The Egyptian Tax Authority and the Real Estate Tax Authority have signed a cooperation agreement on Tuesday to exchange data and information in order to create a database that facilitates the collection of taxes. Head of the Tax Authority Abdel Moneim Matar said, in a Ministry of Finance statement, that… – Continue reading
NEW DELHI: India said it was cracking down on attempts to launder black money locally and told people with unaccounted assets abroad that it will become increasingly difficult to conceal these, urging them to make use of a window that shuts on September 30. The government will start receiving financial… – Continue reading
Five days after the emergence of the most serious allegations of large-scale corruption in recent memory, the PSNI has still not opened a criminal investigation. The TUV leader Jim Allister said that, after days of continued revelations about the irregular nature of the sale of NAMA’s – the Republic’s ‘bad… – Continue reading
Finance Act 2015 has expanded the scope of the agreements meant for avoidance of double taxation and prevention of fiscal evasion to be executed by the federal government. Explaining the Finance Act 2015, Former FBR Member Habib Fakharuddin said that the federal government may enter into an agreement, bilateral or… – Continue reading
BARBADOS is targeting the South American country of Colombia for more international business. A delegation from the island will be spending the next week or so in that country as this island looks to broaden the more than $900 million in domestic contributions by the international Business and Financial Services… – Continue reading
PETALING JAYA: Public Bank Bhd yesterday signed a memorandum of understanding (MoU) with Saitama Resona Bank Ltd and Kinki Osaka Bank Ltd to cross-sell each other’s banking products in Malaysia and Japan. Saitama Resona Bank and Kinki Osaka Bank are wholly-owned subsidiaries of Resona Holdings Inc, which also owns Resona… – Continue reading
NEW DELHI: India is likely to sign the inter-governmental pact for the US tax compliance law FATCA on Thursday, a move that will help it fight tax evasion. Foreign Account Tax Compliance Act (FATCA) is aimed at combating possible tax evasion by Americans through financial entities of other countries. The… – Continue reading
The present French Tax Update will focus on an overview of several noteworthy French tax court decisions issued during the past few months. BUYBACK AND CANCELLATION OF OWN SHARES The tax treatment of buybacks, from the shareholders’ point of view, has now been simplified through a change of legislation, i.e.,… – Continue reading
With a new government at India’s center and positive macroeconomic fundamentals working in its favor, the private equity industry is expected to invest more actively into India over the short to medium term. In the past year, inflation has steadily tapered, the fiscal deficit has been reduced, domestic demand has… – Continue reading
Channel 4 documentary shows agents in wealthy districts agreeing to continue with purchase to be made with ill-gotten gains from Russian health budget Top estate agents in Britain’s wealthiest postcodes are willing to turn a blind eye to apparent money laundering by corrupt foreign buyers, according to an investigation by… – Continue reading
Industrial & Manufacturing groups which have operations in Finland, should review their funding arrangements to ensure they remain tax effective following a recent case in Finland which may now be put on a statutory footing. The Finish tax authorities treated a hybrid instrument as equity and the related interest expense… – Continue reading
The UK Government’s goal is to make the UK the best place in the world to locate an international business; it has one of the most open economies globally, a highly skilled workforce, access to capital markets, a first-class infrastructure, and a highly competitive corporate tax system. UK tax policy… – Continue reading
The Organisation for Economic Cooperation and Development (OECD) – the leading international standards-setter for tax transparency and cooperation – has underlined Guernsey’s reputation as a cooperative jurisdiction, reports Guernsey Finance. Monica Bhatia, Head of the Secretariat of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes… – Continue reading
Concerns have been raised that there is an anomaly in the Canadian overseas pension schemes system, as under Canadian law savers are allowed to encash them at any age, irrespective of the UK’s pension age test, reports the FT Adviser. HM Revenue and Customs’ pension age test requires schemes to… – Continue reading
The new banking act, harmonized legislation for the OECS being pushed by the Eastern Caribbean Central Bank got its first reading in the parliament in Basseterre Tuesday. However the parliamentary opposition is crying foul because the debate which was expected to kick off on the act was put off by… – Continue reading
Around 700 people have applied for Malta’s ‘cash-for-passports’ scheme, described as on the most popular schemes run by Henley & Partners, their vice-chairman Andrew Taylor said during a radio interview on a South African radio station, reports the Maltese Independent. Extolling the virtues of the scheme, Mr Taylor said that… – Continue reading
There are estimated to be one million Britons living in Spain, with UK expatriates making up the largest group of European foreign nationals. Many Britons arrive with certain misconceptions around the tax and financial make-up of the country. The foreign perception of the Spanish tax system is made up of… – Continue reading
