Lakshmikumaran and Sridharan attorneys’ Post

📝✨ *Article Alert: Decoding the Tax Maze of Sponsorship Services under GST!* 🎉📊 Excited to share that our latest article on Taxsutra, Authored by myself and Srikanth Kolla FCA is now live! 🚀 In this deep dive, we unravel the mysteries surrounding the GST treatment of sponsorship services. 🌐 With sponsorships becoming a key part of today’s marketing strategies, it’s more important than ever to understand their tax implications! 💡 🔥 *Why Our Article is a Must-Read?* 🔍 📖 *Definition of Sponsorship Services:* Discover what exactly counts as sponsorship under GST and why it matters! 🧐 🔄 *Reverse Charge Mechanism (RCM):* Find out how RCM can shift tax liabilities, impacting both sponsors and recipients! 💼 ❌ *Exemptions Under GST:* Learn about the specific exemptions available for sponsorships and how they can benefit your business! 🚫 📺 *Sponsorship vs. Advertising:* Clear up the confusion between these two services and their unique tax treatments! 🤔 🌍 *Place of Supply & Input Tax Credits:* Master the place of supply rules and learn how to effectively claim input tax credits! 💰 Whether you’re a business owner looking to optimize your tax strategy 📈, a tax professional aiming to stay ahead of the curve 🧠, or just someone intrigued by GST, our article has you covered! 🎯 👉 *Don’t miss out!* Get the full scoop on how to navigate sponsorship services under GST like a pro: https://lnkd.in/g-FB4_TD 📲 Team SBC SBC- Steadfast Business Consulting SBC Tax Consulting LLC - SBC UAE #GST #IndirectTaxation #SponsorshipServices #Taxsutra #ReverseChargeMechanism #InputTaxCredit #TaxExemptions #TaxGuidance #TaxCompliance #BusinessTax #GSTIndia #TaxationInsights #TaxPlanning #MarketingAndTax #TaxProfessional #FinanceLeadership

If you’re registered for VAT you can reclaim the VAT you’ve paid on any service or good that’s a business expense. These exclude anything that’s used for entertainment purposes like club memberships (even if it’s used for your business). Although it’s not often, sometimes you pay more VAT in business expenses than you owe to SARS in terms of the VAT you’ve added to product/service, SARS owes you a refund. Naturally, you cannot claim the VAT back on any VAT exemption or 0% VAT items, because essentially you did not pay any VAT on these items. For this process, you need to submit a refund return to SARS. SARS has to pay you within 21 days starting from the day that you submit your full refund return. #VATreturns #taxes #SARS #BusinessCompliance #businessaccounting #southafrica

We’ve just published our September issue of VAT Update. This month, we consider a number of notable VAT cases on: • The VAT treatment of sightseeing passes, • Where property transactions resulted in a VAT cost, • The exemption for investment management services, • VAT grouping and the importance of UK establishment, and • The time and nature of a supply of bundled benefits by a mobile network provider. Read our VAT Update: https://lnkd.in/eAzPtJtz #VATupdate #VAT #Saffery #HMRC #VATnews

Last Date to Apply for Corporate Tax Registration 🚨 𝑰𝒎𝒑𝒐𝒓𝒕𝒂𝒏𝒕 𝑵𝒐𝒕𝒊𝒄𝒆: 𝑳𝒂𝒔𝒕 𝑫𝒂𝒕𝒆 𝒕𝒐 𝑨𝒑𝒑𝒍𝒚 𝒇𝒐𝒓 𝑪𝒐𝒓𝒑𝒐𝒓𝒂𝒕𝒆 𝑻𝒂𝒙 𝑹𝒆𝒈𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒐𝒏 🚨 If your license issuance date falls between 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 1 𝐭𝐨 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 31 𝐨𝐫 𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 1 𝐭𝐨 𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 28/29, you must register for Corporate Tax 𝐛𝐞𝐟𝐨𝐫𝐞 𝐌𝐚𝐲 31, 2024, to avoid a penalty of 𝐀𝐄𝐃 10,000. To ensure compliance and avoid penalties, please find the Corporate Tax Registration Requirement list below: 🔹Passport, Emirates ID, and visa copy of all partners listed on the trade license (Mandatory) 🔹Latest Trade License 🔹FTA login credentials (if available) 🔹Registered business address (Rent agreement required) – PO Box (if any) 🔹Memorandum of Association (MOA) 🔹Email ID and contact number to be registered with tax authorities 🔹Landline number (if any) 🔹Financial year details Act now to stay compliant and avoid costly penalties!     #Taxation #FringeBenefits #EmployeeLoans #SupremeCourt #FinancialAwareness #Compliance #TaxLaws #EmployeeBenefits #LinkedInUpdates #avp #avpglobal #cavidhuduggal

