Lloyd Kirby’s Post

UPSKILLING SO WE CAN DELIVER MORE VALUE FOR OUR CLIENTS........ 📝 TAX UPDATE Recent conference learning bites.... NZCA / NZ Law - Vietnam 2024 with Lloyd Kirby...... Phil Walker from NSA Tax delivered an engaging and proactive presentation on the latest in tax planning. Key Takeaways: ✅ Regularly Review Wills: Circumstances change, and so should your will. Regular reviews ensure they are fit for purpose, considering tax concessions and asset protection. Involve your accountant and lawyer for comprehensive planning that maximizes and achieves your wishes. ✅ Inherited Property and Assets: Proper structuring in advance can ensure the best outcomes for the beneficiaries of your estate. There’s a wealth of useful information on how to manage inherited assets effectively. ✅ Protecting Overseas Beneficiaries: Understand the impact of foreign rules, like capital gains taxes and death duties, on beneficiaries living abroad. Proper structuring can protect them from adverse tax consequences. ✅ Relationship Property Concessions: Utilizing relationship property agreements within asset ownership structures can protect imputation credits and provide tax benefits. Accountants and lawyers can add significant value in this area. By staying informed and proactive, you can navigate the complexities of tax planning to protect your assets and ensure they are managed according to your wishes. ✅✅✅Do you have questions?.......We have a specialist tax team ready to answer your questions. Direct message me here. #TaxUpdate #EstatePlanning #AssetProtection #TaxConcessions #FinancialPlanning

Navigating the complexities of territorial taxation can be a game-changer for your business, but it's crucial to be aware of the pitfalls. 🌍🔍 From my experience in the offshore company taxation industry, I’ve seen firsthand how territorial taxation creates unique challenges. Here are some key points to consider: 1. **Profit Shifting:** Companies often move profits to low-tax jurisdictions, sparking a global 'race to the bottom' where countries slash tax rates to attract businesses. 📉⛳️ 2. **Complexity & Uncertainty:** Navigating different tax regimes in each country can create significant compliance burdens. The risk of double taxation is ever-present if foreign tax systems clash with domestic regulations. 🏢➕🏦 3. **Economic Distortions:** Territorial taxation can lead companies to invest in low-tax locales, even when those aren’t the most efficient operationally. This misallocation of resources hampers global economic efficiency. ⚖️🌐 4. **Inequality:** While foreign-source income may be exempt, domestic income isn’t. This creates a gross imbalance between globally-operating firms and local businesses. 🏠↔️🌏 5. **Evasion & Avoidance:** The system can tempt companies to manipulate their books, leading to tax revenue losses for governments involved. 🚨🚩 6. **Political Strains:** Countries engaged in tax competition often see strained political relationships, making international cooperation more challenging. 🌍📉 Despite these hurdles, understanding and navigating these waters can set your business on a path of global financial efficiency. 💬 What challenges have you faced with territorial taxation? Any strategies that worked for you? #TaxPlanning #GlobalBusiness #TerritorialTaxation #OffshoreStrategies #FinancialEfficiency #ComplianceChallenges #TaxEvasion #EconomicInequality>>>https://lnkd.in/gxhJz2Ss

The Malaysian government, recognizing the need to diversify revenue sources, has introduced the Special Voluntary Disclosure Program 2.0 (SVDP 2.0) and e-invoicing to boost taxpayer compliance and streamline tax administration. These initiatives aim to create a more efficient taxation system, promoting economic growth and fiscal resilience. Learn more about these game-changing reforms and their impact on the fiscal landscape: https://bit.ly/3wHqrU5 #SDVP2.0 #einvoicing

Malaysia’s e-invoicing for taxpayers under the first batch (entities with revenue of RM100 million and more) will be required to implement e-invoicing by 1 August 2024. This implementation date is just around the corner. If you are under the first batch, do quickly reach out to us or your tax consultants to begin your company’s e-invoicing implementation journey. Time is short and this journey will take substantial effort in order to fully implement. The introduction of e-invoicing is one of the Government’s new tools to tackle tax evasion and non-compliance. With this in mind, taxpayers should take opportunity of SVDP2.0 (which ends on 31 May 2024) to declare any unreported income or under declaration of taxes with no penalties.

#TaxConference2024 #InternationalTax ITLRN X FSP X Taxmann's International Tax Conference 2024 – Taxation of Trusts, Foundations and Similar Arrangements in a Global Setting 📍 Vaduz | Liechtenstein 2 Days | 8 Sessions | 15+ Hours | 60+ Speakers 📅 23rd and 24th May 2024 | 🕒 12:00 PM – 6:30 PM | IST 💻 Register Now! (Exclusively Streamed for Taxmann.com Members): https://lnkd.in/dbFgX9Km 📋 Coverage: This exclusive stream will explore critical topics surrounding the taxation of trusts, foundations, and similar arrangements in a global setting. Here's a brief overview of the agenda: ✔️ Day 1 – May 23, 2024 • Session 1 – Global Tax Developments and Audit Approaches • Session 2 – Legal Characterization for Tax Purposes • Session 3 – Jurisdictional Updates and Cross-Border Tax Issues • Session 4 – Use of Trusts and Foundations for Philanthropic Purposes ✔️ Day 2 – May 24, 2024 • Session 5 – Tax Treaty Issues • Session 6 – U Tax Law and Information Exchange • Session 7 – Specific Challenges for Transaction, Inheritance, and Wealth Taxes • Session 8 – Impact of Pillar II and Transfer Pricing Rules #TaxmannUpdates #Trusts #GlobalTaxation

