The World Captive Forum takes place in Florida next month Bermuda’s business chiefs will be out in force at next month’s World Captive Forum. The event, to be held in Florida, will include several speakers from Bermuda including lawyers, regulators and business leaders. And Bermuda delegates will use the event… – Continue reading
On 28 December 2015, the revised Luxembourg-Singapore Agreement for the Avoidance of Double Taxation (the New Treaty) entered into force. The New Treaty (1) allows Luxembourg investment vehicles to invoke benefits under the New Treaty, (2) reduces the withholding tax rates for dividends, interest and royalties, (3) increases thresholds to… – Continue reading
MUMBAI: Many manufacturing and trading subsidiaries of Indian companies that are currently operating independently outside India may have to pay taxes in India as they could fail the new test set under the Place of Effective Management (POEM) guidelines. Not just that, some of the companies could see complications with… – Continue reading
MGA executive chairperson Joseph Cuschieri warns organised crime within gaming industry ‘has never been this sophisticated’ Malta Gaming Authority’s executive chairman insisted that the gaming industry will continue to flourish on the island, even if proposed EU legislation to clamp down on tax avoidance goes through. “The threat [of a… – Continue reading
US Democratic presidential hopeful Bernie Sanders has pledged a crackdown on tax avoidance involving Bermuda and other offshore jurisdictions. Mr Sanders, currently trailing Hillary Clinton in the race for the nomination as presidential candidate, made the promise on an online political channel in America. Mr Sanders said he would use… – Continue reading
On 18 December 2015, the Regulations implementing the OECD Common Reporting Standard (“CRS“) in Ireland were approved by the Irish Parliament. This update follows on from previous updates published by Maples and Calder Dublin on CRS and US FATCA and outlines the practical next steps for Irish investment funds and… – Continue reading
At the House of the approval bill filed from between the Kingdom of the Netherlands, on behalf of Curaçao, and the United States of America Convention concluded improve international tax compliance and implementing FATCA (hereinafter Cur IGA). The Convention is published in Trb. 2015, 11 and 144. The approval is… – Continue reading
On 15 September 2015, the Dutch government released its budget for 2016, containing the Tax Plan 2016, which includes certain amendments to Dutch tax law. One of the proposed amendments was the inclusion of an anti-hybrid rule in the Dutch participation exemption regime (“PER”). On 22 December 2015, the amendments… – Continue reading
MINSK, 29 December (BelTA) – The work on the agreement on sharing tax data between member states of the Eurasian Economic Union (EEU) is in the final stage. The statement was made by Belarusian Tax and Duties Eurasian Economic Union (EEU)Minister Sergei Nalivaiko during the press conference hosted by the… – Continue reading
Legislation that enacts, as part of Belgian domestic law, the FATCA reporting provisions pursuant to an intergovernmental agreement (IGA) with the United States has been long-awaited. The Belgian tax authorities initially set a FATCA reporting deadline of 30 July 2015. However, without a law transposing the FATCA rules into Belgian… – Continue reading
Foreign Account Tax Compliance Act is a US global tax law. Countries must agree to the law or face the stick Less than 25 per cent of mutual fund (MF) investors have given out details in line with Foreign Account Tax Compliance Act, or Fatca, a US tax law, said… – Continue reading
The Irish Revenue has released a new brief detailing the impact on Irish paying agents of the European Union’s decision to replace the Savings Tax Directive with legislation providing for the automatic exchange of tax information. On November 10, the European Council repealed Directive 2003/48/EC on the taxation of savings… – Continue reading
On Nov. 18, 2015, reforms to the Mexican Income Tax Law (MITL), Tax Code, Excise Tax and Federal Income Law for 2016 (collectively, the Tax Reform) were published in the Federal Gazette. The Tax Reform reestablishes measures to promote savings and increase incentives for doing business in Mexico, some of… – Continue reading
The Association of British Insurers (ABI) and the Association of Professional Financial Advisers (APFA) have published updated joint guidance for insurers and financial advisers on the tax information requirements for new customers following changes to UK tax regulations. The new requirements are intended to ensure that the UK can exchange… – Continue reading
“Cash Booked Offshore for Tax Purposes by U.S. Multinationals Doubled between 2008 and 2014” In recent years, U.S. multinational companies have sharply increased the amount of money that they book to foreign subsidiaries. An April 2015 study by research firm Audit Analytics found that the Russell 1000 list of U.S…. – Continue reading
Algiers — President of the Republic Abdelaziz Bouteflika signed presidential decrees on the ratification of many cooperation agreements between Algeria and other States and international organizations, in accordance with Article 77-11 of the Constitution, said Sunday the Presidency of the Republic in a statement. One of the decrees concerns the… – Continue reading
