Category: Common Reporting Standard

Automatic Exchange of Information / Common Reporting Standard / OECD / Tax Avoidance

Early Adopters Successfully Report under the Common Reporting Standards (CRS) with BearingPoint’s FiTAX

Posted On: May 18, 2017

The tax reporting solution FiTAX enables financial institutions worldwide to comply with OECD and local requirements on tax-reporting Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), announced today that the first institutions in early adopter countries successfully submitted their initial reporting… – Continue reading

Common Reporting Standard / FATCA / Framework / HMRC / Offshore Charities / Tax Authority / Trust

The common reporting standard and charities: do you have filing requirements with HMRC?

Posted On: May 17, 2017

The Common Reporting Standard (the CRS) is, like FACTA (the Foreign Account Tax Compliance Act), an information exchange regime aimed at realising international tax transparency. Exchange of information under CRS is achieved by requiring certain bodies including banks and other “Financial Institutions”, to collect data and report some of it… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / European Commission / FATCA

Revenue Publication of User Guides on Automatic Exchange of Information Reporting Requirements

Posted On: May 16, 2017

The Revenue Commissioners have today, 16 May 2017, issued detailed user guides on automatic exchange of information reporting requirements for Irish financial institutions covering both FATCA and CRS/DAC2 reporting obligations. The new guidelines set out in detail the process for filing FATCA and CRS/DAC2 returns, including the new functionality for… – Continue reading

Common Reporting Standard / Jurisdiction / Lebanon / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Tax Collection

Lebanon Joins OECD’s Multilateral Tax Pact

Posted On: May 16, 2017

Lebanon became the 111th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 12, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading

Australia / Banking / Base Erosion & Profit Shifting / Business / Certification / Common Reporting Standard / Individuals / Investments / Jurisdiction / Labuan / Malaysia / Offshore / Offshore Financial Centres / Regulatory / Residence / Tax Evasion / Tax Laws / Trust

Regulatory Issues: Financial account information exchange for increased tax compliance

Posted On: May 11, 2017

Malaysian individuals and entities that have bank accounts overseas will soon see their financial information being shared with other countries and tax authorities in an effort to boost global transparency and tax compliance. This requirement is part of the automatic exchange of financial account information set out by the Organisation… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Jurisdiction / OECD

OECD Seeks To Prevent Common Reporting Standard Avoidance

Posted On: May 9, 2017

The OECD has launched a disclosure facility allowing the reporting of potential schemes to circumvent the Common Reporting Standard, the new international standard for the automatic exchange of financial account information in tax matters. The facility is part of a wider three-step process the OECD has put in place to… – Continue reading

Base Erosion & Profit Shifting / Common Reporting Standard / Jurisdiction / Kuwait / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Turkey

Kuwait Signs OECD’s Multilateral Tax Pact

Posted On: May 8, 2017

Kuwait became the 110th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 5, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading

Automatic Exchange of Information / Bahamas / Common Reporting Standard / EU / FATF / OECD / Tax Authority / Tax Haven

‘Ball In Bahamas Court’ Over Tax Exchange Pledges

Posted On: May 4, 2017

“The ball is in the Bahamas’ court” to meet its automatic tax information exchange commitments, a senior industry executive yesterday saying there is “no alarm” about this nation having to alter its approach. #Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the private sector… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / FATCA / Multilateral Competent Authority Agreement / United Kingdom

UK Legislates For Broader Automatic Tax Information Exchange

Posted On: May 4, 2017

HM Revenue and Customs has updated the International Tax Compliance Regulations to include provisions on new automatic tax information exchange agreements and to clarify how non-compliance penalties will apply. The amendment clarifies due diligence and reporting requirements for financial institutions, to ensure the UK complies with international tax reporting standards,… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / FATCA / HMRC / Jurisdiction / OECD / Regulatory / United Kingdom

Early adoption of tax common reporting standard problematic

Posted On: April 25, 2017

Many of the data submissions made by early adopters over the next two months under the new common reporting standard (CRS) are likely to be rejected and returned for correction and resubmission, adding to compliance costs, according to predictions from Sovos, a global tax compliance solution provider The UK is… – Continue reading

