Business World: March 2021

Russell Bedford International has released the March edition of its biannual magazine, BUSINESS WORLD.

Business World delivers the latest views and analysis written by specialists from within the Russell Bedford network, together with guest authors from various other organisations from around the world.

Articles in the latest edition include:

New US president: possible tax changes for multinationals

As the dust settles on an unpleasant political season, the inauguration of Joe Biden as the new US president set in motion what many believe will be changes to tax law that could impact multinational corporations doing business in the US. With Mr Biden’s Democratic party maintaining its majority in the House of Representatives, and the opposing Republican party losing its majority in the Senate, there is a likelihood many of Mr Biden’s tax plans will become law. When that might happen, if it does, is another question. Steve Horn partner at Williams Benator & Libby, LLP, Russell Bedford’s Atlanta member firm, member of the board of directors at Russell Bedford shares his thoughts.

Brexit – the challenges facing business

A change as seismic as Brexit couldn’t possibly happen without causing some disruption and the late finalisation of the Brexit trade deal certainly didn’t help. One word sums up what is troubling businesses right now: uncertainty, caused by a new cross-border taxation environment, changes to tax law, and increased bureaucracy. Other potential impacts remain unclear, such as the effect on UK businesses of new immigration requirements.

Businesses are both unsure about what has already happened and what is yet to happen. Phil Moss, tax partner at Russell Bedford’s London member firm, Lubbock Fine, seeks the views of colleagues at Russell Bedford to get their take on the challenges ahead.

Cyprus – 2021 brings positive tax changes

Although a challenging year for everyone in business, 2020 did produce some positive tax developments in Cyprus, specifically the EU’s renewal of the Cyprus tonnage tax system (TTS) and the EU’s assessment of the Cyprus notional interest deduction (NID) as ‘not harmful’. Kyriakos Hadjikyriakou, senior tax manager at Intertaxaudit, Russell Bedford’s member firm in Nicosia, Cyprus, discusses the implications of the changes.

Support yourself – 5 ways to look after yourself as a leader