Neil Pereira’s Post

Out now! We delve into the intricacies of transfere pricing in our June tax newsletter where we do an analysis of a very comprehensive case laws that touches on majority of issues in this area particularly for reasons of custom valuation. Access it here. https://lnkd.in/dadEmmPw

Access the newsletter here on intricacies of transfer pricing and custom valuation https://lnkd.in/dadEmmPw

The Federal Court case, 𝘒𝘪𝘭𝘨𝘰𝘶𝘳 𝘷 𝘊𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯𝘦𝘳 𝘰𝘧 𝘛𝘢𝘹𝘢𝘵𝘪𝘰𝘯 [2024] FCA 687 has clarified (for now) the meaning of 'market value' for tax purposes and the conditions in which parties are considered to be dealing at arm's length in relation to particular transaction. In this Tax bulletin, A&M Tax experts analyse this unusual set of facts and a judgment which contradicts, at least in part, the Commissioner's published position on market value. Learn more: https://okt.to/EyDbKF #AustraliaTax

Whether the attorney or the title company is doing the closing, they are going to impose or to withhold up to 15% of the sales price of the property, this is known as FIRPTA (Foreign Investment in Real Property Tax Act). It is not a tax, but it is a withholding that I send to the IRS. And you have to apply for a tax ID personally and pay the taxes for the capital gains tax on the property and receive the refund that is part of the process of the taxes that you have to file. You have to apply for a tax ID, and then you have to claim the refund after paying the taxes with the objective of complying or fulfilling the requirement form the IRS there are also other steps. Contact us to learn more. We are only an e-mail or text message away: 📩 fa@fascpaconsultants.com or 📞 us at (786) 462 7899. #TaxTips #FIRPTA #BusinessManagement #USA #FL #TaxSeason #IRSDebt

The Federal Court case, 𝘒𝘪𝘭𝘨𝘰𝘶𝘳 𝘷 𝘊𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯𝘦𝘳 𝘰𝘧 𝘛𝘢𝘹𝘢𝘵𝘪𝘰𝘯 [2024] FCA 687 has clarified (for now) the meaning of 'market value' for tax purposes and the conditions in which parties are considered to be dealing at arm's length in relation to particular transaction. In this Tax bulletin, A&M Tax experts analyse this unusual set of facts and a judgment which contradicts, at least in part, the Commissioner's published position on market value. Learn more: https://okt.to/HpbqDw #AMon #AustraliaTax

The Finance Bill 2024 has allowed the Commissioner of the Federal Board of Revenue (FBR) to demand wealth statements and details of foreign assets from anyone. Amendments in the bill also propose broadening the scope to include individuals or entities ceasing business operations, reported Business Reporter. The new tax laws will help ensure tax compliance and accountability. Additionally, Section 126A, introduced by the Tax Laws (Amendment) Act 2024, now clarifies the valuation for tax matters and extends the transfer date for pending cases from June 16 to September 16, 2024, due to the high volume of cases. It bears mentioning that these regulations have surfaced almost a week after the tax machinery decided to form two Anomaly Committees to rectify its errors in the Finance Bill 2024 and remove anomalies in the proposed tax laws for 2024-25. Visit https://lnkd.in/dYepVRg8 to know more about us #FinanceBill2024 #TaxCompliance #Accountability #FBR #WealthStatements #ForeignAssets #Section126A #TaxReform #AnomalyCommittees

Exciting developments are emerging from the 2024 ATO Findings Report, hinting at a more refined approach to tax reviews. Although the full commentary on the new differentiated approach isn’t included, the shift towards a ‘lighter touch’ review for medium and high assurance taxpayers is becoming apparent. For businesses, this means there’s a strong incentive to maintain or achieve a medium to high assurance rating. Addressing the ATO's recommendations from previous reviews and enhancing tax governance are key steps in this direction. If you're looking to understand the impact of these changes on your business, read our latest Tax Alert and let’s set up a discussion. #TaxCompliance #ATOFindingReport #LighterTouchReview https://bit.ly/4i6UBn9

The Federal Court case, 𝘒𝘪𝘭𝘨𝘰𝘶𝘳 𝘷 𝘊𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯𝘦𝘳 𝘰𝘧 𝘛𝘢𝘹𝘢𝘵𝘪𝘰𝘯 [2024] FCA 687 has clarified (for now) the meaning of 'market value' for tax purposes and the conditions in which parties are considered to be dealing at arm's length in relation to particular transaction. In this Tax bulletin, A&M Tax experts analyse this unusual set of facts and a judgment which contradicts, at least in part, the Commissioner's published position on market value. Learn more: https://okt.to/K9wxbs #AustraliaTax

We would like to share with you the article written by our Associate, Atty. Xela Leona D. Laqui, entitled “What is a False Tax Return?” which was published in the More to Follow column in the Business Section of The Manila Times on April 18, 2024. In this week’s article, the author discusses on how a “false return” is defined or applied for purposes of invoking the ten-year prescriptive period under Section 222, since mistakes or inaccuracies may commonly be found in tax returns. Read more: https://lnkd.in/g3YSdf9R Should you have questions on the above article, please do not hesitate to contact us at info@mtfcounsel.com. #falsereturn #falsetaxreturn #taxreturnphilippines #taxreturn #BIRreturn #BIRtaxreturn #taxreturnBIR #mtflaw #mtfcounsel #mataperez

The Federal Court case, 𝘒𝘪𝘭𝘨𝘰𝘶𝘳 𝘷 𝘊𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯𝘦𝘳 𝘰𝘧 𝘛𝘢𝘹𝘢𝘵𝘪𝘰𝘯 [2024] FCA 687 has clarified (for now) the meaning of 'market value' for tax purposes and the conditions in which parties are considered to be dealing at arm's length in relation to particular transaction. In this Tax bulletin, A&M Tax experts analyse this unusual set of facts and a judgment which contradicts, at least in part, the Commissioner's published position on market value. Learn more: https://okt.to/zBgmZC #AustraliaTax