The Estonian Government have proposed income tax exemptions for donations made to hospitals and other such bodies.
According to the Government, the exemption will apply to donations and gifts to support efforts at corporate hospitals, welfare institutions and state and local government agencies. Normally, donations can only be made tax-free to non-profit associations and foundations that operate in the public interest and which are charitable.
In Latvia, meanwhile, the Government this week approved a Ministry of Finance proposal to exempt donations intended to help prevent the spread of the virus from corporate tax.
Under the plans, the corporate tax exemption will apply to donations of goods and services to entities directly affected by the virus, including companies, associations and foundations. The exemption would apply from the start of the state of emergency until the end of 2020.
Both sets of measures need to be … Read More »
According to a recent ruling by Estonia’s Supreme Court, the country’s tax agency can no longer chase up tax debts that are owed five years after enforcement proceedings are initiated. Well, it’s a good job that tax debts aren’t waived so quickly in many other jurisdictions, given the often protracted nature of tax audits and investigations.
It emerged just last week that the average length of tax inquiries into large businesses in the United Kingdom are now taking more than three years to settle, with each case taking around 39 months to resolve in 2017/18, up from 34 months in 2016/17, according to Pinsent Masons, the law firm. Of course, this isn’t just hard luck for the tax authority. It’s very unfortunate for the businesses facing these interminably long investigative proceedings too.
As Pinsent Masons pointed out, these matters are not only … Read More »