The latest issues of PRISM – the quarterly tax newsletter, which is part of Reanda’s effort to stay in touch with our clients by sharing updates and insights on the recent taxation changes and current hot topics.
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Foreign Investment in Australia
Foreign investment is essential to Australia’s prosperity. It has helped build Australia’s economy and will continue to enhance the wellbeing of Australians by supporting financial growth. If you are a foreign person and you are planning to invest in Australian residential real estate, agricultural land, or water entitlements you may need to apply to the Foreign Investment Review Board (FIRB) and register your investment with us. Before you start, you need to check if you are a foreign person. This depends on a range of factors, such as your visa status, where you live and investment ownership. (ATO Website – Foreign investment in Australia)
Tax Incentives for Foreign Investors to Setup Their Business in Malta
The Maltese Economy provides tax incentives with the aim to attract and protect investors to the country. This is over and above the well-known Malta Tax refund system which provides for refund of taxes up to the level of 6/7 on the taxes paid by the trading company. Other Specific tax incentives range from;
• Malta’s unique tax credit system which credits can be calculated as a percentage of expenditure on certain fixed assets and as a percentage of salary/wage expenses as a result of employing Maltese nationals (for the first two years of operation)
• The extensive network of Double Tax Treaties with the aim of providing tax relief to businesses that are based in Malta and have operations in external territories.
• Other Financial Incentives related to beneficial labour costs, Malta Freeport legislation for customs free trade and other financial aids provided by Malta Enterprise to investment undertakings that are deemed beneficial to the Maltese economy.
The Chinese government promulgated a series of policies on deepening the reform of value-added tax
On March 20, 2019, the Ministry of Finance, the State Taxation Administration and the General Administration of Customs jointly promulgated a policy on deepening the reform of value-added tax (hereinafter referred to as VAT), which took effect on April 1, 2019.
Real estate investments get a competitor for residence permit
There have been several discussions for changes in the Greek Golden Visa Programme that currently offers a five-year residency visa in return for an investment in the Greek Real Estate Sector. The new scheme aims at attracting new investments in Greek Intangible Assets, like government bonds, in order to help stabilize the country’s economy.
The Liabilities of A Company Director
Section 75A of the Income Tax Act 1967 (ITA) provides for a director of a company to be responsible for any tax or debt that is due and payable by the company, and the tax owing or debt is recoverable from the company’s directors. Any person occupying the position of a director during the period in which the tax or debt is liable to be paid is jointly and severally liable for any tax or debt that is due and payable by the company.
Digitalisation of UK Tax System
Making Tax Digital (MTD) is a fundamental change to the UK tax system. It is the Government’s vision of transforming the current UK tax system to become “one of the most digitally advanced tax administrations in the world”. (Chancellor speech,2015) The transformation involves automation, keeping digital records and using cloud-based accountancy software. The new regime aims to improve efficiency, effectiveness, and should be easy to use for taxpayers.