Australian Chamber of Commerce & Industry (ACCI)’s Post

This is an important event for any professional working in the private wealth management field.

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate. #VAT #VAToptionToTax

South Africa's highest court has found in favour of the tax authorities in the long-running Thistle Trust / Zenprop case. The Constitutional Court decided that capital gains cannot flow through multiple trusts to be taxed in the hands of the ultimate beneficiaries, i.e. individuals at lower CGT rates, even if the gains vest in those individuals in the same tax year as the corresponding asset disposal. Para. 80(2) of the Eighth Sch. to the ITA must be interpreted to tax the gains in the first trust as beneficiary, at the corresponding higher tax rate, even if that trust is a vesting trust. The common law conduit principle is over-ruled by the legislative intent, in such circumstances. Full text of Judgement below

current value — valuation — property — taxation — assessment roll The Tribunal Ontario has reviewed a motion by the Municipal Property Assessment Corporation MPAC to dismiss an appeal filed by Ivanhoe Cambridge Inc. The appeal relates to the current value assessment of a property in the City of Oshawa. MPAC argued that the appeal should be dismissed based on issue estoppel, claiming that the valuation day for the property had already been determined in a prior appeal. The Appellant disagreed and argued that the valuation day should be different. The Board ultimately agreed with MPAC and dismissed the appeal, finding that the valuation day was January 1, 2016. The Board also found that the 'state and condition' of the property did not require a new valuation for the following taxation years. The Appellant is estopped from raising the issue of correct current value of the property in the Current Appeal Proceeding. The Board has the discretion to apply issue estoppel and has determined that it should be applied in this case. The Board has found that the issue of Equitable Adjustment and Eligible Change are not relevant in this appeal. There is no issue to be addressed in the Current Appeal Proceeding, and therefore, the proceeding is dismissed. Assessment Review Board Ontario #ONARB Ivanhoe Cambridge Inc v Oshawa City 2023 CanLII 116832 ON ARB Released: December 12, 2023 https://canlii.ca/t/k1lkb

📸 Highlights from our insightful webinar on Filing of Income Tax Returns for AY 2024-25! On July 2nd, 2024, we gathered virtually with expert speakers CA Ronak Rambhia and CA Akshar Panchamia, who shared invaluable knowledge on the latest changes in ITR forms, key disclosures, and practical tips for a smooth filing experience. Thank you to all who attended and contributed to the vibrant discussions. Stay tuned for more enriching events from our BCAS Taxation Committee! . Like, Share, Save & Follow . Follow BCAS - Bombay Chartered Accountants' Society . #taxationwebinar #bcas #incometaxreturns #taxprofessionals #itrfiling #taxplanning #taxupdate #webinar #zoomwebinar Chirag Doshi | mandar telang | Zubin Billimoria | CA Kinjal Shah | Ronak Rambhia | Vishesh Sangoi | Anil Sathe

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate. #VAT #VAToptionToTax

current value — estoppel — taxation — settlement — land This document is a motion decision from the Assessment Review Board regarding a request for the suspension of an issue estoppel motion hearing. The appellant, 2070649 ONTARIO INC., is appealing the assessment of their property on Yonge Street for the 2021, 2022, and 2023 taxation years. The Municipal Property Assessment Corporation MPAC filed a motion asserting that the issue raised by the appellant was already resolved in a previous appeal for the 2017 to 2020 taxation years. The appellant submitted a request to suspend the hearing of MPAC's motion until a final decision is made in a separate appeal case. The Board denies the appellant's request, stating that the findings in the separate appeal case are unlikely to impact the current motion hearing. The hearing of MPAC's motion will proceed as scheduled. Assessment Review Board Ontario #ONARB 2070649 Ontario Inc. Sheppard Bogert Developments Limited v Municipal Property Assessment Corporation Region 09 2023 CanLII 121514 ON ARB Released: December 11, 2023 https://canlii.ca/t/k1vl2

The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies with profits of up to £50,000. #CorporationTax #MarginalRate

This Supreme Court ruling clarifies taxation imposed to cross-border services in the country. #TaxAttorneysPH #TaxLawExpertPH #LMALaw #LMALawTaxCorporateAttorney

We are proud to announce that Mr. Andrea Catasti has become a member of the IACF (Institut des Avocats Conseils Fiscaux - Tax Lawyers Institute) this year 🤩 ! In our previous post, we mentioned the event where Andrea tackled a crucial topic for our industry: 𝘁𝗮𝘅 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝗰𝗲. Determining tax residence is not just a technical matter but a key to understanding which country has the right to impose taxes between nations with double taxation agreements. Jurisprudence often does not provide a unified view, making the discussion even more fascinating and complex. If you're interested in learning more about the details discussed, contact us for a full copy of the meeting material. #ACLegal #FiscalResidence #TaxLaw #IACF #DoubleTaxation 🔗 https://www.iacf.fr/