Tax Law and Development - This is a virtual event that will discuss 'tax capacity and tax policies and compliance' in developing countries. I believe it can provide us a good update on practical initiatives in such states. https://lnkd.in/eYKw2nBn

⚡️Upcoming Legislative Changes in Estonia: Key Points for Businesses and Individuals As a corporate lawyer specializing in international law, I always keep a close eye on regulatory developments that could impact businesses and individuals. Estonia has announced significant tax reforms that will take effect in 2025, with a temporary defense tax also planned through 2028. Here’s a summary of what you need to know: 1. Changes to Income Tax Rates (Effective 1 January 2025) • The standard income tax rate will increase from 20% to 22%. • For legal entities, the rate will change from 20/80 to 22/78, while the lower dividend tax rate of 14/86 will be abolished. • The 7% income tax withheld on dividends paid to individuals will also be removed. 2. Introduction of a Temporary Defense Tax (Effective 1 July 2025 – 31 December 2028) • From 1 July 2025: VAT will rise by two percentage points, reaching 24% (following this year’s increase from 20% to 22%). • From 1 January 2026: Personal income tax will increase by two percentage points, reaching 24%. • From 1 January 2026: Enterprises will face an additional 2% profit tax. These changes reflect Estonia’s efforts to bolster its fiscal position, but they will undoubtedly have a significant impact on corporate and personal tax planning. Businesses operating in or with Estonia should reassess their tax strategies and financial models to account for these updates. Proactive planning is essential to ensure compliance and optimize your financial outcomes. Feel free to reach out our specialists from Eternity Law International if you’d like to discuss how these changes might affect your business or personal tax obligations. #CorporateLaw #InternationalLaw #Estonia #TaxLaw #BusinessPlanning #Eternitylaw

The Australian Taxation Office (ATO) continues to raise the bar for transparency and compliance with its latest review of Australia's largest taxpayers. This year’s findings reveal remarkable progress: ✅ High Assurance Levels: 24% of reviewed taxpayers achieved high assurance for their income tax compliance, reflecting significant strides in governance and transparency. Overall, 90% of taxpayers reached high or medium assurance levels—a testament to the collaborative efforts of businesses and regulators. ✅ GST Compliance Improvements: Among GST reviews, 96% of taxpayers achieved high or medium assurance. This is complemented by stronger governance, with 50% achieving advanced compliance ratings. ✅ Focus Areas: Key areas under scrutiny include transfer pricing arrangements, governance practices, and new tax risks. The ATO emphasizes aligning business strategies with tax obligations to build trust and avoid escalations. As businesses navigate these evolving expectations, the ATO’s focus on governance and justified trust underscores the importance of embedding robust tax practices. These efforts not only mitigate risks but also bolster confidence in the tax system. Let’s continue driving excellence in compliance and governance—setting benchmarks for future growth and integrity. #australia #Governance #Tax #payers #Transparency #Reporting #ATO #taxation

Why we jump to Retrospective point when the objective and scope of amendment itself is not 100% clear, clarified, debated and tested. One shouldnt assume PPT is principle test to qualify for tax treaties benefits, rather it should be tested selectively for specific cases, otherwise the fundamental objectives of tax treaties could become questionable. PPT test must read with the limitation of benefits clause. Due weightage should be given to specific words such as 'direct' or 'indirect' or both 'direct and indirect' "benefits" etc agreed between the respective treaty partners to avoid the 'chaos'. Lastly PPT is not new concept, so question of being prospective or retrospective is not that relevant. My personal views. https://lnkd.in/dgg6tG3u

The Australian Taxation Office (ATO) is stepping up its game to close the A$3.6 billion tax gap by introducing real-time engagement with the country’s top 100 taxpayers. This proactive approach aims to provide greater certainty in significant transactions and ensure tax compliance as close to the time of occurrence as possible. Key highlights: ✅ The Justified Trust Program has already seen significant success, reducing high-risk transactions among large businesses. ✅ This new step involves simultaneous reviews across multiple years and tailored engagement strategies to identify and address potential compliance concerns early. ✅ Businesses achieving high assurance ratings will benefit from streamlined processes, while those needing further scrutiny will receive more focused interventions. Such measures reinforce the importance of strong governance and transparency in business tax affairs, setting the stage for a collaborative approach to compliance. As businesses align with these frameworks, they not only meet regulatory expectations but also enhance their operational integrity. Kudos to the ATO for leading the way in fostering trust and accountability in Australia's tax landscape! 📌 How do you see real-time tax compliance shaping the future of large business operations? #Compliance #TaxTransparency #Governance #Leadership #ATO #australia #Proactive #new #Approach #Transparency #Reporting #Insightful