to the tax administration is mentioned, and a deadline is established to do so. In addition, the information that must be included in the memory of the acquiring entity in corporate restructuring operations is detailed. Non-compliance with these obligations can result in economic sanctions. [Extracted from the article]

Copyright of Aktuelles Steuerrecht is the property of Richard Boorberg Verlag GmbH & Co KG and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article focuses on the challenges of transfer pricing adjustments, particularly in cases involving double taxation. Topics include the implications of unilateral transfer pricing adjustments, the concept of corresponding adjustments to prevent double taxation, and the role of the Multilateral Instrument (MLI) in facilitating Mutual Agreement Procedures for transfer pricing matters.

The article focuses on compensating adjustments which involve economic reallocations of revenues and costs within multinational enterprises to align with arm's length principles. Topics include the purpose and performance of compensating adjustments, the potential for double taxation and its resolution, and key considerations for managing these adjustments to prevent disputes with tax authorities.

Copyright of Técnica Contable y Financiera is the property of Wolters Kluwer Espana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

'I have a feeling that this will trigger a wave of similar reactions, especially now that there is a lot more awareness of how African countries are losing out through DTAs with tax havens like Mauritius.'9 Later that year, Zambia also tore up its DTA with Mauritius. THE BIGGER STORY Although Kenya has one of the highest concentrations of healthcare workers on the African continent, the government estimates that they are still down 3,238 medical officers.1 The shortage is worldwide, but Africa has one of the largest regional deficits.2 'I'm looking forward to resilient and self-reliant African countries that are using the revenue that they are generating to actually deliver critical public services', says Tax Justice Network Africa (TJNA) policy assistant Everlyn Muendo, when I ask about her vision for a global tax system of the future. Firstly, that the Kenya-Mauritius DTA was actually more likely to lead to revenue leakage and erode Kenya's tax base than attract foreign investment and ensure fairer taxation. [Extracted from the article]

The Madhya Pradesh government is organizing a regional industry conclave in Rewa on October 23, following similar events in other cities in the past six months. Over 50 business houses and 250 industrialists are expected to participate, with a focus on promoting industrial development in the Vindhya region. The Deputy Chief Minister highlighted the region's potential for growth and announced upcoming projects, including an IT park. The government is committed to addressing obstacles to industrial development and ensuring a conducive environment for businesses in the area. [Extracted from the article]

Donald Trump has pledged to eliminate income taxes on Americans living abroad as part of his campaign promises. This proposal could simplify tax obligations for the approximately 9 million Americans living overseas who currently have to file tax information with the Internal Revenue Service and may be required to pay US taxes in addition to taxes in their country of residence. The pledge would require congressional approval and could potentially reduce paperwork and tax bills for expatriates. However, critics argue that this plan could allow wealthy Americans to move to low-tax countries and avoid tax obligations. [Extracted from the article]

Trump has recently proposed eliminating taxes on overtime and tipped wage taxes. [ABSTRACT FROM AUTHOR]

Traders and residents in Rakhine State are appealing to the Arakan Army (AA) to reduce taxes on essential goods due to the escalating conflict and rising prices. The traders have requested a temporary tax exemption on vital items such as medicine, food, and stationery, as they face double taxation at both the junta's gate and the AA's gate. Inconsistent tax rates at AA checkpoints and lack of official receipts have further complicated the situation. Traders are calling for a transparent tax policy and improved verification processes, and some suggest that taxes should only be collected once transportation conditions improve. The blockade and ongoing conflict have severely impacted the flow of goods, exacerbating the difficulties faced by local traders and residents. [Extracted from the article]

In the article, the author examines the issue of whether employers should be mandated to collect taxes from their employees for the U.S. federal government. Also cited are the hiring by the Internal Revenue Service (IRS) of 87,000 agents to help eliminate tax evasion, and a brief history behind the practice of withholding tax.

The article describes a legal dispute between Romanian nationals and the city of O. regarding the provision of basic security benefits for job seekers and the assumption of accommodation costs. The city of O. rejected the applicants' requests because the accommodation costs were deemed inappropriate due to overcrowding. The social court rejected the application for a temporary injunction as there was no entitlement to the desired benefits. The applicants' appeal was unsuccessful. In the present case, it concerns the provision of accommodation costs for an already occupied apartment and the issuance of an assurance for the rental of another apartment. It is determined that the lease agreement for the already occupied apartment is void as it violates the Lower Saxony Housing Protection Act. Therefore, there is no obligation to assume the accommodation costs for this apartment. The applicants' request to receive an assurance for the rental of another apartment is also rejected. It is determined that such an assurance cannot be granted within the framework of interim legal protection. The social court dismissed the claim for payment of short-time work allowance without fictitious deductions for income tax and solidarity surcharge. The plaintiff's appeal was also unsuccessful. It was determined that there is no double taxation and that the fictitious tax deduction according to § 153 (1) SGB III is binding for the calculation of the short-time work allowance. It was also determined that there is no violation of the principle of freedom of movement for workers or the prohibition of discrimination. The plaintiff has filed a revision and alleges a violation of § 153 (1) SGB III, as she believes that the actual income tax should be taken into account. It was determined that the findings of the regional social court are not sufficient to review the legality of the contested decision. The appellate court is not responsible for organizing the case material and researching the facts and issues itself. There is a lack of findings regarding the personal requirements for entitlement to short-time work allowance (Kug) as well as for reviewing the amount of the approved Kug. It is pointed out that an employee who is employed in an EU member state and returns to her place of residence daily is considered a cross-border worker. Reference is also made to the double taxation agreement between Germany and France, which provides for special procedures for the exemption of cross-border workers. The article addresses the question of whether cross-border workers who work in Germany and live in France are entitled to short-time work allowance. According to the social court, there is no entitlement because cross-border workers are not subject to taxation in Germany and therefore do not have an income tax class. The court argues that it is justified not to consider an income tax class when there is no tax liability. Treating cross-border workers the same as employees living and working in Germany could constitute indirect discrimination and restrict the right to freedom of movement. The decision of the European Court of Justice in the Eschenbrenner case is considered irrelevant. The European Court of Justice (ECJ) has ruled that the lump-sum deduction of income tax in the calculation of insolvency benefits for a cross-border worker who works in France and lives in Germany is not applicable. [Extracted from the article]

