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With expected passage in the next few weeks of the Biden
Administration s first COVID-19 relief bill, the focus in
Washington, D.C., will shift to a second budget reconciliation bill
– Biden Administration tax changes. The tax changes are
expected to be substantial and far-reaching, and to include
corporate, individual and capital gains tax rate increases,
international tax changes, and estate and gift tax changes.
Expected Timing of Biden Administration Tax Changes
Congressional committees in the Democrat-controlled House and
Senate are already working on tax and budget proposals that will
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With release by the White House and Treasury of initial details
regarding Biden Administration proposed 2021 tax reform, a primary
focus in Washington, D.C., for the next seven months or so will be
expected changes to the tax code. The tax changes will be
substantial and far-reaching, and will include corporate,
individual and capital gains tax rate increases; international tax
changes; and estate and gift tax changes.
Expected Timing of Biden Administration Tax Changes
Congressional committees in the House and Senate are already
working on tax and budget proposals that will become part of the
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Following the enactment last year of the Limited Partnership Fund Ordinance, which has seen strong take up in its first eight months of operation, the new tax concession on carried interest earned from the activities of private equity funds which was proposed by the Hong Kong Government in 2020, has now been introduced. The Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Ordinance 2021 (“
Ordinance”) was enacted into law on 7 May, 2021, by way of amendment to the Inland Revenue Ordinance (“
IRO”). Under this new concession, eligible carried interest received or accrued on or after from 1 April, 2020 will be subject to zero percent profits tax. Individuals who have received carried interest or to whom any such sum has accrued, will also be eligible for a 100% deduction for those sums against their assessable income.