Automatic Exchange of Information / Bahamas / Common Reporting Standard / EU / Jurisdiction / OECD / Tax Information Exchange Agreements

Bahamas Under Rising Tax Exchange Pressure

Posted On: April 25, 2017

The Bahamas is under growing pressure to bow to international demands that it automatically exchange tax information on a ‘multilateral’ basis, with the European Union (EU) and its members refusing to accept this nation’s preferred approach. #Well-placed Tribune Business sources, both inside the Bahamas and internationally, have confirmed that the… – Continue reading

Automatic Exchange of Information / Colombia / Common Reporting Standard / Legislation / OECD / Tax Evasion / Tax Reform

Colombia criminalizes Tax Evasion

Posted On: April 17, 2017

On 12/29/2016, Colombia’s Congress approved “Law 1819 of 2016”. The new legislation is a structural tax reform primarily aimed at increasing revenues for Colombia. Colombia suffered a loss of revenues when crude oil prices plummeted beginning in 2014. The loss of revenue created a negative impact on its economy; creating… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Jurisdiction / OECD / Residence / United Kingdom

SIX Financial Information launches tax compliance data service for Common Reporting Standard

Posted On: April 11, 2017

SIX Financial Information announced that has launched a new Common Reporting Standard (CRS)/ Automatic Exchange of Information (AEoI) data service, enabling financial institutions to meet the requirements which are being phased in from June 2017. The SIX CRS/AEoI service identifies CRS-reportable client income by flagging relevant corporate actions, simplifying resource-intensive… – Continue reading

Antigua & Barbuda / Banking / Common Reporting Standard / FATF / Legislation / Tax Haven / USA

More objections to A&B being listed as tax haven

Posted On: April 7, 2017

Antigua & Barbuda, on Wednesday, launched what government said was a strong objection with the US State of Illinois, which has introduced legislation, listing the twin island state and 10 Caricom countries as tax havens. In letters to the Speaker of the House of Represen-tatives of the Illinois General Assembly,… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Hong Kong / Jurisdiction / Legislation / Portugal / South Africa

Hong Kong Signs AEOI Pacts With Portugal And South Africa

Posted On: April 5, 2017

Hong Kong has signed agreements with Portugal and South Africa to automatically exchange financial account information in tax matters. The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include a total of 11 countries. The other reportable jurisdictions for Hong Kong are Belgium, Canada, Guernsey, Italy, Japan,… – Continue reading

Business / Common Reporting Standard / Corruption / Deloitte / FATCA / Financial Institutions / Tax Evasion / Value Added Tax

Deloitte Middle East Point of View: Ethical tax, construction market outlook, ISO 37001 on anti-bribery management, and GCC family businesses

Posted On: April 3, 2017

Financial institutions are working together to combat tax evasion, bribery and corruption through ISO certifications and the Common Reporting Standard. These are among the topics discussed in the spring 2017 issue of Deloitte’s quarterly publication, the Middle East Point of View (ME PoV). The spring 2017 issue tackles several hot… – Continue reading

Automatic Exchange of Information / Business / Common Reporting Standard / FATCA / Jurisdiction / USA

1099 Pro Offers Common Reporting Standard Software for CRS Reporting

Posted On: March 29, 2017

1099 Pro now offers Common Reporting Standard software for CRS reporting as part of the OECD’s Automatic Exchange of Information for Tax Matters (AEoI) program. 1099 Pro, Inc., https://www.1099pro.com, known for over 25 years of Windows based product development for 1042-S, 1099, & FATCA reporting recently confirmed the upcoming release… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Jurisdiction / New Zealand / OECD / Tax Authority

New Zealand Seeks Input On Automatic Tax Information Exchange

Posted On: March 29, 2017

New Zealand has asked taxpayers for input on countries that lack the safeguards to ensure information automatically exchanged under the Common Reporting Standard (CRS) remains confidential. To comply with the new international tax information exchange standard developed by the OECD, the CRS, New Zealand must publish a list of jurisdictions… – Continue reading

