HMRC lacks staff to investigate over 5.7 million offshore tip-offs
HMRC under an overload of information. ... - Continue reading
Category: OECD
Global Forum marks success fighting tax evasion
OECD announces "unprecedented success" in the fight against tax evasion. ... - Continue reading
12 EU states reject move to expose companies’ tax avoidance
Proposal would have forced firms to reveal profits made and taxes paid in each EU country ... - Continue reading
India: Role Of Permanent Establishment Vis-A-Vis Indian Laws
India's position with respect to Permanent Establishment ... - Continue reading
Spanish Multinationals Pay Global Corporate Income Tax Of 12.6% On Their Profits
12.6% of the global profit of 134 Spanish multinationals fetches 91.85 billion euros. ... - Continue reading
Kenya signs landmark agreement to strengthen its tax treaties
The ongoing national efforts to strengthen the country’s bilateral tax treaties have received a boost with the signing of a multilateral convention to end tax avoidance in France. ... - Continue reading
Cabinet approves pact on avoidance of double taxation with Chile
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. ... - Continue reading
Cayman’s tax regime is ‘under attack’ by OECD proposal
A proposal by the Organisation for Economic Cooperation and Development that effectively seeks to establish a global minimum rate of corporate taxation ignores that Cayman’s tax neutral status is not harmful and is a viable alternative for eliminating double taxation and tax conflicts, says Jude Scott, the chief executive of… – Continue reading
OECD Announces a Public Consultation for Global Minimum Tax Rules
OECD announces a request for comments on its Global Anti-Base Erosion (GloBE) proposal. ... - Continue reading
India launches Income Tax information portal
The portal is a repository of policy and technical circulars and guidance issued by the Central Board of Direct Taxes. In an attempt to reach out to financial institutions and account holders, the Central Board of Direct Taxes has created an exchange of information portal on the income tax department… – Continue reading
Impact of Canada’s ratification of the MLI
The MLI enters into force for Canada from December 1, 2019. ... - Continue reading
OECD seeks feedback on the effectiveness of 13 countries’ cross-border tax dispute resolution processes
Taxpayers are invited to submit comments on their experiences by December 16 through filling out a taxpayer input questionnaire. ... - Continue reading
OECD releases 2500+ pages of public comments to its pillar one “unified approach” for taxing multinationals
The OECD on November 15 published more than 300 comment letters that respond to its request for feedback on the Secretariat’s proposal for a “unified approach” to pillar one. ... - Continue reading
Canada: Treaties Impacting On Taxation: A Canadian Tax Lawyer’s Perspective
Taxation has become an increasingly global issue as people, money and property move freely across borders. ... - Continue reading
OECD invites public inputs on Global Anti-Base Erosion proposal
Bad news for multinational corporations and international businesses : OECD could implement a new law which would require them to pay at least a minimum corporate tax in countries concerned. ... - Continue reading
Will Samsung, Hyundai have to pay digital tax overseas?
Big changes ahead : Samsung Electronics, LG Electronics and other top-tier South Korean companies might have to pay corporate taxes even in countries where they have no physical presence. Here's how. ... - Continue reading
Cyprus: Substance – From Corporate Tax Perspective And Other Factors
Substance is vital when it comes to the tax residency of companies and their management and control aspect. ... - Continue reading
Canada: OECD Releases Proposal For “Unified Approach” Under Pillar One For Addressing Taxation Of The Digital Economy
On October 9, 2019, the Organisation for Economic Co-operation and Development (OECD) issued its proposal for addressing the tax challenges of the digital economy. ... - Continue reading
FBR asks UAE to share details of Pakistanis hiding behind Iqama status
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Monday wrote letter to UAE authorities and asked for devising mechanism to share details of Pakistanis who are hiding behind Iqama based residential status to evade taxes. In a letter written to Ministry of Finance UAE by the Chairman FBR Shabbar… – Continue reading
OECD is not the right place to reform international tax rules
On October 9, the Organisation for Economic Co-operation and Development secretariat published its proposed ‘unified approach’ to reform international tax rules, seeking to address the tax challenges of digitalisation. ... - Continue reading
Estimating reliable transfer pricing profit indicators requires use of all available data
Consider two aspects of statistical reliability principles. First, reliability can be measured by the ratio of the selected variable estimate divided by its standard error. ... - Continue reading
OECD director, tax experts, explore proposed “unified approach to pillar one” for taxing multinational groups
Highlights of the “unified approach to pillar one” proposal ... - Continue reading
G20 finance ministers reaffirm support to tax digital companies
G20 finance ministers support taking the 'Unified Tax Framework' a notch higher - Multinational enterprises like Google, Facebook and Amazon with huge customer base to retain share of profits in concerned countries. ... - Continue reading
International tax evasion by EU nationals amounts to US$50B per year
A new study by the European Commission estimates European Union member states lost US$50.7 billion (46 billion euros), about 0.3% of GDP, in tax revenue in 2016 to international tax evasion by individuals. ... - Continue reading
Nigeria: Unprecedented Global Drive For Tax Transparency – The Nigerian Perspective
In the last few years, the international tax space has experienced an unprecedented drive to achieve increased transparency in the tax practices of Multinational Enterprises (MNEs) and individuals in order to curb tax avoidance and evasion. ... - Continue reading
Switzerland: Amended Protocol Of Double Taxation Agreement Between Switzerland And USA
On 20 September 2019, Switzerland and the USA ratified the protocol of amendment of their double taxation treaty ("DTA"). ... - Continue reading
Nigeria: FIRS To Deploy E-Filing Platform For Transfer Pricing Related Returns
In 2017, the Federal Inland Revenue Service (FIRS) announced the introduction of six (6) new electronic services. ... - Continue reading
OECD proposal on taxing MNEs to benefit countries like India, say experts
The OECD Secretariat has published a public consultation paper to advance international negotiations ... - Continue reading
What OECD’s tax plan for tech giants means for India
- OECD has proposed that profits of MNCs should be available for taxation in the country where their customers are, irrespective of any physical presence in that market
- A formula should be evolved for such taxation
Mexican 2020 Tax Reform: key international tax proposals
Key tax changes to the country’s tax law primarily inspired by the OECD’s base erosion and profit shifting (BEPS) project ... - Continue reading
The Fiat and Starbucks state aid tax cases: an absolute loss for legal certainty.