Hybrid mismatch arrangements are the focus of the 2-part Action Plan 2 of the Organisation for Economic Co-operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) initiative. Hybrid Mismatch Arrangements abuse differences in the tax treatment of an instrument (i.e., a hybrid instrument) or an entity (i.e., a hybrid… – Continue reading
Luis E. Benitez VEGAS Already after two years of discussions on the various actions designed by the Organization for Economic Cooperation and Development (hereinafter OECD) to address the problem of the erosion of the tax base and the transfer Benefits under the BEPS project (for its acronym in English Base… – Continue reading
Effective Jan. 1, 2016, the IRS will compile a list of Americans in violation of new rule It is possible that the United States expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act… – Continue reading
Current system viewed as unfair and too easy to circumvent Abolition of corporation tax is to be considered by a new cross-party group of MPs and peers who will subject ministers and business leaders to public interrogations in a bid to secure fairer and more responsible tax policies. The all-party… – Continue reading
According to the CBDT communique, foreign investors and companies will not be liable to pay MAT prior to April 1, 2015. According to estimates, foreign investors have to pay tax of Rs 40,000 crore for the 14-year period since April 1, 2001, when MAT was introduced. Foreign investors and companies… – Continue reading
Measure tries to keep firms from exploiting tax law variations Foreign and local businesses with annual sales of 100 billion won ($85 million) or more, and over 50 billion won in transactions with overseas entities must report international transactions to the tax authority starting next year. Known as the “Google… – Continue reading
Pakistan and the US have decided to share intelligence on income tax and bank accounts of Pakistani citizens that have dual nationality. The two countries will agree on one of three options laid down in Foreign Accounts Tax Compliance Act (FATCA) approved by US Congress and sign the proposed US-Pak… – Continue reading
ZIMBABWE and China have signed an agreement to curb double taxation and prevent fiscal evasion with respect to taxes on income between the two countries. Double taxation is the levying of tax by two or more jurisdictions on the same declared income, asset and financial transaction. Basically, a country will… – Continue reading
The Transition Authority has asked counties to stop levying some fees that have seen companies exposed to double taxation. In its advisory opinion dated December 2015 on levying of taxes, fees and charges by county governments, the authority said it has over the transition period received several complaints on the… – Continue reading
(CNS Business): Financial Services Minister Wayne Panton is still battling to get the Cayman Islands taken off the latest blacklist, maintaining that the inclusion of Cayman on the European blacklist of financial centres was completely inappropriate and misinformed. However, he said that stigma and the position taken by some nations… – Continue reading
(MENAFN – AFP) US officials announced settlements with four more Swiss banks Wednesday to lift the total fines in the two-year disclosure program to more than 1 billion from 75 banks. “With today’s resolutions under the Swiss Bank Program, the department has reached agreements with 75 Swiss banks, imposed penalties… – Continue reading
Legislation introduced on Tuesday by U.S. Rep. Charles Boustany (R-LA) would safeguard companies in country-by-country reporting requirements. The Bad Exchange Prevention Act follows the issuance by the Treasury Department on Monday of guidelines for adhering to the country-by-country reporting requirements under the Organization for Economic Cooperation and Development’s (OECD) Base… – Continue reading
The Finance Act 2015 introduced an exemption from a borrower’s obligation to withhold tax from interest payments arising on qualifying private placements. It was introduced to stimulate and grow the private placements market in the UK in order to unlock a new source of financing for mid-sized borrowers. Following a… – Continue reading
The Income and Capital Tax Treaty between Liechtenstein and Hungary entered into force on 24 December 2015. Its provisions will apply from 1 January 2016. The treaty was signed on 29 June 2015. In accordance with the treaty, the following withholding taxes will apply: Dividends: 0% if the beneficial owner… – Continue reading
Hanoi, December 23 (VNA) – The recognition of the State of Palestine by many countries worldwide and its flag-raising ceremony at the United Nations headquarters signal a positive sign and initial success of the Palestinian administration as well as a bright spot in the Middle East peace process. Chairman of… – Continue reading
It’s been a long time coming. Members of the Wildenstein art dynasty will go to trial on charges of tax evasion and money laundering next month in Paris, according to the New York Times. Guy Wildenstein took over the family business when his father, Daniel, died in 2001. The family… – Continue reading
On December 18, 2015 the Inland Revenue Authority of Singapore issued a press release announcing that on that same date the Agreement between the Government of the Republic of Singapore and the Government of the Republic of Ecuador for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion… – Continue reading
