The imposition of 15 per cent tax on reserve and retained earnings of listed companies will reduce capital and expansion scope of the companies, said the Institute of Chartered Accountants of Bangladesh on Saturday. The ICAB made the statement in its post-budget review. Finance minister AHM Mustafa Kamal placed the… – Continue reading
The federal government has decided to go after offshore tax evaders, laying out a number of propositions that would effectively criminalise the process and introduce heavy punishments for tax evasion. The proposed tightening of income tax laws would mean that anyone found guilty of evading taxation through foreign banks accounts… – Continue reading
The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion… – Continue reading
Ivan Pelle, one of the Founders and Executive Director, expert in International Taxation at Recontam Global Network (RGN) is on a mission to make its clients and partners aware of the rollout of CRS and AEOI across Asia-Pacific and how this might affect tax planning and investment strategies. He addressed… – Continue reading
The head of the economic experts, Christoph Schmidt, has spoken out for tax cuts. “Other countries such as the United States have reduced business taxes. Germany has fallen back in the international tax competition,” said Schmidt of the German press Agency in Berlin. The tax burden had increased in the… – Continue reading
Here are some factors about offshore trusts that you need know. ... - Continue reading
With the current administration ramping up efforts to encourage foreign nationals to invest in the Philippines, it is expected that there will be an increase in the number of foreign individuals who will either work in or visit the Philippines. As a result, foreign nationals are mandated to register with… – Continue reading
The length of time taken to settle tax investigations into large businesses has increased by 10% to a record 43 months as of March 2019 ... - Continue reading
Dual Residency gets attracted when an expat in the year of move qualifies as a resident of the host country (i.e., the country in which he is deputed) as well as home country (i.e., the country of his residence). On account of dual residency, an expat can be doubly taxed… – Continue reading
Canada is home to some of the largest multinational corporations in the world, a bustling pension fund and private equity industry, and growing numbers of alternative investment, real estate, and insurance shops. With dynamic industry and growth in the region, Canadian business leaders are leveraging Cayman as a financial centre to help… – Continue reading
National Board of Revenue is building up profiles of the multinational companies operating in the country for the purpose of conducting audits on the MNCs’ accounts to prevent tax evasion through misuse of transfer pricing system. Transfer Pricing Cell (TPC) of NBR is also conducting risk assessment of the companies’… – Continue reading
In the last decade, OECD officials have recommended measures to combat tax avoidance, culminating first in the BEPS (Base Erosion and Profit Shifting) initiative in 2015 and then the MLI (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS) effective from July 2018 – yet have all their… – Continue reading
The government is likely to introduce third-party information system from the next financial year to check tax evasion as part of the government aim to mobilise half of the total revenue from income tax by 2020-21. Officials said that of the introduction of the system is likely to be proposed… – Continue reading
High Court sets aside section 197 order due to absence of prima facie evidence of tax avoidance Rejects factors such as lack of business activities and administrative expenses as conclusive of sham transactions Holds that a detailed inquiry can be conducted during normal assessment Directs refund of withheld tax subject… – Continue reading
The Bahamas yesterday received no credit for laws said to have raised compliance costs by 75-80 percent after its corporate tax policies were rated as the world’s most “corrosive”. This nation achieved a “perfect” 100 out of 100, a score matched only by the Isle of Man, Turks & Caicos… – Continue reading
The National Tax Service has launched an investigation into 104 individuals and corporations suspected of offshore tax evasion.The National Tax Service of South Korea launched an investigation targeting 104 individuals and corporations suspected of offshore tax evasion. The number is likely to increase over time. The targets include Orion Holdings… – Continue reading
A Lagos State prosecutor, Y. A. Pitan, has told an Igbosere High Court in Lagos that former Super Eagles captain, Austin Okocha, has not liquidated the alleged tax debt he owed the state. Mrs Pitan told Justice Adebayo Akintoye on Tuesday that Mr Okocha had visited the Lagos Internal Revenue… – Continue reading
As we await official communication, information reaching us have it that Nigeria has signed off on the Common Reporting Standard (CRS) with the Organisation for Economic Co-operation and Development (OECD). As publicly stated on Wikipedia, ‘The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information… – Continue reading
