Switzerland: Banking Regulation 2020 – Switzerland
In the aftermath of the financial crisis of 2008/2009, Switzerland launched a massive overhaul of its financial regulations. ... - Continue reading
Category: Regulatory
HMRC to raise standard of conduct among tax advisers
The HMRC is set to raise standards among tax advisers after an independent review slammed the "reprehensible" behaviour of some professionals. ... - Continue reading
Guernsey: The Impact Of The Coronavirus (COVID-19) On Economic Substance And Tax Residency In Guernsey And Jersey
Adjustments in laws in Guernsey and Jersey following the COVID-19. ... - Continue reading
Canada: Alta Energy: FCA Confirms That Treaty Shopping Is Not Abusive (For Now …)
The Federal Court of Appeal of Canada concluded tax investigations case in favour of Alta Energy. ... - Continue reading
Massive risks to world economy as virus battle rages
Economists warn about one of the worst recessions in history following the COVID-19 pandemic crisis. This could have an especially bitter outcome in countries with weaker employee rights like the United States. ... - Continue reading
Tracking Economic Relief Plans Around the World during the Coronavirus Outbreak
Updates on countries offering tax relief all over the world. ... - Continue reading
Finance bill passed ahead of coronavirus lockdown
Here are the amendments and clarifications concerning tax residence and dividend distribution tax. ... - Continue reading
UK: Budget 2020 – Analysis
Main tax highlights of UK's Budget of 11 March 2020. ... - Continue reading
Australian High Court clarifies definition of “associate” in BHP Billiton tax dispute.
BHP Billiton's case puts Australia’s controlled foreign corporation laws into better perspective. ... - Continue reading
UN launches panel to tackle illicit finance
The United Nations has launched the High-Level Panel on Financial Accountability, Transparency and Integrity (FACTI) to address corporate tax abuse and other illicit financial flows. ... - Continue reading
Seychelles to reform tax rates after OECD report
Seychelles set to implement new tax laws in order to improve its tax system after recommendations from the OECD. ... - Continue reading
FATF refuses to take Panama off grey list
Panama has been unsuccessful in being removed from FATF's grey list as the global organisation says the country still has deficiencies in its anti-money laundering rules. ... - Continue reading
Cayman Islands: Cayman Islands Update: AEOI 2020 Amendments
Here are changes in tax laws concerning the Automatic Exchange of Information. ... - Continue reading
Nigeria’s Tax Appeal Tribunal decides Prime Plastichem transfer pricing case
A first transfer pricing case in Nigeria offers a glimpse of the treatment of the latter. ... - Continue reading
Swiss banks open the door for India’s tax evasion crackdown
As the famed secrecy walls of Swiss banks started to crumble, some Indians felt a chill down their spine. ... - Continue reading
Poland issues controversial transfer pricing risk assessment rules
New transfer pricing laws issued in Poland might not be too pleasant to multinationals' ears. Read on to know more. ... - Continue reading
Pakistan tax collection 62pc below its potential: IMF
Resident Chief of IMF, Teresa Daban Sanchez, has stated that Pakistan is not being efficient enough tax-wise. Here's more to it. ... - Continue reading
Pakistan recovers billions from untaxed offshore funds
And hop! - Rs1.8bn from untaxed offshore funds into Pakistan's possession. ... - Continue reading
Worldwide: Cyprus Ratifies The Base Erosion And Profit Shifting Multilateral Instrument Issue
On January 2020, Cyprus signed its agreement of the MLI. ... - Continue reading
Norway proposes new withholding tax on some related-party payments
Authorities of Norway come up with new withholding tax rules. ... - Continue reading
Cyprus: Cyprus Extends Deadline For Payment Of Overdue Taxes
Good news for Cypriot taxpayers - Announcement of extended period for payment of overdue taxpayers. ... - Continue reading
ATO cracks down on crypto tax dodgers
A '28 days' countdown' starts for taxpayers to clarify their information on cryptocurrency. ... - Continue reading
OECD releases 79 public comments responding to review of country-by-country reporting scheme
Is a public country-by-country reporting of multinationals' tax information to be expected soon? ... - Continue reading
HMRC cracks down on hidden foreign income
HMRC has doubled down on its campaign against taxpayers with undeclared foreign income. ... - Continue reading
India: DENIAL OF TAX TREATY BENEFITS- ARE GRANDFATHERED INVESTMENTS FAIR GAME?