Royal Decree No. 26/2015 ratifies the Agreement on Delimitation of Maritime Boundaries (Borders) in Sea of Oman between the Sultanate of Oman and the Islamic Republic of Iran, signed in Muscat on May 26, 2015. Article (1) ratifies the above-mentioned Agreement. Article (2) states that this Decree shall be published… – Continue reading
Ukraine’s Cabinet of Ministers will remove Austria from the list of countries transactions with whose counterparties are subject to control under the law on transfer pricing on August 1, 2015. This is stipulated in Cabinet resolution No. 677 dated July 1, 2015, which is available on the government website on… – Continue reading
The business community has criticized the imposition of withholding tax on transactions over Rs 50,000 and urged the government to withdraw this immediately. They also warned if the government and FBR didn’t accept their demand, would compel to take extreme steps, even go for strike and launch protest campaign against… – Continue reading
Kenyans in the US will be protected from double taxation, the Kenyan ambassador to the US, Robinson Githae, has said. Mr Githae said he understood the concerns of Kenyans in the US after a provision of a federal law requiring US citizens and permanent residents (green card holders) to report… – Continue reading
The Republic of Latvia has removed Gibraltar from its blacklist of tax havens, the latest EU country to recognise that the Rock complies with international rules on exchange of financial information, reports the Gibraltar Chronicle. The decision by Latvia comes after the EU last month published a list of the… – Continue reading
Greece has proposed a tax amnesty in an effort to collect revenue on billions of euros that its citizens are believed to have quietly stashed in Swiss bank accounts, the NZZ am Sonntag paper reported, reports Reuters. The plan, which still needs Greek parliamentary approval and a final accord with… – Continue reading
Chancellor George Osborne needs to carry out an “ambitious” tax reform agenda in his Budget on Wednesday, the Institute of Directors (IoD) has said, reports the BBC News. Simplifying the “painfully complex” tax system would allow him to “deliver an investment-boosting Budget”, said IoD director Simon Walker. In May, a… – Continue reading
PIRAEUS: In Piraeus, the harbour town west of Athens, a group of sailors take turns to squat a ferry they once worked on. Protest banners flutter in the air. “Our money!” says one; “we’re starving” says another. These sailors say they haven’t been paid salaries for more than nine months… – Continue reading
The OECD has backed Guernsey in its fight against tax haven status, describing the crown dependency’s inclusion on the European Commission’s list of top 30 non-compliant tax jurisdictions as “very surprising”. Monica Bhatia, head of the secretariat of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and… – Continue reading
Taxes covered The agreement applies to taxes on income imposed by either country. In Bahrain these are currently the income tax payable under Legislative Decree No. 22/1979 (“the Oil Tax”); in Cyprus they are income tax, corporate income tax, Special Contribution for Defence (known as SDC tax) and capital gains… – Continue reading
The Financial Monitoring Service of Azerbaijan’s Central Bank will send the National Action Plan on the elimination of risks in the fight against money laundering and terrorism financing to the World Bank in September 2015. The National Plan was discussed by WB’s experts during a seminar held in Baku between… – Continue reading
Lopez Valdes clarifies that only information given by state bodies The implications of the Law Enforcement Tax Accounts Abroad (FATCA for its acronym in English) adopted by the United States in March 2010, has generated unrest globally, because that nation imposes conditionalities that violate laws local. That legislation provides, among… – Continue reading
WITH the aim of promoting tax culture in the country, the government has resurrected a law drafted in 2012 to encourage citizens to expose tax evaders and induce people who have stashed away their wealth offshore to bring home their money. By extending the legal cover to whistleblowers through the… – Continue reading
Cape Town-based think tank the Alternative Information and Development Centre (AIDC) is gearing up for an international campaign to have Lonmin’s mining licence revoked due to a number of reasons. These include the events related to the Marikana massacre during a strike by Lonmin workers and alleged tax evasion by… – Continue reading
The ATO is looking to catch more big-time tax cheats by hiring new specialist public servants, just months after paying more than 400 of them tens of millions of dollars to leave. The Tax Office is advertising technical specialist jobs at APS 6, EL1 and EL2 pay levels in two… – Continue reading
Oxfam, a multinational organisation, says Africa is haemorrhaging billions of dollars because multinational companies are cheating African governments out of vital revenues by not paying their fair share in taxes. This is contained in a statement issued by the organisation, interested in combating poverty, and made available to newsmen in… – Continue reading
