There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations… – Continue reading
(CNS): As the global cryptocurrency sector heats up, job creating international investment is seeking out suitable jurisdictions and Cayman Islands’ offshore rivals are looking to steal a march on this growth by introducing crypto-friendly laws and legislation, with Bermuda in pole position. Bermuda’s government said recently that it wants to… – Continue reading
Minister says gov’t ‘open’ to dialogue with all segments of society over new law AMMAN — The new amendments to Income Tax Law aim at serving taxpayers and “effectively” combating tax evasion, Deputy Prime Minister and Minister of State for Economic Affairs Jafar Hassan said on Tuesday. During a discussion… – Continue reading
Experts’ reactions to the Ministry of Finance’s (MoF) tax adjustment draft have been mixed, while the business community struggles to keep up with the variety of proposed tax hikes. Most recently, the MoF’s proposal to impose auxiliary property tax rate of 0.3-0.4 per cent per property value for houses worth… – Continue reading
President Muhammadu Buhari’s anti-corruption drive moved a notch higher yesterday. Nigeria and the United Arab Emirates (UAE)’s agreement on recovery of assets and cash stashed away in UAE by Nigerians takes off next month. Besides, the collaboration among heads of anti-corruption agencies in Commonwealth (Africa) countries will be stepped up… – Continue reading
A regulatory framework for cryptocurrencies has come into effect by royal decree in Thailand, the Bangkok Post reported Sunday, May 13. The 100-section law, published yesterday in the country’s Royal Gazette, defines cryptocurrencies as “digital assets and digital tokens,” and brings them under the regulatory jurisdiction of the Thai Security… – Continue reading
The Paradise Papers leak exposes how university foundations across the country hide money in the Cayman Islands and Bermuda The University of Montana Foundation has invested more than $30 million in offshore hedge funds and private equity firms in Caribbean and Central American tax havens, including an investment in a… – Continue reading
BRUSSELS (Alliance News) – US fast food giant McDonald’s has reshuffled its corporate structure to make tax-avoidance practices less transparent after the EU had opened an investigation into the company’s tax schemes in 2015, a group of trade unions said Monday. The report by a coalition of European and US… – Continue reading
In a major setback to Google India, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) held that the payments relating to Adwords made by the Company to its parent firm Google Ireland is subject to TDS provisions in India as the same constitute ‘royalty’ under the Income Tax… – Continue reading
The Minister of Finance, Kemi Adeosun has disclosed that the Federal Government paid N439.3 million to fourteen whistleblowers who gave vital information in the recovery of billions of Naira and some millions in hard currency from some corporate tax evaders. While she did not name the offending companies, Adeosun told… – Continue reading
In the wake of Armenia’s peaceful, constitutional political transition – a move broadly welcomed among Washington, DC policymakers as marking a new chapter in U.S.-Armenia relations – the Armenian National Committee of America (ANCA) has renewed its longstanding drive for a U.S.-Armenia Double Tax Treaty, a good-governance accord needed to… – Continue reading
Individuals that are in salaried employment have limited tax benefits. There are, however, certain tax benefits that may be used by individuals in salaried employment who are aware of the South African tax laws, notes Daniel Baines, author of ‘How to Get a SARS Refund‘. These can be grouped into… – Continue reading
It has emerged that Israel Tax Authority is hunting for crypto traders on social media. Local sources indicate that various local branches of the organization are sending out letters to those they suspect to be trading crypto without reporting it. In the letters, the authorities demand that the recipients should… – Continue reading
NEW DELHI, MAY 9 Mercedes-Benz India has said it can double its sales if the government gives rebates on tax on each car. “If you take out the cess — 22 per cent — my personal guess would be we can double our volume. This would mean we create many… – Continue reading
In China, withholding Corporate Income Tax (CIT) is applied to the following China-sourced incomes derived by non-resident enterprises without establishments in China, or to that derived by non-resident enterprises with establishments in China but whose income is not related to these establishments: Dividends, bonuses, and other equity investment proceeds; Interests,… – Continue reading
Buenos Aires (VNA) – Brazil and Singapore have signed a double taxation avoidance agreement and are considering the possibility of signing a free trade agreement (FTA) between Singapore and Mercosur, the South America trade bloc. According to a statement released by the Brazilian Ministry of Foreign Affairs on May 8,… – Continue reading
While Panama Papers revealed his offshore companies, Konrad Mizzi was giving instructions to backdate changes to his New Zealand holdings Konrad Mizzi instructed New Zealand accountants to backdate documents after the Panama Papers exposed his offshore interests in 2016, The Australian Financial Review reported. Last month, The Shift News reported… – Continue reading
