THE WORLDWIDE increase in digital commerce has alerted many countries to the unique tax challenges it presents. Facing up to tax challenges in the age of digital economy THE WORLDWIDE increase in digital commerce has alerted many countries to the unique tax challenges it presents. There is now a common… – Continue reading
Members of the European Parliament called for action on tax avoidance in Europe on Wednesday. A report released earlier this month by the International Consortium of Investigative Journalists documented secret deals arranged with multinational corporations, enabling them to avoid paying tax in Luxembourg. Hundreds of major corporations like Pepsi, IKEA… – Continue reading
The General Court of the European Union has ruled in Spain’s favor regarding the country’s use of tax breaks to support companies acquiring foreign shareholdings. According to the Spanish law on corporation tax, where a company which is taxable in Spain, acquires a shareholding in a “foreign company” of at… – Continue reading
Ed Balls said Labour will bring in tough penalties to deter people from tax avoidance if they get into power at the next general election. Labour will impose fines of up to 100% of the value of the avoided tax, said the shadow chancellor. As it stands, those who are… – Continue reading
The British Virgin Islands (the “BVI”) has now enacted legislation which allows for the implementation of its commitments under the Model 1B (i.e. non-reciprocal) intergovernmental agreements with the United States, signed on 30 June 2014, (the “US IGA”) and with the United Kingdom, signed on 28 November 2013, (the “UK… – Continue reading
Proposals to extend capital gains and investment income tax exemptions under Portugal’s Non-Habitual Residents Tax Regime have not been passed, say government officials It seems that the Portuguese government has shelved plans, at least for 2015, to extend capital gains and investment income taxation exemptions. However, officials say they are… – Continue reading
The departure of a multi-national giant from Manx shores will have no effect on our VAT revenue share, Treasury chiefs insist. As an Isle of Man Examiner investigation revealed back in January 2011, Procter & Gamble’s unassuming office at Brewery Court in Castletown was the unlikely hub of a global… – Continue reading
KOCHI: Minister for Non-Resident Keralites Affairs (NORKA) K C Joseph has urged the Central Government to withdraw the service tax imposed on foreign remittances as it would impact the hard-earned savings of non-resident Keralites (NRKs). In a letter sent to Union Finance Minister Arun Jaitley, he said that the NRKs… – Continue reading
NGO report calls for central listing of beneficial owners of EU firms and trusts The European Union should introduce a centralised public register revealing the identities of beneficial owners of companies and trusts, according to a pan-European report to be published today. Hidden Taxes: the EU’s Role in Supporting an… – Continue reading
The European Union’s 28 member states are seeking agreement on the proposed introduction of a common anti-abuse clause in the Parent-Subsidy Directive (2011/96/EU). The plans were discussed at a meeting of the EU’s Economic and Financial Affairs Council (ECOFIN) on November 7, 2014. The proposed anti-abuse clause would allow member… – Continue reading
Sears Holdings and Pinnacle Entertainment have become the latest US companies to announce that they are considering establishing real estate investment trusts (REITs), to unlock tax advantages that have been considered by some companies as an alternative to a corporate inversion. REITS do not pay corporate tax as long as… – Continue reading
Spain negotiated the largest rate reductions in its tax treaties with developing countries, out of 15 EU nations scrutinised for their record on international tax-dodging in the wake of the Luxembourg Leaks scandal. Developing countries were missing out on billions of much needed-revenue as a result of the tax rate… – Continue reading
HCMC – Foreign exchange control is a paramount concern of all foreign investors entering into Vietnam, as regulations on capital inflows and outflows have a great influence on operations and profit. Foreign exchange control includes transferring capital into and out of the country, opening and using bank accounts, borrowing foreign… – Continue reading
THERE IS NO single policy or solution that can prevent the occurrence of tax avoidance because there is no single cause for the phenomenon, according to Devereux Tax Chambers barrister Jolyon Maugham. Speaking at the ICAEW’s Hardman Lecture, Maugham told the institute’s members that “plugging holes” in the tax code… – Continue reading
November 12: Danish companies subject to Danish corporate income tax generally must withhold tax at a rate of 27% on dividend distributions, but the rate of the withholding tax may be reduced to 15% when dividends are distributed to Danish domiciled investments funds that are known as “IMBs” (i.e., investment… – Continue reading
Argentine authorities say they have found a tax haven for luxury cars near one of the world’s largest deposits of shale oil and gas. Tax agents in Buenos Aires province said Wednesday that evaders have registered some 20,000 cars near the Vaca Muerta (Dead Cow) deposit in Neuquen province. The… – Continue reading
Legal advice to the Public Accounts Committee has highlighted several obstacles to any investigation into the dossier alleging tax evasion by some former politicians. Following a private meeting this evening, PAC Chairman John McGuinness said he must now study the options open to the committee. He said none of them… – Continue reading
