Tax regulations

For violating income tax regulations, Xiaomi and Oppo could be fined Rs 1000 crore.

It was discovered during the strikes that the two big organizations, Xiaomi and Oppo, could face a penalty of Rs 1000 crore. They sent money as eminence, which is over Rs 5,500 crore, referring to themselves and to fundraising organizations found abroad. Source: NDTV Xiaomi and Oppo could run the risk of paying a fine […]

Tax regulations

Crypto tax regulations accelerate following increased adoption

The increased adoption of cryptocurrencies and blockchain technology components such as non-fungible tokens (NFT) and decentralized finance (DeFi) has prompted governments around the world to look into cryptocurrency taxation policies. . Audit firm PwC in a report said events such as the adoption of cryptocurrencies as legal tender in El Salvador will force tax authorities […]

Tax regulations

Maryland Comptroller Passes Digital Advertising Gross Revenue Tax Regulations | McDermott Will & Emery

On December 3, 2021, the Maryland Comptroller released opinion of its adoption of the regulation on the tax on gross revenues from digital advertising (initially proposed on October 8, 2021). Pursuant to the Maryland Administrative Procedure Act, the final regulations passed will come into effect within 10 calendar days – December 13, 2021. (See Md. […]

Tax regulations

Law n ° 7 of 2021: Harmonization of tax regulations

Overview On October 29, 2021, the Government of the Republic of Indonesia officially promulgated Law No. 7 of 2021 on the Harmonization of Tax Regulations (“Law 7/2021“). With the enactment of Law 7/2021, several tax provisions in Indonesia that were previously governed by separate regulations are now amended simultaneously. Some of these regulations are (i) […]

Tax regulations

BIR strengthens fintech tax regulations

MANILA – The Bureau of Internal Revenue will tighten tax regulations for the financial technology (fintech) sector as online transactions continue to gain traction during the COVID-19 pandemic, the finance ministry said on Friday. “The BIR will continue to gather information and knowledge from other regulatory agencies on the identification, resolution and reduction of gaps […]

Tax regulations

Indonesia updates tax regulations on ID numbers, mobile credit and luxury sales tax

Indonesia’s tax scene continues to grow Unique identification number and / or tax identification number in public services To support the implementation of public services to citizens in the realization of their fundamental rights and needs, on September 9, 2021, the President of the Republic of Indonesia issued and implemented Presidential Decree No. 83 of […]

Tax regulations

Fed. Circ. Supports CIT’s rejection of excise tax regulations

By David Hansen (Aug 23, 2021, 7:00 p.m. EDT) – The Federal Circuit on Monday overturned government rules tightening export tax refunds, upholding a ruling by the United States Court of International Trade and potentially allowing manufacturers to beer and wine larger refunds for duty paid on imports. The lawsuit, brought by the National Association […]

Tax regulations

Spain adopts digital services tax regulations and tax declaration | Hogan Lovells

Spain’s Digital Services Tax (“DST”) law was published in October 2020 and entered into force on January 16, 2021 (please see our related publication). However, the DST regulations were only approved on June 8, 2021, coming into effect on June 10, 2021. This delay in approving regulations has forced the first quarterly assessment deadline to […]