In a curated Roundtable session, hosted by the Singapore Economic Development Board (EDB) and Baker McKenzie Wong & Leow, representatives from large multinationals across a diverse range of sectors joined the EDB and the Inland Revenue Authority of Singapore to discuss global tax reforms led by the Organisation for Economic Co-operation and Development and future differentiations in Singapore’s economic strategy.
This series of ESG-focused thought leadership webinars will share insights and practical guidance for businesses considering what ESG means for them in the context of the current crisis and beyond. For the 21 October 2021 Special edition, Caitlin McErlane, Ilona Millar and Graham Stuart speak on “Setting the scene – what does the forthcoming COP26 mean for you and your business?”
On 8 October 2021, 136 member jurisdictions of the OECD’s Inclusive Framework signed up to a revised Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. The Statement confirms a number of issues left outstanding from the previous statement on 1 July. Notably, it confirms the amount of residual profits to be redistributed under Pillar One, the rates of tax under the new Global Minimum Tax regime and subject to tax rule, the calculation of the substance based carve out, and the timing of the implementation of the plan. The Inclusive Framework has been able to reach near unanimous political agreement on the broad architecture of the Two-Pillar solution and will now turn to the technical challenges of agreeing the finer details ahead of publication of implementation instruments.
Following the National Assembly’s adoption of the Law on Tax Administration, the Vietnam Ministry of Finance just issued Circular No. 80/2021/TT-BTC to provide implementing guidelines on the Law on Tax Administration and Government Decree No. 126/2020/ND-CP. One of the important provisions under Circular 80 is tax administration with respect to e-commerce business, digital-based business and other services of overseas suppliers without having a permanent establishment in Vietnam.
All but four of the OECD G20 Inclusive Framework members, including South Africa, have signed an agreement that will reform the world’s tax system. Two African countries – Kenya and Nigeria – have not yet signed the agreement. The new two-pillar system will set out a reallocation of taxing rights as well as a global minimum tax rate for certain organizations. It is expected that these changes will address global tax revenue imbalances, which is expected to benefit African countries.
The WU-Baker McKenzie conference “Tax in the European Union: What happened and what’s next?” will take place on Thursday, 4 November. This Conference is jointly hosted by the Institute for Austrian and International Tax Law at WU (Vienna University of Economics and Business) and Baker McKenzie and will welcome guest speakers from the European Commission. The purpose of the conference is to give the business community and other interested parties an update on the hottest topics within the EU tax world and on what you need to know to stay on top. Insights will be shared from the European Commission, the academic world and practices.
Maintaining a legal entity, even when it is dormant, will use up valuable resource. Whether it is drafting of corporate approvals, preparation of financial accounts, gathering signatures, making filings, attending to the annual compliance and day-to-day obligations of your dormant legal entities can require a significant amount of management time. We explore why now may be a good time to re-visit plans for dormant entities in your group structures and some of the key benefits that a CLEAR project can bring.
The growth in demand for online retail services has led to extensive disruption in the Consumer Goods and Retail (CG&R) sector in Africa. Africa-based CG&R businesses have been adapting their digital operating models to keep up with demand, and multinational e-commerce organisations operating in the region are recording rapid growth. However, this digital expansion in the CG&R sector has numerous tax implications, both locally and regionally.
Taxpayers have the right to appeal HMRC’s decisions to the Tax Tribunal in most circumstances. In reality, many find the appeal process too arduous, time consuming and risky; resulting in taxpayers conceding or settling matters with otherwise good prospects of success. We expect that the recommendations of the Tax Law Review Committee, if implemented, will improve taxpayers’ access to justice and level the playing field between taxpayers and HMRC.
In this Quick Chat video, Baker McKenzie’s Labour and Employment, Global Immigration and Mobility, and Tax lawyers review the wide variety of legal issues for Canadian employers to consider regarding a temporary or permanent remote work opportunity outside of the province of the employment agreement and provide tips on how employers can offer employees flexibility while remaining compliant with employment, immigration and tax requirements.