The APA scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. New Delhi: The Central Board of Direct Taxes (CBDT) has entered into four more Advance Pricing Agreements (APAs), pertaining to… – Continue reading
Argentina is reportedly considering shifting the burden of tax towards consumption, to bring the country’s corporate tax rate down to a competitive level. Specific measures are expected to be tabled before lawmakers soon. It is anticipated that there could be a 10 percent cut to the corporate income tax rate,… – Continue reading
Analysis of Finance Ministry data has revealed shocking findings: a total of 22.22 lakh entities (individuals+firms), who had never filed tax returns ever, had deposited a combined amount of over Rs. 2L crore post demonetization. That’s an average of Rs. 9,00,090 for an individual/entity which legally hasn’t earned ever! Of… – Continue reading
President Donald J. Trump is working to reform the tax system so that Americans are treated fairly and can keep more of their hard-earned money, and companies can bring jobs back to the United States. According to a news release from the administration, Trump will jumpstart America’s economic engine by… – Continue reading
Instead of raising state revenues, as was intended, the increased demands on self-employed professionals in terms of taxes and social security contributions have resulted in increased tax evasion, confirming the Finance Ministry’s worst fears. Data show that incomes declared earlier this year by self-employed professionals in their 2016 tax statements… – Continue reading
Taipei, Sept. 3 (CNA) The Presidential Office has said that the latest tax reform program set forth by the Ministry of Finance (MOF) will strengthen investment, and promote industrial development and competition. Presidential Office spokesman Sidney Lin said recently that the reforms will revolve around three main principles: To ease… – Continue reading
Prime Minister Narendra Modi had asked tax officers to use data analytical tools to proactively track and determine undeclared income and wealth and highlighted the need to strengthen data analytics and investigation wing of the tax department. gst cbdt Tax officials have been urged to “utilise data effectively” such that… – Continue reading
KARACHI: Number of annual income tax return filers increased 16 percent to more than 1.24 million till August 27 due to efforts of tax machinery and higher withholding tax rates for non-compliant taxpayers, an official document showed. The number of return filers for the tax year 2015 stood at 1.07… – Continue reading
Non-domiciled taxpayers contributed £9.3 billion to the UK economy in 2014/15 through a combination of income tax, capital gains tax and National Insurance contributions (NICs), according to newly-published figures. The number of non-doms paying tax in the UK marginally increased in 2014/15, to 121,300, up from 119,800 the previous year…. – Continue reading
The Zimbabwe Revenue Authority (Zimra) is making strides to increase tax evasion penalties to punish tax evaders, amid revelations the taxman is currently collecting 30% of the prospective tax revenue. Zimra board chairperson Willia Bonyongwe yesterday told delegates at the EY tax seminar that there were efforts to increase tax… – Continue reading
Malawi’s recent budget included numerous tax changes and announced updates to the country’s transfer pricing rules. On the indirect tax front, the Budget, released in mid-August, introduced a 10 percent excise tax on television subscriptions and introduced a value added-tax exemption for dairy products, animal or vegetable fats and oils,… – Continue reading
The government said Wednesday that it will toughen its stance against tax evasion by multinational firms by adopting a global agreement in the country’s legal system within the year. In the mid-to-long term tax policy plan announced Wednesday, the finance ministry said that it would submit bills to enact “OECD… – Continue reading
India’s income-tax department has raised a tax demand for Hutchison’s capital gains during its sale of India mobile business to Vodafone in 2007 India’s income-tax department has now trained its guns on Hong Kong-based Hutchison Telecommunications International Ltd (HTIL) in connection with its alleged capital gains during the US$ 11-billion… – Continue reading
Switzerland and Zambia signed a new double taxation agreement (DTA) in the area of taxes on income. It replaces the agreement between Switzerland and the United Kingdom of 1954 which up to now applied to Switzerland and Zambia and will create legal certainty conducive to the further development of economic… – Continue reading
Brazil’s unique international tax rules present a significant challenge for both the OECD and Brazil, as the South American country seeks to join the international organization. However, the challenges aren’t insurmountable. The push for Brazil to join the Organization for Economic Cooperation and Development “is a little bit rushed,” Sergio… – Continue reading
MEDIUM and large businesses with multinational ties will soon have to start supplying the South African Revenue Service (SARS) with more detailed reports of their relationships and transactions with connected entities residing in other countries. SARS has beefed up its Transfer Pricing Division and is now actively involved in the… – Continue reading