A recent ruling by the Authority for Advance Rulings (AAR) in the case of Bidvest has stirred the proverbial hornets' nest when it comes to the issue of treaty protection, and has reignited the debate of substance over form when it comes to availing the benefits of a tax treaty. ... - Continue reading
Tax residency rules for NRIs changed
Budget 2020 and taxation of non-resident Indians. ... - Continue reading
EU launches campaign to tackle tax evasion
The European Union ups its game by coming up with more initiative to fight off tax evasion. ... - Continue reading
Tax collection on cash withdrawal dives 63 percent
This sharp decline was because of the exemption from the levy given to active taxpayers. ... - Continue reading
AMLA, Bank Secrecy Law for overhaul
When forces join together to tackle Anti-Money Laundering and the Bank Secrecy. ... - Continue reading
Norway consulting on new withholding tax on interest, royalties
Norway’s Finance Ministry is consulting shareholders on a new proposal to introduce withholding tax on certain payments to non-resident related parties. ... - Continue reading
Cayman Islands: Update In Respect Of Automatic Exchange Of Information (“AEOI”)
Information on changes in laws concerning the Automatic Exchange of Information (AEOI). ... - Continue reading
OECD issues MAP peer review reports for further eight jurisdictions
The OECD on February 24 published stage 1 mutual agreement procedure (MAP) peer review reports of the following eight jurisdictions: Brunei Darussalam, Curaçao, Guernsey, Isle of Man, Jersey, Monaco, San Marino, and Serbia. The reports highlight how well these jurisdictions are implementing the base erosion and profit shifting (BEPS) Action… – Continue reading
Lebanon passes law to lift banking secrecy
Lebanon’s Justice Minister Marie-Claude Najm said on Thursday that the Lebanese cabinet has approved a draft law to lift banking secrecy, MTV local TV channel reported. Also, Lebanon’s financial prosecutor Ali Ibrahim froze the assets and properties of 20 Lebanese banks. Lebanon has lately witnessed a shortage in U.S. currency… – Continue reading
Worldwide: Cayman Islands Added To EU Blacklist
On February 18, 2020, EU finance ministers updated the EU Blacklist, adding four jurisdictions—the Cayman Islands, Palau, Panama and Seychelles. ... - Continue reading
India Budget 2020: The key takeaways
Here are some important tax proposals for India's 2020 Budget. ... - Continue reading
Luxembourg: FATCA & CRS Reporting In Luxembourg: New Draft Bill Submitted To The Parliament
On 20 February 2020, the Luxembourg government filed with Parliament the draft bill of law n°7527 modifying both the CRS law of 18 December 2015 and the FATCA law of 24 July 2015 (the "Draft Bill"). ... - Continue reading
UN forms panel to help battle tax evasion, money laundering
Thought leaders from across the globe on Monday joined a UN panel tasked with making recommendations to fix the financial system that lacks effective ways to deal with tax evasion, tax avoidance, money laundering and corruption. The High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030… – Continue reading
Mexico: 2020 Mexican Tax Reform
A few changes have been made to the Mexican tax laws for 2020. Here are the highlights. ... - Continue reading
Senators wary of money laundering in POGO
POGO continues to be involved in hefty money laundering, and it certainly is making senators of Philippines worried about it. ... - Continue reading
In Depth: The Race To Beat Australia’s Capital Gains Tax Deadline
Thousands of Australian expats have until 30 June to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. ... - Continue reading
Cambodia-Hong Kong DTA: Key Features
On January 1, 2020, the double taxation avoidance (DTA) agreement between Cambodia and Hong Kong came into force. ... - Continue reading
India wants fair share of $100 billion global taxes from Google, Facebook
The digital world continues to be under the lens of the OECD as India further pushes for better 'tax collection' methodology. ... - Continue reading
OECD tax overhaul to disrupt Bahamas’ economy
More jurisdictions worried about their economy following OECD's new corporate tax laws ... - Continue reading
Ireland faces losing €2bn in corporate tax under OECD reform
New proposals to reform the global tax system could adversely affect the economy of Ireland. Here's more. ... - Continue reading
Tax data sharing sparks arrests among Israelis with unreported foreign bank accounts
The Common Reporting Standard (CRS) continues to unveil more offshore revenue. ... - Continue reading
Singapore Budget 2020 extends and enhances business tax breaks
Singapore strives to stay ahead in tax competition. ... - Continue reading
India’s Authority for Advance Rulings denies tax exemption under India-Mauritius treaty
Clarifications on the India-Mauritius tax treaty. ... - Continue reading
Roundup: G20 financial meeting focuses on coronavirus, taxation, global economy
The finance ministers and central bankers of the Group of 20 (G20) discussed issues of the coronavirus, taxation and global economy during a two-day meeting concluded on Sunday in Riyadh. The G20 financial officials agreed to observe the risks of the coronavirus outbreak and adopt policies to limit its global… – Continue reading
No hidden property through offshore companies: Justice Qazi Faez Isa
Justice Qazi Faez Isa pleads non-guilty in tax evasion attempt. ... - Continue reading
Tax authorities recover Rs1.8 billion from foreign transactions
The Automatic Exchange of Information recovers a whopping amount of Rs1.8 billion for Pakistan. ... - Continue reading
