• New rules affecting treatment of oil and gas resource expenses

    The 2017 federal budget (Budget 2017) introduced on March 22 included proposals to amend the Income Tax Act (Canada) (the Tax Act) that will have a meaningful impact on the Canadian oil and gas industry.

    April 06, 2017

  • How should the directors' fees of Non-Executive Directors be treated for tax purposes?

    Historically there has been some uncertainty on the tax treatment of fees paid to a non-executive director (NED).

    March 28, 2017

  • Late life asset sales - Treasury discussion paper

    HM Treasury have published a discussion paper asking for comments on possible changes to the tax treatment of sales of late life assets in order to improve the availability of tax relief for decommissioning expenditure to buyers of such assets.

    March 27, 2017

  • Venezuelan tax unit increase

    The national tax authorities (SENIAT) adjusted the value of the tax unit (TU) from 177.00 Bs. (bolivars) to 300.00 Bs.

    March 06, 2017

  • RBS Rights Issue Litigation and legal advice privilege

    In The RBS Rights Issue Litigation, the High Court has held that notes of investigation interviews with current and former employees by in-house and external lawyers were not privileged and protected from disclosure in litigation as the employees were not the 'client' and the notes did not reveal the trend of legal advice.

    March 01, 2017

  • South African Budget 2017 - Withholding tax on dividend income

    The dividends withholding tax, which is currently set at 15%, falls below the global standard set by the Organisation for Economic Co-operation and Development. It has thus been increased to 20% with effect from 22 February 2017. The exemption rates for inbound foreign dividends will accordingly be adjusted in line with this increase with effect from 1 March 2017.

    February 16, 2017

  • South African Budget 2017 - Corporate tax proposals

    The taxation of debts which are forgiven or discharged for less than face value has been subject to complex rules for some time. The revenue authorities have grappled with different methods to be applied, particularly in an environment where a number of companies are failing.

    February 16, 2017

  • South African Budget 2017 - International tax and exchange control

    Domestic treasury companies are generally not subject to tax in respect of foreign currency gains and losses. However, the qualifying criteria for domestic treasury management companies are viewed as overly restrictive and will be reviewed.

    February 16, 2017

  • South African Budget 2017 - VAT, transfer duty and customs & excise

    Regulations to the VAT Act are being updated to broaden the scope of electronic services rendered to South African residents which are subject to VAT. Specifically, electronic services will now include cloud computing and services using online application. The proposed regulatory changes will be published for comment this year.

    February 16, 2017

  • South African Budget 2017 - Personal income tax

    A new top personal income tax bracket of 45% for taxable incomes above R1.5 million per year has been introduced.

    February 16, 2017

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