Kelly O’Dwyer, Australia’s Minister for Revenue and Financial Services, has stressed that the Government has taken and will continue to take steps to tackle corporate tax avoidance by large businesses. Speaking to Sunrise’s David Koch on August 23, 2017, the Minister said: “We absolutely believe very strongly that you cannot… – Continue reading
LONDON (CNNMoney) — Denmark thinks it has found a way to prevent a worker shortage from damaging its economy. The proposed solution? Tax cuts. The world’s most taxed country said Tuesday that it is planning sweeping cuts to levies on cars and pensions that are designed to encourage people to… – Continue reading
The Internal Revenue Service has signed a contract with a company called Chainalysis that offers software for analyzing and tracking bitcoin transactions. The IRS has been pushing for ways to tax bitcoin transactions. In 2014, it issued basic guidance in Notice 2014-21 stating that virtual currencies such as bitcoin should… – Continue reading
The caretaker government may make the Netherlands a less attractive location for international business because of changes to the corporate tax system, the employers’ organisation VNO-NCW and tax advisers have warned, the Financieele Dagblad said on Monday. The employers and Dutch Order of Tax Advisors say the government is choosing… – Continue reading
Companies registered in Mauritius are the largest source of FDI into India, making it crucial for New Delhi to amend double tax avoidance agreement (DTAA) in its bilateral tax treaty New Delhi: India and Mauritius are set to begin a fresh round of negotiations to amend their double tax avoidance… – Continue reading
MULTINATIONAL corporations (MNCs) in Malaysia will soon be seeing more tax law changes coming their way as the authorities get down to tackling base erosion and profit shifting (BEPS). This follows efforts by the Organisation for Economic Co-operation and Development (OECD), approved by G20 leaders, to formulate a 15-step action… – Continue reading
The reach of Deferred Prosecution Agreements (“DPAs“) has been broadened to include the new offences of failing to prevent the facilitation of UK or foreign tax evasion – strengthening the DPA regime yet further as a weapon in the fight against corruption. From 30 September 2017, it will be an… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Mr James Lau, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (August 24) a comprehensive agreement for the avoidance of double taxation (CDTA) with Saudi Arabia, which signifies the… – Continue reading
The government approved the agreement on Thursday to avoid double taxation between Estonia and Japan and handed over the power to the finance minister to sign the agreement on behalf of Estonia. The plan is to sign the agreement on August 30 in Tallinn, spokespeople for the government said. The… – Continue reading
The South African Revenue Service (SARS) has received 606 applications so far under the special voluntary disclosure programme (SVDP) that allows taxpayers to come clean about their undeclared foreign assets. Of these, 253 applications relating to offshore assets valued at R6.5bn have been processed, SARS said in a statement on… – Continue reading
SINGAPORE, Aug. 24 (Xinhua) — The Inland Revenue Authority of Singapore (IRAS) publicized its annual report on Thursday, showing it collected 47 billion Singapore dollars (about 34.53 billion U.S. dollars) in tax revenue in Financial Year 2016/17, up 5 percent from the past financial year. IRAS attributes the revenue collection… – Continue reading
The Federal Court of Canada has ruled that the Canadian Revenue Agency may not conduct further in-person interviews with representatives from a multinational corporation concerning its transfer pricing affairs, having already discussed earlier tax years. Cameco Corporation declined to produce approximately 25 personnel for oral interviews in relation to an… – Continue reading
Wealth managers have only days to send clients warning letters about disclosing overseas assets to the taxman, or risk a £3,000 fine. Wealth managers, advisers and fund managers have until 31 August to send an HM Revenue & Customs (HMRC) approved letter to clients about holding assets abroad which warns… – Continue reading
Microsoft says iicrosoft says it has settled an Australian tax audit, a deal that follows criticism of the company’s practice of lowering its local tax payments by routing sales made to Australian customers through Singapore. The settlement was disclosed by Daniel Goff, Microsoft’s corporate vice president of worldwide taxes, in… – Continue reading
NEW DELHI: The Income Tax department is open to lowering the withholding tax rate for foreign companies which have income in India, a senior official said today. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra also urged firms and MNCs operating in India to pay their due share of… – Continue reading
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Wednesday said that the tax exchange agreements with other countries was resulting in information pouring in at a fast pace, thus there was no escaping for the multi-national companies (MNCs) from fair taxation. “We have got wide (tax) information from… – Continue reading
The Internal Revenue Service has extended the deadline for foreign financial institutions to have renewed their FFI Agreements, it has emerged. As reported, the original deadline was 31 July. However, accounting industry sources have flagged up the fact that the Internal Revenue Service is now stating that the deadline for… – Continue reading
