SALT & Pepper
Mareva Injunctions in Aid of Foreign Proceedings in Singapore
February 18, 2019
Authored by: Eric (Rick) Rein
In:
International Asset RecoverySingapore has become a financial and business center in Asia, which means that a number of foreign companies and individuals have assets there. Until now, the question of whether a Singapore court has the power when a dispute is being litigated in a foreign court to grant a Mareva injunction, a pre-action seizure of assets, had not been clearly answered. The court in China Medical Technologies v. Wu Xiaodong (2018) SHGC 178 has now clarified the question. The answer is a resounding “yes”.
Read MoreIllinois’ Income Taxation of Foreign Income
January 29, 2019
Authored by: Christopher Lutz
In:
State & Local Tax (SALT)With the Tax Cuts and Jobs Act (TCJA), many taxpayers have begun to focus on the manner in which states tax foreign income. Illinois’ taxation of foreign income is fairly in line with most other states. However, given how much states can diverge on this complicated issue, having a general understanding of how the state treats foreign income is necessary for any multinational business operating in Illinois.
Read MoreChicago and Cook County Amusement Tax
January 08, 2019
Authored by: Samantha Breslow
In:
State & Local Tax (SALT)Although the Chicago and Cook County amusement tax are imposed similarly on taxpayers, they are independently administered taxes that feature key differences. Both the Chicago Amusement Tax Ordinance and Cook County Amusement Tax Ordinance impose the tax “upon the patrons of every amusement” within the city or county, but require the owner, manager, or operator of the amusement to collect the tax from each patron and remit the tax to the Chicago Department of Finance or the Cook County Department of Revenue.
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