The Spanish tax authority has published its annual tax and customs control plan for 2018, which details the tax compliance and enforcement measures that it intends to undertake in the coming year. The plan, published by the tax authority on January 23, features four key pillars: preventative measures, including a… – Continue reading
Lower corporate income taxes should come with a reduction in business incentives to limit the impact on government revenues, the Finance department said. Finance Undersecretary Karl Kendrick Chua said that least P26 billion had to be raised for every percentage point cut to the corporate income tax rate, which the… – Continue reading
The Antigua and Barbuda government is to take steps to harmonise the offshore and onshore tax rates for financial services to avoid the European Union making good on a threat to blacklist the country if it fails to comply. The European Council of Finance Ministers last month published a list… – Continue reading
On December 29, 2017, the Inland Revenue (Amendment) (No. 6) Bill 2017 (BEPS bill) was gazetted in Hong Kong. The BEPS bill introduces a transfer pricing regulatory regime and mandatory transfer pricing documentation requirement in Hong Kong as well as a variety of other anti-BEPS changes. The BEPS bill marks… – Continue reading
UAE was confident of swift removal from the tax haven list in 2018. The UAE, along with seven other countries, has been removed from the European Union’s list of Uncooperative Tax Havens as the country further enhanced its transparency in tax procedures. As a mark of strengthening ties with EU… – Continue reading
VALLETTA, Jan.11 (Xinhua) — The 2017 International Tax Co-Operation Report published by the Organisation for Economic Cooperation and Development (OECD)showed Malta to be a tax compliant jurisdiction ,the Maltese Finance Ministry said on Thursday. “This is exactly what we have been stating all along in the face of unfair criticism… – Continue reading
Despite failing to achieve revenue collection targets last year, the Indonesian Government has set an ambitious goal for 2018 of boosting collections by 20 percent. Indonesia posted a nine percent shortfall against budget targets in 2017. However, the Government hopes to considerably boost the tax take in 2018, bargaining on… – Continue reading
Namibia has 18 months to sort out “tax haven mess” – EU Namibia has 18 months, up to June 2019 to comply with the European Union (EU) demand that it joins the Global Forum on Transparency and Exchange of Information for Tax purposes and to sign, ratify and participate in… – Continue reading
Calendar 2017 saw significant advances in the Australian Tax Office armoury, both through Court wins and new or pending legislation. The Tax Commissioner openly now claims the upper hand in corporate and multi-national tax compliance. The Senate seems almost becalmed!? This note outlines our selection of 10 key things that… – Continue reading
South Africa compared favourably in the World Bank and PWC’s recently released report titled Paying Taxes 2018, coming in 46th overall. However, in respect of time to complete a company income tax audit (31,6 weeks), the country falls short of regional and global averages (21,8 weeks and 27,3 weeks respectively)…. – Continue reading
CYBERJAYA: The Inland Revenue Board (IRB) is in the midst of auditing 15 banks with offshore transactions in an effort to collect hundreds of millions of ringgit worth of taxes. IRB deputy chief executive officer (compliance) Abdul Manaf Dim said the auditing processes of the banks nationwide were among the… – Continue reading
The Davis Tax Committee (the Committee) released a further report on “Tax Administration” on 13 November 2017 as part of the final six reports that were deliverable by the Committee. The report has five chapters covering: Governance of the South African Revenue Service Base Erosion and Profit Shifting (BEPS) Treatment… – Continue reading
The Isle of Man’s critics ignore the great progress it has made in keeping its business above board. Last week the island received a ringing endorsement from the OECD. We have retained the top ’compliant’ rating by the global body reviewing tax transparency – one of only six countries worldwide…. – Continue reading
Introduction The Organisation for Economic Co-operation and Development (OECD) is an economic organisation made up of 35 member countries, with the aim of encouraging economic progress and world trade. In 2015, the OECD developed the Base Erosion and Profit Shifting (BEPS) Project, made up of reports on 15 action plans,… – Continue reading
T&T faces possible sanctions after the Global Forum recognised this country as the only jurisdiction not considered to have made sufficient progress towards satisfactory implementation of the agreed tax transparency standards. Speaking at a media conference on Friday afternoon, Attorney General Faris Al Rawi said this has negative implications for… – 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
LUSAKA, July 28 (Xinhua) — Zambia’s revenue agency warned on Friday that it will freeze all bank accounts holders without Tax Payer Identification Number (TPIN) by the end of this year. The Zambia Revenue Authority (ZRA) said having a TPIN was a pre-requisite to all procedures of tax registration and… – Continue reading
Italy is the most complex jurisdiction in Europe and comes in first place globally for ‘tax’ complexity, while Greece is most complex in the world for ‘compliance.’ Italy and Greece are among the five most complex jurisdictions in the world for Accounting and Tax compliance, according to TMF Group’s inaugural… – Continue reading
The country has been rated as ‘Largely Compliant’ by the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes, according to the Ministry of Finance (MoF). Due to the rating, the country will not be included in the list of non-cooperative jurisdictions that will be prepared for… – Continue reading
The Canada Revenue Agency (CRA) has said that audits it undertook between April 2015 and March 2017 of real estate transactions resulted in more than CAD329.4m (USD249.2m) in assessed income that had not been reported. The CRA said that, during this period, it completed over 21,000 audit files related to… – Continue reading
Australian Treasurer Scott Morrison’s 2017 Budget focused on measures to cool the housing market and crack down on tax avoidance. Morrison handed down the Budget on May 9. He said the the budget would return to a surplus in 2020-21 and remain in surplus over the medium term. The Budget… – Continue reading
The Governments of the United States and Grenada have signed the Foreign Account Tax Compliance Act (FATCA) that will enforce a requirement for US citizens to file yearly reports on their non-US financial accounts. “This allows us to work together to ensure that financial institutions here in Grenada can help… – Continue reading