Access to company data is vital if policymakers are to understand how changing regulatory requirements influence performance Much focus has recently fallen on the issue of tax avoidance, as research on the subject has increasingly shown that the global economy is losing out on billions of dollars to a byzantine… – Continue reading
VANCOUVER, July 6, 2015 /PRNewswire/ – Silver Wheaton Corp. (“Silver Wheaton” or the “Company”) (TSX:SLW) (NYSE: SLW) announces that it has received a proposal letter dated July 6, 2015 (the “Proposal”) from the Canada Revenue Agency (the “CRA”) in which the CRA is proposing to reassess Silver Wheaton under various… – Continue reading
Draft laws bringing corporate tax and value-added tax (VAT) to the United Arab Emirates are expected to be completed later this year, Gulf News has reported. “The draft of the corporate tax law and the value-added tax law has been discussed with the local and federal governments,” said Younis Haji… – Continue reading
The gross revenue generated from the system of tax retention on interest payments made in Switzerland to European Union (EU) taxpayers was down from CHF510.1m (USD542.9m) in 2013 to CHF317m in the 2014 tax year. In compliance with the agreement with the EU on the taxation of savings, in force… – Continue reading
As far as Sebi’s role goes, it might spread itself too thin if it chases every whiff of a tax scandal Lately, there have been a string of orders by the Securities and Exchange Board of India (Sebi) alleging misuse of stock exchanges for tax evasion. The market regulator’s investigations… – Continue reading
Hong Kong (HKSAR) – The agreement constituted by the exchange of notes between Hong Kong and Japan regarding the Exchange of Information Article of the Comprehensive Avoidance of Double Taxation Agreement between the two jurisdictions has entered into force, a government spokesman said today (July 6). The notes were exchanged… – Continue reading
The head of South American soccer, who skipped most of the region’s top competition, said he was forced to stay away from the Copa America to deal with the fallout from turmoil in the sport’s global governing body. Juan Angel Napout, in his first English-language interview since the FIFA scandal… – Continue reading
GENEVA: Athens wants a tax amnesty deal for Greeks who have stashed cash in Swiss banks, in a bid to bring much-needed revenue to the debt-laden country, a Swiss newspaper reported Sunday. The government in crisis-hit Greece, where citizens were voting Sunday in a vital referendum on EU-imposed austerity measures,… – Continue reading
The taxable income might now be visibly de-linked from the accounting income Historically, enterprises have computed taxable income applying profits as per the financial statements as the starting point and making additions or deductions thereto, as required by the Income-tax Act. 1961 (I-T Act) for the purposes of annual income… – Continue reading
Calcutta, July 5: Singapore and Hong Kong, with their low corporate tax rates, have started to hove into view on the radars of multinational companies that are looking to lower their tax burdens through profit shifting. Profit shifting is a perfectly legal way of moving the earnings of an MNC… – Continue reading
The MoU is designed to give some insight into the process that will be adopted by the fiscal authorities of the two countries when assessing the tax residence of a ‘person’. International investors including South African businesses already use Mauritius as their base for their growth on the continent, but… – Continue reading
KARACHI: The Karachi Stock Exchange (KSE) Stockbrokers Association has lashed out at the Federal Board of Revenue (FBR) for causing ‘great anxiety’ among compliant taxpayers. In a statement issued on Friday, the association said the FBR has been sending show-cause notices and orders to members of the KSE, asking them… – Continue reading
Apple is most valuable company in the world – worth an estimated £500bn But it funnels sales though Ireland to whittle down its tax bills in the UK Company made £1.9bn profit in UK last year worth £400m incorporation tax But they paid just £11.8million – only £400,000 more than… – Continue reading
The City of London is the money-laundering centre of the world’s drug trade, according to an internationally acclaimed crime expert. UK banks and financial services have ignored so-called “know your customer” rules designed to curb criminals’ abilities to launder the proceeds of crime, Roberto Saviano warned. Mr Saviano, author of… – Continue reading
MUMBAI: The Central Board of Direct Taxes has signed a taxation rate agreement with BNP Paribas India Solutions, the local arm of the European bank, as part of efforts to reduce disputes with foreign companies over tax-related issues. BNP Paribas Solutions is the first company in the information technology and… – Continue reading
Cleaning the stain off New Zealand’s international reputation put there by misbehaving NZ registered but overseas operating financial service providers could be accomplished quite simply, says Minter Ellison Rudd Watts partner Lloyd Kavanagh. “I think the solution is simple. If you’re on the Financial Service Providers Register (FSPR), I think… – Continue reading
The Advance Pricing Agreement (‘APA’) program was introduced in August 2012. APA helps a tax payer to ascertain the transfer pricing between related party transactions upfront to avoid any litigation. The APA program has been a success and there has been a rise in the number of applications filed year… – Continue reading