This guideline will, however, help the system move towards invoice matching, which can check tax evasion The new single-page return and the transition process approved by the GST Council in the May meeting is a step in the right direction as it tries to iron some of the difficulties faced… – Continue reading
President Muhammadu Buhari move to halt tax evasion signs an agreement with Singapore President Muhammadu Buhari, on Monday 26 March 2018, signed the instrument of ratification of agreement with Singapore against double taxation and fiscal evasion. The President’s assent is pursuant to the approval of the double taxation treaty (DTT)… – Continue reading
HARARE, May 7 (Xinhua) — Zimbabwe and Qatar on Monday agreed to expeditiously negotiate and conclude agreements that protect future investments and avoid double taxation, Finance and Economic Development Minister Patrick Chinamasa has said. Addressing journalists in Doha, Qatar, after the first meeting between Zimbabwean President Emmerson Mnangagwa and Amir… – Continue reading
For the first time, Switzerland’s Federal Tax Administration (FTA) has sent details on advance tax rulings to its partners in the spontaneous exchange of information deal. The FTA announced on Tuesday that it had transmitted a first batch of 82 reports to a total of 41 states, including Britain, France,… – Continue reading
NEW DELHI, MAY 7 The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. The protocol, which was signed on January 15, 2017, was notified on May 4 this year, an official release said. It had… – Continue reading
MUMBAI, MAY 7 The Delhi High Court has refused to stop the arbitration filed by Vodafone Plc in the UK against the ₹22,000-crore tax claim by the Indian tax department. The court said that the Centre can approach the UK arbitration tribunal under the India-United Kingdom Bilateral Investment Protection Agreement… – Continue reading
(UPDATED) Rappler Holdings Corporation and Rappler CEO Maria Ressa file a joint counter-affidavit at the DOJ in relation to the P133-million tax evasion complaint filed by the BIR MANILA, Philippines (UPDATED) – Rappler Holdings Corporation (RHC) and Rappler CEO Maria Ressa accused the Bureau of Internal Revenue (BIR) of “selective… – Continue reading
Islamabad : Pakistan’s tax authorities on Friday informed the Senate panel that Organisation for Economic Cooperation and Development (OECD) placed one dozen action plans for making part of tax laws in Pakistan so the FBR made all-out efforts to expand its jurisdiction outside the country in line with best international… – Continue reading
VILNIUS, May 3 (Xinhua) — Lithuania has been formally invited to join the Organization for Economic Co-operation and Development (OECD), with a planned signing of the accession agreement during the OECD ministerial meeting on May 30 and 31 in Paris, Lithuanian authorities announced Thursday. The invitation “is a result of… – Continue reading
South Korea’s National Tax Service has released guidance in English for foreign taxpayers to comply with their South Korean tax affairs. Income tax returns must be filed by May 31, 2018. The guidebook explains foreign persons’ personal income tax obligations and the differences in tax treatment between resident and non-resident… – Continue reading
The Macau government is preparing to sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information which will allow automatic tax information exchange with other members of the Organisation for Economic Co-operation and Development Macau (MNA) – The Financial Services Bureau (DSF) has informed Macau News Agency… – Continue reading
In the OECD’s latest report for the country, Greece has been urged to broaden its tax base and further clamp down on tax evasion. While praising steps taken by Greece to implement recommendations in its last report, the OECD says Greece’s tax system still relies on high rates and narrow… – Continue reading
Malta has become the latest country to ratify the OECD’s multilateral convention to counter base erosion and profit shifting (BEPS). A notice was published in Legal Notice 142 of 2018 in the territory’s Official Gazette. The Convention, negotiated by more than 100 countries and jurisdictions under a mandate from G20… – Continue reading
Islamabad: ANP ex-Senator Ilyas Ahmed Bilour has said that there should be minimum 20 per cent tax rate for non-filers and tax evaders as 5 per cent tax return is very low and should not be passed. Mr Bilour was speaking at a special seminar on ‘Post Budget (2018-19) overview… – Continue reading
The United Kingdom’s parliament has enacted a new law requiring its overseas territories — which include notorious tax havens like Bermuda, the Cayman Islands, and the British Virgin Islands — to start disclosing by 2020 the owners of corporations they register. This could shut down a huge amount of offshore… – Continue reading
Britain’s 14 overseas territories, including the Cayman Islands, will have to introduce public registers of beneficial ownership by the end of 2020. If they do not, the U.K. government will issue an order in council to force Cayman and other territories to do so. The U.K. Conservative Party government did… – Continue reading
