Finance ministers discuss new tax plans in Tallinn, Estonia France’s Le Maire says EU citizens ‘outraged’ by situation European Union finance ministers are developing a new way to tax digital companies such as Amazon.com Inc. and Facebook Inc. to raise money from an industry that they say provides less than… – Continue reading
Changes to partnership taxation are to go ahead with draft legislation now published, effectively clarifying the tax treatment for partnerships to ensure that the principle of taxing the beneficiary of partnership profit applies and to prevent a double reporting burden on investment partnership This measure makes changes to the income… – Continue reading
Operations in the European Union haven’t been easy going for tech companies for quite a long time. While many European countries earlier called for strict privacy regulations and large fines on tech companies for violating them, they have now called for increased taxation for these companies for their operations in… – Continue reading
BRUSSELS — European Union finance ministers are set to discuss rule changes next week aimed at increasing taxes on digital multinationals such as Google and Amazon, an EU document seen by Reuters said. Online giants are facing increasing pressure in Europe over the low tax they pay, but states have… – Continue reading
NEW DELHI (Reuters) – Directors of Indian shell companies that have not filed tax returns for at least three years have been disqualified from re-appointment or from being appointed to similar roles elsewhere, India’s finance ministry said on Wednesday. The move, part of a crackdown on illegal transactions and tax… – Continue reading
Thirty-five Canadian business organizations have written to Finance Minister Bill Morneau to ask that he scrap proposals to crack down on the use of tax planning strategies by private corporations. The business groups have together formed the Coalition for Small Business Tax Fairness to oppose the Government’s proposals. Signatories of… – Continue reading
HMRC is probing at least two Manchester United players over potential image rights tax dodging, as reported by the Daily Mail. The tax avoidance allegedly occurred under an agreement in the 2014-2015 season, where clubs could pay up to a fifth of their footballers’ total pay packages to ‘image rights’… – Continue reading
The Zimbabwe Revenue Authority (Zimra) is making strides to increase tax evasion penalties to punish tax evaders, amid revelations the taxman is currently collecting 30% of the prospective tax revenue. Zimra board chairperson Willia Bonyongwe yesterday told delegates at the EY tax seminar that there were efforts to increase tax… – Continue reading
The caretaker government may make the Netherlands a less attractive location for international business because of changes to the corporate tax system, the employers’ organisation VNO-NCW and tax advisers have warned, the Financieele Dagblad said on Monday. The employers and Dutch Order of Tax Advisors say the government is choosing… – Continue reading
The Supreme Court has recently ruled in favour of HM Revenue and Customs in a long-running dispute with Rangers FC over the use of employee benefit trusts (EBT) as a means of avoiding tax. The case, which was initially decided in favour of the Glasgow-based football club in two employment… – Continue reading
Council leisure centres, universities and private schools would be forced into paying business rates under reforms suggested in a major review. Ken Barclay, the former RBS chief, accused local authorities of tax avoidance by delivering services such as gyms and cafes through arm’s length organisations (ALEOS) that attract charity relief…. – Continue reading
A Territorial Tax System Since the introduction of business taxation in 1948, Hong Kong has adopted a territorial tax system. Unlike most other advanced jurisdictions, Hong Kong does not tax worldwide income on the basis of residence, but only seeks to charge Hong Kong source profits. Profits tax is governed… – Continue reading
Revenue & Customs collected an extra £3.4billion from small and medium-sized businesses in the tax year to April 2017 after a crackdown on firms that fail to pay VAT, according to tax investigation insurance company PFP. VAT accounted for 49 per cent of the extra tax take from investigations into… – Continue reading
China will continue value-added tax reform in an attempt to boost the economy through tax cuts. VAT reform is a key part of supply-side economic reform and has made good progress, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang. The most… – Continue reading
The United Kingdom’s Criminal Finances Act 2017 (the “Act”) creates two new corporate offences of failure to prevent facilitation of tax evasion (the “Corporate Offences”). These new Corporate Offences will be committed where a relevant body fails to prevent an associated person criminally facilitating the evasion of tax, whether the… – Continue reading
Thailand has lost income worth Bt4.311 billion due to tax evasion on luxury cars, according to an investigation of 259 luxury cars, Department of Special Investigation (DSI) deputy chief Korrawat Panprapakorn said on Friday. The DSI is forwarding information from Italy to the Customs Department to assess unpaid tax for… – Continue reading
Some of New Zealand’s largest companies are calling on any future government to lower the corporate tax rate, which is becoming high compared to other countries, and a “New Zealand first” approach to policing cross-border finance arrangements that under-tax revenue in other countries. Published jointly by peak business lobby Business… – Continue reading