It's that time of year in Spain when you must submit your income tax returns – or declaración de la renta. The system was opened on 3 April and will close for submissions declaring income and gains for 2023 on 1 July. Our article provides detailed information on qualifying criteria, tax rates and deductions, wealth tax returns, and the information you need to declare to the Spanish tax authorities. Read it now. https://lnkd.in/eqi6YwGK ---------- Blevins Franks Wealth Management Limited, regulated by the Malta Financial Services Authority to conduct investment services under the Investment Services Act and to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. This advert is intended for retail clients.

It's that time of year in Spain when you must submit your income tax returns – or declaración de la renta. The system was opened on 3 April and will close for submissions declaring income and gains for 2023 on 1 July. Our article provides detailed information on qualifying criteria, tax rates and deductions, wealth tax returns, and the information you need to declare to the Spanish tax authorities. Read it now. https://lnkd.in/eqi6YwGK ---------- Blevins Franks Wealth Management Limited, regulated by the Malta Financial Services Authority to conduct investment services under the Investment Services Act and to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. This advert is intended for retail clients.

Do You Need an Income Tax Clearance Certificate (ITCC) for Travel? CBDT Clarifies Recent amendments to the Income-tax Act, 1961, have sparked confusion among Indian citizens regarding the need for an income-tax clearance certificate (ITCC) before travelling abroad. https://lnkd.in/ggYz_k2M #incometax #itcc #traveling #incometax #tax #travel #abroad

Even though, FTA has been asking to submit the voluntary disclosures during reviews and audits, it is now official to submit VDs for the following even though these errors/ ommission don't affect the tax due. 1. Reporting standard rated Taxable Supplies in relation to an Emirate in the box of another Emirate. 2. Incorrect reporting of zero-rated Taxable Supplies, whether by understating or overstating. 3. Incorrect reporting of Exempt Supplies, whether by understating or overstating. ##FTA #uaetax #vat #tax

Do BVI Companies Have Tax Numbers? When setting up an overseas company, one common question arises: Do BVI companies have tax numbers? The British Virgin Islands (BVI) is renowned for its tax-neutral environment, making it a top choice for entrepreneurs looking to optimize their financial strategy. ⭐ BVI companies generally do not have traditional tax identification numbers because the territory does not impose corporate income taxes, capital gains taxes, or inheritance taxes on businesses. Instead of a tax number, BVI companies are required to pay an annual government fee, ensuring they remain in good standing. ⭐ However, despite the lack of tax numbers, BVI companies must comply with specific regulations. This includes maintaining financial records, filing annual returns, and keeping a register of directors and beneficial owners. These compliance measures are in place to promote transparency and adhere to international standards. ⭐ While the BVI offers significant tax advantages, it’s crucial for business owners to be aware of potential tax obligations in other jurisdictions where they operate. Consulting with a tax professional can help you navigate these complexities and ensure compliance with international tax laws. Considering setting up a company in the BVI? Make sure you understand both the benefits and responsibilities that come with this strategic move. 👉 For more information about One IBC’s services, please contact us now. We are ready to assist you promptly and ensure you receive the best support possible. #OneIBC #BVI #Economies —------------------------------------------ One IBC Group - Leading Corporate Service Provider 📞 Hotline: +852 5804 3919 ✉️ Email: support@oneibc.com 🌐 Website: www.oneibc.com

📢 [BIR UPDATE] Revenue Memorandum Circular (RMC) No. 115-2024 The BIR has clarified the policies and procedures for risk-based verification and processing of VAT refund claims under the "Ease of Paying Taxes Act" (Republic Act No. 11976). Taxpayers are required to submit all documentary requirements for VAT refunds, regardless of their identified risk level. The 90-day period to process claims will begin after the complete documents are received by the BIR office. Stay compliant and ensure your VAT refund claims are in order! #BIR #TaxUpdates #VATRefund #EaseOfPayingTaxes #VDC