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Archive for Budget

British Columbia Budget 2018

David Hurme, Tax Advisor, Richmond Hill, Canada, Tax Blog, TaxConnections

It’s that time of year again. Government budget season is upon us.  British Columbia is the second province to bring down a budget this year. The focus of their budget was child care, affordable housing and services. There was some provincial sales tax (PST) changes announced to help fund these initiatives. British Columbia imposes a tax on passenger vehicles based on the value of the vehicles. Graduated tax rates, or luxury tax rates, start where the vehicle is valued at $55,000 at which point there is an additional 1% tax applied at the time of sale of the vehicle for a total tax of 8%. The current luxury tax rate for vehicles valued at $57,000 and over carries a 10% tax (12% for gifts and private sales). The British Columbia budget added two additional categories of luxury tax rates as follows: Read more

Why It Is Important To Keep An Eye On Your Cash Flow

Jon Neal, Milwaukee, Wisconsin, USA, Tax Advisor, Tax Blog, TaxConnections

If profits are up and the projections look good for the next month or two, should you kick back and relax? Maybe not. No matter how positive other signs may be, if you’re not keeping a close eye on your company’s cash flow, things could go haywire.

Even a temporary crunch resulting in late debt payments could cause your credit rating to fall and your cost of borrowing to rise. If you miss a loan payment or two, the lender might even call the loan. Here are some suggestions to help you maintain a healthy cash flow. Read more

Tax Alert (Italy) – Budget Law For 2018 Introduces Major Developments To Domestic Tax System

Elio Palmitessa, Tax Advisor, Italy, TaxConnections

This is the fifth of a series of posts on the major developments introduced by Law No. 205 (enacting the Italian Budget Law for 2018),

Individual taxation – Regime applicable to dividends and capital gains derived from individuals outside a business capacity

The current tax regime applicable to dividends and capital gains, realized by individuals acting as non-entrepreneurs, depends foremost from the type of qualification that the holding assumes in the hand of the individual. Read more

Tax Alert (Italy) – Budget Law For 2018 Introduces Major Developments To Domestic Tax System

Elio Palmitessa, Tax Advisor, TaxConnections

This is the fourth of a series of posts on the major developments introduced by Law No. 205 (enacting the Italian Budget Law for 2018),

Individual taxation – Modification of black-list criteria for CFC purposes: taxation of profits accrued and distributed in different fiscal periods and under different rules Read more

Tax Alert (Italy) – Budget Law For 2018 Introduces Major Developments To Domestic Tax System

Elio Palmitessa, Tax Advisor, TaxConnections

This is the third of a series of posts on the major developments introduced by Law No. 205 (enacting the Italian Budget Law for 2018),

Corporate taxation – Partial exemption of dividends distributed by CFCs.

According to current Italian rules, profits realized by non-resident subsidiaries are deemed to exist under the CFC legislation (article 167(4) of the ITA) if the relevant nominal rate in the foreign jurisdiction (other than EU and EEA countries) is lower than 50% of the combined IRES tax (rate 24%) and IRAP tax (rate 3,9%). Read more

Budget Law For 2018 Introduces Major Developments To Domestic Tax System- Part II

Elio Palmitessa, Tax Advisor, Italy, TaxConnections

This is the second of a series of posts on the major developments introduced by Law No. 205 (enacting the Italian Budget Law for 2018)

Corporate taxation – Changes to calculation of EBITDA for deduction of any excess of interest expenses Read more

2017 Federal Budget Bill #2 Receives Royal Assent

This bill implements certain measures announced in the 2017 federal budget. Bill C-63 also includes catch-up measures previously included in September 16, 2016 draft legislation, measures related to the principal residence exemption, and some specified cooperative income measures. Bill C-63 also contains some GST/HST measures related to pension plans and drop shipments, and other indirect tax measures that were previously released in draft legislation on September 8, 2017 (see TaxNewsFlash-Canada No. 2017-50). Read more

Ireland’s Budget For 2018: A Summary

Claire McNamara, Tax Advisor

The Minister for Finance, Public Expenditure and Reform Paschal Donohoe T.D delivered his first Budget on 10th October 2017 which concentrated more on expenditure than on tax changes. The Minister announced a number of positive measures to assist small and medium sized enterprises prepare for “Brexit” as well as confirming Ireland’s commitment to the 12½% corporation tax rate. We are pleased to bring you our summary of the tax measures set out in Budget 2018.

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Put Your Objectives In The Driver’s Seat

Ron Oddo

“You’ve got to be very careful if you don’t know where you’re going, because you might not get there.” —Yogi Berra

It is not always easy to interpret Yogi. In this case, perhaps he is advising you to figure out just where you are headed in your business. As you near the time when you will leave behind the daily worries and stresses of business ownership, have you defined your successful exit? Do you know where “there” is, much less how to get there? Unless you set and prioritize your exit goals or objectives, you may have too many, or they might conflict, but in either case you may not make much headway.

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Paying Too Much CGT? Pravin Gordhan’s Tax Rate Reprieve

Hugo van Zyl

During February 2016 the beleaguered South African Minister of Finance, Minister Pravin Gordhan, made a serious attempt to balance government’s books.

Gordhan was called back after Minister Nene was removed from his position, by President Zuma early December 2015. The true reason for this politically motivated musical chairs, appointing three ministers in less than 4 days, remains a mystery. Point is Nene was removed and Gordhan had to step in and rescue the cash flow and ensure the country did not face junk status.

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Budget Cuts To IRS Business Cause Audits To Plummet!

The Internal Revenue Service’s audits of business tax returns have declined steeply in recent years, thanks to successive rounds of budget cuts, according to a new analysis. Syracuse University’s Transactional Records Access Clearinghouse, or TRAC, analyzed the IRS’s records from fiscal year 2010 through fiscal year 2015 and found revenue agent hours aimed at Read more

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