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Separate collection and processing of waste (1/21/13)
On 2 April 2013 the Cabinet of Ministers adopted Regulation No. 184 on the separate collection, preparation for reuse and recycling of waste and the recovery of materials, which replaces Regulation No. 598 on the same subject. This article highlights the main changes and why they were required. Read more..
The Ministry of Finance clarifies the substance of an advance for the purposes of applying personal income tax (3/21/13)
In the Flash News of 12 February 2013 we informed our readers about the amendments to the act On personal income tax (the PIT Act). Under the amendments cash or non-cash advances to related persons of a company qualify as employment income if the advances remain unaccounted for within 90 days after they were disbursed or the particular business trip or job related travel ended. The wide formulation of the PIT Act contributed to the classification of various cash disbursements to the related persons of a company as advances.
This article provides a summary of the clarification issued by the Ministry of Finance (MoF) regarding the definition of an advance for the purposes of applying subsection 2.7 and subsection 2.8 of section 8 of the PIT Act. Read more..
Proposals to amend Immigration Act (1/20/13)
Significant amendments are being proposed to the Immigration Act to ease the administrative burden of taking out a work permit for various categories of foreign nationals. This article takes a look at what we perceive as key amendments. Read more..
Income tax treatment of endowment assurance (2/20/13)
The Personal Income Tax (PIT) Act was amended last year to clarify the PIT treatment of an endowment assurance contract that is terminated before the statutory five-year period expires. This article explores tax relief associated with endowment assurance premiums and tax adjustments where a contract is terminated before and after the five-year period. Read more..