Companies, especially in the financial services industry are investing in the anti-money laundering software to effectively track the transactions and eliminate the risk of fraudulent. Companies offering anti-money laundering software are also focusing on providing effective and efficient software including currency transaction reporting software, transaction monitoring software, compliance management software,… – Continue reading
Under Modi government, the total funds held by Indians with Swiss banks in 2016 stood at a record low of 676 million CHF (Swiss francs), which was about Rs 4,500 crore In a significant move to share financial information with India, the Swiss authorities have shot notices to 11 Indians… – Continue reading
The National Board of Revenue recommended that the proposed guidelines on local entrepreneurs’ overseas investment should include provisions that the interested businesses have no overdue taxes in Bangladesh and have to employ minimum 30 per cent Bangladeshis in overseas projects. The NBR made the suggestions in its observations sent last… – Continue reading
Detectives on Wednesday night arrested three Chinese nationals for evading to pay tax to Kenya Revenue Authority (KRA) amounting to Sh58 million. The three, Pi Ning, Li Hua and Hu Bin, are directors of Electric Tools Kenya Limited. The suspects, who are being held at the Railway Police Station, will… – Continue reading
Lawmakers want to ease the tax bite on most short-term rentals, but agreements made through Airbnb and similar marketplaces would still face 12 percent levy A new state tax meant to help level the playing field for hotels and motels amid rising competition from online rental marketplaces like Airbnb may… – Continue reading
Section 7609(f) of the tax code allows the Internal Revenue Service to use a “John Doe” summons when the target is unknown. It has been used successfully by the IRS against banks and other financial institutions to find offshore accounts. Now, a district court in the Western District of Texas… – Continue reading
Hassans has held seminars, attended by close to 200 people, aimed at clarifying the key points of the recently signed tax treaty. Three main takeaway points were discussed in particular Hassans summarised them as follows: Takeaway #1: It doesn’t matter whether or not you are registered in Spain – whether… – Continue reading
Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level. Singapore, in particular is a popular location to house regional and global operations, due to… – Continue reading
A proposal for new corporate tax incentives butted heads with a desire for property tax relief in the Legislature Wednesday. Nebraska’s current corporate tax incentives, the so-called Nebraska Advantage program, expires next year. So Sen. Mark Kolterman said it’s important to put a new program in place. “The time is… – Continue reading
Transport along the Garissa-Nairobi highway was briefly interrupted Saturday, after angry residents barricaded the road to protest what they termed as double taxation by Tana River county government. Waving placards and twigs, the residents said since the beginning of the year, revenue clerks have been frequently visiting their business premises… – Continue reading
The power to levy tax in Nigeria, being a federation, is shared between the Federal, State and Local governments. To avoid double taxation, the tax system spells out which government unit (federal, state or local) has the power to levy tax on specific persons and matters. The Federal Inland Revenue… – Continue reading
KARACHI: Number of tax return filers has increased around seven percent year-over-year to hit the record 1.96 million for the tax year 2018 as the government extended the deadline of filing three times to April 30, sources said on Wednesday. The FBR received 1,963,348 returns by April 30, 2019, which… – Continue reading
A former chiropractor who evaded paying more than $500,000 in income taxes and didn’t report a Russian bank account where he deposited more than $1.5 million is now headed to prison. Federal prosecutors say Carlo Amato received a five-year sentence Tuesday. The 57-year-old Beachwood man owned and operated a Lakewood… – Continue reading
The owner of an Albuquerque jewelry store is facing up to five years in prison after pleading guilty to tax evasion. Prosecutors say 76-year-old David Castle was indicted in February 2018. Castle owns and operates the Gold and Silver Exchange that buys, sells and repairs jewelry. In his plea agreement… – Continue reading
Congratulations are in order to Prince Harry and Meghan, Duchess of Sussex, as they welcomed their yet unnamed son into the world yesterday. The new little Earl (he won’t get a Prince title like his cousins) weighed in at a healthy weighs 7lbs. 3oz and comes with a life long… – Continue reading
Eleven Thai restaurateurs failed to declare $12 million cash income, drove luxury vehicles, had designer handbags and Rolex watches, prosecutors allege. At the High Court in Wellington on Monday, the 11 pleaded not guilty to 64 charges of evading or attempting to evade income and GST tax, filing false tax… – Continue reading
