Enacted via the Tax Cuts and Jobs Act of 2017, the qualified business income deduction, or QBI, is worth up to 20% of eligible revenue, subject to limitations. That tax break is scheduled to expire after 2025 without changes from Congress, which could affect millions of filers. “It’s something that is very important to a … Read more
The Good Brigade | Digitalvision | Getty ImagesTax breaks worth trillions of dollars are scheduled to expire after 2025 without extension from Congress — including a hefty deduction for millions of self-employed filers and business owners. Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017 created the qualified business income deduction, … Read more
Leaving Dentons Beijing Dacheng Law Offices, LLP (“大成”) is an independent law firm, and not a member or affiliate of Dentons. 大成 is a partnership law firm organized under the laws of the People’s Republic of China, and is Dentons’ Preferred Law Firm in China, with offices in more than 40 locations throughout China. Dentons … Read more
It all seemed too good to be true: a global campaign to stamp out tax avoidance and harmonize international tax rules for companies that operate across national borders.At the forefront of the transparency drive is a minimum tax rate for multinational corporations, no matter where they operate. No more exploiting tax loopholes and shifting profits to countries with … Read more
The Greenbook for Fiscal Year 2025, containing the Biden administration’s budget proposals, contains a mixture of recommendations, many of which have been considered in one form or another in past years. Nevertheless, it lays out the administration’s blueprint for a wish list, and in some cases signals issues to prepare for. “As time has gone on, … Read more
Israeli Simon Mistriel Aykut, the director of Afik Group, a property developer in the north, will remain in custody for an additional six days, as decided by the Nicosia District Court on Thursday.Aykut, 73, who holds both Israeli and Portuguese passports, faces charges related to a €1 billion development project in Trikomo on Greek Cypriot … Read more
Michael Welu worked at the IRS for decades as a specialist in helping agents identify and investigate possible tax crimes. In an agency known for offices working in their own silos, Welu had the rare ability to move between divisions, dissecting and learning each office’s particular customs and procedures. But that experience had its own … Read more
KARACHI: Approximately 210 multinational companies (MNCs) in Pakistan operating in sectors like tobacco, oil, auto, pharmaceuticals, banking and others contribute a third of the total tax collection and make a major contribution to the national exchequer. They also reinvest in their respective units or inject capital into some new ones. Moreover, they make investments of … Read more
The investigation by the Independent Authority Against Corruption (IAAC) into Makarios Drousiotis’ book “Mafia State” intensified with a hearing focused on the chapter “A Spy in the Palm of My Hand.” Drousiotis presented evidence of being surveilled through electronic devices, raising questions about potential police involvement. The book details his experience of approaching the police with suspicions of being monitored through malware. The investigation also looks into the events surrounding Russian oligarch Dmitry Rybolovlev’s divorce in Cyprus, alleging involvement of a law firm with ties to the former president, questionable legislative amendments, favorable court rulings, and suspicious financial transactions. Former President Nicos Anastasiades has denied all allegations. Gabrielle Louise McIntyre is leading the IAAC inspection team, with witness testimonies ongoing. Sophie in ‘t Veld warned in 2023 that individuals in public life are at risk of surveillance, emphasizing the importance of accountability in democracy.
The Supreme Constitutional Court is set to announce its decision on June 5 on whether attorney-general George Savvides is constitutionally allowed to initiate dismissal proceedings against auditor-general Odysseas Michaelides.