The Ministry of Finance yesterday issued two statements saying the government has yet to reach conclusions on tax rates or an implementation date for a proposed income levy on property gains. The ministry made the clarifications after the Cabinet called a meeting on the proposed tax and gave its go-ahead… – Continue reading
(Reuters) – European Union antitrust regulators have asked Luxembourg for more information on its tax rulings on McDonald’s after labour unions and a charity accused the U.S. fast food chain of avoiding taxes, a person involved in the issue said on Tuesday. Umbrella organisations for unions representing millions of workers… – Continue reading
The UK’s Finance Bill was published on 24 March 2015. It was subsequently enacted on 26 March 2015 without further amendment and became the Finance Act 2015. The “disguised investment management fee” provisions contained in this Act, summarised below, will be effective from 6 April 2015. These rules apply to… – Continue reading
March 31 marks the end of the tax-saving season and the beginning of the tax-filing season. Everyone will soon get busy collecting proofs of investment and try to minimise their tax outgo. However, in the hurry to get maximum deductions, do not cross the thin line between tax-saving and taxevasion…. – Continue reading
The Netherlands’ tax regime is enabling a Canadian gold mining company to pay less tax in Greece, a report by a Dutch foundation concluded Monday (30 March). The Centre for Research on Multinational Corporations found that Greece has missed out on at least €1.7 million in tax revenues, because the… – Continue reading
LEGISLATION is needed to make multinationals pay their fair share if we are to help more people out of poverty, writes Jamie Livingstone. In the run-up to the General Election, Oxfam is urging politicians from all parties to commit to the introduction of a new Tax Dodging Bill within the… – Continue reading
March 27 — Competent authorities should step in to resolve potential disagreements between the U.S. and other jurisdictions on how to treat new accounts under the Foreign Account Tax Compliance Act, the Securities Industry and Financial Markets Association said. In a letter to the Treasury Department released March 27, SIFMA… – Continue reading
30 March 2015 – The International Tax Authority (ITA) of the Ministry of Finance, Government of the Virgin Islands, is informing the public that it has now published Version 2.0 of the Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements (IGAs) between the British Virgin Islands… – Continue reading
Hungaryʼs Foreign Minister Péter Szijjártó opened a Hungarian trading house in Santiago de Chile on Friday, the minister told Hungarian news agency MTI by phone early this morning following talks with Chileʼs Foreign Affairs Minister Heraldo Munoz and with Chilean businessmen. Szijjártó said on the phone that Chile is one… – Continue reading
As growth slows, the government toughens its stance on the tax practices of foreign businesses. China’s slowing economy and fiscal readjustment have led central and local governments to begin a crackdown on foreign corporate tax breaks in a search of higher revenue. The central government has become increasingly vigilant against… – Continue reading
Small banks say they will be hit harder by the bank deposit levy the government is planning to introduce in the budget because they are more reliant on deposits for funding and have thinner margins than the bigger institutions. Their view has the sympathy of the Australian Greens which said… – Continue reading
Rory McIlroy, the world’s number one golfer has set up home in Dubai, according to a report in the Sunday Times. The Northern Irishman, who has a long association with Dubai throughout his professional career, has filed documents in Ireland that state his primary residence is now in Dubai. During… – Continue reading
A major Swiss bank will pay $211 million in a deal to avoid prosecution on charges it secretly helped American clients evade U.S. taxes, the Department of Justice said Monday. The agreement with BSI SA makes the private bank the first to come clean under a federal program that encourages… – Continue reading
NATO Secretary General Jens Stoltenberg and EU Counter-terrorism Coordinator Gilles de Kerchove visit Parliament this week to discuss security challenges and the EU’s response to terrorist threats. In addition MEPs vote on legislation to increase transparency when setting key interest rates, while the new special committee on tax rulings will… – Continue reading
After 2008, BSI has more than 3,000 US accounts on its books The Lugano-based BSI bank has been fined $211 million (CHF203 million) by the United States for aiding and abetting tax cheats. It is the first Swiss-based bank to complete the non-prosecution programme set up in 2013 to clear… – Continue reading
Summary:A new discussion paper released by the Australian government suggests that the emergence of new financial transaction technology such as bitcoin is making it tough for the country’s authorities to clamp down on tax avoidance. The emergence of new technology is proving to be problematic for Australia’s tax system, according… – Continue reading
Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading
