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With the Presidential Decree No. 3343, deadline for debt
restructuring applications and for payment of first installments is
01.02.2021, within the scope of the Law No.
7256.
With the Presidential Decree No. 3343, for the taxpayers, who
applied for debt restructuring within the scope of the Law No.
7256,
deadline for the first installment of tax payments is
01.03.2021, and for the first installment of SSI payments is
31.03.2021.
With the Presidential Decree No. 2812, changes in VAT rates
applied for certain goods and services are extended until
31.05.2021.
VAT rates of certain goods and services are reduced from 8% to
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Inheritance tax is charged on the estate of a person who has passed away and currently stands at 40 percent above a certain threshold. Undoubtedly, with the impacts of the pandemic, government spending has soared, and some have suggested a rise to Inheritance Tax alongside other levies is necessary. While such a rise may not be popular, it could be imperative to help the country raise money and get back on track.
10 things you need to know about MTD for CT 4 January 2021: As HMRC begins gathering feedback from stakeholders on the potential expansion of the Making Tax Digital regime to corporation tax, ICAEW’s Tax Faculty outline the key things that businesses and agents need to consider.
Launched in 2018, the Making Tax Digital (MTD) regime currently encompasses all VAT-registered businesses with a taxable turnover above the VAT threshold and will be extended to all VAT-registered businesses below the threshold from April 2022.
From April 2023 MTD will be mandated for income tax for those that receive income from self-employment and/or property, and it is proposed that the regime expands further to cover corporation tax. Current timelines suggest that companies will be able to participate in a voluntary pilot in 2024, with mandation in 2026 at the earliest.
International Adviser spoke with industry players about their predictions for next year.
ESG
Nic Spicer, UK head of investments at PortfolioMetrix, said: “Regulations are on the way in 2021 that will mean advisers must have meaningful discussions with clients about ‘sustainable investing’.
“The regulations will require advisers to evidence that they have taken clients’ ESG preferences into account when making investment decisions. While the timing of the regulation has not yet been confirmed, we expect it to be sooner rather than later.”
Paul Stanfield, chief executive at Feifa, said: “With regards to financial advice, 2021 will almost certainly see “ESG investing” become mainstream. A combination of new regulations, particularly across Europe but also globally, to a degree, allied to consumer demands, will see this shift happen faster and more extensively than many industry experts previously believed.
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