David Daly

There is uncertainty about where liability arises with returns that are later found to include errors

The monetary value of any barter deal concluded today can be calculated with a high degree of accuracy thanks to a common medium of exchange

Some companies have received communications that their financial years for corporate tax reporting purposes are changing again

Failure to update documents such as passports and trade licences could lead to penalties, starting end of March

Companies have nine months after their reporting year ends to prepare, submit and settle any outstanding amounts

Implications will be different for companies if the deal involves international organisations

Implementation of OECD's tax rules may simply transfer the problem that it is attempting to address

Lengthy document released this month is a must-read for businesses

The new regulations will be in place from July 1, 2026 and will apply to both business-to-business and business-to- government transactions

Businesses can treat an asset as a one-off expense or it can be capitalised and depreciated over its useful life

An owner or partial shareholder must take note of their status within the operational business

It is important for all those eligible for the tax to keep track of their reporting period

Donations made to such organisations are deductible against taxable profits

It is equally important to ensure all paperwork is compliant with the law