Category: K-P
Netflix investigated over alleged tax evasion in Korea
Netflix's South Korean office under investigation by the National Tax Service (NTS). ... - Continue reading
Indonesia defends digital tax policy despite US scrutiny
The USA seems to be relentless at discouraging the trending 'Digital Tax which seems inevitable now. France has also already shown a keenness towards its imposition, and now it's the turn of Indonesia. ... - Continue reading
PwC tax guru informs Croats abroad about Croatian tax system and double taxation
What non-residing Croats need to know on the Croatian tax laws and double taxation. ... - Continue reading
Cegereal : KPMG Signs Fresh Lease at Europlaza, Confirming the Property’s Continued Appeal
Cegereal (Paris:CGR) today announced the signature of a new lease with KPMG France, bringing the company’s total space in the Europlaza tower to 12,600 sq.m. The lease will run until 2031 with no break option. ... - Continue reading
Netflix accused of funnelling £330million profits ‘into tax havens’
According to TaxWatch, Netflix’s corporate structure is an enabler of tax avoidance. ... - Continue reading
New study deems Amazon worst for ‘aggressive’ tax avoidance
The big six US tech firms have been accused of “aggressively avoiding” $100bn (£75bn) of global tax over the past decade. ... - Continue reading
Canada: TFSA Non-Residence Contribution Tax Cancellation – A Toronto Tax Lawyer Analysis
For Canadians who are planning their retirement by investing their savings, the Tax-Free Savings Account (TFSA) has become an important supplement to the Registered Retirement Savings Plan (RRSP) since its introduction in 2009. ... - Continue reading
Ireland must prepare for international tax turbulence
It looks like the world’s leading economies are determined to claim a bigger slice of the global corporate tax pie which will lead to tricky times ahead for Ireland, according to PwC tax policy leader Peter Reilly ... - Continue reading
Gaming Companies Call for Reaching USA-Croatia Double Taxation Avoidance Deal
ZAGREB, August 21, 2019 – Computer gaming is the most propulsive segment of the IT industry worldwide, and this trend is present in Croatia, too, where local gaming companies export all their products, however the biggest challenge in doing business is the absence of a Croatia-USA double taxation avoidance agreement,… – Continue reading
CBI Dominica: Leading with Transparency
19 August 2019, Since 1993, Dominica has been at the forefront of the citizenship by investment (CBI) industry, setting high standards in due diligence, processing times, and most recently, transparency. Indeed, this month the nation liaised with prominent international professional services firm PricewaterhouseCoopers (PwC) to release a report clarifying the… – Continue reading
Taxpayers given six months to challenge Denmark transfer pricing assessments based on insufficient documentation
A Danish tax administration decree, published 12 July in response to the Supreme Court’s decision in the Microsoft case, establishes a new practice for determining whether transfer pricing documentation must be available at the time the taxpayer is required to file its tax return. ... - Continue reading
Seminar update on economic substance rules and trust tax
A seminar aimed to keep clients and members of the business community up to date on a constantly evolving tax environment. ... - Continue reading
FIRS Vows to Eliminate Multiple Taxation
Obinna Chima The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has restated the agency’s commitment to eliminating multiple taxation in the country. Fowler said this at a tax breakfast seminar with the theme: “Tax Controversy and Dispute Resolution,’ organised by KPMG Nigeria in Lagos, recently. According to… – Continue reading
KPMG dominates 2019 Asia Tax Awards but EY claims Tax Firm of the Year
The winners of International Tax Review’s 2019 Asia Tax Awards have been announced with Ernst & Young named Tax Firm of the Year. After three consecutive crowns in the Asia Tax Awards’ Tax Firm of the Year category, KPMG has this year been bumped from the podium by fellow Big… – Continue reading
EU passes legislation protecting whistleblowers to encourage wrongdoing
Whistleblowers across the European Union have won greater protection under landmark legislation aimed at encouraging reports of wrongdoing. The new law, approved by the European Parliament on Tuesday, shields whistleblowers from retaliation. It also creates “safe channels” to allow them to report breaches of EU law. It is the first… – Continue reading
Tax Netflix and other e-commerce companies, say Canadians and CRA professionals
OTTAWA, Feb. 21, 2019 (GLOBE NEWSWIRE) — The federal government needn’t worry about a consumer backlash to a sales tax on Canadians’ Netflix accounts, if newly released results from an Environics Research poll and a separate survey of Canada Revenue Agency (CRA) tax professionals are any indication, says the Professional… – Continue reading
Tax authority loses major court case on transfer pricing to Microsoft
