Experts yesterday agreed that a double taxation agreement (DTA) with China due to come into force on January will boost Chinese investment in the Kingdom. Speaking at a seminar in Phnom Penh, Clint O’Connell, head of tax at DFDL, said the agreement will attract more Chinese investors to Cambodia. “It… – Continue reading
Revamped rules for Delaware Companies create new reporting obligations for owners and eliminate any vestiges of confidentiality that once made these offshore structures attractive for many property buyers. Effective since the beginning of 2017, Delaware Limited Liability Companies (LLCs) that are wholly owned by a non-resident, now become subject to… – Continue reading
The Zurich-based Neue Privat Bank (NPB) has paid $5 million (CHF5 million) fine to settle a criminal tax evasion investigation in the United States. NPB is one of a handful of so-called ‘category 1’ Swiss or Swiss-based bank branches that were still facing sanctions at the start of this year…. – Continue reading
The Greek authorities are trying to battle tax evasion said to be rampant among the thousands of owners of Airbnb-type properties. Lacking a mechanism to monitor the short-term leasing of lodgings, inspectors have been doing random checks with the aim of identifying taxpayers that do not declare their extra income…. – Continue reading
COMMERCIAL banks and financial institutions across the country are required to implement a new international financial reporting standard from the beginning of 2020, according to the National Accountancy Body (NAB). Nuntawan Sakuntanaga, Commerce permanent-secretary and chairman of the NAB, said that the body agreed at a recent meeting on the… – Continue reading
A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic… – Continue reading
BASSETERRE, St. Kitts -– The Government of St. Kitts and Nevis took steps on Friday, July 13, to further strengthen its proactive cooperation on tax matters through the passage of three amendments to the Common Reporting Standard (Automatic Exchange of Financial Account Information) (Amendment) Bill, 2018, in the National Assembly…. – Continue reading
(Yicai Global) July 17 –– China’s aim to cut levies by CNY800 billion (USD119.5 billion) this year is not showing in the public tax revenue yet, which soared more than the economic growth for the first six months of the year. Tax revenue reached CNY9.2 trillion in the first half… – Continue reading
The Consultative Committee denied Tuesday allegations that the draft federal constitution will allow double taxation thereby putting more burden to the people. “Double taxation is absolutely false. It is provided in the draft that no double taxation should be allowed,” Conrado Generoso, Con-com spokesperson who presented the draft constitution, said… – Continue reading
National Board of Revenue has asked all banks not to allow double taxation avoidance benefits to any non-resident taxpayers without NBR certificate. International taxation wing of the revenue board has also requested Bangladesh Bank for taking necessary measures so that banks follow the directives. International tax wing of NBR on… – Continue reading
ISLAMABAD: Under a newly-signed agreement, Pakistan will have access to the information about its nationals’ assets abroad, it emerged on Monday. The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK). The information has been obtained with the assistance of… – Continue reading
NAIROBI, July 13 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement in order to boost bilateral commercial ties, a Turkish diplomat said Friday. Ahmet Cemil Miroglu, Turkish Ambassador to Kenya, told a media briefing in Nairobi that both nations have already agreed on the… – Continue reading
Director General of Taxation Hassan Zareer represented the Maldivian state Chia-Tern Huey Min, the Deputy Commissioner of the Inland Revenue Authority of Singapore, headed a delegation of officials Double taxation occurs in international trade when the same income is taxed in two different countries Maldives and Singapore have concluded the… – Continue reading
Hong Kong (HKSAR) – The Inland Revenue (Convention on Mutual Administrative Assistance in Tax Matters) Order (the Order) was gazetted and came into operation today (July 13). The Convention on Mutual Administrative Assistance in Tax Matters (the Convention) will enter into force in Hong Kong on September 1,… – Continue reading
Hong Kong (HKSAR) – The Inland Revenue (Amendment) (No. 6) Ordinance 2018, which primarily implements the minimum standards of the Base Erosion and Profit Shifting (BEPS) package promulgated by the Organisation for Economic Co-operation and Development (OECD) and codifies the transfer pricing principles into the Inland Revenue Ordinance (Cap. 112)… – Continue reading
The Internal Revenue Service and the Treasury Department issued a notice Friday saying they intend to issue regulations around estates and non-grantor trusts, which may affect one tactic that some wealthy taxpayers have been using to get around the cap on deducting local property taxes under the new tax law…. – Continue reading
