ATED – Taxing UK Residential Property

The annual tax on enveloped dwellings (ATED) is a tax on certain entities holding ‘high-value’ residential property, although reliefs can be claimed. Finance Act 2015 has introduced a number of changes, including a new form of ATED return.
Introduction
ATED applies an annual tax charge based on the capital value of the residential property. Additionally, onerous filing requirements and, potentially, ATED-related gains can arise on the disposal of the underlying property, although reliefs are available in […]

By |June 24th, 2015|

Worldwide Tax Guide 2015 – Determination Of Taxable Income

B. DETERMINATION OF TAXABLE INCOME
Taxable income of companies is computed taking into account all income received less deductions allowed by law. The law mentions certain specific items which are not considered income. These include: capital gains, recognition of the equity method of accounting, revaluation of assets and capital.
Allowable Deductions
In general terms, all expenses needed to generate income and recorded pursuant to IFRS may be deducted, except in specific cases where there are certain limits […]

By |June 22nd, 2015|

Change In The Brazilian State VAT Law [Demarest]

To settle a long-standing quarrel over the sharing of the Brazilian state VAT revenue (called ICMS that stands for tax on operations for circulation of goods and on the rendering of interstate and intercity transport and communication services), federal lawmakers have decided to change the Federal Constitution by approving the Amendment to the Constitution n.º 87 (“Amendment 87”).

The amendment changed § 2 of article 155 of the Federal Constitution and created article 99 in […]

By |June 19th, 2015|