Senators wary of money laundering in POGO
POGO continues to be involved in hefty money laundering, and it certainly is making senators of Philippines worried about it. ... - Continue reading
Category: Tax Laws
In Depth: The Race To Beat Australia’s Capital Gains Tax Deadline
Thousands of Australian expats have until 30 June to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. ... - Continue reading
Cambodia-Hong Kong DTA: Key Features
On January 1, 2020, the double taxation avoidance (DTA) agreement between Cambodia and Hong Kong came into force. ... - Continue reading
India wants fair share of $100 billion global taxes from Google, Facebook
The digital world continues to be under the lens of the OECD as India further pushes for better 'tax collection' methodology. ... - Continue reading
OECD tax overhaul to disrupt Bahamas’ economy
More jurisdictions worried about their economy following OECD's new corporate tax laws ... - Continue reading
Ireland faces losing €2bn in corporate tax under OECD reform
New proposals to reform the global tax system could adversely affect the economy of Ireland. Here's more. ... - Continue reading
Tax data sharing sparks arrests among Israelis with unreported foreign bank accounts
The Common Reporting Standard (CRS) continues to unveil more offshore revenue. ... - Continue reading
Singapore Budget 2020 extends and enhances business tax breaks
Singapore strives to stay ahead in tax competition. ... - Continue reading
India’s Authority for Advance Rulings denies tax exemption under India-Mauritius treaty
Clarifications on the India-Mauritius tax treaty. ... - Continue reading
Roundup: G20 financial meeting focuses on coronavirus, taxation, global economy
The finance ministers and central bankers of the Group of 20 (G20) discussed issues of the coronavirus, taxation and global economy during a two-day meeting concluded on Sunday in Riyadh. The G20 financial officials agreed to observe the risks of the coronavirus outbreak and adopt policies to limit its global… – Continue reading
No hidden property through offshore companies: Justice Qazi Faez Isa
Justice Qazi Faez Isa pleads non-guilty in tax evasion attempt. ... - Continue reading
Tax authorities recover Rs1.8 billion from foreign transactions
The Automatic Exchange of Information recovers a whopping amount of Rs1.8 billion for Pakistan. ... - Continue reading
Gov’t loses P51B in revenues from POGO – Gatchalian
According to the senator Sherwin Gatchalian, the government has lost around P51-billion in revenues due to tax avoidance from Philippine Offshore Gaming Operators (POGOs) ... - Continue reading
World Bank aid ‘leakage’ may flow to tax havens: study
“Our estimates suggest a leakage rate of around 7.5 percent for the average highly aid-dependent country,” the study concluded. ... - Continue reading
Cayman tops ranking of money hideouts
Cayman is now the top enabler of financial secrecy in the world, according to the findings from the Tax Justice Network’s Financial Secrecy Index 2020. In second and third place respectively, were the United States and Switzerland. The Tax Justice Network has called on policymakers to prioritise sanctions against Cayman… – Continue reading
Canada: Treaty Shopping: MIL, MLI And ALTA Things In Between
On February 12, the Federal Court of Appeal (FCA) released its decision in The Queen v. Alta Energy Luxembourg S.a.r.l.1 (Alta Energy), a case that represents an attempt by the Canadian tax authority to relitigate the issue of whether Canada’s domestic general anti-avoidance rule (GAAR) can apply to curtail so-called “treaty shopping”.2 ... - Continue reading
The final OECD transfer pricing guidelines for financial transactions: what has changed?
Amendments to transfer pricing laws have been disclosed on 11 February 2020. ... - Continue reading
OECD says global tax reform could raise as much as $100bn
More efforts to be expected from OECD concerning tax matters. ... - Continue reading
India: India Union Budget 2020 – Unveiling Issues On International Taxation
Clarifications on India Union Budget 2020. ... - Continue reading
Spain to scrutinize taxpayers’ transfer pricing positions
Spain focuses on transfer pricing. ... - Continue reading
Mark Zuckerberg Requires’New Framework’ to get Digital Tax at OECD Countries
Facebook founder and CEO Mark Zuckerberg on Friday endorsed moves from the OECD set of free-market markets to reform how online giants have been taxed globally, even if this means firms like his spending more to federal governments. “We also need tax reform and I am thankful the OECD is… – Continue reading
United States: The OECD Unified Approach Marches (Stumbles?) Forward
The OECD Secretariat proposed the Unified Approach in October 2019 to address the tax challenges arising from the digitalization of the economy. ... - Continue reading
Vanuatu: Vanuatu Citizenship And Taxes 2020
Guidance to get a passport in Vanuatu for 2020. ... - Continue reading
Cabinet approves India-Sri Lanka Agreement amendment on double taxation, evasion
New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing and ratification of the protocol amending the Agreement between India and Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, according to a Press… – Continue reading
Philippines lands in Forbes’ Top 25 Best Places to Retire in 2020
The Philippines was recognized as one of the best places where US expatriates (expats) could retire in 2020, according to a recent newsletter from Forbes. It was among 25 countries chosen by the American business magazine. The Philippines was described to be an “English-speaking Pacific Ocean nation of 7,400 islands”… – Continue reading
Malta: Tax Transparency For Tax Advisors: The Mandatory Disclosure Rules – No More Hiding
The main aim remains linked to curbing tax evasion and avoidance through capturing aggressive tax planning schemes.