Ted Cruz has developed a reputation as the most conservative of the major 2016 Republican presidential candidates, but he hasn’t taken many specific policy positions to earn that moniker. One exception? His longtime support for a flat tax. The flat tax dramatically lowers the top tax rate and exempts capital… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading
British expats in France can claim a share of millions of pounds of compensation after the European Court ruled in their favour against unfair social security payments imposed by President Francois Hollande’s government. Around 200,000 expats who have rented out or sold homes in France during the past three years… – Continue reading
Luxembourg has been warned that it has to diversify its economy and reduce the reliance of its financial sector on providing financial functions for multinational companies if it is to survive any campaign on international tax avoidance. International economic co-operation body the Organisation for Economic Cooperation and Development (OECD) said… – Continue reading
Greece’s economic recovery is being undermined by large-scale corporate tax avoidance, whereby companies use loopholes in places like the Netherlands and Luxembourg to pay little or no income tax, according to a new report from Dutch research group, SOMO. Greece has been gripped by harsh austerity measures imposed by the… – Continue reading
HMRC has secured a hat-trick of tribunal wins against tax avoidance schemes, protecting over £260m in tax. All three rulings uphold earlier judgments in HMRC’s favour at the first-tier tribunal. The upper tribunal dismissed an appeal brought by users of a scheme promoted by NT Advisors, the taxman’s ninth successive… – Continue reading
When Boris Johnson ran for mayor he told the BBC he wanted “a crackdown on tax dodgers and tax avoiders of all kinds”. The comment was a deliberate reference to his then-opponent Ken Livingstone’s use of a “personal service company” (PSC) to allegedly limit his tax bill. Use of PSCs… – Continue reading
LONDON – Offshore companies may soon have to reveal the identities of their ultimate beneficial owners, with the information to be recorded on a central register. Late last week the UK government instructed the British Virgin Islands and the Cayman Islands to set out a timetable for the implementation of… – Continue reading
Prosecutors have launched an investigation into one of South Korea’s top steelmakers, Dongkuk Steel Mill Co., over allegations of large-scale embezzlement and tax evasion. The Seoul Central District Prosecutors’ Office on Saturday raided Dongkuk Steel’s headquarters in central Seoul, affiliate offices and the home of the company chairman, Chang Sae-joo,… – Continue reading
Claims to be in favour of stamping out immoral tax practices were shown to be little more than lip service On Wednesday, Conservative and UKIP MEPs voted against proposals in the European Parliament which were aimed at making the tax system fairer, including cracking down on tax evasion and aggressive… – Continue reading
ISLAMABAD: Being overwhelmingly impressed by the Turkish Tax System, Federal Board of Revenue (FBR) Chairman Tariq Bajwa will brief Finance Minister Ishaq Dar on his recent visit to Turkey. “In the upcoming board and council meeting, members of the delegation will inform the finance minister and other officials concerned about… – Continue reading
Government money handed to HM Revenue & Customs (HMRC) to blitz tax avoidance has given a return of more than 100 times the investment. The incoming coalition government pledged £900 million to bolster HMRC’s compliance departments in 2011. The money was spent on sophisticated technology and recruiting specialist investigators. Since… – Continue reading
NICOLA Sturgeon is currently the most impressive political leader in the United Kingdom. Last week, in TV interviews with Jeremy Paxman, David Cameron looked stiff and out of touch; Ed Miliband looked callow and desperate. Yesterday in Glasgow, giving her keynote speech to the SNP spring conference, Sturgeon was poised,… – Continue reading
Taxes are complex, so you might assume just about anything can be called an innocent mistake. Actually, the tax law draws a line between non-willful and willful, and steep penalties or even prosecution can hang in the balance. ‘Gee, I didn’t know,’ doesn’t always cut it. Ignorance of even complex… – Continue reading
This article continues our series on the Base Erosion and Profit Shifting (BEPS) project, and the Action Plans that have so far been submitted, by the Organisation for Economic Co-operation and Development (OECD). We now look at Action Plan 15 on Developing a Multilateral Instrument to Modify Bilateral Tax Treaties…. – Continue reading
(Reuters) – Britain’s government has told two of its offshore financial tax havens to set out timetables for implementing a central register of companies revealing corporate ownership, in a bid to help combat tax evasion. Prime Minister David Cameron proposed plans for a public register of company ownership in 2013,… – Continue reading