Supreme Court verdict a slap in the face for SKAT A case that has been going on for almost ten years has now come to an end, and the outcome has not been favourable to Danish taxpayers. The SKAT tax authority took Microsoft to court because it felt the company… – Continue reading
Chile May Tax eCommerce Companies 19 Pct
Chile is considering a 19 percent tax on multinational eCommerce companies like Amazon, Netflix and Uber. Finance Minister Felipe Larrain made the announcement on Thursday (Jan. 10), and if it comes to fruition, the rate would be almost double what was originally proposed, Reuters reported. The Chilean Chamber of Commerce,… – Continue reading
Ireland recovers €572.6m in unpaid tax
The Irish taxman has managed to uncover and collect €572.6m in unpaid tax last year, an average of €1,000 per case according to the latest official figures. The data for 2018 shows Revenue officials “intervened” a total of 572,785 times during the year, with around 99% of taxpayers willingly handing… – Continue reading
Australian corporate tax takes up 20 percent: data
CANBERRA, Dec. 13 (Xinhua) — The amount of tax paid by Australia’s biggest companies has risen 20 percent in a single year, data has revealed. According to the Australian Taxation Office (ATO) ‘s corporate tax data for financial year 2016-17, which was released on Thursday, the nation’s 1,470 biggest companies… – Continue reading
Low Paid Don’t Need Pension Tax Breaks, Claims Think-Tank
Don’t give pension saving tax breaks to the poor – they can’t afford to take advantage of them, says an international think-tank that comes up with financial policy for governments. Instead of wasting the retirement incentives on the poor, they should be aimed at high earners who struggle to save… – Continue reading
KPMG event to shed light on tax developments
The Peninsula KPMG in Qatar will be holding a complimentary event to brief the country’s tax and finance practitioners on recent and upcoming developments in tax processes and regulations, on December 4. The event will see Senior Tax and Advisory leaders from KPMG, along with Salah Gueydi, Director of Tax… – Continue reading
PenSam to step up scrutiny of partners as €55bn tax scandal unfolds
The head of one of Denmark’s biggest pension funds has spoken out to condemn a wide-scale tax fraud uncovered by a media investigation. Danish national broadcaster DR, newspaper Politiken and other European media outlets in the last three months have published articles detailing a withholding tax scam – dubbed ‘Cum-Ex’… – Continue reading
McDonald’s Luxembourg tax deal not illegal
BRUSSELS (Reuters) – McDonald’s tax deal with Luxembourg did not breach EU state aid rules, EU antitrust regulators ruled on Wednesday, saying the reason the US fast food chain did not pay some taxes was due to the mismatch between US and Luxembourg laws. The decision by the European Commission… – Continue reading
Pharmaceutical giants named and shamed in tax avoidance investigation
Four pharmaceutical giants have been named and shamed for depriving Australia of $215 million a year in tax avoidance. Johnson & Johnson, Pfizer, Merck Sharp & Dohme (MSD Australia), and Abbott – which make household name brands like Band Aid, Baby Oil, Centrum and ChapStick –were found to have unfairly… – Continue reading
China’s new income tax laws to bring ‘profound implications’
In June this year, the Chinese government announced much-anticipated revisions to the country’s individual income tax laws. KPMG Partner and Senior Advisor Michael Olesnicky says that these new revisions will likely have ‘profound implications’ within the wealth management community in Asia. Hubbis CEO Michael Stanhope recently spoke with him about… – Continue reading
PACAC Explains Why FG Turned Spotlight on Multinationals
The Presidential Advisory Committee against Corruption (PACAC) has explained why it is shifting the war against corruption in the country from politically exposed persons to multinationals. According to the Executive Secretary of PACAC, Prof. Bolaji Owasanoye, Africa and indeed Nigeria losses more from Illicit Financial Flows (IFF) perpetrated by multinational… – Continue reading
The best-known transfer pricing cases in Vietnam
VietNamNet Bridge – Nearly 38 percent of foreign invested enterprises (FIEs) reported losses in 2017, a significant decrease from the 50 percent seen in previous years. However, transfer pricing by FIEs remains a headache for management agencies. Do Thien Anh Tuan of Fulbright University said that enterprises that most regularly… – Continue reading
Facebook, Coke could face tax hit after ruling against Medtronic
Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. Companies including Facebook Inc. and… – Continue reading
CBDT defers till March 2019 GAAR, GST reporting under the new tax audit form
NEW DELHI, AUGUST 19 The Central Board of Direct Taxes (CBDT) has put off till March 31, 2019, the proposed GST and GAAR reporting under the amended tax audit form. This dispensation would be available for tax audit reports to be furnished on or after August 20 but before April… – Continue reading
Is Hungary the New Tax Haven for International Companies?
