“Property trust liability to rise” plus 3 more |
- Property trust liability to rise
- New York Can't Collect Property Tax From UN Missions, U.S. Court Rules
- Property tax rates set, with many seeing decrease
- Russia May Cancel Property Tax Breaks to Raise $4 Billion, Kommersant Says
| Property trust liability to rise Posted: 17 Aug 2010 11:19 AM PDT ING Property Trust's deferred tax liability is to rise by about $96.8 million after tax changes relating to the removal of depreciation of building structures announced in the Budget in May. An announced reduction in the corporate tax rate would result in a slight reduction in that figure, the company said this week. A corresponding increase in deferred tax expense would be shown in profit and loss figures. It was a non-cash adjustment and would not form part of the calculation of the distributions available to unitholders under the terms of the trust deed. Because the Budget announcement was made following the trust's financial year end of March 31, the deferred tax adjustment would be recognised within the current year financial results. Manager Peter Mence also noted that an Inland Revenue review of tax rules affecting building fit-outs had lifted a great deal of uncertainty from the property sector. IRD's policy advice division and the Treasury released a tax policy issues paper last week dealing with the tax treatment of non-residential building fit-outs, following the changes to the tax rules on depreciation of assets announced in the Budget. The recommendations now being made by the IRD and the Treasury were a further step towards providing some clarification around the impact of policy changes on the treatment of property for taxation purposes. - NZPA This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| New York Can't Collect Property Tax From UN Missions, U.S. Court Rules Posted: 17 Aug 2010 07:54 AM PDT New York has no legal authority to collect property taxes on foreign missions to the United Nations, a U.S. appeals court ruled, overturning judgments for $42.5 million against India and $4.4 million against Mongolia. A three-judge panel of the court today reversed lower court rulings that allowed the city to tax the parts of foreign diplomatic missions that are used to house employees and their families. In the decision, the court said a 2009 U.S. State Department notice that established exemptions from real estate taxes preempts state and local laws and applies retroactively to taxes already assessed. "The city's tax liens are invalid and no taxes on property owned by foreign governments and used to house staff of permanent missions to the United Nations or of consular posts are due and owing," Judge Guido Calabresi wrote. "This provides a free ride for foreign countries owning certain properties in New York City while unnecessarily burdening local taxpayers," Michael Cardozo, New York's corporation counsel, said in a statement today. The city will seek review in the U.S. Supreme Court, he said. Foreign Missions The decision today is part of a years-long effort by New York to collect taxes from foreign missions, which sometimes occupy some of the most desirable real estate in the city. New York treated the bottom six floors, basement and cellar of India's East 43rd Street mission as exempt, because they are used for diplomatic offices, Calabresi said. The city tried to tax the rest of the 26-floor building, which is used to provide rent-free housing to security, drivers and diplomatic employees, Calabresi said. Mongolia's mission occupies five floors on East 77th street, two of which are used for employee housing. New York sued India, Mongolia, Turkey and the Philippines to collect claimed taxes in 2003. In 2008, U.S. District Judge Jed S. Rakoff ruled that the city could collect tax on property that wasn't being used for diplomatic purposes. The following year, the State Department issued its notice, which the court today said was within its authority under the Foreign Missions Act. The appeals court didn't consider the cases of Turkey and the Philippines, which settled with the city. The Philippines agreed in January to pay $9 million to resolve its case. Turkey settled for $5 million in 2003. The case is City of New York v. Permanent Mission of India to the United Nations, 08-1805, Second U.S. Circuit Court of Appeals (Manhattan). To contact the reporter on this story: Bob Van Voris in New York at rvanvoris@bloomberg.net. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| Property tax rates set, with many seeing decrease Posted: 17 Aug 2010 12:14 AM PDT Sorry, Readability was unable to parse this page for content. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| Russia May Cancel Property Tax Breaks to Raise $4 Billion, Kommersant Says Posted: 16 Aug 2010 10:44 PM PDT Russia's Finance Ministry has proposed canceling property tax breaks as of 2012 for railroads, pipelines, power grids and other infrastructure, Kommersant reported, citing ministry documents. This proposed law, if implemented, will allow the government to collect as much as $4 billion of additional revenue, the newspaper said. To contact the reporters on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net; This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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