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Cecil Kilpin | September 2020 Newsletter

By |2020-12-03T06:34:21+02:00Oct 1st, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

Economic Overview The economic effects of the coronavirus crisis have been extensive and a recovery to pre-pandemic levels will take several years. Current forecasts from the IMF show global gross domestic product (GDP) contracting by about 4.9% this year, although the general economic outlook has improved somewhat. Second quarter GDP outcomes for most economies have been massively negative, as expected. At this stage, third and fourth quarter recoveries for 2020 are expected to be robust. However, the pace of growth into 2021 could be modest, depending on control of new virus outbreaks, the extent of supply and demand losses, and future growth in investment and productivity.   The Covid-19 outbreak has had major health, social and economic impacts, presenting difficulties in forecasting domestic and global [...]

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Cecil Kilpin | July 2020 Newsletter

By |2020-12-03T06:37:24+02:00Jul 31st, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

Donations made to the Solidarity Fund The deduction available for donations increased. To alleviate the cashflow difficulties of employees where their employers contribute to the Solidarity Fund on their behalf, Government is proposing a special relief measure by temporarily increasing the current 5% tax limit in the calculation of monthly PAYE of the employee. An additional limit of up to a maximum of 33.3% for three months or 16.66% for six months, depending on an employee’s circumstances, will be available.   This will ensure that the employee gets the deduction that is in excess of 5% much earlier than under normal circumstances and will therefore not have to wait until final assessment to claim a potential refund, provided the donation is made to the Solidarity [...]

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