Hong Kong (HKSAR) – The agreement constituted by the exchange of notes between Hong Kong and Japan regarding the Exchange of Information Article of the Comprehensive Avoidance of Double Taxation Agreement between the two jurisdictions has entered into force, a government spokesman said today (July 6). The notes were exchanged… – Continue reading
Experts expect restrictions to pensions tax relief for higher earners Some also predict Osborne may look to overhaul the bank levy Chancellor George Osborne could this week usher in deeper than expected spending cuts by forcing the Government to run a budget surplus within two years. Wednesday’s Budget, the first… – Continue reading
The head of South American soccer, who skipped most of the region’s top competition, said he was forced to stay away from the Copa America to deal with the fallout from turmoil in the sport’s global governing body. Juan Angel Napout, in his first English-language interview since the FIFA scandal… – Continue reading
GENEVA: Athens wants a tax amnesty deal for Greeks who have stashed cash in Swiss banks, in a bid to bring much-needed revenue to the debt-laden country, a Swiss newspaper reported Sunday. The government in crisis-hit Greece, where citizens were voting Sunday in a vital referendum on EU-imposed austerity measures,… – Continue reading
The taxable income might now be visibly de-linked from the accounting income Historically, enterprises have computed taxable income applying profits as per the financial statements as the starting point and making additions or deductions thereto, as required by the Income-tax Act. 1961 (I-T Act) for the purposes of annual income… – Continue reading
Calcutta, July 5: Singapore and Hong Kong, with their low corporate tax rates, have started to hove into view on the radars of multinational companies that are looking to lower their tax burdens through profit shifting. Profit shifting is a perfectly legal way of moving the earnings of an MNC… – Continue reading
The MoU is designed to give some insight into the process that will be adopted by the fiscal authorities of the two countries when assessing the tax residence of a ‘person’. International investors including South African businesses already use Mauritius as their base for their growth on the continent, but… – Continue reading
KARACHI: The Karachi Stock Exchange (KSE) Stockbrokers Association has lashed out at the Federal Board of Revenue (FBR) for causing ‘great anxiety’ among compliant taxpayers. In a statement issued on Friday, the association said the FBR has been sending show-cause notices and orders to members of the KSE, asking them… – Continue reading
Apple is most valuable company in the world – worth an estimated £500bn But it funnels sales though Ireland to whittle down its tax bills in the UK Company made £1.9bn profit in UK last year worth £400m incorporation tax But they paid just £11.8million – only £400,000 more than… – Continue reading
The City of London is the money-laundering centre of the world’s drug trade, according to an internationally acclaimed crime expert. UK banks and financial services have ignored so-called “know your customer” rules designed to curb criminals’ abilities to launder the proceeds of crime, Roberto Saviano warned. Mr Saviano, author of… – Continue reading
MUMBAI: The Central Board of Direct Taxes has signed a taxation rate agreement with BNP Paribas India Solutions, the local arm of the European bank, as part of efforts to reduce disputes with foreign companies over tax-related issues. BNP Paribas Solutions is the first company in the information technology and… – Continue reading
Cleaning the stain off New Zealand’s international reputation put there by misbehaving NZ registered but overseas operating financial service providers could be accomplished quite simply, says Minter Ellison Rudd Watts partner Lloyd Kavanagh. “I think the solution is simple. If you’re on the Financial Service Providers Register (FSPR), I think… – Continue reading
The Advance Pricing Agreement (‘APA’) program was introduced in August 2012. APA helps a tax payer to ascertain the transfer pricing between related party transactions upfront to avoid any litigation. The APA program has been a success and there has been a rise in the number of applications filed year… – Continue reading
AMidst the continued decline in the country’s Southern African Customs Union (SACU) receipts, government has decided to enhance domestic revenue which will see the introduction of new taxes and a possibility of increasing some. Minister of Finance Martin Dlamini speaking during breakfast meeting hosted by the Federation of Swaziland Employers… – Continue reading
China’s securities regulator said on Friday it expects the country’s tax authorities to view favourably a landmark new mutual fund recognition scheme between Hong Kong and the mainland, reports Reuters. The plan launched on July 1 allows funds domiciled in Hong Kong and China to be sold in each others’… – Continue reading
BMI View: Montserrat’s economic growth will slow significantly in the coming years as the key financial services sector faces headwinds from an international crackdown on tax havens in the Caribbean. Additionally, th e end of a government programme of capital investment will also temper the island’s economic activity beginning in… – Continue reading
The Automatic Exchange of Information is fast becoming widely recognised as the most effective instrument to fight against tax evasion. With cooperation between tax administrations being high on the agenda in the ongoing fight against tax evasion, protection of integrity of tax systems, and transparency processes seem to be infiltrating… – Continue reading
