Chairman Federal Board of Revenue (FBR) Tariq Bajwa has said that Pakistan and China are re-negotiating agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. On the conclusion of Public Accounts Committee (PAC) at the Parliament House here on Thursday,… – Continue reading
After recently completing tax information exchange agreements (TIEAs) with Switzerland, Liechtenstein, and Monaco, the Italian Government is now looking to agree a similar treaty with the Holy See in Rome’s Vatican City. The TIEAs between Italy and Switzerland, Liechtenstein, and Monaco, and the prospective treaty with the Vatican, all provide… – Continue reading
On 23 February 2015, the Cayman Islands Department for International Tax Cooperation (“DITC”) announced that the Governor in Cabinet of the Cayman Islands had approved an extension to the notification deadline contained in Regulation 14(3) of the Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014 (the… – Continue reading
A Sheffield MP has revealed how much was lost to tax evasion and avoidance in one year. Paul Blomfield spoke in Parliament about how £7.2 billion was lost to the practices in 2012-2013 – £2 billion more than was spent on Jobseekers’ Allowance, according to figures from the House of… – Continue reading
PokerStars, the online gaming brand owned by Amaya Gaming, has been accused of large-scale fraud and tax evasion totalling €300 million ($318.4 million) by financial authorities in Italy. According to various reports, the tax fraud was run through Malta and the Isle of Man, which in turn meant Italy missed… – Continue reading
KARACHI: The customs authorities have referred the case of importer Paramount Corporation to the Engineering Development Board (EDB) for seeking technical view point into the case. The sources informed Customs Today that the authorities concerned of Customs Adjudication-II have forwarded the case of Paramount Corporation to the EDB for seeking… – Continue reading
Accountancy firms predict that a new offence of aiding and abetting tax evasion and aggressive tax avoidance will be announced in next week’s Budget It is expected that George Osborne will outline proposals to introduce special measures, aimed at professional service firms, to deter serial avoiders and scheme promoters. The… – Continue reading
Port Louis, March 12 : Prime Minister Narendra Modi on Thursday assured that India would work with Mauritius to avoid the “abuse” of the double taxation avoidance agreement and added that the destinies of both nations are “linked by the currents of the Indian Ocean”. Addressing the National Parliament of… – Continue reading
Under a plan baked into the White House’s budget for 2016, U.S. corporations would theoretically be forced to pay hundreds of billions in new taxes on money kept abroad. Levying fees on the $2.1 trillion in funds largely held by shell companies through an accounting trick called deferral, the move,… – Continue reading
The Chancellor will take credit for the improving state of the economy and public finances, but real policy changes will have to wait until after the election. Chris Sanger, Head of Tax Policy at EY, comments: “With this Budget announced in the dying embers of the coalition, next week’s event… – Continue reading
Costa Rica News – If you are making money in Costa Rica expect it to be reported to your country of origin and pay taxes. Costa Rica has long has a reputation as a tax haven but the government is working to change that. If bill number 18,966 is approved,… – Continue reading
Revenue had initiated 33 investigations on suspicion of tax evasion relating to HSBC, 27 of which were complete, with six ongoing, the Committee of Public Accounts has been told. Some 19 accounts have made settlements so far yielding €4.6 million, with the average tax recovered for each of the 19… – Continue reading
Port Louis: India offered US dollar 500 million concessional line of credit to Mauritius for key infrastructure projects even as the two countries agreed to continue negotiations on hammering out a revised double tax treaty to prevent its “abuse”. The two countries also signed five agreements, including one on developing… – Continue reading
Tax avoidance schemes are hitting the headlines on a daily basis, particularly in light of the recent allegations that HSBC supposedly assisted clients to “dodge tax” and the reported involvement of thousands of celebrities, sports stars and politicians in film finance schemes. Any such scheme which bears the hallmarks of… – Continue reading
Ruling by the European Court of Justice means France is liable to reimburse tens of millions of euros to British and other EU non-resident owners who let out or sold their properties France has lost its tax war against British second home owners after the European Union’s top court deemed… – Continue reading
Your Isa investments don’t have to be limited to the UK. It’s also possible to hold shares in foreign firms in one. However, the rules for this are a little more complicated, and you need to be aware of an extra cost that can outweigh the tax benefits if you’re… – Continue reading
According to a recent poll, voters in the United Kingdom don’t see a distinction between tax avoidance and tax evasion, at least not a moral one. According to a YouGov survey, 59 percent considered avoidance “unacceptable,” while only 32 percent thought it was legitimate. The pollsters took pains to emphasize… – Continue reading