The government’s plan to impose more levies on large companies will undermine their competitiveness amid a rising global trend of tax reductions and further distort the country’s taxation structure, analysts say. A draft tax code revision unveiled early this month proposes raising the corporate tax rate for businesses with taxable… – Continue reading
Prospects for Mauritius’s economy remain “robust,” with the Government undertaking a number of initiatives to improve the attractiveness of the domestic tax regime for businesses, the International Monetary Fund said. Amadou Sy, who led an IMF mission to the territory, said that the economy remains “robust” but that “Mauritius is… – Continue reading
Bill would require private companies with more than $100m in turnover to publicly release tax information Six hundred of Australia’s biggest private companies could finally be forced to publish their high-level tax information, under a new push by Labor to repair a notorious piece of legislation. Labor will introduce a… – Continue reading
Brazilian football star Neymar is willing to pay a fine of £1.9 million to settle tax evasion allegations in his country, his lawyer said Friday. The 25-year-old wants to leave the fight with Brazilian authorities behind him as he prepares for a new professional life with Paris Saint-Germain after his… – Continue reading
Revenue Minister Judith Collins has welcomed a second round of negotiations between China and New Zealand tax officials aimed at updating the current double tax agreement signed between the two countries in 1986. “The aim is to agree a new treaty, adopting modern treaty language and concepts, including agreed measures… – Continue reading
Italy has granted non-domiciled status to a taxpayer for the first time, after introducing a new non-dom regime at the start of the year. Withers LLP represented the taxpayer, a high net worth individual who was formerly registered as a non-dom in the UK, and who has decided to move… – Continue reading
Contrary to calls from businesses from the regulation’s withdrawal, the Institute on Taxation and Economic Policy has called on the US Treasury to fully implement and strengthen its final Section 385 anti-earnings stripping debt-equity regulations, designed to reduce the benefits of corporate tax inversions. The final regulations, released in October… – Continue reading
Global consultancy EY among firms now offering advanced services that redefine how companies face new developments in tax, audit and compliance Rigid new global initiatives to increase transparency of business data are giving rise to more advanced professional tax services, which employ innovative tools that include cloud computing, financial technology… – Continue reading
Israel’s $41 million tax demand from the Coca-Cola Co. on royalties from its Israeli licensee could mark the start of a wave of claims against U.S. and other multinationals with similar business operations in the country. That could lead to a conflict with U.S. and other authorities about which country… – Continue reading
France is Airbnb’s second largest market and yet in 2016, the internet giant paid the country just €92,944 in taxes – equivalent to the amount paid by small and medium-sized enterprises (SMEs). Second only to the US as Airbnb’s biggest market and with Paris its top city for listings, during… – Continue reading
HAVANA – Tax evasion and smuggling have forced the government of Cuba to stop issuing new licenses for some businesses. The government of Cuba is ceasing the issuance of business licenses until the problems associated with self-employment have been perfected. Previously, Cubans who wanted to strike out and be self-employed… – Continue reading
The notification follows hectic parleys between India and Switzerland for introduction of AEOI (Automatic Exchange of Information) under guidance of G20, OECD (Organisation for Economic Cooperation and Development) and other global organisations. Switzerland found India’s data security and confidentiality laws “adequate” for entering into an automatic exchange of information pact,… – Continue reading
An ATO ruling is being interpreted as allowing ‘bucket companies’ linked to trusts to be eligible for lower tax rate The federal government’s company-tax reforms are making the use of family trusts even more attractive as a tax minimising strategy, experts have warned. The Coalition’s company tax rate cut from… – Continue reading
Representatives of most multinational companies believe that there is a radical global change in both tax and tax control. Accordingly, the global tax model is undergoing a process of alignment with other principles, and the approach of the tax authorities during controls becomes stricter, a survey by Deloitte published in… – Continue reading
As part of the Irish Budgetary process, officials from the Finance Department have published a paper on the implications of Brexit for Ireland’s tax system. The paper was prepared for consideration by the Tax Strategy Group (TSG), an interdepartmental committee chaired by the Finance Department. The papers produced by the… – Continue reading
HÀ NỘI — A number of enterprises have taken advantage of technology used for tax collection to avoid paying taxes. The Law on Value Added Tax (VAT) regulates that unprocessed, or preliminarily processed, agricultural, forestry and aquatic products imported from foreign countries are not subject to VAT. However, if these… – Continue reading
