I was saying earlier that there was a huge long debate between the tax authorities and the Lebanese Central Bank about access to personal bank account information. Any request is processed by the Ministry of Finance before going to the central bank. So far all the financial institutions have taken steps, starting with staff training […]
When it comes to Lebanon, CRS and tax issues are a tricky subject. Many people have foreign passports and there is a huge diaspora going back and forth with interests in foreign countries. A lot of people don’t realise the impact CRS will have and that is mostly due to lack of knowledge and tax […]
We have no cases yet because Lebanon is yet to start with the CRS process, but CRS issues have been repeatedly brought up in client meetings with regard to how best to be compliant and deal with issues of anonymity. When it comes to establishing companies, anonymity is something clients can’t have any more in […]
To be practical about it, whenever there is a group of people who want to find a way to avoid something, they usually can get around it. People should comply, but many will still use contracts and assets to hide money. That is at their own risk, since they are responsible for not being compliant. […]
Ring-Fencing on the Horizon… If you thought the increase of the bright-line period from two to five years was a political overkill, just wait, there’s more. Also in action at the recent NZ International Fiscal Association conference in Queenstown, was the new Revenue Minister, Stuart Nash. Top of his speech agenda, was the second bullet […]
Multiple QWBA’s issued… While five were issued, in essence from a topical perspective, there are only three, as two consider the same tax issues as two of the other releases, but on the basis that the employer took out the insurance policy as opposed to the employee. QB 18/02 and QB 18/03 consider the income […]
The traditional role of the accountant has been to provide bookkeeping and audit services to their clients in line with regulatory and tax bodies of whichever jurisdiction they belong to. […]
Read moreEmployment & Investment Income Bill back from FEC… The Taxation (Annual Rates for 2017-18, Employment & Investment Income, and Remedial Matters) Bill has been reported back from the Finance and Expenditure Committee. Along with a recently included SOP to increase the bight-line test from two years to five years, the Bill will introduce a number […]
The Taxation (Annual Rates for 2017-18, Employment & Investment Income, and Remedial Matters) Bill has been reported back from the Finance and Expenditure Committee.Along with a recently included SOP to increase the bight-line test from two years to five years, the Bill will introduce a number of changes with respect to improving Inland Revenue’s information […]
With the AI era upon us, how can practices ensure that they get ahead of the competition in delivering services to clients? Artificial intelligence (AI) is receiving a lot of coverage in the accounting press at present, as the Big Four, large firms in the next tier and software houses publicise their investment in AI […]
Residential Land to be “Sensitive Land”… Following on from their promise to ease Auckland’s property market crisis by restricting non-residents from buying NZ residential land, the Overseas Investment Amendment Bill (5-1) was introduced by Government in December 2017, which if passed, will implement their policy to bring residential land within the category of sensitive land […]
Budget 2018 was presented in the midst of widespread speculation that being the last full Budget before elections in 2019, it could end up being populist, hurting the economy and largely at the expense of the taxpayers. Thankfully, the government refrained from doling out freebies and reiterated its intent to stick to the fiscal path. […]