ASTANA. KAZINFORM – Kazakh President Nursultan Nazarbayev has signed the law “On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Macedonia for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income”, Akorda… – Continue reading
Two business federations from the Netherlands and Germany have urged the Organisation for Economic Co-operation and Development to ensure that there is a level playing field under new international rules proposed for preferential regimes for intellectual property (IP) income, reports Tax News. The two organizations’ statement concerns the development of… – Continue reading
The call for tax transparency is being echoed around the globe, with ‘midshore’ centres like Bahrain and the UAE emerging as reputable, regulated and tax efficient jurisdictions A 2012 book entitled Offshore Apocalypse – The Collapse of the Tax Haven Industry, written by a team of tax-law academics, auditors, compliance… – Continue reading
(Reuters) – The Andorra government dismissed the board of Banca Privada d’Andorra (BPA) on Thursday, two days after taking control of the lender to investigate U.S. allegations of money laundering. Three managers at privately-owned BPA, the fourth biggest of Andorra’s five banks by assets, have also been sacked, a spokeswoman… – Continue reading
On 9 March 2015, the State Secretary of the Latvian Foreign Ministry, Andrejs Pildegovics, met with the members of the South Korean Parliament, Byun Jae Ill and Park Young-sun, who are visiting Latvia from 9 to 11 March in order to strengthen cooperation between the Latvian and South Korean Parliaments,… – Continue reading
You may have noted there’s an election in the offing Worstall on Wednesday As the tech news outlet of record has told us, UK chancellor George Osborne is preparing to bring in the “Google Tax”. Properly known as the Diverted Profits Tax, it is supposed to be a way of… – Continue reading
Ever since the Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by the US Congress to target non-compliance by taxpayers using foreign accounts, the hallucination effect has come into force. Banks and financial intuitions are related with US treasury accounts in some way or the other just like… – Continue reading
This article is the first in a series of four parts that will examine the Canadian and U.S. income tax implications when an employee employed by a Canadian entity is assigned temporarily to work in the U.S. This first article focuses on the importance of the determination of “residency” for… – Continue reading
The BVI is a tax haven that has been used to stash away laundered money and capital siphoned out of countries through tax evasion. “It has never been clear why the board led by Moxon decided to set up parallel investment vehicles in the BVI. That was never fully explained… – Continue reading
The Australian Taxation Office should be given the power to ignore multinational transactions that fail to pass the “common sense test” and ensure that technology company profits are taxed where they are earned, the Australia Institute submission to the inquiry into corporate tax avoidance says. The submission takes a swipe… – Continue reading
Robert Jenkins says Douglas Flint should resign over Swiss scandal for the good of his own reputation A former member of the Bank of England’s financial policy committee has called on HSBC’s chairman to resign following the scandal at its Swiss operation and other debacles. Robert Jenkins said Douglas Flint,… – Continue reading
Responding to widespread anger about corporate tax avoidance, the impacts of such avoidance on inequality and poverty, and concerns that current tax reform processes are inadequate, a new nonpartisan body-the Independent Commission for the Reform of International Corporate Taxation (ICRICT)-has been established to propose reforms from the perspective of the… – Continue reading
Rome police accuse PokerStars.it managing director over €300 million of undeclared monies that were traced to Malta and the Isle of Man The managing director of PokerStars in Italy, a leading online poker brand, has been accused of fraud and tax evasion of some €300 million by Rome’s finance police… – Continue reading
Representatives of the governments of Hungary and Luxembourg signed an agreement to eliminate double taxation on the sidelines of a meeting of EU finance ministers, the economy ministry said. The new agreement, signed by Economy Minister Mihály Varga and counterpart Pierre Gramegna, replaces an earlier one signed in 1990. It… – Continue reading
Just before Christmas last year, Justice Bennett handed down the decision in Seven Network Limited v Commissioner of Taxation [2014] FCA 1411 which held that no copyright existed in Channel Seven’s live television broadcasting of the 2006 (Winter) Olympics in Turin, and the 2008 Olympic Games in Beijing, to Australian… – Continue reading
The main legal weapon used by the tax office to hunt down multinationals trying to avoid paying tax often doesn’t work, a problem that could cost the federal government billions a year. A Tax Office internal document, Offshore hubs mitigation strategy overview, said that Australia’s general anti-avoidance rule, Part IVA,… – Continue reading
What is FATCA? The US federal income tax system relies on voluntary compliance by taxpayers to self-report their worldwide income and compute their income tax. It is estimated that billions of dollars in taxes are evaded annually by US persons holding offshore accounts. When voluntary compliance is augmented by third-party… – Continue reading
