Ontario Budget 2014: Tax Changes Focus On Boosting Provincial Revenues

On May 1, 2014, Finance Minister Charles Sousa tabled the Ontario minority government’s 2014 Budget (“Budget 2014”). The practical effect of the proposed tax measures in Chapter V of Budget 2014, “A Fair and Efficient Tax System”, is to increase tax revenues for the province. Most notably, the government proposes to lower the taxable income threshold for the highest personal income tax rate (13.16%) from $514,090 to $220,000, and to add a new tax […]

By |May 12th, 2014|

New York Adopts Major Changes To Estate And Trust Taxation

On April 1, 2014, New York State enacted a new budget (the “Budget Legislation”), which includes legislation that makes significant changes to New York tax law. Included in the Budget Legislation are reforms that will more closely align New York’s estate tax exclusion with the federal exclusion, include some lifetime gifts in the taxable estates of New York decedents and subject the income of certain trusts to New York tax for the first time. […]

By |May 9th, 2014|

Choosing The UK As A Jurisdiction For Holding Companies For Multinational Groups – Tax Factors

The UK Government often states its ambition to create the most competitive tax system in the G20. In recent years, it has taken major steps to improve the tax treatment of UK-resident holding companies of multinational groups.

This bulletin outlines the significant features of the UK tax treatment of holding companies and explains how the UK offers a tax regime that, for many multinationals, will be as attractive as that of any tax haven whilst […]

By |May 8th, 2014|