IFRS 9 Financial Instruments: non-financial sector’s annual insights (1/3/19)

18.01.2019
Open article
We wrote about International Financial Reporting Standard 9 Financial Instruments in late 2017. The standard has been applicable for one year, and readers of the first financial statements fully prepared to IFRS 9 will see its impact in spring 2019. This article explores key insights gained by non-financial entities implementing IFRS 9 over the year.Read more..
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Amendments to Solidarity Tax Act (2/3/19) (0)

18.01.2019

Passed

The Solidarity Tax (ST) Act has been amended with effect from 3 January 2019. This article offers a summary of the amendments. Read more..

Paying dividends to owner of multiple companies (3/3/19) (0)

18.01.2019

Practice

The State Revenue Service has published a tax ruling explaining the tax treatment of dividends paid by a subsidiary to its parent and on to their owner, an individual. This consecutive payment of dividends covers profits for 2017 and 2018. The ruling was requested to find out whether paying a dividend out of the profit for 2017 will make the individual liable to personal income tax (PIT). Read more..

More property tax due after selling farmland (2/2/19) (0)

11.01.2019

Practice

The obligation to pay real estate tax (RET) falls on a person that is recognised as RET payer at the beginning of the year. The RET Act also imposes a 1.5% surcharge on any farmland that is left unfarmed. Who stands to pay the surcharge if such land is sold early in the year and the Rural Support Service (RSS) finds at the year end it has not been farmed properly? Read more..

Sports club subscription for employees: staff sustainability event? (3/2/19) (0)

11.01.2019

Practice

The State Revenue Service (SRS) has published a ruling issued to a taxpayer about classifying an employer-paid sports club subscription as a staff sustainability event for corporate income tax (CIT) purposes and about the obligation to trace the expenses to each individual. This article explores the findings of the ruling and our own findings. Read more..

Tax receivable disallowed pending administrative litigation between Revenue and debtor (2/51/18) (0)

21.12.2018

Practice

After a person’s insolvency proceedings have been announced, a receivable over which the creditor has a dispute with the debtor may be partly or wholly disallowed by the administrator. Yet only civil disputes have been taken into account for a long time. Also, if the debtor appeals a tax assessment decision made by the State Revenue Service (SRS), their receivable will not be allowed by the administrator until after the dispute has been settled in administrative proceedings. Read more..

 

 
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