Half a week’s pay for each full year you were under 22. One week’s pay for each full year you were 22 or older, but under 41. One and half week’s pay for each full year you were 41 or older. Sadly, you won't be entitled to statutory redundancy pay if you haven't been working for your current employer for less than two years. … [Read more...] about Furlough update: Can your employer make you redundant if they can’t pay your wages?
Avoiding tax on redundancy payments
MUMBAI: The fundamental feature of tax treaty — a bilateral pact between two countries to resolve issues of double taxation — has come under question. According to a ruling by the Federal Court of Australia, the payments received by an Indian company from its clients in Australia will be taxed in Australia. The Australian superior court has treated such payments as ‘royalty’ — which can be taxed, even though such proceeds cannot be taxed under local Australian laws. The verdict — relating to one of India’s leading companies Tech Mahindra — goes against the underlying tenet of tax treaties which, as is widely accepted, should be used as shield for the taxpayer and not as sword by the taxman. A tax treaty is used to provide relief and not aimed at imposing tax. “It’s an accepted principle that standalone provision in a treaty does not give the power to impose tax. On the other hand, whenever treaty provisions are beneficial … [Read more...] about Tax treaties under scanner as Australia court says Tech Mahindra to be taxed
"Importantly, the IRS explicitly rejected recommendations from some parties that would have relaxed existing robust monitoring, reporting and verification (MRV) requirements for demonstrating geologic storage and risked undermining policymaker and public faith in the...program," the group said in a statement Friday. … [Read more...] about IRS proposes guidance for expanded carbon capture tax credit
Never assume someone who calls or emails you is who they say they are - even if they’re able to provide some basic details about you. Always be suspicious of unsolicited requests for your personal or financial information. Check for spelling mistakes and grammatical errors if you think an email isn't genuine. Always take a good look at the email address of the sender. Keep an eye out for suspicious-sounding domain names and spelling errors in their email address. If you're not sure if a link included in an email is genuine - do not click on it. When making a purchase, be suspicious of any requests to pay by bank transfer or virtual currency instead of safer methods, such as credit card or payment services such as PayPal. Personal information obtained from data breaches is making it increasingly easier for fraudsters to create highly targeted phishing messages and calls - watch out for these. Listen to your instincts: If something feels wrong then it is usually right to question … [Read more...] about How to avoid TV Licensing coronavirus scam as Action Fraud warns of spike in fake emails
Chinese state media are reporting that actress Fan Bingbing has been ordered to pay a fine of nearly $130 million for tax evasion. As CNN reports, the Chinese state-run news outlet Xinhua made what is the first public announcement about the actress since her disappearance from public life in June. Bingbing’s whereabouts are unknown to the public, with many speculating that she has been detained by Chinese authorities. According to Xinhua, Bingbing will avoid facing criminal charges if she pays the fine before the deadline. The government has announced a new program to crack down on back taxes in the entertainment industry, and has set a December 31 payment deadline for anyone wishing to avoid criminal charges. CNN also reports that Bingbing’s agent Mou Enguang is confirmed to be in Chinese custody and is under investigation for allegedly aiding in the scheme. … [Read more...] about Fan Bingbing Fined by Chinese Government for Tax Evasion