Companies (Amendment) Act 2017 has replaced the provision relating to Significant Beneficial Owners by amending section 90 of the Companies Act. Recently, Ministry of Corporate Affairs (MCA) notified Rules on significant beneficial ownership which aim to fix the gap in existing provisions. Under the Companies Act 1956 and under the… – Continue reading
From a commercial viewpoint it is important that the Holdco is located in a reputable jurisdiction when seeking to access international equity and debt capital markets. The choice of Holdco location will also be relevant in circumstances where private equity investment is envisaged or where a trade sale is planned…. – Continue reading
Kenya and Portugal on Tuesday signed an agreement for avoidance of double taxation. The main objective of the Agreement on the Avoidance Double Taxation is to eliminate double taxation of income or gains arising in one country and paid to residents of the other country. This will create a conducive… – Continue reading
KARACHI: Hong Kong-based companies including a retail chain store planned to enter Pakistan following a bilateral treaty signed between the two countries last year to avoid double taxation that may boost annual foreign direct investment inflows from approximately $35 million, officials said on Tuesday. Officials at Trade Development Authority of… – Continue reading
Hanoi (VNS/VNA) – The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, Deputy General Director of the Audit and Advisory firm Deloitte Vietnam at a workshop on in Hanoi on July 10. Themed “Investment incentives, related… – Continue reading
Money laundering and abuse of sophisticated financial instruments have come under increasing scrutiny from regulators. However observers warn high-profile initiatives often act as a distraction from a lack of genuine political will to tackle global financial crime. For example, India’s leading stock exchange, the BSE, de-listed 222 dormant shell companies… – Continue reading
Australian Tax Authority will use bilateral data sharing agreements to collect taxes on cryptocurrency income. The Australian Tax Authority (ATO) will seek international cooperation to tackle hiding of cryptocurrency income, ATO acting deputy commissioner Martin Jacobs told local media on Friday. This year Australian traders must file tax declarations about… – Continue reading
By end of last month, over $6 billion of overseas assets had been declared by Pakistani nationals on which they paid $290 million in taxes and the amnesty scheme has been extended to the 31st of July earlier this month Affluent individuals are pushing the interim government to permit them… – Continue reading
The UK does still have one significant disadvantage namely the 20% withholding tax imposed by UK domestic law on “yearly interest” that arises in the UK is paid to persons whose “usual place of abode” is outside the UK. The UK is normally regarded as an attractive location for the… – Continue reading
The Internal Revenue Service spent nearly $380 million to implement the Foreign Account Tax Compliance Act, but so far isn’t prepared to enforce the law, according to a new report. The report, from the Treasury Inspector General for Tax Administration, examined the IRS’s efforts to implement FATCA, which was included… – Continue reading
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 58, 2018 on the Agreement for the Avoidance of Double Taxation on income tax between the Philippines and Mexico, which has entered into force last April 18, 2018. The Agreement was signed in November 17, 2015 between… – Continue reading
The Central Board of Direct Taxes has recently issued guidance on the appropriate use of the ‘Country-by-Country Report’. The CbC filing was introduced as a result of the OECD/G20 Base Erosion and Profit Shifting project. India also introduced the requirement to file CbC reporting recently with the completion of the… – Continue reading
The United Arab Emirates has more than 140 free zones across seven emirates, including 20 designated zones with separate laws, regulations and VAT treatment. This can make doing business in the UAE a complex journey. However, there is also the strong benefit of the UAE being one of the easier… – Continue reading
According to a newly released study by K-Monitor, the Hungarian government has spent around HUF 300 billion (almost EU 1 billion) in support of international companies. Just in this May-Jun period alone, the country has provided 10.7 billion financial aid to the world’s wealthiest companies. Despite the harsh rhetoric used… – Continue reading
The big picture is easy to see. The world’s richest few are expanding their fortunes at the cost of the vast majority. The combined wealth of the world’s 2,754 billionaires increased by US$1.8 trillion – or 24 percent – in 2017, to US$9.2 trillion. The richest 1 percent now own… – Continue reading
Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions…. – Continue reading
The OECD has welcomed efforts by the Dutch Government to tackle base erosion and profit shifting but called for the overall tax regime to be simplified, including in area of value-added tax. In its latest Economic Report on the Netherlands, the OECD said that the Government is attempting to change… – Continue reading
