It’s official: Jim Ratcliffe, the richest man in England, is now a resident of Monaco.
The 67-year-old is registered as living in the kingdom on the French Riviera, where residents do not normally pay income tax or capital income, according to filings this week from a British company he helps manage.
Ratcliffe is worth $ 22.5 billion through a major stake in closely-held Ineos, a London-based chemical producer he has helped build since the 1990s. Relocation details have been circulating since 2018, and last year Sunday Times reported that tax planning around Ratcliffe and other senior Ineos executives caused tension with the company’s auditor, PwC. The accounting firm then resigned as Ineos’ auditor.
A PwC spokesman declined to comment. A representative from Ineos did not respond to requests for comment.
Monaco first emerged as an option for Ratcliffe when he and other Ineos executives considered moving the company’s headquarters about a decade ago after a tax disagreement with the British government. At that time, the prospect of transferring Ineos employees and their young families to a sovereign state prompted company leaders to settle into a larger jurisdiction in Switzerland.
Leaving England for Switzerland “was a sad moment – all three Ineos leaders defined themselves as being very ‘pro-British,’” according to a 2018 biography from the company co-authored by Ratcliffe. “The search for suitable relocation purposes is a mixture of emotion and tax pragmatism.”
Other wealthy supporters of Britain’s exit in the European Union have also shifted their wealth since the country chose to leave the trading bloc in 2016. James Dyson moved to Singapore, and Anthony Bamford, chairman of excavator maker JC Bamford Excavators Ltd., transferred a stake in the holding company. The Caribbean to Switzerland this year, changing the arrangement that grew his family’s fortune for decades.
Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Ahmed Waheed has asked the Federal Revenue Board (FBR) to accelerate the release of tax returns in accordance with the commitments made by Prime Minister Imran Khan.
“Delayed income tax, sales tax and undue customs return have created liquidity problems for the business community and affected the promotion of business activities,” Waheed said in a statement. He pointed out that income tax returns from the business community had been delayed with FBR since 2014-15 and despite commitments by the government and the State Bank, payments were delayed, which could not be justified.
Waheed said PM Imran had taken a positive step by announcing an aid package to address the issue of refunds, but a large number of refunds were jammed with FBR, which was a major problem for the business community.
Published in The Express Tribune, 22 Julynd, 2020.
Accessing Canadian Emergency Wage Subsidies (“CEWS”): Extending Eligibility to Businesses Owned by the Original Government.
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On April 11, 2020, the Federal Government enacted the law
for the new Canadian Emergency Wage Subsidy (“CEWS”). That
CEWS is a $ 73 billion subsidy aimed at supporting welfare
workers, maintain employment relations, and reduce claims
work insurance regime. Specifically, CEWS is cash
subsidies paid by the Federal Government to eligible employers
on the amount of wages paid to employees.
When the CEWS program was first announced, Federal
The government is excluded from the eligibility of all government property
corporation tax free based on s. 149 (1) (d.5) of Income Tax Law. A clear purpose for rendering this
the broad category of corporations that do not meet the requirements is to exclude the public
agencies such as hospitals, universities, and cities from
access the CEWS program. However, this broad exception is also
seems to potentially have the effect of excluding, whether
intentionally or not, First Nation’s economic development is tax free
entity owned by a Customary Government.
Fortunately, on May 15, 2020, as part of its sustainability
responding to the economic impact of the COVID-19 pandemic, the
The Federal Government announced that it has officially extended it
CEWS program application to enter tax-free Indigenous
Government-owned company. Specifically, Federal
The government has extended the eligibility to be owned by Indigenous Peoples
the corporation that runs the business and is tax free below
s. 149 (1) (d.5) of Income Tax Law, as well as them
wholly-owned subsidiary that runs the business and is in business
tax free below s. 149 (1) (d.6) of Income Tax Law.
In addition, the Federal Government has announced that
partnership where each partner is a Customary Government
or “qualified employer” will be deemed eligible
entity for CEWS purposes. In this context,
The Indigenous Government will include the First Nation Group,
Indigenous Governments that govern themselves, and other comparable ones
Customary governing body.