The UK has agreed to put forward a proposal to close its patent box tax break, which allows income from the commercial exploitation of intellectual property (IP) to be taxed at 10%, in a concession to German concerns about artificial shifting of profits between European countries.12 Nov 2014 Intellectual Property… – Continue reading
In March 2014 the Russian Ministry of Finance published a draft anti-offshore law which is currently submitted for consideration by The State Duma (parliament) with the decision expected to be made by the end of 2014. Russia is aiming to clamp down on the use of foreign offshore tax shelters… – Continue reading
Australia – Transfer pricing reconstruction not limited to “exceptional circumstances” November 12: The Australian Taxation Office (ATO) today finalised a transfer pricing ruling that sets forth the Commissioner’s position on application of the reconstruction provisions, as outlined in section 815-130 of the Income Tax Assessment Act 1997. The ruling—TR 2014/6—covers… – Continue reading
The European Union should harmonize tax practices better to counter the sweet deals that countries like Luxembourg have used to attract multinationals and the super-rich, the EU’s executive chief said Wednesday. European Commission chief Jean-Claude Juncker denied allegations that he was part of the problem since he had been prime… – Continue reading
The C20 (Civil Society 20) is calling on G20 leaders to take action this weekend to improve the lives of the most vulnerable in society. C20 chair Tim Costello said the group was looking for an outcome on Sunday that clearly demonstrates G20 leaders’ commitment to fairness by taking concrete,… – Continue reading
Treasurer Joe Hockey has made tax avoidance by the world’s largest companies one of the cornerstone issues for discussion by the world’s most powerful leaders at the G20 summit in Brisbane this week – but it appears he still has some way to go to convince those closer to home… – Continue reading
Northern Ireland is a serious player in the international market to attract more foreign investment. The comprehensive requirement: can Northern Ireland offer a competitive combination of access to markets, favourable domestic costs including employment costs, an adequate infrastructure base, a stable society and taxation policies that help to ensure attractive… – Continue reading
With American taxpayers newly able to easily secure more favorable US tax treatment for Canadian retirement plans, American Citizens Abroad had requested that such treatment should be extended worldwide to all foreign pensions and retirement savings. Under the recent change, many Americans and Canadians with registered retirement savings plans and… – Continue reading
With the change in government in India, the world is looking up to its new Prime Minister Narendra Modi to revive the country’s economy, who recently launched his flagship ‘Make in India’ campaign to propel the country into top 50 of World Bank’s Ease of Doing Business rankings by 2016…. – Continue reading
Official ‘offered €20,000’ to wrap up tax evasion probe GARDAI have now received 5,500 pages of files relating to allegations of tax-evasion by holders of Ansbacher accounts. Jobs Minister Richard Bruton forwarded the allegations of a whistleblower in his department to the gardai last night. The documents have been sent… – Continue reading
Oxfam is urging world leaders at the G20 to crack down on tax havens, saying poorer countries are losing $100 billion a year through tax avoidance. It’s expected that an announcement will be made this week on a strategy for countries that are not members of the G20 or OECD… – Continue reading
There must be a level playing field when it comes to taxation so that Gibraltar will suffer the burdens of compliance but not the benefits of having a compliant tax system, said the GSD Opposition this week. “That would simply place Gibraltar at a significant disadvantage and would be unacceptable,”… – Continue reading
80 Percent View Derivatives Regulation and FATCA as Greatest Operational Challenges New York/London/Hong Kong/Singapore, November 11, 2014 – Increased regulatory requirements and related penalties, along with immature and fragmented data management processes are ranked as top concerns for financial firms in the management of client and legal entity data, according… – Continue reading
MOSCOW, November 10. /TASS/. Russia is speeding towards the adoption of anti-offshore legislation. The State Duma (lower house of parliament) on Tuesday will hold the first reading of amendments to the Tax Code obliging both individuals and legal entities to notify the authorities of their foreign properties and profits. This… – Continue reading
The 2013 Organization for Economic Cooperation and Development (OECD) peer review report states that Cayman Islands has developed its standards rapidly, and has proven its long-standing commitment to adhering to the highest standards of regulations. KUALA LUMPUR, Nov 10, 2014: The often scrutinised Cayman Islands — having long been associated… – Continue reading
MUMBAI: Five years after Germany gave New Delhi a list of Indians with secret bank accounts in the Alpine tax haven Liechtenstein, the first tribunal ruling has gone in favour of the government. The case pertains to three Kolkata-based individuals – Mohan Manoj Dhupelia, Ambrish Manoj Dhupelia and Ms Bhavya… – Continue reading