On December 18, 2015 the Inland Revenue Authority of Singapore issued a press release announcing that on that same date the Agreement between the Government of the Republic of Singapore and the Government of the Republic of San Marino for the Avoidance of Double Taxation and the Prevention of Fiscal… – Continue reading
On December 18, 2015 the Inland Revenue Authority of Singapore issued a press release announcing that on that same date the Agreement between the Government of the Republic of Singapore and the Government of the Republic of Seychelles for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion… – Continue reading
The Income Tax Treaty between Liechtenstein and the Czech Republic entered into force on 22 December 2015. Its provisions will apply from 1 January 2016. The Treaty was signed on 25 September 2014. In accordance with the treaty, the following withholding taxes will apply: Dividends: 0% if the beneficial owner… – Continue reading
Bangladesh and Bahrain have signed three instruments in Manama to further strengthen cooperation in various fields between the two countries. The instruments are Agreement on the Reciprocal Protection and Promotion of Investment, Agreement on the Avoidance of Double Taxation and a MoU on Foreign Office Consultations. The first two instruments… – Continue reading
New Delhi: A government crackdown on black money has led to detection of undisclosed income of over Rs 16,000 crore since March 2014, while assets worth Rs 1,200 crore have been seized, Revenue Secretary Hasmukh Adhia said today. “In 2014-15 and 2015-16 (up to November), the Income Tax Department by… – Continue reading
The British government is facing a credibility crisis over its pledge to ensure multinational corporations pay their fair share of tax, after it was revealed that five of the world’s largest investment banks paid no corporation tax in Britain last year, despite making billions in profits. Analysis of the banks’… – Continue reading
With a new year on the horizon it is often at this time when people start thinking about fulfilling a dream of moving abroad and making plans. Others may be thinking about moving back home. For people paying tax in the UK, the country’s tax man has come up with… – Continue reading
On September 17, 2015, the IRS issued a statutory notice of deficiency to the Coca-Cola Company, increasing its federal income taxes for 2007-2009 by $3.3 billion, based primarily on transfer pricing adjustments exceeding $9 billion. On December 14, 2015, Coca-Cola petitioned the U.S. Tax Court to overturn the adjustments. This… – Continue reading
THE tax status of people living in Spain has been subject to extensive debate and is still open to interpretation, particularly given taxpayers’ ability to travel freely within the EU’s borderless Schengen countries. There’s no space, here, to detail all the intricacies of this interesting topic but the ten points… – Continue reading
Germany and Philippines have completed the necessary domestic ratification procedures to bring their new double tax agreement into force. The two nations exchanged instruments of ratification on December 20 to replace their existing treaty, which was concluded in 1983. Negotiations on the upgraded treaty were concluded on July 20, 2012,… – Continue reading
The Internal Revenue Service (IRS) has released the 2015 update to Publication 54, which provides guidance on the special tax compliance rules for US citizens and resident aliens who work abroad or receive income from foreign countries. The worldwide income of US citizens or resident aliens is generally subject to… – Continue reading
(MENAFN – Arab News) RIYADH: Custodian of the Two Holy Mosques King Salman on Monday briefed the Cabinet over the phone call he received from the king of Bahrain the call he made to the president of Nigeria and the results of his talks with the chairman of the Presidency… – Continue reading
The new plan shelves one in the works to spin off Yahoo’s vast holdings in ex-commerce giant Alibaba – which could have exposed it to a huge tax bill – but the tech firm still intends to separate out its activities under the new structure. Yahoo stated it has made… – Continue reading
Fertilizer maker CF Industries and Dutch rival OCI NV, which agreed to merge in August, said they would move the tax residency of the combined company to the Netherlands from the U.K., in a move to satisfy inversion rules put in place by the U.S. Treasury. When the deal was… – Continue reading
Indian equity markets trimmed their losses and continue to trade weak in late morning session on account of selling in frontline blue chip counters. Sentiments remained down-beat with the repot that the Finance Ministry has cut its ambitious disinvestment revenue target by 57% to Rs 30,000 crore for the current… – Continue reading
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday received Robert Fico, Prime Minister of Slovakia, and members of the accompanying delegation at Zabeel Palace. During the meeting, Sheikh Mohammed accepted an invitation from the Slovak prime minister… – Continue reading
The Irish Revenue Commissioners have confirmed that the necessary statutory instrument to bring the final common reporting standard (CRS) regulations into Irish domestic law was signed 17 December 2015 and is effective 31 December 2015. Other recent developments concerning the automatic exchange of information (AEOI) regimes, include the publication of… – Continue reading