The changes noted above are retroactive until 11 April 2020, which
means that they apply for the first qualification period for CEWS
starting March 15, 2020 and the following qualification period. In
In addition, the original 12 week period to access CEWS has been
has been extended by the Federal Government for an additional 12 weeks,
until 29 August 2020 for all eligible entrepreneurs.
To help entrepreneurs who want to access CEWS, we
colleagues have prepared a series of useful articles about this
Besides CEWS, Customary Law Gowling WLG LLP
Practice groups have synthesized various federal funding programs
available to help indigenous peoples, individuals and
business during the COVID-19 pandemic:
The Gowling WLG LLP LLP practice group also
keep abreast of developments in the latest governance issues affecting
Have you ever experienced a technical error when trying to get your stimulus?
Here’s what you need to know – and what can you do?
Where is my stimulus check?
If you have asked this question once, twice, three times or more in the last few weeks, you are not alone. If you have not received your stimulus check via direct deposit, you may have visited the IRS website to enter your direct deposit information in the Get My Payment online portal. Some have successfully updated their information, while others have received “Payment Status Unavailable” errors or faced other obstacles in their efforts to get stimulus checks faster. Here are answers to common questions about this and other errors to help you navigate through this challenging time:
1. What exactly is the Get My Payment tool?
The Get My Payment tool is available on the IRS website for free and allows you to check the payment status of your stimulus check and update your personal information, including your direct deposit information if you want to receive your stimulus check in your bank account. While some have no problem updating their immediate deposit information, others have received a Payment Status Not Available message, are locked, the web browser has crashed, and is experiencing a number of frustrating technical problems.
2. Why haven’t I received my stimulus payment?
This is one of the most frequently asked questions. The first wave of stimulus check recipients provides their direct deposit information on their 2018 or 2019 federal tax returns and receive tax returns. If you owe IRS money or pay through installment packages, for example, IRS might not send you a deposit check directly. If you want your stimulus to be electronically checked, you must go to the Get My Payment tool to provide your direct deposit information.
3. I should get a direct deposit, but I don’t. What am I doing?
Your best bet is to provide your direct deposit information through the Get My Payment tool. If you don’t receive a direct deposit, that doesn’t mean you won’t receive a stimulus check. Assuming you qualify, you will receive a paper stimulus check.
4. How do I know that the IRS sent me a stimulus check?
The IRS will send you written notice 15 days after sending your stimulus payment. The letter explains the amount of your stimulus payment, how you were paid, and most importantly, how to contact the IRS regarding any issues with your stimulus check.
5. I have been checking the Get My Payments tool for several days and keep getting “Payment Status Not Available” messages. Why does this keep happening?
6. What do you mean that the IRS is still updating my information? Don’t they already have my information?
The IRS might update your information so that you can process your stimulus tax payments. For example, if you recently filed your 2018 or 2019 federal tax return, the IRS might still process your tax return. When you submit your tax return, the IRS does not automatically enter your direct deposit information into the Get My Payment tool. Your tax return is processed first.
7. I receive Social Security benefits or disability benefits every month. The government already has my information. Why can’t I access my stimulus check information on the Get My Payment tool?
If you receive Social Security, disability or veteran benefits, for example, you will automatically receive a stimulus check. At this time, your information is not included in the Get My Payments tool. The federal government may have your information, but currently with different parts of the federal government such as the Social Security Administration, which is separate from the Ministry of Finance (which includes the IRS).
8. I have tried entering my direct deposit information in the Get My Payment tool, but the system has locked me.
Unfortunately, this also happens to other people. There may be several reasons. Most likely, this is a safety precaution. The IRS cannot verify your identity, Social Security number, address or other personal information. Your best step is to try to access the Get My Payments tool the next day after the IRS updates its website.
9. My stimulus checks are deposited to the old bank account, saved in the wrong bank account, or sent to my old address. What am I doing?
If this happens to you, you are not alone. The IRS will send you a letter within 15 days of sending your stimulus payment. The letter will include instructions on how to contact the IRS regarding this issue.
