University of Dhaka, Bangladesh

Reducing Tax Burden: Investment in Capital Market

By Shafiqul Alam and Mushfiqur Rahman, Ahmed Zaker & Co. Chartered Accountants

Investing in the capital market (i.e., share market) has some inherent risks. However, what if such investments helped reduce one’s tax burden in addition to creating gains from stock trading? The Bangladeshi Government has set its taxation policies in such a way that everyone is encouraged to invest in shares and maybe achieve just that.

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Change in Law Affecting South African Tax Residents Working Abroad

By Graeme Saggers, Nolands

Like many other developing countries, it is common for South Africans to seek employment outside the country’s borders in more developed economies. There are South African expatriate communities in most countries around the world. As from 01 March 2020, a well-known law governing how South African expatriates are taxed will undergo a significant amendment.

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How should businesses in Bangladesh face their Minimum Tax obligations?

By Ishtiaque Shaan, Ahmed Zaker & Co.

One of the most important Sections of Bangladesh’s income tax legislation, The Income Tax Ordinance, 1984 (ITO, 1984) is Section 82C, which covers the area of Minimum Tax for both unincorporated and incorporated businesses. As the name suggests, Minimum Tax, is the minimum amount of corporation tax that businesses will have to pay the National Board of Revenue (NBR) regardless of their profits/losses in any financial year.

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Italy: Tax Benefits for People Who Transfer to Italy

By Thomas Pichler, Pichler Dejori Comploj Partner

For several years now, the Italian tax system has provided favourable measures for workers who decide to transfer their residence to Italy. In July 2019, a new preferential tax regime, introduced with Legislative Decree No. 34/2019, expanded those benefits in terms of percentage of income tax exemption (from 50% to 70%) and facilitated the subjective requirements. The new regime is now also accessible to workers who do not have a university degree or do not hold any management positions. Accordingly, professional athletes (e.g., soccer players) and artists (e.g., singers or actors) can also now benefit from those tax benefits.

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Dhaka, Bangladesh

Double Taxation Relief Available for Individuals and Organisations in Bangladesh

By Zaker Ahmed and Moshiur Rahaman, Ahmed Zaker & Co. Chartered Accountants

Increased globalisation and proliferation in international trade have made international tax planning opportunities more relevant than before. Double Taxation Avoidance Agreements (DTAAs) are regular, bilateral tax agreements between countries, created to avoid double taxation of the same income by outlining the taxing rights of each country regarding cross-border income streams and by providing tax credits/exemptions.

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Zürich, Switzerland

The Use of a US LLC: Smart Move or Poison Chalice for Foreign Persons?

By Darlene F. Hart, US Tax & Financial Services Group Ltd.

The filing requirements and practical application of US LLCs for foreign owners may force many foreign nationals to reconsider their options. As of 01 January 2017, limited liability companies (LLCs) formed in the United States that are treated as disregarded entities and wholly owned by foreign persons, are subject to new IRS reporting requirements.

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Italian soccer player

Italy: A New Tax Haven for Sportspeople?

By Roberto M. Cagnazzo, Studio Tributario Cagnazzo

A recent decree has introduced significant tax benefits to sportspeople who transfer their tax residence to Italy, starting from 01 January 2020. The law provides two different regimes depending on whether the sportspeople are:

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Central Park New York City

IRS Announces New Relief Procedures for Expatriates

By Laurie B. Kazenoff, Moritt Hock & Hamroff LLP

In September 2019, the IRS announced procedures for certain persons who have relinquished, or intend to relinquish, their US citizenship and who wish to come into compliance with US income tax and reporting obligations and avoid being taxed as a “covered expatriate” under section 877A of the US Internal Revenue Code.

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Data Protection

Alternative Methods for Retrieving Taxpayer Information from the IRS

By Laurie B. Kazenoff, Moritt Hock & Hamroff LLP

In its ongoing effort to protect taxpayers from identity theft, the US Internal Revenue Service announced it will stop its tax transcript faxing service on 28 June 2019 and will amend the Form 4506 series (tax return copy requests) to end third-party mailing of tax returns and transcripts in July.

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Living and working in Hannover

Main Tax Residency Rules in Germany for Employees: An Overview

By Ulrich Gehrke and Vanessa Szymik, Gehrke econ Group

Individuals with a domicile for private use or a customary place of abode in Germany are considered to be residents in Germany. A customary place of abode in Germany is fulfilled if an individual intends to stay a continuous period of six months or more in Germany, considering that this period may be split across two calendar years. The status of being a German resident leads to an unlimited taxation of individual’s worldwide income.

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