Valerie Teo and Nguyen Tan Tai of Grant Thornton Vietnam discuss the tax implications for foreign-sourced income and the possibility of claiming a tax credit for foreign taxpayers in Vietnam.
A foreign individual who earns income in Vietnam is required to declare and pay personal income tax (PIT) in Vietnam. But if a foreign individual earns income overseas (hereafter referred to as "foreign-sourced income") will they still be subject to Vietnamese PIT if tax on such income has already been paid in the host country?
Many things are taking place:
Vietnam: New draft regulation governing taxation of e-commerce activities - Lexology
WEEKEND INSIGHTS: Taxing Non-Income Items and Retirement Plans
This week we look at: unintentionally taxing non-income items and intentionally taxing retirement plans; the increase of tax risk and controversy from the pandemic; New Hampshire's lawsuit against Massachusetts, and more. We'll hear from:
Matthew La y and Ira Aghai of Deloitte Tax LLP highlight concerns raised by the proposed treatment of adjustments to non-income partnership items provided in the 2020 proposed regulations and other recent guidance relating to the Bipartisan Budget Act of 2015. Read: Proposed Partnership Regulations Would Tax Non-Income Items Under the BBA
Short-term rental ordinance draws opposition
No business licenses will be issued for short-term residential rental businesses in the city, effective at the close of business May 30 and continuing through Oct. 13.
The planning and development department said short-term rentals fall under the residential category in the zoning code's table of uses. City Attorney Brian Albright said they are classified as tourist accommodations in the North American Industry Classification System that's the basis of the city's business license and occupation tax schedule.
In case you are keeping track:
Budget 2021: Overview of tax legislation and rates (OOTLAR) - GOV.UK
This publication is available at https://www.gov.uk/government/publications/budget-2021-overview-of-tax-legislation-and-rates-ootlar/budget-2021-overview-of-tax-legislation-and-rates-ootlar
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As announced at Budget, the government will legislate in Finance Bill 2021 to set the charge for income tax, and the corresponding rates, as it does every year. Finance Bill 2021 will set:
Income tax rates and thresholds on non-savings, non-dividend income for Scottish taxpayers are set by the Scottish Parliament. A Welsh rate of income tax for non-savings, non-dividend income for Welsh taxpayers is set by the Welsh Parliament.
The Benefits of Starting A US Non-Profit: The Latest Tax Regulations
Starting a nonprofit organisation can be a very effective way of significantly improving your society's welfare, and truly assisting those in need. Ultimately, however, understanding all the prerequisite steps mandated to start a nonprofit – as well as the legal obligations and privileges that can be associated with such a process, is crucial before fully committing to and moving forward with your business plan.
Growing a prolific, successful, and impactful non-profit can be a very tedious process and can commonly involve years of consistent effort, diligence, and determination. Consequently, this article will take a deep dive into the relative statutory and federal legislation and critically analyse the plethora of economic, monetary, and social benefits that starting a nonprofit can bring in for you.
Three Tax Principles That HR Professionals Should Know - Law Practice Management - United States
Although it might not be obvious, tax law permeates most HR responsibilities – from paying an employee, to arranging for benefit coverages, to settling employment lawsuits, and paying pensions. Knowing a few key tax principles may help employers understand why things are done in a certain way, what questions to ask when discussing possible solutions to a problem, and how to avoid unpleasant surprises. Three key principles are as follows:
As mentioned above, this principle also applies to former employees. For example, a for-profit employer was considering replacing its retiree health care coverage with cash payments that retirees could use to purchase medical insurance. Currently, the retirees do not include in income the value of the employer provided coverage. Employer-paid premiums for health care coverage, even coverage for retirees, are exempt from federal income tax pursuant to Code §106.
IRS Mulling More Fixes to Lingering Dividend Deduction Issues
The IRS is seeking additional comments on the dividends-received deduction, as the agency considers which issues to address in potential future guidance.
The 2017 tax law added new tax code Section 245A , which allows a domestic corporation owning at least 10% of a foreign company's stock—either by vote or value—to deduct 100% of the foreign source portion of dividends received from that foreign corporation. Taxpayers have wanted additional guidance to address how the deduction interacts with other areas of the tax code that weren't addressed in previously issued regulations.
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