10. How do I contact the IRS to help check my stimulus? I don’t seem to be able to reach anyone. Is there a special telephone number?
Unfortunately, there is no specific telephone number at this time to contact the IRS about your stimulus check. The IRS has asked people not to call. Given the COVID-19 pandemic, the IRS said that services were limited when they processed tax returns, issued tax returns and sent stimulus payments.
11. None of these problems apply to me. I just want to check my stimulus.
Continue to check the Get My Payments tool. The IRS says updating its website every day. The IRS also began sending paper stimulus checks this week. When will I get my stimulus check? The IRS expects to send a stimulus check according to this schedule. The IRS will send about 5 million paper checks per week, starting with the lowest adjusted gross income first. If you are a married / shared tax reporter, your adjusted gross income is based on your combined income, not your personal income.
Here’s what you need to know – and what to do about it.
Where is my stimulus check?
If you haven’t received your stimulus check, then you might be wondering when it will arrive. The first stimulus wave was sent via direct deposit, and maybe you are not one of the 80 million lucky people. If you enter deposit information directly on your 2018 or 2019 federal tax return, the IRS should have paid you via direct deposit.
The IRS now sends stimulus paper checks, and plans to send around 5 million paper checks every week. The sequence of examination of stimuli is not random or based on geography. The IRS will send a check starting from the taxpayer who owns Lowest adjusted annual gross income as reported in SPT 2018 or 2019, whichever is later. Following is the weekly schedule planned for the IRS to send stimulus checks based on adjusted annual gross income, as first reported by The Washington Post. All dates represent “weekends” (for example, the week ending April 24) and the IRS can change this schedule at any time.
Less than $ 10,000: April 24
$ 10,001 – $ 20,000: May 1
$ 20,001 – $ 30,000: May 8
$ 30,001 – $ 40,000: May 15
$ 40,001 – $ 50,000: May 22
$ 50,001 – $ 60,000: May 29
$ 60,001 – $ 70,000: June 5
$ 70,001 – $ 80,000: June 12
$ 80,001 – $ 90,000: June 19
$ 90,001 – $ 100,000: June 26
$ 100,001 – $ 110,000: July 3
$ 110,001 – $ 120,000: July 10
$ 120,001 – $ 130,000: July 17
$ 130,001 – $ 140,000: July 24
$ 140,001 – $ 150,000: July 31
$ 150,001 – $ 160,000: August 7
$ 160,001 – $ 170,000: August 14
$ 170,001 – $ 180,000: August 21
$ 180,001 – $ 190,000: August 28
$ 190,001 – $ 198,000: September 4
Remaining checks: September 11
The maximum income for married / shared filers is $ 198,000. If you are a married / joint reporter and your adjusted gross income is higher than $ 198,000, you are not eligible for a stimulus check.
How can I get my stimulus check faster?
No, you don’t want to wait weeks or even months to receive your stimulus check. Yes, you want to check your stimulus faster. The IRS has created an online portal on its website (irs.gov) called “Get My Payment” so you can track the status of your payments and enter your direct deposit information, if you prefer to receive your check in your bank account. If you find an error – Payment Status Not Available – when entering your information, there are several potential reasons.
First, you may not be eligible for a stimulus check. The most common reason is that you get too much income in 2018 or 2019.
Second, the IRS might still process your information. For example, if you recently sent a 2018 or 2019 tax return, the IRS hasn’t finished reviewing your tax return or entering your information in the Get My Payment tool. Likewise, if you are not required to file federal income tax and have recently updated your direct deposit information to the Non-Filer online portal on the IRS website, the IRS might also update your information.
Third, if you receive federal benefits such as Social Security, veterans, disabilities or others, the Get My Payment tool will not show you the status of your stimulus check or allow you to enter your direct deposit information.
The IRS says that the IRS website is updated once a day overnight so you can check back every day to verify that your information has been updated. If you are the recipient of a stimulus check, the IRS will also send you a letter regarding your stimulus check, including how to contact the IRS to correct an error.