News & Events

We have countries trying to attract new investment: Greece, Hong Kong, Russia. Countries trying to curb avoidance: UK (both companies and individuals), Spain (rental properties). Changes to the reporting requirements for Transfer Pricing or country-by-country reporting: China, Singapore and Korea (as well as introducing an exit tax). We have countries going for greater transparency in its economy: Argentina introducing an amnesty to encourage further disclosure, Switzerland introducing automatic exchange of information and greater transparency and India attempting to curb the cash economy. Finally, we have Australia revising some of its cross-border GST provisions.

• Shareholder Benefits & Loans
• Taxation of Trust & Beneficiaries
• 2017 Automobile Rates for Tax Purposes
• Around the Courts

• Contribute to Your Spouse’s RRSP for More Income Splitting
• Non-Arm’s Length Transfers
• Transfers In and Out of Personal Trusts
• Around the Courts

• Foreign Bank Accounts to be Reported Worldwide
• Do you Have to Charge GST/HST
• Simplified Instalments if You Have the Cash
• Update: Banks Need Not Accept Cheques For Income Tax Payments
• Around the Courts

NOVEMBER 2016

• Changes to Principal Residence Rules For Non-Residents
• New Reporting Rule for Principal Residence
• Income Attribution Rules
• Kiddie Tax on Minors
• New Rules for “Linked Notes”
• Prescribed Interest Rates
• Around the Courts

OCTOBER 2016

• Changes to Eligible Capital Property Rules
• Foreign Exchange Gains and Losses
• What Happens on a Change of Control of a Corporation?
• New Rules for “Switch Funds”
• New Testamentary Trust Rules in Full Swing
• Around the Courts

New standard on accounting for leases with IFRS 16 “Leases”, the IASB published a new standard on accounting for leases on 13 January 2016. The IASB and the US standard setter FASB initiated the joint project back in 2006 with the aim of introducing improved accounting for leases, in particular by the lessee. Differences of opinion in relation to a few key areas meant that they failed to arrive at a uniform standard. The IASB decided in favour of a single-model approach at the lessee, while the FASB implemented a dual model in its new standard on leases. Based on the single-model approach of the IASB, the lessee will have to recognise assets and liabilities for most leases in the statement of financial position. While the lessee no longer has to distinguish between operating leases and finance leases, this distinction will remain in place for lessors.
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SEPTEMBER 2016

• You Can be Liable for a Family Member’s Tax Debts!
• A Tip if You Have a Corporation and No Employment Income
• Banks Must Accept Cheques for Income Tax Payments
• Non-Compliance in the Real Estate Sector
• Around the Courts

This issue is a mix of opportunities and warnings, both of which should make for interesting reading.

At a time when the world is focussed on the outcome of the OECD Base Erosion Profit Shifting action plan, it is good to know that countries are still hoping to attract investors through a favourable tax regime. Here we have guidance on opportunities for clients and contacts interested in investing in Switzerland, Hungary, Tanzania, Indonesia, Cyprus and Jordan. But we also have warnings, whether it be general anti-avoidance in Poland, China and Singapore or specific new documentation requirements for multinationals in Japan. As will be seen from Spain, sometimes it is not the law which is changing but how the law is interpreted by the courts. As ever, investors need to be aware of what is happening in these countries.

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August 2016