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UKEF backs Leicester sustainable packaging firm in Australian expansion
UK Export Finance announces support for a UK luxury sustainable packaging company to expand into new foreign markets.
Federal Revenue Service Confirms Accrual Basis Method
The Federal Revenue Service finally clarifies the position on what method should be used to calculate withholding tax on professional services delivered between two resident entities.
Withholding tax of 1.5% applies to the supply of professional services and is a tax advance creditable against the payers final tax liability. Over the past few years, there has been confusion as to whether the tax should be accounted for on an accrual basis or on a cash basis.
The Interpretative Act 8/2014 (Ato Declaratório Interpretativo SRF 8/2014 – ADI 8/2014), was published in the Official Gazette of September 3, 2014 and clarifies that the accrual basis method must be observed moving forward.