(11 December 2020) The Indonesian Government recently passed Law No. 11 of 2020 regarding Job Creation (the “ Omnibus Law ”). The stated aim of the Omnibus Law is to bolster investment and create jobs by streamlining regulations and simplifying the licensing process to improve the ease of doing business in Indonesia.
The Omnibus Law, among other things, introduces and amends a number of provisions on taxation matters in Indonesia. Specifically, it amends provisions of:
Other things to check out:
America's Gordian knot - The Ellsworth AmericanThe Ellsworth American
It is time to cut the Gordian knot of taxes that threaten to strangle America and replace them all with a BTU (British Thermal Units) equivalence tax. Not a carbon tax, though similar. Senate Republicans can lead the way with the Biden administration to make it happen. Every government needs to raise revenue to fund national defense, infrastructure and social programs, and how it is raised is critically important.
The total tax burden in the United States from all sources is just under $6 trillion. That includes federal, state and local income taxes, all taxes on businesses, property taxes on houses, farms and equipment, state sales taxes and excise taxes. The U.S. economy consumes almost 100 quadrillion BTUs of energy in all forms: oil, gas, hydro, electricity, solar, wind and biomass. Dividing one into the other gives us a BTU tax rate of .00006 percent.
Final rules govern disallowed transportation fringe benefits - Journal of Accountancy
The IRS issued final regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe (QTF) provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017 ( T.D. 9939 ). The changes were enacted in the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The regulations provide guidance to determine what QTF expenses are nondeductible and how to apply certain exceptions under Sec.
If a taxpayer pays a third party for its employee's QTF, the Sec. 274(a)(4) disallowance is generally calculated as the taxpayer's total annual cost of the QTF paid to the third party. With regard to QTF parking expenses, the regulations provide that if the taxpayer owns or leases all or a portion of one or more parking facilities, the Sec. 274(a)(4) disallowance may be calculated using a general rule or any one of three simplified methods.
RI Finalizes Health Insurance Tax Penalty Regulations - Law360
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IRS Revenue Procedure 2020-44: Floating Rate Fallback Flexibility from the Feds | McGuireWoods
The IRS recently released Revenue Procedure 2020-44 (“ Rev. Proc.
This is particularly significant for tax-exempt debt instruments with a LIBOR based interest rate that may otherwise be treated as “reissued” for federal income tax purposes as a result of the addition of such language, and any derivative transactions (such as interest rate swaps) that are treated as “integrated” with a debt instrument for tax purposes.
Likewise, on October 9, 2020 ISDA posted its Supplement number 70 to the 2006 ISDA Definitions (the “ ISDA Supplement ”) to facilitate the inclusion of new IBOR transition fallback provisions in derivative transactions entered into on or after January 25, 2021, and its final ISDA IBOR Fallbacks Protocol to facilitate adoption of the ISDA Supplement by parties to legacy derivative contracts (the “ ISDA Protocol ”).
Indonesia introduces tax changes to promote job creation | International Tax Review
409A/162(m) Payment Delay Provisions | Faegre Drinker Biddle & Reath LLP - JDSupra
Public companies that sponsor nonqualified deferred compensation plans that require Internal Revenue Code Section 162(m) payment delays may want to consider whether removing the payment delay provision from a plan is warranted in light of the 2017 Tax Cuts and Jobs Act (TCJA) changes to the definition of a “covered employee.
Section 162(m) imposes a $1 million deduction limit on remuneration paid to a “covered employee.” The TCJA changed the Section 162(m) rules so that an individual’s status as a “covered employee” will continue after he or she terminates from employment with a public company. Prior to the TCJA change, an individual ceased to be a covered employee for purposes of Section 162(m) when he or she terminated employment.
SI 2020/1499 – The Taxes (State Aid) (Amendments) (EU Exit) Regulations 2020 | Accountancy Daily
SI 2020/1499 makes further amendments to various tax provisions to ensure effective operation at the end of the implementation period.
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(2/3) To make matters worse, the government has recently rolled out the Omnibus Law - essentially a "red carpet" to… https://t.co/kwwIGY4qvH Greenpeace (from Global) Wed Dec 09 04:32:42 +0000 2020
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