Britain’s HM Revenue and Customs has sought to clarify when financial advisers will be considered “enablers” of tax avoidance when promoting tax-free investment and savings schemes. The move is in response to government plans to fine those promoting such avoidance schemes, which led to industry unease at how the authorities… – Continue reading
BRUSSELS – Despite initial support, EU ministers are backing out of support for an international tax on digital companies. Over the weekend at a meeting of the Finance Ministers of the EU discussed the recent proposal to levy a tax on the revenues major international online businesses. The taxation of… – Continue reading
Alfi speaks out on the double taxation treaty signed between Luxembourg and France on 20 March 2018. Although it appreciates that it is the product of bilateral negotiation, it calls for more clarity before it is ratified. The Association of the Luxembourg Funds Industry (Alfi) has added its voice to… – Continue reading
KARACHI: Government asked banks to impose up to three percent tax on foreign funds transfer made through plastic card in a new finance bill. The finance bill for the next fiscal year of 2018/19 proposed a new advance tax levy on individuals remitting amounts abroad through credit, debit or prepaid… – Continue reading
Islamabad : The government has proposed the scope of gift scheme in order to avoid misuse for purpose of tax evasion. According to the Finance Bill 2018 issued here on Friday, it has been decided by the government to restrict the scope of gifts amongst the relatives of the taxpayer…. – Continue reading
KARACHI: Chief Minister Syed Murad Ali Shah has accused the Federal Board of Revenue of double taxation after the tax authorities raised a demand of Rs4.32 billion income tax and withholding tax on goods against various departments of the Sindh government. This, he said, while presiding over a meeting today… – Continue reading
The Government of Luxembourg has published in its Official Gazette the law for the introduction of the new intellectual property tax regime. The Act of April 17, 2018, amending the law of December 4, 1967, concerning the tax treatment of intellectual property was signed on April 17, 2018, and published… – Continue reading
Hong Kong’s Government has published a draft law preserving the profits tax exemption for offshore venture capital funds who participate in the island’s new Innovation and Technology Venture Fund (ITVF). The ITVF was set up by Hong Kong’s Government in 2017 with the aim of encouraging more private investment in… – Continue reading
THE Deputy Prime Minister yesterday promised that the proposed Beneficial Ownership registry will have “the most stringent controls”, amid industry concerns over the lack of prior consultation. K P Turnquest told Tribune Business that it was “not an unreasonable guess” to suggest that the Bahamas would follow the Cayman Islands’… – Continue reading
In Mahaveer Kumar Jain vs. Commissioner of Income Tax, the Supreme Court held that the income earned by the assessee from lottery prize cannot be subjected to tax under Income Tax Act, 1961 when the same tax was already paid under Sikkim State Income Tax Rules, 1948. The appellant had… – Continue reading
Doing away with the outdated and increasingly minority offshore tax system can create problems with what the Basic Law says ‘The Macau Special Administrative Region shall, on its own, make policies on tourism and recreation in the light of its overall interests,’ states the Basic Law in Article 118. Today,… – Continue reading
Ireland’s tax on sugar-sweetened beverages will come into effect on 1 May after the European Commission (EC) concluded that the levy does not involve state aid. The country had planned to introduce the tax on 6 April – the same day as the UK’s levy started – but it was… – Continue reading
Apple will start paying 13 billion euros in back taxes to the Irish government from May, according to the Financial Times, nearly two years after the European Commission ruled that the company received illegal aid from the country that saw its tax bill significantly reduced over the past few decades…. – Continue reading
The crusade against fiscal havens is not working. According to the BIS, “banks’ outstanding claims on offshore banking centres surpassed their previous peak recorded in 2008 during the Great Financial Crisis (GFC). Outstanding cross-border claims on offshore centres totalled $4.6 trillion at end-2017, compared with $4.3 trillion at end-March 2008.”… – Continue reading
The Bahamas will have “lost the plot” if it allows external pressures to dictate tax reform, a top accountant yesterday warning against any “knee jerk” changes. Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that this nation must avoid reform merely for the sake of… – Continue reading
Ferreting out people who want to hide their assets and income overseas is nothing new for the Internal Revenue Service. And for roughly nine years, the agency has sponsored programs tailored to those taxpayers who were prepared to come forward and disclose their unreported foreign assets and income in exchange… – Continue reading
Legislation led by U.S. Rep. Peter Roskam (R-IL) to reform Internal Revenue Service (IRS) civil asset forfeiture tools and his other priorities to protect taxpayers cleared the U.S. House last week as part of a larger IRS modernization initiative. The House on April 18 passed the Taxpayer First Act, H.R…. – Continue reading