Argentina has sent requests for information to tax authorities in the Virgin Islands, Uruguay and Bermuda, according to a Reuters report. This comes as Argentina wants HSBC Holdings Plc to repatriate some $3.5 billion that it says the bank’s Argentine branch moved offshore to help clients evade taxes and move… – Continue reading
According to Italy’s financial police, the Halfords Media Italy S.r.l., one of the companies used by PokerStars for marketing activities in the country, is currently under investigation for a €300 million tax fraud. Contacted by PokerNews, Head of Corporate Communication at PokerStars Eric Hollreiser said to be confident that the… – Continue reading
NEIL CHENOWETH The raids unfolded across the city at 8.40 on a Tuesday evening. Squads of federal police descended on Point Piper, Chatswood, city offices and the departure lounge of Sydney International Airport. Accountant Vanda Gould was up when police arrived to arrest him. Across town officers scooped up his… – Continue reading
ISLAMABAD: Signing of a Trade and Investment Framework Agreement (TIFA) between Pakistan and the United States has been put on the back-burner since America has become the largest export market for Pakistan with a volume of $3.7 billion, said US Secretary of Commerce, Penny Pritzker on Tuesday. A key member… – Continue reading
HSBC Holdings Plc (LON:HSBA) shares were steady at 560.42p this morning, as the scandal revolving around HSBC’s Swiss unit tax avoidance scheme took a political turn. Tory and Labour have traded accusations, while on the international level Argentina has demanded cash payments from the lender as compensation. Sir Alan Duncan,… – Continue reading
Following on from the Indian budget last month and various significant developments on the disputes scene, TPWeek thinks it is a good time to put together a Special Focus, bringing together its most recent reports. The Indian government is keen to promote a more investor-friendly environment in relation to corporate… – Continue reading
ARLINGTON, Virginia, March 10, 2015 /PRNewswire/ — Bloomberg BNA today announced an addition to its lineup of keynote speakers for the Global Transfer Pricing Conference: Paris, held in conjunction with Baker & McKenzie, on March 30-31 immediately after the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transfer… – Continue reading
Frank R. Suess writes: Every time you think the US establishment can do no more to threaten the freedom and livelihood of the very Americans who contribute the most to the prosperity of the country, they increase the heat in the furnace by a notch with more cheap money and… – Continue reading
No more tax amnesties by the government are envisioned, Prime Minister Joseph Muscat said yesterday during a press conference announcing the government’s acquisition of the Swiss Leaks data. The first tax amnesty was launched in 2002, with subsequent amnesties in 2003, 2005, 2007 and 2014. Asked whether tax evaders on… – Continue reading
The regional operating headquarters (ROH) provisions that Thai tax authorities introduced in 2002 have never been popular, as they are difficult to understand and comply with. As a result, many businesses have bypassed Thailand and chosen Kuala Lumpur for their regional offices. Even a major revamp of ROH regulations in… – Continue reading
The long-awaited double tax agreements entered into by Kenya with South Africa and Mauritius respectively did not come into force on 1 January 2015 as expected. The treaty between Kenya and South Africa that was signed in November 2010 was ratified by Kenya in October 2014, following earlier ratification by… – Continue reading
East African member states have been advised to make critical assessment of single income tax rates. A law expert, Anatoly Nahayo said recently in Dar es Salaam after launching his book titled “East African Community Tax Harmonisation.” He said the move will ease allocation of capital shares within EAC member… – Continue reading
IRAS will “closely monitor” corporatisation behaviour to prevent instances of tax evasion, especially among high income earners, said the Senior Minister of State for Finance. SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) will be monitoring corporatisation behaviour more closely and stepping up its audit programmes, in light of impending… – Continue reading
The authorities in Sweden suspect Spyker CEO Victor Muller of tax evasion in the period that he was the boss of the Swedish car company Saab, RTL Nieuws reports. The Swedish authority that deals with economic crime suspects that Muller was involved in tax evasion in 2010 and 2011. During… – Continue reading
Tunis — Tunisia and the Organisation for Economic Co-operation and Development (OECD) signed, on Tuesday in Tunis, an agreement under which Tunisia will join the Base Erosion and Profit Shifting (BEPS) project and the OECD Action Plan for Youth. Launched in July 2013 by OECD, the BEPS project produced its… – Continue reading
Are you an American abroad living in perpetual fear of the IRS? Do you wake up every morning wondering if today you’ll receive a formidable notice that the taxman cometh? You are not alone. Expats around the world are facing (and fearing) the painful reality that the IRS’s global tax… – Continue reading
