If all countries have access to info about final beneficiaries, MNCs will not be able to fraudulently assign profits to tax havens Can you imagine how much governments all over the world could improve public services like education, healthcare and access to publicly provided clean drinking water and sanitation with… – Continue reading
BEIJING, June 19 (Xinhua) — The Standing Committee of China’s National People’s Congress (NPC) has begun reviewing a draft amendment to the Individual Income Tax Law at its bimonthly session that opened Tuesday. The draft amendment raises the minimum threshold for personal income tax from 3,500 yuan (about 544 U.S…. – Continue reading
G7 countries are committed to working towards a consensus-based solution to the tax challenges of the digital economy, according to the final communique issued at the conclusion of the G7’s summit in Charlevoix, Canada. Expressing support for the OECD’s work in this area, the communique states that the impact that… – Continue reading
Offshore finance centres are not the hotbeds of tax evasion everyone seems to believe, according to a new study. Debunking myths about tax havens, think tank the Institute of Economic Affairs argues tax havens have a key economic function helping the wealthy and businesses with tax planning. And although this… – Continue reading
Liberia has signed the Convention on Mutual Administrative Assistance in Tax Matters, as amended by the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters at the Organization for Economic Cooperation and Development (OECD) The Convention provides a multilateral basis for a wide variety of administrative assistance including… – Continue reading
The Foreign Account Tax Compliance Act (Fatca) is a US legislation that is part of the 2010 Hiring Incentives to Restore Employment (HIRE) Act, and forming part of four new sections incorporated into the US Internal Revenue Code. It is a law designed to improve offshore US tax collection by… – Continue reading
HNWs need to be on top of their tax or face the Revenue’s ‘death ray’, writes Danny Bentley-White Bad news: the number of tax evasion cases identified by HMRC for the 2017/18 year was 3,809, an 18 per cent rise on 3,216 in 2016/17. These aren’t your ‘cash = No… – Continue reading
A recent proposal to amend HMRC rules for offshore is about to make tax investigations even more onerous, writes Colin Senez UK tax is complicated and convoluted and in certain circumstances can be tortuous. If you then add offshore taxation to the equation then the position can be even more… – Continue reading
For the next long-term EU budget 2021-2027, the Commission is proposing measures to make tax and customs cooperation between Member States better and more efficient. Continued funding of these programmes will help the EU to progress in offering businesses unfettered and easy access to the EU’s Single Market so that… – Continue reading
As June 30th deadline to file returns with Kenya Revenue Authority (KRA) fast closes in, a section of rich Kenyans who have hidden assets overseas are rushing to return the assets to avoid paying taxes. Tax consultants told Business Daily that the wealthy lot is repatriating the cash to avoid… – Continue reading
AMMAN — Jordan’s income tax draft law will enable the Kingdom achieve a “positive credit rating” and enhance ongoing fiscal reforms in Jordan, according to a report by credit ratings agency Moody’s. The report, a copy of which was obtained by the Jordan Times on Sunday, indicated that the bill… – Continue reading
AMMAN, June 3 (Xinhua) — A Jordanian official said on Sunday that a nationwide dialogue will be launched to reach a consensus on the controversial income tax bill. “The dialogue will include all segments of the society including professional associations and stakeholders from all segments of society,” the official told… – Continue reading
The OECD has endorsed New Zealand’s crackdown on multi-national tax evasion, despite significant criticism from local businesses that it departs from OECD standards, Thomas Coughlan reports. David Bradbury, head of the OECD’s tax policy and statistics division, told Newsroom that the OECD was “very pleased with the strong support that… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) will hire foreign experts to conduct tax auditing and eliminate evasion and avoidance, officials said on Tuesday. The officials said the Commissioner of Inland Revenue was authorised to call for record and conduct audit of taxpayers. The commissioner is also empowered to set… – Continue reading
Existing penalties aren’t enough to stop businesses using software to hide sales and reduce their tax, a federal government minister says. Kelly O’Dwyer says tougher penalties, including fines up to $1 million, will deter those who take part in the black economy. Legislation to create offences and introduce penalties for… – Continue reading
Tax authorities suspended the licenses of businesses across Greece after audits showed blatant cases of tax evasion, reported the Athens News Agency. On Mykonos, authorities confiscated the license and plates of a vehicle of a business that was offering luxury transport services with a mini van, without being registered with… – Continue reading
Switzerland is known for 3 things: cheese, chocolates and banks. While you might understand the affinity for the first two, here’s why everyone wants a slice of Swiss banks: 1. Because of their tight-lipped privacy policy: This isn’t just any policy, but an integral part of the Swiss banking culture… – Continue reading
Cabinet will recommend delay in Parliament extraordinary session to allow more time for dialogue AMMAN — The government will use all its might to defend the income tax draft law as it is presented to the Lower House for approval, a government official said on Monday. “We will use all… – Continue reading
Shenzhen’s tax authority has partnered with Chinese internet giant, Tencent, to combat tax evasions in the city. According to an announcement on Thursday, Tencent and the Shenzhen National Taxation Bureau have been jointly working towards setting up an innovation lab called ‘intelligent tax’, with an aim to introduce technological innovations… – Continue reading
Agreement first of its kind between two GCC nations The UAE and Saudi Arabia have signed a landmark double income tax treaty, the first such agreement between two members of the GCC, a tweet by the UAE Ministry of Finance confirmed on Thursday. Obaid Humaid Al Tayer, UAE Minister of… – Continue reading
YEREVAN, May 23. /ARKA/. Armenia’s parliament has ratified today an agreement signed on July 25, 2017 with Israel on the exclusion of double taxation and prevention of tax evasion with respect to property and income taxes. According to Deputy Minister of Finance Armen Hayrapetyan, the agreement will create a favorable… – Continue reading