NATIONAL debt will soon come under effective and professional control, thanks to the national debt management office whose establishment is reportedly in the final stages, the national assembly heard on Friday. Deputy Finance Minister Mwigulu Nchemba under the envisaged office, the national debt will be effectively, efficiently and closely monitored… – Continue reading
New York, NY, March 28, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, brings together the world’s leading authorities and industry participants through informative two -hour webcasts. It has scheduled a live webcast entitled: “FATCA for Government Agencies: What You Need to Know in 2015 Live Webcast.” This… – Continue reading
ISLAMABAD: Model Customs Collectorate Chief Collector Nadir Khan Hoti has told customs lawyers to resolve all cases pending in courts and tribunals as soon as possible, and also asked them to send the list of all the cases to the collectorate. In this regard, officials have started the process of… – Continue reading
The government may be going all out to promote Gujarat International Finance Tec-city (GIFT) as a financial services hub on the lines of Singapore, Hong Kong, Dubai and London, but an immediate migration of business — initially estimated to be $50 billion annually — away from these established centres would… – Continue reading
MUMBAI: Income-tax authorities on Friday issued draft assessment orders against nearly 150 foreign portfolio investors (FPIs) asking them to pay minimum alternate tax (MAT), a move that is bound to reinforce India’s reputation for aggressive tax enforcement. The 15-page draft assessment order sent to FPIs provides reasoning as to why… – Continue reading
(CS) An OECD economic report on Luxembourg has urged the country to diversify its economy to lower dependence on the financial sector, while also commenting on shortcomings in education and female labour participation. The Economic Survey of Luxembourg was presented by OECD Secretary General Angel Gurría at Neimënster on Friday… – Continue reading
ISLAMABAD: In a major move, the Federal Board of Revenue (FBR) has decided to install cameras on the premises of industrial units of five selected sectors — sugar, cement, fertiliser, beverages and tobacco — to gauge their real time production and stop billions of rupees tax evasion. This project, known… – Continue reading
The initiative means to lobby for a harmonization of Corporation Law in Europe to tackle tax evasion and re-fund public spending. About 40,000 Spanish citizens have signed a petition demanding measures against front companies and tax heavens in Europe, explained the activists in charge of the initiative Saturday. Beyond Spain,… – Continue reading
The International Tax Authority (ITA) of the British Virgin Islands has recently announced the issue of Version 2.0 of the Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements between the British Virgin Islands and the United States of America and the United Kingdom (IGAs). The initial… – Continue reading
People and companies charged with tax fraud or tax evasion should be granted the presumption of innocence in court, according to a parliamentary inquiry that pushes the federal government to radically overhaul current rules. At the moment, a taxpayer accused of tax evasion is deemed guilty and must prove their… – Continue reading
Labour MEP says tax harmonisation inhibits competitiveness of disadvantaged regions Labour MEP and head of delegation Alfred Sant has abstained on a European Parliament vote on a resolution on tax fairness. The resolution, which touches on a wide variety of tax related-issues, lays a basis for further parliamentary work on… – Continue reading
Armenian National Committee of America Government Affairs Director Kate Nahapetian testified yesterday before a key Congressional panel in support of increased U.S. assistance to Nagorno Karabakh, Armenia, at-risk Middle Eastern Armenian communities, and the Javakhk region of Georgia. In her opening remarks, Nahapetian thanked House Appropriations Subcommittee on Foreign Operations… – Continue reading
China will strengthen cooperation with the United States on major legal cases aimed at repatriating corrupt Chinese officials hiding in the US, as well as confiscating their ill-gotten assets, a senior official of the Supreme People’s Procuratorate said. The remarks followed news that one of China’s most wanted fugitives is… – Continue reading
AT a focus group discussion in Padibe, Lamwo district, a young male participant rises up and says, “Why should we pay taxes when results are not seen at community level? Services are poor; our roads and health services are appalling.” Though the young man did not receive an apt response… – Continue reading
The Delhi High Court has adjudicated on a host of transfer pricing adjustment cases, where the adjustment had been made by the taxman for ‘excessive’ spends on advertising, marketing and promotional expenses (AMP). The High Court’s judgment in a high-stakes transfer pricing case lends clarity on many of the questions… – Continue reading
Businesses still have concerns over the drafting of a new tax on multinationals said tax expert Heather Self of Pinsent Masons, the law firm behind Out-law.com. She was commenting after the UK’s Finance Bill, which contained the legislation for the new tax, completed its rapid progress through Parliament when it… – Continue reading
