Rapid developments in the global economy are prompting swift and constant changes to tax laws in many countries, posing new and complex legal challenges for multinational companies and for high net worth individuals (HNWI). Sweeping reforms are now being contemplated worldwide, and are likely to result in major tax impacts for companies and HNWI. It is essential to be aware of such changes and to respond effectively.
Individually and together, members of World Law Group's International Tax & Private Wealth Group can assist. Members apply in-depth expertise to a range of complex challenges relating to both international corporate taxation as well as the taxation of private wealth. Collectively, via our International Tax & Private Wealth Group, they can bring a global perspective and seamless solutions to any tax dilemma: a call to any single member can harness a tailored advisory team in two or 20 jurisdictions.
The WLG International Tax & Private Wealth Group also enables members to keep abreast of major tax developments around the globe by sharing up-to-date intelligence on changes in tax law and regulation, and successful strategies for responding to such changes. The Group also provides a forum for the exchange of news, analyses and other critical information for tax practitioners in WLG's member firms worldwide. Group members regularly collaborate on digital comparative law guides and other resources useful in members’ day-to-day practice – to help them better serve clients wherever those clients invest and operate.
Excise tax will be implemented in Oman with effect from 15 June 2019 in accordance with the unified GCC Excise Tax Agreement, making Oman the fifth GCC country to implement excise tax.
A new ministerial order introduces changes that are likely to significantly affect doing business in Rwanda, especially by Rwandan residents investing abroad and multinationals using Rwanda as a hub for operations in the region.
On April 17, 2019, the US Internal Revenue Service (IRS) issued its second set of proposed regulations (the April Regulations) regarding the new "qualified opportunity zone" (QOZ) tax incentives that were enacted in December 2017 as part of the Tax Cuts and Jobs Act (Tax Act).