São Paulo Allows The Suspension Of ICMS (State VAT) On Certain Import Transactions

On 10/25/2013, Ordinance CAT No. 128/2013 was published in the Official Gazette of the State of São Paulo. The Ordinance regulates the concession of the Special Regime for the suspension of the ICMS (State VAT) levied on imported goods which will subsequently be destined to interstate sales that are subject to ICMS, at a tax rate of 4%, pursuant to the Federal Senate Resolution No. 13/2012.

The taxpayer located in the State of São Paulo […]

By |November 21st, 2013|

Taxation Of Cyprus International Trusts

The International Trusts Law Of 1992-2012
The 1992 International Trusts Law gave Cyprus a “state of the art” international trusts regime, allowing non-residents to establish Cyprus-resident trusts with excellent tax mitigation and asset protection features. In the ensuing years, Cyprus international trusts proved to be extremely popular with residents of Russia and Central and Eastern Europe, allowing them to hold their newly-accumulated wealth through a jurisdiction offering stability and reliability, providing flexibility in terms of […]

By |November 20th, 2013|

South Africa: Taxpayer, Choose Your Weapon – Carefully

The Pretoria Tax Court made an interesting ruling in Income Tax Case No 1866 75 SATC 268.

Section 32(1) of the Value-Added Tax Act, No 89 of 1991 (VAT Act) states that the following decisions of the South African Revenue Service (SARS) are subject to objection and appeal, namely:

In terms of s23(7) of the VAT Act notifying that person of SARS’s refusal to register that person in terms of the VAT Act.
In terms of s24(6) or […]

By |November 20th, 2013|