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It has been widely pointed out that Republican presidential nominee Donald Trump's tax reform plans include a major incentive for higher-income US taxpayers to place their earnings into pass-through businesses to obtain a lower tax rate. Read Full Story
The American Institute of Certified Public Accountants has asked the US Internal Revenue Service to extend the deadline for submitting comments on the new regime for auditing partnerships, which was enacted as part of the Bipartisan Budget Act of 2015. Read Full Story
The US Internal Revenue Service has issued Notice 2016-23 requesting comments by April 15, 2016, on the new regime for auditing partnerships, including private equity and hedge funds, which was enacted as part of the Bipartisan Budget Act of 2015. Read Full Story
On November 2, President Barack Obama signed the Bipartisan Budget Bill of 2015, which includes increased appropriated spending for the 2016 and 2017 fiscal years, a suspension of the US debt limit until March 2017, and revenue provisions related to tax compliance. Read Full Story
Current difficulties experienced by the Internal Revenue Service in auditing large partnerships, including private equity and hedge funds, could be reduced by the bipartisan US Budget proposals revealed on October 27, providing they are approved. Read Full Story
Following a Ministry of Finance consultation that closed on August 24, and the subsequent presentation of the draft 2015 Budget Bills in the South African Parliament, the Standing Committee on Finance has now made its own request for comments on the legislation. Read Full Story
South Africa's Ministry of Finance has published for public comment the 2015 Draft Taxation Laws Amendment Bill and the 2015 Draft Tax Administration Laws Amendment Bill, which would give effect to the tax changes announced in the Budget in February this year. Read Full Story
The Government of Iceland has agreed to present legislation for the lifting of capital controls and the introduction of an "exit tax." Read Full Story
The US Treasury and the Internal Revenue Service have released proposed regulations that seek to tackle the use of reinsurance arrangements by hedge funds to defer and reduce tax on their investment income. Read Full Story
Iceland's Prime Minister, Sigmundur Davíð Gunnlaugsson, anticipates that Iceland will be in a position to settle claims against Icelandic banks that went bust in 2008 by the middle of this year, alongside the imposition of a "stability tax." Read Full Story
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