Lisbon: Portuguese prosecutors said on Thursday they plan to charge former interior minister Miguel Macedo for his role in a money-laundering scandal linked to “golden” visas, which handed residency permits to wealthy foreigners. The announcement came shortly after Portugal’s National Assembly decided to lift the parliamentary immunity Macedo enjoyed as… – Continue reading
The Cyprus government has introduced radical tax reforms that aim to attract foreign direct investments and non-domiciled individuals, simplify levies for properties, return tax-collection to local municipalities and encourage tax-breaks for direct injections where local companies are strained for cash-flow, reports the Financial Mirror. Finance Minister Haris Georghiades said that… – Continue reading
ARBADOS’ CONTROVERSIAL BLACKLISTING by a group of European Union (EU) countries is “hypocritical” and “grossly discriminatory”, says outgoing Barbados International Business Association (BIBA) president Connie Smith. But Smith also thinks the time is right for “engaging in bilateral discussions which could hopefully conclude in double taxation agreements and bilateral investment… – Continue reading
James Angelos’ book looks at widespread tax evasion and benefit fraud Includes case of the island where 498 people pretended to be blind Also reveals how super-rich bought camoflage for pools to avoid tax Greece is on the brink of collapse as it decides whether to reject EU bailout Greece… – Continue reading
On 12 June 2015, Insurance Europe published its comments on the permanent establishment (PE) status aspects of the draft Base Erosion and Profit Shifting Action Plan (published by the Organisation for Economic Cooperation and Development (OECD) in May 2015). The draft Action Plan aims to address weakness in the international… – Continue reading
On June 24, 2015, the World Customs Organization (WCO) published the WCO Guide to Customs Valuation and Transfer Pricing (the Guide). The primary purpose of the Guide is to assist customs officials in understanding the relationship between customs valuation and transfer pricing. However, the WCO also recommends members of the… – Continue reading
Congress just approved the intergovernmental agreement between Brazil and the United States for the automatic exchange of financial account information (Legislative Decree 146/2015, published on June 26). According to the terms of the agreement, Brazilian financial institutions (or Brazilian branches of foreign financial institutions) must identify financial accounts of United… – Continue reading
Three former Anglo Irish Bank officials accused of hiding bogus off-shore accounts in an alleged tax evasion scheme were involved in helping Revenue investigate tax compliance in the bank in 2003. Day 13 of the officials’ trial heard that one of them, former Chief Operations Officer Tiarnan O’Mahoney requested that… – Continue reading
The Ethiopian Investment Commission and Center for the Promotion of Investments in Cŏte ďIvoire (CEPICI) signed a Memorandum of Understanding (MoU) which would serve as a guideline to augment commercial exchanges,implement joint investment projects and boost economic cooperation among others, between the two countries. Speaking at Ethio-Ivorian Business and Investment… – Continue reading
MOSCOW, July 3 (RAPSI) – The State Duma, Russia’s lower house of parliament, on Friday adopted in its third and final reading a government-drafted bill that prohibits state procurement from companies registered in offshore jurisdictions, RIA Novosti reports. The provisional bill stipulates that a legal entity registered in a state… – Continue reading
MUMBAI: Tax treatment could well decide the fate of rupee-denominated offshore bonds, envisaged as a solution to the country’s infrastructure funding needs. The authorities are likely to levy just 5 per cent withholding tax in the final guidelines as anything higher than that could strangle the plan at birth, said… – Continue reading
Athens: Greece’s shipping community should calm its fears that the Greek government has bowed to Eurogroup pressure to phase-out offshore tax status for Greek shipping and marine service companies. “According to our official information the rumours … that the Greek government has accepted the Law 89 phase-out is absolutely incorrect,”… – Continue reading
A firm directly involved in one of Europe’s largest tax scandals is now giving tax advice to the European Commission and member states. The audit firm, PricewaterhouseCoopers (PwC), sits in a group called the EU Joint Transfer Pricing Forum. The forum’s been around for years, but its mandate was recently… – Continue reading
New Zealand-Canada double tax agreement to help investors WELLINGTON, July 2 (Xinhua) — A new double tax agreement between New Zealand and Canada is set to facilitate investment and trade between the two nations, Revenue Minister Todd McClay said Thursday. The new agreement will lower withholding taxes on dividends, interest… – Continue reading
CASTRIES (St Lucia), July 2 (BERNAMA-NNN-CARIBBEANNEWS) — Chief prosecutors from Commonwealth countries in the Caribbean region have gathered for the first time to discuss recurrent issues that interfere with the prosecution of corruption and money laundering and the recovery of the proceeds of these crimes. Organised by the Commonwealth Secretariat… – Continue reading
The National Oversight and Whistleblowers (NOW) will be lodging reports with Australian authorities to investigate Majlis Amanah Rakyat (Mara) for possible tax evasion and money laundering in its purchase of four Melbourne properties between late 2012 and early 2013. Its director Akmal Nasir will travel to Australia next week to… – Continue reading