The Financial Transaction Tax (FTT) ensures that we have learnt the lessons from the banking crisis. Unless we accelerate the work on improving the rules so that they are adequate to an environment of globalisation, we will destroy the support for the European integration and that will be the end… – Continue reading
The Low Incomes Tax Reform Group is concerned that government proposals designed to target tax evaders are likely to catch low-income migrants to the UK who have made a genuine mistake about the UK tax status of a source of income in their home country. In a consultation on offshore… – Continue reading
The recent decision of the U.S.Tax Court, in Gerd Topsnik, (2014) makes it clear that an “informal” surrender of a Green Card, while recognized under immigration laws is not recognized for tax purposes. As stated in Checkpoint, ” The Tax Court held that because the taxpayer did not formally abandon… – Continue reading
For five straight quarters, states have collected more in tax revenues than at their pre-recession peak. But the fiscal recovery has been uneven. There are still 29 states where tax collections have yet to return to their pre-recession heights, according to a new Pew Charitable Trusts analysis. Overall, state tax… – Continue reading
Compliance yield for most senior team hits £3.65billion – or 10% of the “tax gap” A record amount of unpaid tax has been recovered from big-ticket tax avoidance, evasion and fraud by HMRC’s top team of specialist investigators – up by almost a quarter (23%) in the last year, says… – Continue reading
With the imminent dawn on tighter tax and social security controls Spanish and other cross border workers are being urged to make sure they know their rights and obligations. The Chronicle commissioned a briefing report from Hassans (see page 4) which sets out key issues. It was reported earlier this… – Continue reading
Vivek Prasad, chief commissioner of Income-Tax – III, Mumbai said they were striving to rid themselves of the unwarranted epithet of ‘tax terrorists,’ and said with regards to tax morality, base erosion, profit shifting and GAAR (general anti-avoidance rules) they were on a learning curve and are evolving beyond the… – Continue reading
Nairobi; Kenya: An insurance lobby wants the State to review the Procurement Act and lower taxes. This, it says will help embrace relationship management in respect to quasi-government enterprises, noting that insurance brokerage is a profession and cannot be treated in the same way as purchase of merchandise. The Association… – Continue reading
Minister of International Business Donville Inniss and his advisers must be congratulated on getting this country elected as a vice-chair of the Global (Tax) Forum of the Organisation for Economic Cooperation and Development (OECD) at a recent meeting in Germany. Minister of International Business Donville Inniss and his advisers must… – Continue reading
The tax man is threatening fines of up to £1 million for high-earners shielding their income in tax avoidance schemes. HM Revenue & Customs (HMRC) has published a list of hundreds of schemes and laid out in uncompromising terms the likely penalties for taxpayers who fail to pay up. Around… – Continue reading
TRANSPARENCY International warns that just because a company has an anticorruption programme, it doesn’t mean that it isn’t corrupt — it’s just less likely to be. This week, the organisation released “Transparency in Corporate Reporting”, a survey analysing 124 of the world’s largest publicly traded companies with a combined value… – Continue reading
Another sophisticated loophole in the tax system means the removal of the “Double Irish” tax-avoidance strategy won’t actually have any real impact for US firms in Ireland seeking to lower their tax bills. An influential US tax journal has found that the Irish subsidiaries of US companies can easily opt… – Continue reading
The days of multi-national companies avoiding tax could be numbered. The issue is on the G20 Summit’s Brisbane agenda next week and Trade Minister Andrew Robb believes all countries will work together to come up with a solution within the next 12 to 18 months. “A consequence of self interest… – Continue reading
NEW DELHI: India’s attempts to amend tax treaties with countries such as Mauritius may have drawn a blank so far, but its efforts are about to get a huge boost with several nations getting together to ramp up work on a global convention to plug treaty abuse. “Multilateral convention will… – Continue reading
Investigators for the Australian Tax Office and their lawyers were told by a judge last year that if they travelled to the Cayman Islands they could be locked up. A year earlier the Tax Office had suffered a setback. It lost a case in the Grand Court of the Cayman… – Continue reading
A new taskforce has been created to target tax-dodging restaurants in Milton Keynes. HM Revenue and Customs (HMRC) has seen an increased risk of fraudulent activity in the restaurant industry, and the taskforce is expected to recover more than £3million in corporation tax, income tax and VAT. The team will… – Continue reading
Irish lawmakers on Thursday debated new legislation that will close one tax incentive but expand another amid controversy over international corporate tax avoidance following an investigation into deals made by multinationals in Luxembourg. As part of the Finance Bill, Dublin would end the contested “Double Irish” system but a separate… – Continue reading