Certification / Common Reporting Standard / FATCA / Interest / Internal Revenue Service (IRS) / Law Firm / New Zealand / Tax Evasion / Trust / USA

Law Society reaches understanding with IRD on FATCA

Posted On: March 23, 2017

The New Zealand Law Society says that following discussions with Inland Revenue and the New Zealand Bankers’ Association it has now reached an understanding with Inland Revenue about application of FATCA to lawyers’ trusts accounts. FATCA is the United States’ Foreign Account Tax Compliance Act. Its objective is to reduce… – Continue reading

Anti money laundering / Asia / Banking / Base Erosion & Profit Shifting / Beneficial Ownership / Business / Common Reporting Standard / Corporate Tax / Delaware / EU / Europe / European Commission / European Parliament / FATCA / Individuals / Internal Revenue Service (IRS) / Jurisdiction / OECD / Tax Avoidance / Tax Evasion / Tax Haven / Tax Reform / USA

EU Lawmakers Visit IRS, Delaware as Tax Haven Concerns Mount

Posted On: March 21, 2017

The European Parliament’s Panama Papers investigative committee is preparing for a “fact-finding” visit with counterparts in the U.S. Congress, as well as officials from the Treasury Department and Internal Revenue Service. The European Union lawmakers’ four-day U.S. trip, which begins March 21, will include a visit to Delaware for meetings… – Continue reading

Banking / Caribbean / Cayman Islands / Common Reporting Standard / FATCA / Jurisdiction / Legislation / Residence / Tax Authority / Tax Evasion / Tax Laws / USA

CARICOM seeks FATCA delay, but law may prove irrelevant

Posted On: March 19, 2017

The Caribbean Community is looking at spending nearly quarter of a million dollars on a Washington-based consultant to lobby the Trump administration about the Foreign Accounts Tax Compliance Act. Cayman appears unlikely, however, to be affected by any lobbying – or even FATCA repeal – in the wake of last… – Continue reading

Banking / Common Reporting Standard / Dubai / FATCA / Jurisdiction / KPMG / Legislation / Regulatory / Tax Authority / Tax Evasion / Tax Exempt / UAE / Value Added Tax

VAT and CRS to add to costs and regulatory burden of banks

Posted On: March 19, 2017

Value added tax is likely to be an irrecoverable cost, negatively affecting margins for the banking sector Dubai: The UAE and GCC banks that are facing increased regulatory burden from Basel III capital requirements and International Reporting Standards 9 (IFRS 9) are expected to face further pressure in terms of… – Continue reading

Anti money laundering / Automatic Exchange of Information / Common Reporting Standard / Debt / Income Tax Act / Interest / Jurisdiction / New Zealand / Offshore Tax Evasion / Residence / Tax Authority

Next off the block – AEOI

Posted On: March 17, 2017

You might have thought you have enough on your plate getting to grips with anti-money laundering rules closely followed by FATCA – but it’s not over yet! Next off the block is the Automatic Exchange of Financial Account Information in Tax Matters (AEOI). The AEOI, which we first provided an… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Double Taxation Agreement / EU / Hong Kong / Legislation / OECD / Tax Authority

Hong Kong Government Considers Expanding Its List of “Reportable Jurisdictions” for Automatic Exchange of Information

Posted On: March 9, 2017

Under increasing international pressure, the Hong Kong government is considering expanding its Automatic Exchange of Information (AEOI) implementation by imposing broader information collection obligations, entering into more bilateral AEOI agreements at a faster pace, and possibly joining the multilateral AEOI agreement. Background Hong Kong legislated to adopt the OECD Common… – Continue reading

Common Reporting Standard / Corporates / Dubai / HMRC / Hong Kong / Legislation / Liechtenstein / Offshore / Offshore Accounts / Offshore Tax Evasion / Prosecutions / Singapore / Switzerland / United Kingdom

Offshore tax evasion: compliance and penalties – part 1

Posted On: March 7, 2017

Sometimes it can be hard to keep up with the avalanche of government announcements on tax avoidance and evasion. In the first of a two part series, Jason Collins, a member of the CIOT’s management of taxes sub-committee and partner at Pinsent Mason, provides an overview of the rapidly changing… – Continue reading