NEWARK – The owner of a Woodbridge business that sold automotive industry warranty products has been indicted by a federal grand jury on three counts of tax evasion and three counts of filing false tax returns Danny Silva, of Woodbridge, owned an automotive industry business that sold warranty products which… – Continue reading
Corporate influence at the EU level needs to be reined in, LobbyControl has warned. Businesses have been accused in its latest report of using incredible lobbying power to advance their own interests. LobbyControl on Monday accused the European Union of doing too little to combat corporate influence. A new report… – Continue reading
PF deputy media director Antonio Mwanza says if former Post newspaper editor-in-chief Dr Fred M’membe was in America, he would have been in jail, by now, for tax evasion. And Mwanza says opposition political parties come short of blaming the Pope when they lose elections. Meanwhile, National Democratic Congress (NDC)… – Continue reading
“Investors see the value, policymakers see the benefits, and businesses see the inevitability of greater transparency,” says the group’s executive director. The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the U.S. Congress, the Securities and Exchange Commission, and the Financial Accounting Standards Board to require multinationals to… – Continue reading
Taiwan implemented ‘Common Reporting Standards’ in 2019, now recognized by Japan and Australia TAIPEI (Taiwan News) – On April 22, the Ministry of Finance (MOF) announced Australia had officially agreed to accept Taiwan as a Common Reporting Standards (CRS) partner nation in matters of financial and legal transparency related to… – Continue reading
Not just the ultimate holiday stop, Mauritius is also a preferred jurisdiction for fund managers looking to establish African-focused funds, say Michael Denenga and Nicole Paige, partners at Webber Wentzel. “A scenic island off the coast of Africa, Mauritius’ main competitive advantage is its proximity to the jurisdictions that African-focused… – Continue reading
TAIPEI, April 21 (Xinhua) — Renminbi (RMB) deposits held by banks in Taiwan rebounded to 282.28 billion yuan (42.34 billion U.S. dollars) at the end of March, 880 million yuan more than February, according to data released by the island’s banking authority. The rebound in March snapped a decline streak… – Continue reading
Small business owners are being told that they will not have to pay Value Added Tax (VAT) twice if they have already paid the tax while making an online transaction, one of the Government’s top consultants on the economy has told the small business association. Starting on May 1, Barbadians… – Continue reading
Many people don’t put too much thought into the diverse types of banks that exist. They simply want to know their money is safe and that they can access it when needed. While the word bank can be a generalized term, it is important to recognize how different banks can… – Continue reading
HMRC sent 1,414 requests to professional services firms demanding confidential information on clients suspected of tax evasion in the 12 months to 31 March 2018, according to law firm RPC. The production orders are issued by HMRC’s Criminal Investigation Directorate to force third parties, such as accountants, lawyers and other… – Continue reading
Mizrahi-Tefahot Bank and two subsidiaries acknowledge that from 2002 until 2012 they conspired with U.S. clients to avoid taxes on assets and securities by opening and maintaining offshore accounts under false or code names or through foreign entities. One of Israel’s largest banks has agreed to pay $195 million for… – Continue reading
Introduction In July 2015, a number of bills relating to the Cyprus taxation system were approved by the Council of Ministers and subsequently enacted into legislation by the Parliament1. The key highlight of these new bills is the introduction for the very first time of the “non-dom” status for Cyprus… – Continue reading
Paul Manafort won leniency Thursday from a federal judge who sent him to prison for less than four years, but next week he’ll be sentenced in a second case by a less forgiving judge who could add another 10 years to his term. Manafort, 69, faced as long as 24… – Continue reading
Guardia di Finanza, a financial police authority in Italy, has sent letters demanding Swiss lenders to reveal the the names of bankers working in the country, Bloomberg has reported. The authority wants to know more about the business that these banks entertain in Italy, in particular which type of business,… – Continue reading
The Ukrainian Finance Ministry has called on the Verkhovna Rada to approve a package of bills that will open access to further macro-financial assistance from the EU and help continue cooperation with the IMF, the ministry’s press service has reported on its Facebook page. “This week, the Verkhovna Rada will… – Continue reading
About 105 businessmen are arrested over an alleged tax evasion in the capital Addis Ababa. Adanech Abebe, minister of the ministry of revenue, said over 135 businesses are identified for “plundering public resources and tax evasion,” according to a report by state affiliated FanaBC. The ministry claims the alleged tax… – Continue reading
