News

Illinois imposes an estate tax for residents and nonresidents. Find out more.

Did you know that state taxes can be minimized through controlling activities? Find out more.

In the latest edition of their Tax Tips & Traps, Yale PGC cover the following:

• New Trust Reporting: Unexpected Exposure
• Automobile Deduction and Benefit Rates: 2024 Limits Released
• T-Slips: Filing and Distribution Issues
• Personal Services Business: CRA Education Initiative
• Working From Home Expenses: Employment Expenses
• Canada Dental Care Plan (CDCP): New Income-Tested Benefit
• Farm Losses Can Be Restricted: May Apply Even When Significant Time and Cash is Invested

This month's update contains information on:

• Tax (Donations & Charitable Organizations Exemption) Rules, 2023.
• KRA Pledges to Support Taxpayers to Comply with Electronic Tax Invoicing Requirement.
• Tax Assessments.
• Key Amendments in IAS and IFR.
• Tax Due Dates.

This month's update contains information on:

• Closure of the Voluntary Tax Disclosure Program (VTDP).
• On Boarding of Non-VAT Taxpayers on eTIMS.
• Tax Payment through PayBill Number 222222.
• Simplification of the VAT Return Filing Process.
• Common Tax Mistakes Small Businesses Make.
• Tax Due Dates.

We are delighted to announce that Oriental Star Consulting (Shanghai) Co. Ltd. has joined our Asia Pacific region.  [Read more]

As 2024 draws near, it is an excellent time to review your tax planning strategies.  This guide from MichaelSilver in Chicago outlines various potential tax-saving opportunities.

As another tax year comes to a close, it is time to consider your tax planning opportunities and year-end taks.  Find our more here.

The UK's Chancellor of the Exchequer, Jeremy Hunt, opened his Autumn Statement on 22 November by announcing that he was introducing 110 measures to help grow the British economy.  He did not detail all but his message was clear:  stimulating growth was a priority.  He set out five focus areas:  reducing debt, cutting tax and rwarding hard work, backing British business, building domestic and sustainable energy, and delivering world-class education.  Further details can be found in this summary provided by Goodman Jones in London.

This month's update contains information on:

• Fringe benefit tax and deemed interest rate.
• A step-by-step guide on Amnesty Implementation on iTax.
• iTax enhancements and resolved system defects.
• On-boarding of non-VAT taxpayers on eTIMS.
• The National Health Insurance Fund regulations, 2023.
• Key questions for audit committees overseeing sustainability.

Expanding your business overseas is an exciting venture, but it comes with a set of administrative and legal responsibilities.  If your company is considering entering the United Kingdom market, one critical aspect you need to understand is National Insurance (NI).  NI is a social security system in the UK that provides various benefits to residents.  This article from Amit Sharma at Goodman Jones in London, will guide overseas companies on what they need to know about NI in the UK.

In the latest edition of their Tax Tips & Traps, Yale PGC cover the following:

• CEBA repayment deadline extended:  some issues
• Enhanced GST residential rental rebate:  increased incentives
• Enhanced first-year CCA:  phase-out after 31 December 2023
• Surcharge to accept payment via credit card:  GST/HST?
• Businesses purchasing from non-residents:  GST/HST?
• Mandatory disclosure rules:  inceased CRA disclosures
• Revival of a corporation:  tax collection
• Employment insurance:  misconduct

Malta's Budget for the year 2024 was announced by Finance Minister, Clyde Caruana, in Parliament on 30 October.  A report on that Budget, provided by Emanuel Ellul Limited in Malta, can be viewed here.

With effect from our recently held International Conference in Toronto, Nandan Bendarkar of MBK Auditing in Dubai, has become our International Chairman, a post he will hold for the next two years.  [Read More].

Reporting requirements for employee benefit plans are changing, effective for plan years beginning on or after 1 January 2023.  [Find out more]

Click here for highlights from Ireland's Budget 2024, announced by Minister Michael McGrath on 10 October 2023.

Information provided by Merry Mullen in Dublin.

Subject to a commencement order, with effect from 1 January next year, employers in Ireland will be required to notify the Revenue of certain payments (known as "reportable benefits") made to employees and directors.  [Find out more]

We are delighted to welcome LLC Balans-Inform-Audit in Tashkent to our Asia Pacific region.  [Read More]

This month's Newsletter features information on:

• Affordable housing levy.
• Tax amnesty on interest and penalties for periods up to 31 December 2022
• Issues to consider for Kenya on the road to the launch of a carbon tax.
• An introduction to IFRS sustainability disclosure standards.
• Time management.

GMNI is pleased to welcome SGA-Taxwize in Mumbai to its Asia Pacific region.