Copyright of Tax Magazine (2392-7011) is the property of Editura Solomon and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Internal Revenue Service(IRS) issued guidance thatallows taxpayers to make a latebonus depreciation election orrevoke an election for a particularproperty acquired afterSeptember 27, 2017. If the taxpayer exceeds the losslimit, the taxpayer will have anexcess business loss, which thetaxpayer can deduct as an NOLcarried forward in subsequentyears. In December 2017, Congressapproved and President DonaldTrump signed into law theTax Cuts and Jobs Act of 2017(TCJA), the most sweepingtax reform package passedin the last 30 years. Onlyhigh-income taxpayers are likelyto itemize their returns and areoften the primary beneficiariesof the deduction. [Extracted from the article]

Canada has neither an inheritance tax nor an estate tax. DAVID MOSCROP RESPONDS TO FRANCO TERRAZZANO AN INHERITANCE TAX - OFTEN CALLED a "death tax" by those who oppose the measure, and who wish it to sound like one's end itself is being taxed - offers at least two sorts of public goods. The index noted that a rare bright spot is that "Canada does not levy wealth, estate or inheritance taxes.". [Extracted from the article]

The article focuses on Supreme Court jurisprudence, states repeatedly overran the boundaries of tribal sovereignty and created a pernicious problem of double-taxation for on-reservation economic activity. It mentions Federal common law decisions establish most rules governing on-reservation taxation, yet federal policy acknowledges that Indian tribes are sovereign governments with plenary power over their citizens and lands.

Copyright of Técnica Contable y Financiera is the property of Wolters Kluwer Espana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article offers information on the impact of the infusion of funds under the Inflation Reduction Act on the IRS and potential consequences for small- to medium-sized businesses (SMBs). Topics include a case where a New Jersey-based real estate company faced potential disallowance of millions of dollars in expenses, the IRS's plan to hire 30,000 more people, and expert opinions on the likelihood of increased tax audits targeting SMBs.

The article informs about the wish-lists of tax professionals for 2024, including increasing thresholds for administrative relief, codifying the tax residency process, and implementing standardized review channels. Topic include these professionals seek clarity on VAT treatment, extension of tax incentives, and alternative dispute resolution processes to streamline tax procedures and enhance compliance.

China is considering exempting individual investors from paying dividend taxes on Hong Kong stocks bought via Stock Connect. Regulators in China are reviewing a proposal submitted by Hong Kong to waive the 20% tax on dividends from Hong Kong stocks bought through the link. The aim of the proposal is to avoid double taxation and create fairer arrangements for investors in both Hong Kong and China. A final decision has not been made, and there is no definite timeline for implementation. This proposal comes as Hong Kong seeks to revive its market after a decline in initial public offerings and trading volumes. [Extracted from the article]

The Azerbaijan-Latvia trade turnover presents numerous opportunities for growth, according to Azerbaijani Deputy Economy Minister Sahib Mammadov. The two countries have a strong bilateral relationship, with 45 signed documents, including a Declaration on Strategic Partnership. In 2023, the trade turnover between the countries reached $65 million, with Azerbaijan's exports to Latvia increasing by 64 percent. Investment cooperation is also a significant aspect of their economic relations, with balanced investments between the two countries. Additionally, there are 48 Latvian companies operational in Azerbaijan, and the two countries have collaborated on eight twinning projects funded by the European Union. [Extracted from the article]

Copyright of Técnica Contable y Financiera is the property of Wolters Kluwer Espana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The most common for significant corporate assets is a post mortem pipeline transaction to effectively withdraw the assets from the corporation with no additional tax beyond that payable on the capital gain on the shares on the death of the taxpayer. Other Considerations In addition to income taxes, the provinces and territories may have probate fees or estate administration taxes that are payable on assets that pass through an estate. [Extracted from the article]

Copyright of Tax Magazine (2392-7011) is the property of Editura Solomon and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The concept of utilising waste to generate energy might soon be introduced in Pakistan and the ministries concerned would be educated about the technology, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo. The FPCCI chief added that there was a need to improve ease of doing business further as it was an important factor for promotion of exports. The meeting was also attended by FPCCI Vice President Mohammad Athar Sultan Chawla and FPCCI's former president Zakaria Usman. [Extracted from the article]

The article focuses on America's economic and foreign policy look like and Democratic Party is facing a secular decline. Topics discussed include Supreme Court is no longer pushing the nation leftward; expanding the number of states to gerrymander the U.S. Senate as abolishing the filibuster and lower corporate and personal income taxes enacted in 2017. It mentions need to protect the three million students now in charter schools and Joe Biden and every Democrat running for president promised the teachers' unions and need to end the double taxation of Americans working overseas.

UK Prime Minister Rishi Sunak is considering reducing welfare spending in order to fund further tax cuts, according to The Sunday Times. Sunak expressed the Conservative Party's goal of eliminating national insurance contributions, stating that the money saved would go towards funding public services. He also criticized the welfare system, pointing out the increase in the number of working-age people deemed unfit to work. The Labour Party, on the other hand, plans to generate additional tax income from private schools and gas companies to support public services. The Institute for Fiscal Studies has criticized both parties for lacking transparency in their plans for funding payroll levy cuts. [Extracted from the article]