BVI, 2 July 2015 – The Government of the Virgin Islands, through the BVI International Tax Authority of the Ministry of Finance is informing the public that a template has been prepared for the Self Certification Forms required under the United States of America and United Kingdom FATCA Agreements. These… – Continue reading
Brazil’s federal police have arrested another former Petrobras (PBR +1.8%) executive as part of an investigation into a broader corruption scandal surrounding the company. Police arrested Jorge Zelada, the company’s director of international operations during 2008-2012; he replaced Nestor Cerveró, who has been convicted of money laundering and sentenced to… – Continue reading
In an unexpected decision, the United Kingdom Supreme Court has held in Anson v Commissioners for Her Majesty’s Revenue & Customs [2015] UKSC 144 that a UK member of a Delaware limited liability company (“LLC”) was entitled to relief under the UK/US double taxation treaty (the “Treaty”) for United States… – Continue reading
Swiss private bank Von Graffenried Holding AG agreed to pay $287,000 to resolve a probe into claims it helped American taxpayers hide assets from authorities, according to the U.S. Justice Department. The Bern-based bank is the 15th to reach an accord with the U.S. over tax evasion under a framework… – Continue reading
Confidence has returned to real estate markets in Europe, and London is still a firm favourite with investors, offering vast tax-efficient opportunities for Qatari investors, according to Aqua Group, the first offshore trust company to receive licence from the Qatar Financial Center (QFC). In view of the need for better… – Continue reading
On June 8th 2015, the OECD released a new package of measures for the implementation of a new Country-by-Country (CbC) reporting plan developed under the OECD/G20 Action Plan on Base Erosion and Profit Shifting (BEPS) Project, aimed at improving transparency in international tax matters. The CbC reporting plan was founded… – Continue reading
Mauritius and India have reached consensus in the conclusion of the Double Taxation Avoidance Agreement (DTAA) which has been long awaited between the two countries following fruitful discussions yesterday between joint working groups of Mauritius and India, reports All Africa. The positive conclusion of the negotiations will open a new… – Continue reading
Washington, DC—(ENEWSPF)—July 2, 2015. The Department of Justice announced today that Privatbank Von Graffenried AG has reached a resolution under the department’s Swiss Bank The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States…. – Continue reading
After a four-year ramp up, America’s far-reaching tax law, FATCA – the Foreign Account Tax Compliance Act (enacted in 2010) – is now in full effect. With over 60 countries (including, most recently, the Vatican) having signed an agreement with the United States related to the enforcement of FATCA, it… – Continue reading
HMRC IS OFFERING A GENUINE (ALBEIT PARTIAL) TAX AMNESTY. THIS IS OPEN TO MOST PEOPLE WITH AN OFFSHORE CONNECTION, NOT ONLY THOSE WITH FUNDS IN LIECHTENSTEIN THE AGREEMENT In 2009 H M Revenue and Customs (HMRC) announced a landmark agreement with the Liechtenstein government which launched a unique disclosure process… – Continue reading
Legal and General has offloaded its Dublin-based offshore business, L&G International, to Canada Life Group for an undisclosed sum. Launched in 2007, the unit was a subsidiary of L&G, based in Dublin. It provides investment and tax planning solutions, primarily focused on the UK high net-worth market. The business has… – Continue reading
Thousands of retirees living abroad face the prospect of high tax charges, following an HMRC crackdown on offshore pension transfers. The Financial Times reported that HM Revenue & Customs is now investigating whether offshore pension schemes that accepted transfers from the UK meet new requirements. Offshore pension funds must comply… – Continue reading
When the HSBC Holdings plc (ADR) (NYSE:HSBC) (LON:HSBA) Swiss leaks story broke the big shock was that someone had produced evidence, not that one of Switzerland’s notoriously secretive banks had helped people evade taxes. We know that trillions are stashed away in tax havens around the world (the ICIJ estimates… – Continue reading
On 1 July 2015, the President of Cyprus announced a number of tax reforms. The tax reforms will aim in modernising the taxation framework of Cyprus and making it more fair and more competitive, while limiting the taxation burden and offering incentives for growth. The announcement was made while Addressing… – Continue reading
Premier Li Keqiang has strengthened China’s cooperation with the Organization for Economic Cooperation and Development (OECD) after he signed two agreements with the international economic organization in Paris on Wednesday. China has also been officially made a member of the Development Centre of the Organization for Economic Cooperation and Development… – Continue reading
New Delhi, July 1: The government will come out with a road map to eliminate corporate tax exemptions and incentives within 45 days as a prelude to lowering the tax rate to 25 per cent by 2019. “In the next 45 days or so, we will be spelling out the… – Continue reading
Apart from placing full time expatriate employees in China, as an investor you may often need to send staff from the parent company to China to complete temporary projects. Common examples include quality control, engineering projects, training or consultancy. However, what many foreign investors don’t know is that such visits… – Continue reading