BEIRUT: The Association of Banks in Lebanon and other private sector leaders are weighing the few options open to them as recently approved new tax measures, poised to be implemented soon, threaten to have a detrimental effect on their businesses and the overall economy. The few available options include trying… – Continue reading
LUSAKA, July 28 (Xinhua) — Zambia’s revenue agency warned on Friday that it will freeze all bank accounts holders without Tax Payer Identification Number (TPIN) by the end of this year. The Zambia Revenue Authority (ZRA) said having a TPIN was a pre-requisite to all procedures of tax registration and… – Continue reading
The number of wealthy Russians declaring foreign assets has spiked in recent months, the RBC news outlet reported, citing research conducted by real estate broker Tranio and British company Adam Smith Conferences. The number of Russians with assets worth at least $1 million who revealed foreign bank accounts has increased… – Continue reading
Business group Ibec has said that the Irish Government must “Brexit proof” its 2018 Budget, improve its foreign direct investment model, and implement a range of tax reforms to compete with the UK. Publishing the group’s pre-Budget submission, Ibec Director of Policy and Public Affairs, Fergal O’Brien said: “The Irish… – Continue reading
Italy is the most complex jurisdiction in Europe and comes in first place globally for ‘tax’ complexity, while Greece is most complex in the world for ‘compliance.’ Italy and Greece are among the five most complex jurisdictions in the world for Accounting and Tax compliance, according to TMF Group’s inaugural… – Continue reading
Representatives from the tax authorities of Cambodia and Thailand have agreed in principle to speed up a proposed double taxation agreement that would protect their nationals from dual taxation and encourage bilateral investment. The agreement was made last week during a two-day consultation workshop in Bangkok for tax officials from… – Continue reading
Tax liability under the Income-tax Act, 1961 (‘the Act’) of any person is determined based upon his residential status. A person resident of India is taxable on his income accruing across the globe [see End Note 1] while a non-resident is taxable only on the income accruing or arising or… – Continue reading
Senator Orrin Hatch (R – Utah) has said that lowering the United States’ corporate tax rate to one of the lowest in the world should be a top priority in current tax reform efforts. The Chairman of the Senate Committee on Finance said that the US corporate rate, one of… – Continue reading
France will cut taxes on businesses and individuals by roughly 11 billion euros ($12.6 billion) next year, faster than the government had originally intended, Prime Minister Edouard Philippe has said. The goal is to create incentives for investment, hiring and economic growth, Philippe told Les Echos daily in an interview… – Continue reading
Andrew Howard, Ropes & Gray tax partner, discusses the UK’s new corporate criminal offence of failure to prevent tax evasion, which goes into effect in September 2017. Click here to view video. Transcript: The UK’s new corporate offence of failure to prevent facilitation of tax evasion is quite a mouthful,… – Continue reading
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
Among the products purchased by the Ministry are: Onesource Benchmark and Onesource TP Loan Module. Thomson Reuters and Ministry of Taxes of the Republic of Azerbaijan have signed an agreement under which the Ministry will use Thomson Reuters tax solutions aimed at implementing tax control in the sphere of transfer… – Continue reading
New data-sharing rules aren’t without pitfalls for clients of private banks, as authorities race to shut loopholes, Bank Reyl lawyer Drazen Turujlija told finews.asia-TV. Switzerland is set to begin exchanging data with other countries from next year, a move which has fundamentally shifted the dynamic in Switzerland’s trillion-Swiss franc offshore… – Continue reading
The Australian Tax Office has tweaked its view about whether companies linked to family trusts are eligible for tax relief, but industry veterans say the situation remains “utterly confused” and “mind-boggling”. A new statement on the ATO website says companies will be eligible for the lower 27.5 per cent rate… – Continue reading
Obama-administration regulation drew criticism as overbroad Trump ordered review of tax rules that may pose undue burdens A federal rule aimed at limiting corporate “earnings stripping’’ for tax-avoidance purposes may pose an undue burden on taxpayers and may be changed or rescinded, according to a U.S. Internal Revenue Service notice…. – Continue reading
Ecuadoreans voted to approve a historic law banning public officials from having assets or capital in tax havens. Ecuador approved on Friday a historic law prohibiting public officials from hiding wealth in offshore tax havens after voting on it in a public plebiscite, stirring the political alliances of the opposition…. – Continue reading
Indonesia and Switzerland have signed a joint declaration on Automatic Exchange of Financial Account Information (AEOI) yesterday. The signing was held at the Directorate General of Tax in Central Jakarta. At the signing ceremony, Indonesia was represented by Director General of Tax for the Finance Ministry Ken Dwijugeasteadi and Switzerland… – Continue reading