... - Continue readingIRS to consider repatriation as relief factor in double taxation cases
The US Internal Revenue Service (IRS) has said it will consider certain circumstances in which it could provide relief from double taxation resulting from application of the repatriation tax, as amended by the Tax Cuts and Jobs Act (TCJA) 2018. ... - Continue reading
GTBank Urges FG to Introduce Structural Reforms
The recurring inability of government to achieve its projected non-oil revenues over the years points to the need for urgent structural reforms, a report by Guaranty Trust Bank Plc (GTBank) has stated. The bank stated this in its 2020 macroeconomic and banking sector outlook, obtained yesterday. It stressed the need… – Continue reading
Puerto Rico changes income tax law for intercompany charges
Puerto Rico has amended its income tax rules to allow taxpayers to fully deduct intercompany expenses if taxpayers file a transfer pricing study with their income tax return, due April 15, 2020, if not extended. ... - Continue reading
Dominican Republic updates transfer pricing documentation thresholds, tax haven list
What's new about Dominican Republic's tax laws? Here's more. ... - Continue reading
Tax avoidance, evasion costs EU 170 billion euros a year, says Poland
The Polish state think-tank reveals a loss of 170 million euros for European Union member states due to tax dodging. ... - Continue reading
Uzbekistan: Amendments And Additions To The Tax Code Of The Republic Of Uzbekistan
The Republic of Uzbekistan presents changes to its taxation laws. ... - Continue reading
Denmark court applies broad interpretation of transfer pricing law
More on the new Danish transfer pricing legislation. ... - Continue reading
The train has left the station: OECD tax officials discuss state of play for pillar one and two
In a tax conference, OECD has discussed about the Unified Approach in order to tax digital giants more efficiently. ... - Continue reading
Vietnam issues Draft Pronouncement on Tax Administration, Transfer Pricing, Minimum Basic Wage and Personal Income Tax
The Vietnam Ministry of Finance has issued the draft pronouncement amending certain tax rulings. Some of the main aspects of the draft include: ... - Continue reading
Report: Tax collections in Hawaii increased by about 5%
Tax collections in Hawaii were up by about 5% last year, a report said. ... - Continue reading
Tax transparency essential to tackle $600bn avoidance bill
Businesses are being required to be more transparent for the sake of tax efficiency and reform. ... - Continue reading
UK tightens cross-border tax disclosure rules
Offshore tax laws just got tougher. ... - Continue reading
IRS 2019 – Procedures 1-7 Nº 1: Residents
A few clarifications concerning residence in Portugal. ... - Continue reading
Councils losing £250m a year through business rates avoidance
According to a new research, there is a substantial loss of revenue that occurs annually due to tax avoidance. Who are the culprits? - Businesses.What are their weapon? - Loopholes in tax laws. ... - Continue reading
$10bn tax bill for resources
The Australian Taxation Office releases data on the top 10 corporate taxpayers in Australia. ... - Continue reading
India: Expatriate Tax And Regulatory Issues And Best Practices In India
Movement of expatriates cross borders potentially creates several tax and regulatory issues. ... - Continue reading
Tax on dividend income grows 30pc
Pakistan's officials state 30 percent increase in tax collection on dividend income. ... - Continue reading
Home owners be aware (beware) of Capital Gains Tax – Part 2.
According to a new law, a Capital Gains Tax return and a payment of tax must be made within 30 days of the disposal following the disposal of a residential property. Here are more details about this new rule. ... - Continue reading
Nigeria: How Nigeria’s Common Reporting Standard Regulations Will Affect Banks, Insurance Companies, Asset Managers, And Other Financial Institutions
Details about the Common Reporting Standard in Nigeria ... - Continue reading
British Tax Havens to Share Data With Russian Authorities
The Automatic Exchange of Information still going on strong it seems. ... - Continue reading
Netflix accused of funnelling £330million profits ‘into tax havens’
According to TaxWatch, Netflix’s corporate structure is an enabler of tax avoidance. ... - Continue reading
Heineken Vietnam pays $39.7 mln in back taxes, fines
Heineken Vietnam Brewery has paid VND917.2 billion ($39.7 million) in back taxes and fines for a 2018 transaction. ... - Continue reading