According to a newly released study by K-Monitor, the Hungarian government has spent around HUF 300 billion (almost EU 1 billion) in support of international companies. Just in this May-Jun period alone, the country has provided 10.7 billion financial aid to the world’s wealthiest companies. Despite the harsh rhetoric used… – Continue reading
Unions Say McDonald’s Restructuring Allows Less Transparency On Taxes
BRUSSELS (Alliance News) – US fast food giant McDonald’s has reshuffled its corporate structure to make tax-avoidance practices less transparent after the EU had opened an investigation into the company’s tax schemes in 2015, a group of trade unions said Monday. The report by a coalition of European and US… – Continue reading
Kazakhstan May Ban Cryptocurrencies Citing Money-Laundering Concerns
Kazakhstan’s National Bank is considering banning cryptocurrency use, exchanges, and mining, saying virtual currencies are an ideal vehicle for fraud, money-laundering, and tax evasion. “In Kazakhstan, the National Bank is taking a very conservative approach toward the matter, and it welcomes nothing but extremely tough restrictions,” Daniyar Akishev, the chairman… – Continue reading
Singapore to help brick-and-mortar stores compete against Amazon
Singapore is considering introducing a levy on e-commerce to give traditional vendors a fighting chance in the face of increased online competition The Singaporean government is expected to introduce a new e-commerce tax in its budget next Monday, in an attempt to level the playing field between online and offline… – Continue reading
Apple Could Get a $4 Billion Boost From Tax-Law Quirk
Microsoft, Cisco might also benefit from GOP bill ‘loophole’ Law gives some firms edge in paring offshore cash tax tab Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up — provided their fiscal years don’t follow the calendar year…. – Continue reading
Paradise Papers: ICIJ releases another database revealing offshore companies
The International Consortium of Investigative Journalists (ICIJ) has released a database of around 13.4 million documents revealing over 25,000 companies owned by the world’s rich and influential individuals. The ICIJ coordinated the Panama Papers investigation into offshore companies. The latest files have disclosed the financial details of politicians, corporations, and… – Continue reading
Republicans Reveal US Tax Reform Law
On October 2 the US Government released the Tax Cuts and Jobs Act, setting out in legislation its plans for comprehensive reform of the US tax code. For businesses, the bill will bring about a landmark shift to a territorial corporate tax system, replacing the current worldwide tax basis regime… – Continue reading
Dear Multinationals, Say Hello To The New Transfer Pricing Regime In India
Imagine a world where Indian tax authorities can look at a document to see whether a multinational company is paying taxes commensurate to the profit it generates in India. The genesis of such a world lies in OECD’s Base Erosion and Profit Shifting Project. Back in 2015, the Organisation for… – Continue reading
Including consultancy under Construction PE to impact realty: PwC report
NEW DELHI: Inclusion of consultancy services under Construction PEs, foreign firms engaged in construction activities in the country, is likely to impact the real estate sector, says a PwC report. PE (Permanent Establishment) is a fixed place of business which generally gives rise to income or value-added tax liability in… – Continue reading
US set to lose $12bn in tax take by 2027 if multinationals relocate overseas
Tax inversions by US multinationals attempting to shift profits into lower tax jurisdictions could cost the US up to $12bn (£7.4bn) in lost corporate tax revenues by 2027, according to figures released by the US Congressional Budget Office There were 11 major corporate inversions from 2014-2015, although two significant inversions… – Continue reading
Lukoil involved in tax evasion case in Romania
Romanian prosecutors of the Anti-Organized Crime Directorate (DIICOT), the Bacau office, carried out searches in Bucharest and six counties last Friday, in a tax evasion case with a damage of over RON 9 million (EUR 1.9 million), which involves the legal representative of Lukoil Romania. The defendants allegedly built four… – Continue reading
Microsoft Reaches Tax Agreement with Australia
Microsoft says iicrosoft says it has settled an Australian tax audit, a deal that follows criticism of the company’s practice of lowering its local tax payments by routing sales made to Australian customers through Singapore. The settlement was disclosed by Daniel Goff, Microsoft’s corporate vice president of worldwide taxes, in… – Continue reading
Multinational giants accused of shifting Australian revenue offshore
Four of the world’s largest companies have been under investigation by Australian tax authorities, amid new evidence from US executives about how Facebook, Google, Apple and Microsoft are shifting money to offshore tax havens. Appearing before a highly anticipated public hearing into corporate tax evasion, the executives endured questions about… – Continue reading
‘Netflix’ tax fury boils over as locals seek level playing field
Australian small businesses are frustrated over the introduction of the “Netflix tax”, with claims the government is failing to properly crack down on multinational tax avoidance. As Australian consumers prepare to fork out up to 20 per cent more for digital services, business owners are calling foul, declaring the tax… – Continue reading
Moscovici: CCCTB Is A Tool Against Tax Avoidance
EU Tax Commissioner Pierre Moscovici has described the proposed common consolidated corporation tax base as a “decisive tool against corporate tax avoidance.” Moscovici made the comment during a speech on tax fairness. He said the CCCTB will provide companies with a single rulebook for calculating their taxable profit throughout the… – Continue reading