A vote by the UK parliament to insist that Britain’s Overseas Territories introduce publicly available beneficial ownership registers by December 31, 2020, has sparked anger and dismay within these autonomous, mainly small island, jurisdictions. An amendment to a UK Sanctions and Anti-Money Laundering Bill requires the British government to impose… – Continue reading
Document to be presented to Tynwald after summer recess The Isle of Man has agreed a renegotiated ‘double taxation arrangement’ with the UK. Howard Quayle met with Mel Stride MP yesterday, who is Financial Secretary to the Treasury and Paymaster General across, to sign the document which replaces the agreement… – Continue reading
HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a… – Continue reading
THE Anti-Money Laundering Council (AMLC) said the legal treatment of tax evasion and loopholes involving real estate brokers are keeping the country from achieving full compliance with international standards for money laundering regulation. AMLC Secretariat Executive Director Mel Georgie B. Racela made the remarks to BusinessWorld on the sidelines of… – Continue reading
France has made adequate fiscal consolidation efforts to exit the EU’s excessive deficit procedure, the EU Council recently agreed, while calling on Hungary and Romania to adopt tax or expenditure measures to shore up their finances. The findings came alongside the release of “country specific recommendations” for each of the… – Continue reading
KARACHI: The central bank’s rules to restrict access of the non-filers to foreign currency accounts would gradually clean up untaxed money from the banking system, although it may hurt much-needed forex inflows in the short run, analysts and bankers said. Analysts said foreign currency accountholders have been facing intensifying scrutiny… – Continue reading
The European Commission’s proposal for a digital services tax would be “deeply harmful” to the EU business environment and may lead to double taxation, a coalition of business and technology groups has warned EU leaders. An open letter published by the Information Technology Industry Council (ITI) ahead of the European… – Continue reading
New Delhi-Indian deposits have increased by 50% in Swiss Banks in 2017 said Union Finance Minister Piyush Goyal. He was reacting about Swiss bank deposits. Mr Goyal also said that India has automatic exchange of information with Switzerland and we will come to know who has deposited and whether it… – Continue reading
ATHENS, June 30 (Xinhua)– As Greece is loosening its capital controls imposed in 2015 to avert the collapse of banking system amid debt crisis, Greeks are increasingly using bank cards for tax avoidance rather than cash withdrawal limits. According to recent figures from the central Bank of Greece, more than… – Continue reading
The airline began commercial flight operations in 2010 and its fleet comprises five aircrafts The National Board of Revenue (NBR) has frozen the bank accounts one of the country’s private airlines, Regent Airways, for avoiding tax around Tk14 crore, confirmed sources at the NBR. According to them, the Customs, Excise… – Continue reading
Most of the 3.2m EU citizens in the UK will be granted permission to stay after Brexit in “a matter of days” following simple data checks, the Home Office says. Information held by the tax or benefit authorities will be enough to confirm residence – and eligibility for the new… – Continue reading
CANBERRA, June 27 (Xinhua) — An Australian taskforce has salvaged billions of dollars from multinational companies in just under a year, according to the latest tax office data. Acting on laws that were passed to crack down on large-scale tax avoidance, the Australian Tax Office (ATO) has clawed back more… – Continue reading
(BVI NEWS) – Stakeholders in the local financial services sector are said to be considering Crown Dependent countries such as the Isle of Man, Jersey, and Guernsey to relocate their businesses. That’s according to Executive Director of BVI Finance, Lorna Smith. Smith made the disclosure during a public forum at… – Continue reading
WELLINGTON, June 26 (Xinhua) — New measures to ensure multinational companies in New Zealand pay their fair share of tax will come into force next week. Revenue Minister Stuart Nash said the Taxation (Neutralizing Base Erosion and Profit Shifting) Bill, which passed its third reading in Parliament on Tuesday, takes… – Continue reading
The federal government has introduced sweeping new reporting rules for private trust funds, which have been accused of hiding wealthy Canadians’ money from tax collectors. Going forward, trusts that fail to file a tax return will face fines equalling 5% of its total value. The Canadian government still has no… – Continue reading
ISLAMABAD: If Panama Papers documents are any guide, Saifullahs of Lakki Marwat has the highest number of offshore companies owned by any Pakistani family and majority of them are in British Virgin Islands. Seychelles and Panama are two other jurisdictions where they have set up companies. While source of wealth… – Continue reading
Many feel the move discriminates against those not using the digital mode NEW DELHI, JUNE 25 The proposal to give discount on Goods and Services Tax (GST) for digital payments may not be implemented as there is no consensus among the States on the issue. “There are divergent views. Many… – Continue reading