AMMAN — The government on Monday endorsed the income tax draft law and said it will refer it to the Lower House on Tuesday to get it through constitutional channels towards enactment. Meanwhile, the government reasserted that it was earnestly carrying on with economic reforms according to schedule. During a… – Continue reading
The searches which started at the locations pertaining to the Bhopal-based Asnani Group and its business associates have led to the disclosure of around Rs 100 crores undisclosed income. BHOPAL: Five day long searches at 30 premises related to a Madhya Pradesh-based real estate major and business associates in Bhopal,… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has given a 15-day timeline to banks and brokerages to furnish financial data of foreign customers as the country signed in an international convention for information exchange to curb tax evasion, officials said on Wednesday. The officials said FBR directed financial institutions, including… – Continue reading
Islamabad: Pakistan customs officials are reportedly reluctant to file a criminal case against a Chinese company for evading taxes due to what they described as “national interests”. According to the Express Tribune, sensitivities related to the over USD 60 billion China-Pakistan Economic Corridor (CPEC) project, is preventing customs from filing… – Continue reading
KAMPALA, May 16 (Xinhua) — The World Bank in its new report has urged Uganda to improve its tax revenue if the east African country is to sustain economic growth. The Bank in its 11th Uganda Economic Update issued on Tuesday said while the economic growth has rebounded from 4.5… – 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
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
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
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
(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
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
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
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
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
KARACHI: Authorities have spotted more than 600 local firms to investigate the tax status and gather other financial information of non-residents, as new rules on data sharing, under an international treaty, kicked in to fight tax evasion, officials said on Friday. The officials said the Federal Board of Revenue (FBR)… – Continue reading
KUALA LUMPUR: The Inland Revenue Board of Malaysia (IRBM) yesterday said it will continue with the drive to counter the threat of aggressive tax planning, base erosion and profit shifting, and tax evasion practices that cause tax leakages. IRBM chief executive officer Datuk Seri Sabin Samitah said the effort to… – Continue reading
Malawi is struggling to address loss of revenues due to smuggling of minerals, unregulated artisanal and small-scale mining activities, under declaration of taxable income and transfer mispricing by mining companies. Reserve Bank of Malawi statistics show that Malawi lost $980 million (MWK78 billion) between 2010 and 2017 due to foreign… – Continue reading
Kosovo Tax Administration inspectors have discovered a tax evasion scheme involving multiple businesses in northern and southern Kosovo. The Kosovo Tax Administration, ATK, has uncovered a network of Albanian and Serb businesses collaborating in a tax evasion scheme, suspected to have emptied the public purse of millions of euros. Raiding… – Continue reading
MACAO, April 16 (Xinhua) — An agreement was signed between China’s Macao Special Administrative Region (SAR) and Vietnam to avoid double taxation as well as prevent tax evasion, according to a press release by the Macao SAR’s financial service department on Monday. The agreement, signed by Macao SAR Secretary for… – Continue reading
Guwahati The CBI has arrested Swetabh Suman, Commissioner of Income Tax (Audit), Guwahati, Assam from Delhi in connection with a case of tax evasion and criminal conspiracy. The central agency has registered a case against the arrested Commissioner of Income Tax. Similar procedures have been initiated against Income Tax Officer… – Continue reading
AEOI deals with the challenge of taxpayers operating cross-border but tax administrations remaining confined to their national borders, by providing an open international architecture. Singapore has activated three new Automatic Exchange of Financial Account Information (AEOI) relationships under the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account… – Continue reading
The lawyers want the global companies to send back 10 years of unpaid taxes to Bangladesh A group of lawyers have sent a legal notice to Google, Facebook, Yahoo and YouTube, as well as several government bodies, seeking action against ‘tax evasion’ by these companies. Supreme Court lawyer Barrister Humayun… – Continue reading
The Association for the Taxation of Financial Transactions and Citizen’s Action —or Attac for short —staged “die-in” protests at two French Apple stores on Saturday, once again charging the company with exploiting loopholes to avoid paying its fair share of taxes. Around 70 members participated in an action at the… – Continue reading
The Agencia Estatal de Administración Tributaria (AEAT), more commonly known as the Agencia Tributaria, the tax agency of the Spanish government is set to take a hard-line stance on what it suspects to be tax evasion activities aided and abetted by cryptocurrencies. The move comes as yet another chapter in… – Continue reading
A Vietnamese trade official in Cambodia last Saturday said a recent tax agreement between the countries will build more confidence among investors and business people in the Asean neighbours. Cambodia and Vietnam reached an agreement on the avoidance of double taxation (ADT) and the prevention of fiscal evasion with respect… – Continue reading
The Centre for Trade Policy and Development (CTPD) has commended the Zambia Revenue Authority (ZRA) for exposing the tax evasion scam worth K76.5 billion in the extractive sector. The center has also welcomed intentions by the authority to undertake an extensive audit of mining companies. CTPD Executive Director Isaac Mwaipopo… – Continue reading
Tax authorities reviewed a case in which a doctor worked at a limited partnership firm and was paid via a limited liability company. The court described the arrangements as tax evasion. Many professionals would prefer to pay taxes on capital income because the tax burden is lighter than on earned… – Continue reading
