Malta: The Microinvest Scheme 2014

The scope of this scheme is to encourage small and medium sized undertakings, including self-employed, to invest in their business, to innovate, expand and implement compliance directives or to develop their operations.
Duration of the Incentive
The scheme covers costs incurred between 1st January 2014 and 31st December 2020. The respective applications in respect of costs incurred during a particular year must be submitted with the pertinent department by March of the following year.
Conditions for Eligibility
The […]

By |March 22nd, 2015|

Canada: The Loss Restriction Event Rules For Trusts Are Broader Than You Think

Loss carryforwards and other tax attributes, such as scientific research and experimental development (“SR & ED”) expenditures, investment tax credits (“ITCs”), resource pools, are valuable assets because they can shelter taxes. As such, loss utilization has always been a staple of good tax planning. The Income Tax Act (the “Act”) and the CRA’s administrative policies have generally accepted loss utilization planning within affiliated and related parties.1 On the other hand, the Act has always […]

By |March 20th, 2015|

CRA Is Provided Access To Canadians’ Bank Information

As part of its continuing drive to clamp down on international tax evasion and aggressive tax avoidance, on January 7, 2015, the Federal Government announced the rollout of the Canada Revenue Agency’s (CRA) new Electronic Fund Transfer (EFT) Reporting regime.

EFT Reporting has been with us for some time now, with information on bank transactions already being provided to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under separate crime prevention legislation. FINTRAC […]

By |March 20th, 2015|