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The Morison Global International & Asia Pacific conference (27-30 November 2023) kicked off with a vibrant celebration in Tokyo, bringing together both familiar and fresh faces for an evening filled with great food, drinks, and cultural experiences. From the spectacle of two chefs skilfully carving a whole tuna to the traditional Sake Barrel Ceremony “Kagami-Biraki,” the stage was set for an unforgettable conference.

At a glance The main takeaway: Notice 2023-55 provides a reprieve from many elements of certain foreign tax credit regulations. Impact on your business: Taxpayers may choose to apply more favourable prior foreign tax credit regulations, including on a retroactive basis. Next steps: Aprio’s International Tax team can help multinational companies navigate complicated foreign tax credit rules in an effort to relieve a double tax burden on foreign source income.

Similar to many jurisdictions, Australia operates a residence-based approach to determine the tax liability of a taxpayer. Tax residency is very important for many reasons. Generally, Australian tax residents are taxed on world-wide income and are eligible for capital gains tax (CGT) discounts, subject to different tax rates, levies, withholding, tax offsets and exemptions. On the other hand, foreign tax residents are generally only taxed on income from Australian sources. Further, Australian tax residents who receive amounts from a foreign trust could find themselves with unexpected tax liabilities.

Morison Global is excited to announce the expansion of its footprint in Latin America with the addition of Colombia Tributa SAS, headquartered in Bogotá, D.C., Colombia.

The Morison Global European board has elected Ariel Zitnitski, Zitnitski Weinstein (Tel-Aviv, Israel) as the new Chair of the European Board and the Morison Global North America Board has elected James Gomes, Calibre CPA Group (Washington DC/Chicago, US) as the new Chair of the North American Board.

Morison Global is delighted to announce the election of Normita Villaruz (Villaruz, Villaruz & Co; Philippines) as the new Chair of the Morison Global Asia Pacific Board of Directors.