Automatic Exchange of Information / British Virgin Islands / Common Reporting Standard / Directors / Fees / Framework / Legislation / Mutual Legal Assistance (Tax Matters) Act / Statutory / Tax Authority / Tax Information Exchange Agreements

Government introduces bill to establish ITA as a statutory body

Posted On: March 2, 2017

New legislative proposals aim to establish the BVI International Tax Authority (ITA) as a fully fledged independent government institution in the British Virgin Islands with its own legal personality, giving it autonomy over the performance of its functions. The ITA was initially established within the Ministry of Finance to administer… – Continue reading

Beneficial Ownership / Common Reporting Standard / Legislation / New Zealand / Offshore Trusts / Residence / Tax Laws / Trust / Trustee

New Zealand: New Zealand To Enact Tighter Foreign Trust Disclosure Rules

Posted On: March 2, 2017

The New Zealand Parliament has passed a Bill which, following royal assent, will meaningfully increase disclosure obligations for NZ resident trustees of NZ foreign trusts. The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill, was passed by Parliament on 14 February 2017. The Bill contains important provisions relating… – Continue reading

Automatic Exchange of Information / China / Common Reporting Standard / G20 / Offshore Accounts / Tax Authority / Tax Evasion / Tax Transparency

China to hold its citizen’s foreign account information

Posted On: February 12, 2017

The State Administration of Taxation (SAT) is about to hold Chinese citizens’ foreign account information in 101 countries and regions, as the regulation on the localization of the Common Reporting Standard (CRS) in China was put into effect on January 1, the Xinhua News Agency reported on Sunday. Under the… – Continue reading

Automatic Exchange of Information / Banking / Common Reporting Standard / FATCA / Hong Kong / Jurisdiction / OECD / Residence / Tax Authority / Tax Evasion / Tax Laws

What AEOI means for banking customers in Hong Kong

Posted On: February 8, 2017

With the arrival of the new year, don’t be surprised if your bank asks for information about yourself and your accounts that you didn’t have to provide before. These questions signal an important development as banks in Hong Kong and around the world prepare to share certain information with tax… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Financial Institutions / Jurisdiction / KPMG / OECD / Offshore Tax Evasion

KPMG Issues Survey Report on OECD’s Common Reporting Standard

Posted On: February 7, 2017

NEW YORK, Feb. 7, 2017 /PRNewswire/ — KPMG LLP, the U.S. audit, tax and advisory firm, has issued a new survey report on the international Common Reporting Standard (CRS), which reveals that financial institutions impacted by the regulations still have much work to do to meet with the initiative’s significant… – Continue reading

Automatic Exchange of Information / Banking / Business / Common Reporting Standard / Europe / FATCA / G20 / Insurance / OECD / Regulatory / Tax Evasion

Invoke Launches a CRS/AEoI Reporting Solution to Add to its Tax and Regulatory Software Suite

Posted On: January 26, 2017

A European leader in financial, tax and regulatory reporting for the banking and insurance sectors, Invoke is expanding its software range to meet CRS/AEoI cross-country tax reporting requirements. As part of the global fight against tax evasion, the G20 and OECD program for the exchange of tax payers’ financial information… – Continue reading

Bahamas / Common Reporting Standard / FATCA / G20 / Jurisdiction / Legislation / OECD / Offshore / Regulatory / Tax Evasion / USA

Bahamas on Track to Implement Common Reporting Standard (CRS)

Posted On: January 24, 2017

Nassau, The Bahamas – The Bahamas has taken many steps to comply with global standards in the financial services sector. One such step is the implementation of the Common Reporting Standard (CRS). The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / EU / HM Revenue & Customs / OECD / Tax Evasion / United Kingdom

HMRC updates common reporting standard guidance

Posted On: January 23, 2017

The move comes after HM Revenue & Customs received representations from the Association of Charitable Foundations and the Charity Finance Group HM Revenue & Customs has updated its guidance on the forthcoming common reporting standard after receiving concerns from charities. The CRS is an international standard for the automatic exchange… – Continue reading

