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Monthly Archives: April 2012
Offshoring R& D – Australia and Singapore
One of the changes introduced by the new R&D incentive is the ability to claim the incentive even if the R&D activity is conducted overseas. However there are several conditions to be satisfied before incentives will become available, notably approval by Innovation Australia. Now Singapore has joined the party, announcing enhanced Productivity and Innovation (PIC) scheme incentives in its 2012 budget. The PIC provides a 400% tax deduction of up to $400,000 of qualifying expenditure incurred, R & D expenditure … Continue reading
Exemption under FATCA – Year to watch
Moving against the current of territorial taxation, the US Congress imposed reporting and tax requirements on financial institutions around the world when it enacted FATCA. Strange as it was FATCA provides exemption relief for certain financial institutions classified as “deemed compliant FFIs”. Regulations released this year have further expanded the meaning of deemed compliant FFI. Exemptions will be granted only on application to the IRS and the organizations will be obliged to provide certification every three years that they meet … Continue reading
Tax break is no load of bull
While the mining tax may be heavily debated by industry, and the carbon tax by skeptics and alternative modellers, it’s nice to know that there are some tax breaks that seem absurd to most people. A clear example is in Florida – the Florida Rent-a-Cow Scam.
Strange case of Vodafone- Goose that lays no more
There is no better example of the story of the goose and the golden eggs than the unfolding saga of Vodafone in India. Retroactive legislation has rarely before taken on such a diabolical turn. The recent budget speech by the Indian Finance Minister signaled the introduction of retroactive amendments to tax cross-border transactions in which the underlying assets are located in India. Capital gains arising to a non-resident from transfer of shares in a company incorporated outside India with substantial assets … Continue reading
Hedge effectiveness – bewildered, baffled and all at sea
The recent release of the discussion paper “Improving the operation of the tax hedging provisions” and the ongoing project of the accounting bodies to replace IAS 39 and hence AASB 139 (in Australia) on hedge effectiveness has got everyone hot and bothered. Moves are far gone to abolish the current 80-125 per cent hedge effectiveness bright line test in AASB 139. An exposure draft was released in 2010. The Discussion paper aims to reserve hedge accounting in TOFA to the effective … Continue reading