In late September, the EU General Court released its decisions in two long-awaited state aid appeals: Fiat (cases T-755/15 Luxembourg v Commission and T-759/15 Fiat Chrysler Finance Europe v Commission) and Starbucks (cases T-760/15 Netherlands v. Commission and T-636/16 Starbucks and Starbucks Manufacturing Emea v. Commission). ... - Continue reading
Argentina issues burdensome draft transfer pricing guidance for public comment
Argentina’s tax authority on October 2 launched a public consultation on proposed guidance that includes significant and burdensome changes to the transfer pricing requirements that local taxpayers must comply with. ... - Continue reading
Paraguay introduces transfer pricing rules
Paraguay, on September 13, enacted special regulations providing for the transfer pricing analysis of intercompany transactions. ... - Continue reading
Draft “toolkit” aims to help developing countries with transfer pricing documentation
The Platform for Collaboration on Tax – a joint initiative of the International Monetary Fund, OECD, United Nations, and World Bank Group – on September 27 released a draft “toolkit” aimed at helping developing nations design transfer pricing documentation rules. ... - Continue reading
Switzerland moves to end bearer shares
The Swiss government will begin to phase out bearer shares on 1 November in a bid to curb tax avoidance by bearer shareholders. Under the new rules companies no longer issue bearer shares—equity in a company that is owned by whoever holds a physical stock certificate—unless they are a listed… – 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
Jersey: Capital Markets: Listing Jersey Holding Companies
With £184 billion market capitalisation held by Jersey listed companies on global exchanges as of 30 June 2019, this briefing explores why Jersey vehicles remain such a popular choice for taking international businesses to market. ... - Continue reading
Iceland joins BEPS MLI tax pact
Iceland on September 27 became a party to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS MLI) by depositing its instrument of acceptance of the agreement with the OECD. Iceland is the 89th jurisdiction to join the tax agreement. ... - Continue reading
Denmark tax bill clarifies timing rules for transfer pricing documentation
Denmark’s Ministry of Taxation on 12 September published a draft bill proposing a number of changes to Denmark’s international tax provisions including a requirement to submit transfer pricing documentation together with the corporate income tax return. ... - Continue reading
Taxation of the digital economy, future of debt, and other OECD updates during the IFA Congress 2019 in London
The IFA Congress 2019, held 8-12 September in London, brought together leading international tax and transfer pricing experts from around the world. ... - Continue reading
Mexico 2020 tax reform: big changes proposed for foreign companies doing business in Mexico
On September 8, the executive branch of the Mexican government introduced Mexico 2020 tax reform, proposing far-reaching changes to the Mexican income tax, value-added tax, and Federal Tax Code. ... - Continue reading
Declaration must for Pakistanis having foreign assets, income
KARACHI: The Federal Board of Revenue (FBR) will tighten noose around offshore illicit money and assets as Pakistanis having undeclared assets abroad are required to file statement by September 30, 2019. “The FBR will launch proceedings against persons having offshore assets on the basis of available data,” an official at… – Continue reading
Nigeria: The FIRS Has Published Regulations On Common Reporting Standard
The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations). This follows Nigeria's signing of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, signed by Nigeria on 17 August 2017. ... - Continue reading
France joins ICAP pilot to jointly assess MNE tax positions
France has joined the International Compliance Assurance Programme (ICAP) pilot program, the OECD announced September 16, bringing the total number of tax administrations participating to 18. ... - Continue reading
New Zealand, Guernsey sign tax treaty protocol
The governments of New Zealand and Guernsey on September 18 signed protocol to their tax information exchange agreement, the New Zealand government has announced. ... - Continue reading
Ireland will be the ‘big loser’ if OECD tax reform fails, Saint-Amans warns
OECD tax director also criticises State’s slow move to phase out ‘double Irish’ loophole ... - Continue reading
AEOI will assist IRB in cracking down tax evasion
The Automatic Exchange of Information (AEOI) initiative by the Organisation for Economic Cooperation and Development (OECD) will assist the Inland Revenue Board (IRB) in cracking down tax evasion, said Finance Minister Lim Guan Eng. ... - Continue reading
German finance minister endorses public country-by-country reporting of MNE tax information
German finance minister Olaf Scholz is in the midst of a campaign tour for the social democrats (SPD) presidency. ... - Continue reading
Unresolved cross-border tax disputes continue to rise, OECD stats show
Despite OECD efforts to encourage countries to more swiftly and effectively resolve of cross-border tax disputes, overall mutual agreement proceedure (MAP) inventory continues to increase, OECD statistics released today revealed. ... - Continue reading
Tax avoidance drives nearly 40% of global FDI: IMF
Nearly 40% of worldwide foreign direct investment (FDI), amounting to $15trn, “passes through empty corporate shells” with “no real business activities”, a study by the IMF and the University of Copenhagen reveals. According to the report, ten economies including Luxembourg, the Netherlands, Hong Kong, BVI, Switzerland, Singapore, Ireland, the Cayman… – Continue reading