Canada / Common Reporting Standard / Income Tax / Interest / Offshore / Panama / Revenue / Tax Amnesty / Tax Authority / Tax Evasion / Tax Relief / Voluntary Disclosure Program

Canada: Report On The Voluntary Disclosures Program (VDP) – Canadian Tax Consultant Analysis

Posted On: January 23, 2017

The Offshore Compliance Advisory Committee issued a report in December 2016 to the Canada Revenue Agency about the Voluntary Disclosures Program (VDP or tax amnesty). If a taxpayer submits a successful income tax or GST/HST voluntary disclosure program application then generally criminal income tax prosecution and civil tax penalties under… – Continue reading

Afghanistan / Automatic Exchange of Information / Bahamas / Blacklist update / Common Reporting Standard / Corporate Tax / EU / Iran / Iraq / Jurisdiction / Korea North / Legislation / OECD / Panama / Regulatory / Syria

Bahamas Will ‘Do All It Can’ To Avoid Eu Blacklisting

Posted On: January 20, 2017

The Bahamian financial services industry “will do all we can” to ensure this nation does not appear on a threatened European Union (EU) ‘blacklist’, Tribune Business was told yesterday. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, said this nation’s implementation of the Common Reporting Standard (CRS) for… – Continue reading

Americans / Automatic Exchange of Information / Banking / Banking Secrecy / Citizenship / Common Reporting Standard / FATCA / Foreign Financial Institutions / GATCA / Kenya / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Offshore Banking / Rwanda / Tanzania / Tax Authority / Tax Evasion / Uganda / USA

Global crackdown on tax evasion signals the end of bank secrecy era

Posted On: January 18, 2017

Unknown to many Kenyans, Parliament’s passing of Finance Bill, 2016 that granted amnesty to Kenyan residents who have offshore incomes and assets in foreign banks had a very global agenda. The foreign income that is subject to amnesty is for the year ended December 31, 2016 and offers a waiver… – Continue reading

Budget / Common Reporting Standard / Legislation / OECD / Offshore / Offshore Accounts / Offshore Tax Evasion / Tax Authority / Tax Evasion

Ireland – Finance Act 2016 and Offshore Accounts

Posted On: January 17, 2017

In his Budget speech on 11 October 2016, the Minister for Finance announced a comprehensive programme of targeted intervention against offshore tax evasion. Positive action is required ahead of 1 May 2017 for those with undeclared income and gains from offshore assets. Finance Act 2016, which includes legislative changes required… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Income Tax / Legislation / Malaysia / Multilateral Competent Authority Agreement / Residence / Tax Amnesty / Tax Laws / Voluntary Disclosure Program

Automatic Exchange of Information and Common Reporting Standards in Malaysia

Posted On: January 17, 2017

In efforts towards global transparency, over 100 countries have agreed to automatically exchange information relating to financial accounts (AEOI) with each other under the Convention on Mutual Administrative Assistance in Tax Matters (Convention). The OECD had also developed the Common Reporting Standards (CRS) which set out the common information to… – Continue reading

Anti money laundering / Automatic Exchange of Information / Common Reporting Standard / FATCA / Foreign Financial Institutions / Internal Revenue Service (IRS) / Israel / Switzerland / Tax Amnesty / Tax Evasion / USA

Israel and U.S. Begin Sharing Data in Crackdown on Tax Evasion

Posted On: January 17, 2017

The Israel Tax Authority says Americans have provided information on 35,000 accounts held by Israelis in the U.S. and on an unspecified number of American accounts in Israel. The Israel Tax Authority said Monday it had begun passing on data on Israeli bank accounts held by American citizens and Green… – Continue reading

Automatic Exchange of Information / Cayman Islands / Certification / Common Reporting Standard / Exemptions / FATCA / Internal Revenue Service (IRS) / Jurisdiction / OECD / United Kingdom / USA

Cayman Islands: Cayman Islands AEOI Update – Second Tranche of CRS Regulations Released