Top ‘compliant’ rating given to Ireland, Norway and Mauritius Ireland has received one of the highest international ratings on tax transparency from the OECD. The organisation’s Global Forum on Transparency and Exchange of Information is part of the implementation of the common reporting standards in the wake of the global… – Continue reading
A loophole may make it a good place for foreigners to keep cash. Some 65,000 Puerto Ricans left their bankrupt U.S. island commonwealth last year. A group of private bankers are moving the other way. They’re increasingly opening offshore banks known as International Financial Entities, which were created by a… – Continue reading
The Treasurer has recently released exposure draft legislation (Treasury Laws Amendment (Housing Tax Integrity) Bill 2017) in relation to removal of the CGT main residence exemption for foreign residents. The changes are part of the Commonwealth Government’s ‘housing affordability’ reforms announced in the 2017-18 Budget. This will affect both Australian… – Continue reading
Four of the world’s largest companies have been under investigation by Australian tax authorities, amid new evidence from US executives about how Facebook, Google, Apple and Microsoft are shifting money to offshore tax havens. Appearing before a highly anticipated public hearing into corporate tax evasion, the executives endured questions about… – Continue reading
Britain is the world’s second largest conduit for multinational companies avoiding tax on profits, according to new research. Although the British government has taken a leading stand in the fight to tackle corporate tax avoidance, data analysis by researchers at Amsterdam University in The Netherlands shows The City of London… – Continue reading
The Supreme Court has recently ruled in favour of HM Revenue and Customs in a long-running dispute with Rangers FC over the use of employee benefit trusts (EBT) as a means of avoiding tax. The case, which was initially decided in favour of the Glasgow-based football club in two employment… – Continue reading
JOHANNESBURG — Despite question marks hanging over SARS, its chief Tom Moyane and the institution’s current ability to effectively collect taxes, the authority continues to push ahead with expanding its international net. A 31 August deadline for taxpayers to disclose their offshore assets and income to SARS is fast approaching…. – Continue reading
Croatia and New Zealand have agreed that they should negotiate an agreement on the avoidance of double taxation. Croatia’s President, Kolinda Grabar-Kitarovic, said an agreement was discussed in a meeting with New Zealand’s Prime Minister, Bill English, while she was on a state visit to the country. A double tax… – Continue reading
HMRC has continued to win the majority of its tax avoidance litigation cases this year, new figures published by the Revenue on Monday have shown Of the 26 cases where HMRC considered tax avoidance was involved in 2016/17, 22 were won by the Revenue, three were lost and one had… – Continue reading
Council leisure centres, universities and private schools would be forced into paying business rates under reforms suggested in a major review. Ken Barclay, the former RBS chief, accused local authorities of tax avoidance by delivering services such as gyms and cafes through arm’s length organisations (ALEOS) that attract charity relief…. – Continue reading
African nations will have more resources at their disposal to meet the Sustainable Development Goals if their national revenue authorities can boost tax collection. The United Nations Economic Commission for Africa estimates that the continent loses more than $50 billion through illicit financial outflows per year, much of this linked… – Continue reading
PERTH (miningweekly.com) – US oil and gas major Chevron has withdrawn its High Court appeal over a A$340-million bill from the Australian Taxation Office (ATO). The withdrawal means that the Full Federal Court decision of April is now final. The company in May turned to the High Court after a… – Continue reading
A Territorial Tax System Since the introduction of business taxation in 1948, Hong Kong has adopted a territorial tax system. Unlike most other advanced jurisdictions, Hong Kong does not tax worldwide income on the basis of residence, but only seeks to charge Hong Kong source profits. Profits tax is governed… – Continue reading
Bizlive cited a report from the Foreign Investment Agency (FIA) as showing that the British Virgin Islands alone registered $1 billion worth of FDI in the first seven months of the year, raising its total accumulative investment capital to $21.4 billion, ranking fifth among countries and territories with the highest… – Continue reading
Revenue & Customs collected an extra £3.4billion from small and medium-sized businesses in the tax year to April 2017 after a crackdown on firms that fail to pay VAT, according to tax investigation insurance company PFP. VAT accounted for 49 per cent of the extra tax take from investigations into… – Continue reading
China will continue value-added tax reform in an attempt to boost the economy through tax cuts. VAT reform is a key part of supply-side economic reform and has made good progress, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang. The most… – Continue reading
Finance Minister Sri Mulyani Indrawati has claimed that the tax revenue target of Rp 1.61 quadrillion (US$ 120.40 billion), as stated in the draft 2018 state budget, is realistic as it is only a 9.30 percent increase from this year’s target of Rp 1.47 quadrillion. This projection is relatively moderate… – Continue reading
