Category: Tax Laws
Ecuador publishes new transfer pricing guidance
On the 1st of July 2020, Ecuador's tax authority communicated its new transfer pricing laws. ... - Continue reading
Public input sought on Brazil, OECD transfer pricing harmonization
Brazil set out in the direction of tax reform. ... - Continue reading
OECD assesses Cayman’s process to resolve double-taxation disputes
OECD examines Cayman Islands' implementation of BEPS Action 14. ... - Continue reading
Cyprus: Cyprus Residency Permit Procedures
Now that the day for Britain to officially leave the European Union is approaching, UK nationals seeking Cypriot residency might wish to accelerate their efforts. This article acts as a guide to this process. ... - Continue reading
HMRC targets wealthy in push on tax evasion
Wealthy people are increasingly facing investigation for suspected tax evasion, in a sign that HM Revenue & Customs is “keeping its promise” to intensify its crackdown on those hiding assets following the Panama Papers leak. ... - Continue reading
Wilful income tax evasion may land you in jail for up to seven years
Cases where the amount of tax sought to be evaded or tax on under-reported income is lesser than ₹25 lakh, the person can be punished with imprisonment of at least three months and up to two years and with fine. ... - Continue reading
How to avoid paying double tax on your offshore investments
Clarifications on the double tax treaty between South Africa and the United Kingdom. ... - Continue reading
Canada: Don’t Let Your Dream Vacation Home Become A Tax Nightmare
Renting your foreign property may require you to disclose information to the Canada Revenue Agency (the "CRA"). A Foreign Income Verification Statement is required to be filed with the CRA where the adjusted cost base of the property exceeds CDN $100,000. ... - Continue reading
Singapore: Draft Tax Bill In Singapore Seeks To Implement COVID-19 Related Tax Measures; Proposes 50% Surcharge On Tax Avoidance
On the 20th of July, the Singaporean government released a draft bill to adapt to the current waddling economy caused by the COVID-19. ... - Continue reading
Luxembourg: Law On Deferral Of DAC 6, CRS And FATCA Deadlines Voted!
Amendments to legislations regarding deadlines have been made and here they are. ... - Continue reading
Cyprus: Marshall Islands | Economic Substance Regulations
MOre on the Economic Substance Regulations ("ESRs"). ... - Continue reading
Cyprus and Switzerland sign protocol for avoidance of double taxation
Cyprus and Switzerland team up to combat double taxation. ... - Continue reading
Malta: Malta Individual Investor Program (MIIP) | Reform
An amended citizenship program is yet to surface for Malta. Here is a glimpse of it. ... - Continue reading
Ukraine aims to fight tax evasion with new law
Here is a discussion into the new legislation set to take place in Ukraine which aims to tackle profit shifting. While its objective is to encourage tax transparency, many businesses believe that this measure might have adverse effects for offshore trade. ... - Continue reading
Why now is the best time for South Africans to apply for Portugal’s Golden visa
Guidance for South Africans to gain residency in Portugal. ... - Continue reading
Apple Wins €13 Billion Tax Avoidance Case Against EU Antitrust Regulator
A big win for Apple in a tax avoidance court case. ... - Continue reading
Investment treaty to develop ties with UAE
Jersey and the United Arab Emirates extend hands of cooperation with each other. ... - Continue reading
Pakistan, Hungary sign MoU
Pakistan and Hungary sign tax treaties with each other. ... - Continue reading
Int’l task force sees success in cracking down on tax crimes
The tax crime-fighting group including the Australian Taxation Office (ATO, the Canadian Revenue Agency (CRA), the Dutch Fiscal Information and Investigation Service (FIOD), Her Majesty’s Revenue and Customs (HMRC) from the U.K. and the Internal Revenue Service Criminal Investigation Division (IRS-CI) from the U.S sees a silver lining regarding its purpose. ... - Continue reading
OECD publishes model rules for tax reporting by gig economy platform operators
On 3 July, the OECD released model rules for tax reporting by platform operators that assist sellers in the sharing and gig economy. Following international efforts to address the tax challenges in the digital economy, this OECD guidance represents an important step towards transparency through the exchange of information. ... - Continue reading
EU to launch tax observatory
The EU’s awareness of the relevance of tax policy is clear. On 6 July, the European Commission called for proposals for the creation of an EU tax observatory. This follows the adoption of the Commission Decision on the financing of the preparatory action EU Tax Observatory – Capacity building to support Union policy making in the area of taxation and the adoption of the annual work programme for 2020 on 16 June. ... - Continue reading
Fiscal policy key to overcoming pandemic’s impact on LatAm: UN agency
The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has stated that Latin American SANTIAGO, July 6 (Xinhua) — Latin American countries must turn to effective fiscal policy to cushion the social and economic impact of the COVID-19 pandemic and reactivate local economies, the United Nations Economic… – Continue reading
New Saudi Arabia tax guidance addresses mutual agreement procedure
Here are the amended laws regarding mutual agreement procedure (MAP). ... - Continue reading
