Mexico’s Congress Passes Tax Reform

The two houses of the Mexican Congress (the Chamber of Deputies and the Senate) last week passed a tax reform measure which now awaits President Enrique Peña Nieto’s signature. The legislation is significantly different than the President’s controversial tax overhaul proposal forwarded to Congress on September 8. If signed by the President, as expected, the new tax rules will be effective on January 1, 2014, except as noted below.

The tax reform measure is very […]

By |November 15th, 2013|

Israel Changes Its Tax Law To Include The Taxation Of Many U.S. Trusts

For many years, Israel has not taxed Israeli residents on any distributions they received from trusts created by a U.S. person with a U.S. trustee unrelated to the beneficiaries; beneficiaries were not even required to report such distributions.  This all changed when the Israeli Knesset passed its recent tax reform law, effective January 1, 2014, subjecting many previously tax-exempt trusts to significant Israeli income tax liability.  The reporting and tax obligations discussed below are imposed […]

By |November 12th, 2013|

California Quarterly Update (State Tax)

Welcome to the Reed Smith California State Tax Quarterly Update for the 3rd Quarter of 2013. With fall in full swing and summer an almost distant memory, we will update you on recent happenings in the California tax world, including: (1) a long-overdue legislative relief measure for a California incentive program; (2) a recent Superior Court case on unitary business and business income issues; (3) another recent Superior Court case on the sales tax […]

By |November 11th, 2013|