Posted On: January 11, 2017

The Cayman Islands Government issued the second tranche of the Common Reporting Standard (“CRS”) regulations at the end of December 2016. Updated Guidance Notes will be issued in Q1 2017 by the Cayman Islands Tax Information Authority (“TIA”) to assist with the implementation of the regulations. Furthermore, TIA stated in… – Continue reading

Automatic Exchange of Information / Banking / Common Reporting Standard / Insurance / Investments / Offshore Accounts / Residency / Singapore / Tax Authority

Singapore-based FIs must establish tax residency status of account holders: IRAS

Posted On: January 6, 2017

SINGAPORE: Under the Common Reporting Standard (CRS) which has been in effect since Jan 1, Singapore-based Financial Institutions (FIs) are now required to establish the tax residency status of all their account holders, the Inland Revenue Authority of Singapore (IRAS) said on Friday (Jan 6). The CRS is an internationally… – Continue reading

Cayman Islands / Common Reporting Standard / Jurisdiction / OECD / Tax Authority / Tax Laws

Cayman Islands: Cayman Islands Issue OECD Common Reporting Standard Penalty Regulations

Posted On: December 22, 2016

The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016 (the “Regulations“) were issued on 19 December 2016. The Regulations amend the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 currently in force in the Cayman Islands and contain the enforcement powers… – Continue reading

Automatic Exchange of Information / Bahamas / Bilateral Agreement / Common Reporting Standard / Framework / Jurisdiction / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD

Bahamas makes progress on implementation of Common Reporting Standard

Posted On: December 21, 2016

NASSAU, The Bahamas — December 2016 marks a significant month for the Financial Services Industry in The Bahamas. The much-anticipated Bill to provide for the implementation of the Common Standard on Reporting and due diligence for financial Account Information in Tax matters and for connected purposes was passed unanimously in… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Legislation / New Zealand / OECD / Tax Avoidance

New Zealand Issues Guidance On OECD’s Common Reporting Standard

Posted On: December 21, 2016

New Zealand’s Inland Revenue has published draft guidance to help financial institutions prepare for the OECD’s Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters. The country is expected to pass legislation to implement the CRS by March 2017. The CRS is an international standard… – Continue reading

Africa / Anti money laundering / Base Erosion & Profit Shifting / Beneficial Ownership / Business / Common Reporting Standard / FATCA / Framework / Germany / Individuals / Investments / Jurisdiction / Mauritius / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Oxfam / Regulatory / Tax Evasion / Tax Haven / USA

Mauritius: Joint Statement By The FSC & The FSPA

Posted On: December 19, 2016

The Mauritius IFC: Driving Growth in Africa As a jurisdiction of substance, the Mauritius International Financial Centre (Mauritius IFC) has been instrumental in driving quality investments in Africa, leading to sustained growth and prosperity across the continent. It is therefore with deep regret that we take note of the misperceptions… – Continue reading

Budget / Common Reporting Standard / Debt / Employment / Interest / Loans / Offshore / Revenue / Shares / South Africa / Tax Credit / Tax Laws / Trust / VAT / Voluntary Disclosure Program / Withholding Tax

South African Tax Bills Approved By Parliament

Posted On: December 19, 2016

South Africa’s Ministry of Finance has published the 2016 Taxation Laws Amendment Bill (TLAB), which has received parliamentary approval and gives effect to the tax changes announced in the Budget in February this year, together with legislation confirming the final details of the Special Voluntary Disclosure Program (SVDP). With changes… – Continue reading

Anti money laundering / Automatic Exchange of Information / Beneficial Ownership / Citizenship / Common Reporting Standard / Dividends / Dubai / Individuals / Jurisdiction / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Pakistan / Real Estate / Residence / Residency / Tax Evasion / Trust / UAE

Black money across the border: Why Pakistan’s elite are quivering as UAE demands tax information

Posted On: December 17, 2016

According to unofficial estimates, more than $2 billion has flowed into Dubai real estate from Pakistanis every year for the past three years. Last week, account holders in a major UAE bank began receiving letters alerting them that soon they would be required to furnish information “with a view to… – Continue reading

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