income

Why Cayman? Cayman Islands Vs Barbados: Offshore Business Showdown

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Why Cayman? Cayman Islands Vs Barbados: Offshore Business Showdown

The Cayman Islands and Barbados are competing for entrepreneurs’ attention as offshore business destinations. The Cayman Islands offer a tax-neutral environment with no corporate, capital gains, or sales taxes, while Barbados has low corporate tax rates and a network of double taxation agreements. Both locations have advantages in terms of business setup, legal frameworks, and lifestyle amenities. The choice between the two islands depends on specific priorities and business goals.

Cyprus receives LGBT human rights score of 34 per cent

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Cyprus receives LGBT human rights score of 34 per cent

Cyprus was given a score of 34 per cent for the human rights situation and living standards of its LGBT population.

Reduction in the Small Business Tax Rate Passes in the House of Assembly

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Reduction in the Small Business Tax Rate Passes in the House of Assembly

The small business corporate income tax rate in Newfoundland and Labrador has been reduced from 3 per cent to 2.5 per cent effective January 1, 2024.

How to Calculate BEAT Tax | Bloomberg Tax

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How to Calculate BEAT Tax | Bloomberg Tax

Bloomberg Tax offers expert resources for international tax planning and compliance, including information on foreign tax credits, transfer pricing, cross-border transactions, and global tangible low-taxed income. They provide a BEAT Final Regulations OnPoint for detailed analysis of final BEAT regulations issued by the IRS, as well as a BEAT calculation template to simplify challenging calculations and save time during compliance and provision. Bloomberg Tax Workpapers combines spreadsheet control with automatic data transformation and timesaving tax functions in one solution.

Are Billionaire Taxes Falling? That Depends On Who You Think Pays Corporate Taxes.

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Are Billionaire Taxes Falling? That Depends On Who You Think Pays Corporate Taxes.

The highest-income Americans pay only about 23 percent of their income in taxes, with billionaires having a lower effective tax rate than working-class Americans. Berkeley economist Gabriel Zucman argues that owners of capital receive all the benefits of corporate tax cuts, while other economists believe that workers also benefit through higher wages. The burden of corporate taxes may shift over time, with highly-paid employees bearing more of the burden initially, but workers benefiting once firms implement productivity-enhancing investments. Only about 28 percent of publicly traded corporate stock is held by taxable entities, highlighting the ongoing debate over corporate tax incidence.

Eurobank Group reports robust first quarter results

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Eurobank Group reports robust first quarter results

Eurobank Holdings released its financial results for the first quarter of 2024, showing significant growth and robust performance. Adjusted net profits in Cyprus and Bulgaria improved substantially, with Cyprus reaching €92 million.

Ex-Fatburger CEO accused of using company money for Rolls Royce Phantom, other items in $47M scheme

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Ex-Fatburger CEO accused of using company money for Rolls Royce Phantom, other items in $47M scheme

The former CEO of Fat Brands Inc. was indicted on federal charges for concealing million in income from the IRS and dodging taxes. He allegedly used company funds for personal expenses like a Rolls Royce and luxury items.

New York City Announces Anticipated Deviations from Recently Promulgated New York State Corporate Tax Regulations

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New York City Announces Anticipated Deviations from Recently Promulgated New York State Corporate Tax Regulations

The New York City Department of Finance is expected to deviate from the New York State corporate tax reform regulations in several key areas, including the application of unincorporated business tax sourcing rules for corporate partners, authorizing deviations from statutory apportionment methods based on individual facts and circumstances, allocating income from passive investment customers using an 8% fixed allocation, increasing the threshold for taxpayers to use a billing address “safe harbor,” and retaining excess inclusion in income for holders of residual interests in real estate mortgage investment conduits.

Finance ministry to cut corporate tax for industries, consumer goods in new budget, says source

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Finance ministry to cut corporate tax for industries, consumer goods in new budget, says source

The government plans to reduce corporate tax rates in the productive sector by 2.5 percent in the upcoming fiscal year 2024-25 to encourage setting up of industries and increase tax payments.

4 considerations for companies seeking compliance with the corporate alternative minimum tax – Thomson Reuters Institute

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4 considerations for companies seeking compliance with the corporate alternative minimum tax - Thomson Reuters Institute

The corporate alternative minimum tax (CAMT) was reintroduced in 2022 as part of the Inflation Reduction Act, imposing a 15% minimum tax on large corporations with three-year average annual adjusted financial statement income (AFSI) exceeding billion. This new CAMT is based on AFSI, not taxable income, and impacts about 150 companies according to the U.S. Congress’ Joint Committee on Taxation. Corporate tax departments need to understand CAMT rules, analyze tax liability, consider financial reporting implications, and engage in strategic planning to navigate the complexities of remaining compliant with the new regulations.