The tax evasion trial and conviction of former Bayern Munich president Uli Hoeness triggered a wave of self-disclosures resulting in 16,926 tax dodgers turning themselves in during the first four months of the year, a newspaper reported on Sunday. The Welt am Sonntag newspaper said it had surveyed finance authorities in Germany’s… – Continue reading
NEW DELHI: Foreign Direct Investment inflows from Mauritius have almost halved during April-February period of last fiscal to $4.48 billion, according to the data of the Department of Industrial Policy and Promotion (DIPP). India had received $8.97 billion during April-February 2012-13. According to an expert, investors are apprehensive that they… – Continue reading
The Decree Law No. 145 of December 23, 2013 (ratified by Law No. 9 of February 21, 2014) broadens the scope of the international ruling procedure. The main area of application is transfer pricing, in particular advance pricing agreements, but it may also apply to (i) the attribution of income… – Continue reading
BASSETERRE, St. Kitts – NEWS reaching this publication states that a businessman from Wyoming, United States of America was on Wednesday (May 7) sentenced to serve 36 months in jail for tax evasion. According to a US Department of Justice press release, the businessman, Robert C. Sathre, appeared before US District… – Continue reading
New Delhi: Foreign Direct Investment inflows from Mauritius have almost halved during April-February period of last fiscal to USD 4.48 billion, according to the data of the Department of Industrial Policy and Promotion (DIPP). India had received USD 8.97 billion during April-February 2012-13. According to an expert, investors are apprehensive… – Continue reading
Agreement will help ease reporting burden of financial firms of American customers The government said yesterday it would sign a tax agreement with the United States this year that will help reduce the reporting burden of financial firms under the US Foreign Account Tax Compliance Act (Fatca). The accord will… – Continue reading
Pakistan to engage in exchange of confidential information from Switzerland for recovery of $200b illegally deposited by Pakistanis in Swiss banks The Government of Pakistan is looking forward to make use of the new Swiss laws for exchange of confidential information about the ill-gotten funds from Pakistan banked in the… – Continue reading
WASHINGTON (Reuters) – Hong Kong has reached an information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, the U.S. Treasury Department said on Friday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of 2010 (FATCA) will… – Continue reading
In Budget 2013, the Government announced its intention to consult on possible measures to combat treaty shopping. Eleven months later, in Budget 2014, the Government invited comments on a proposed domestic anti-treaty abuse rule. This article briefly reviews developments arising between the two budgets and provides high level comments in… – Continue reading
Press reports indicate that Cyprus and India will finalise the amendments to their double tax avoidance agreement in the coming weeks. A team from the Indian Ministry of Finance is expected to visit Cyprus shortly to carry forward negotiations to finalise the revised agreement and the matter is being followed… – Continue reading
Last week, Israel and the US signed an information-sharing agreement for financial assets (primarily bank accounts) belonging to Israeli and US citizens, in an attempt to improve tax enforcement in both countries. “US residents who do not disclose information about accounts they hold in Israel could risk fines of up to 50%… – Continue reading
NEW DELHI With India stepping up pressure for data on alleged illicit funds parked in Swiss banks, Switzerland has asserted that it cannot positively respond to requests which are beyond the ambit of bilateral tax treaty. Reiterating that it is committed to fighting tax evasion, Switzerland also said both nations… – Continue reading
Without a firm deadline in place from the IRS, U.S. citizens and resident aliens need to comply as soon as possible with the Offshore Voluntary Disclosure Program to avoid significant penalties and criminal prosecution. Modeled after the Offshore Disclosure Initiative, OVDP was passed in 2012 and increases the maximum Foreign… – Continue reading
The tax office has announced an amnesty for taxpayers with unreported offshore financial activities, codenamed Project DO IT (disclose offshore income today). Among the transactions it’s interested in are interest income from offshore bank accounts, undeclared capital gains on overseas assets and ongoing income flows from businesses owned overseas. Though… – Continue reading
A host of countries, including Switzerland and Singapore, have committed to share all financial information with other governments New Delhi: India moved a step closer to gain access to bank account information of its citizens in offshore banks after a host of countries, including Switzerland and Singapore, committed to share all… – Continue reading
Forty-seven countries signed up Tuesday to automatically share bank data, including key financial centres Singapore and Switzerland, the OECD said, in what has been touted as a major step towards cracking down on global tax evasion. Under the declaration, the 47 countries have committed to “swiftly” pass new domestic laws… – Continue reading
• Partnership creates end-to-end solution for enabling and ensuring FATCA compliance, including: data consolidation, indicia identification, additional KYC data/document capture, alerts/notifications and dashboards to monitor compliance, withholding calculations and remittance, and tax reporting. Banking analytics, risk and compliance pioneer, iCreate, today announced a strategic partnership with tax information reporting leader,… – Continue reading
The Cayman Islands and Belgium have officially signed a tax information exchange agreement. Cayman Financial Services Minister Wayne Panton and Belgian Ambassador Godelieve Van den Bergh signed the agreement last week at the Government Administration Building in Grand Cayman. The tax information exchange agreement is the 35th into which the… – Continue reading
WASHINGTON/SINGAPORE (Reuters) – Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokeswoman said on Monday. The deal, which was expected for more than a year, will make it much easier for… – Continue reading
NEW DELHI: After resisting for more than three years, the Centre on Tuesday revealed names of 18 people in the Supreme Court who allegedly stashed black money with LST bank in Liechtenstein and against whom prosecution have been launched by the income tax department. Centre also placed in a sealed… – Continue reading
Hong Kong has signed its first ever tax information exchange agreement (TIEA), paving the way for its implementation of the US foreign account tax compliance act. Signed last month, the TIEA was enacted following an order made by the head of the Government of Hong Kong, Leung Chun-ying. It comes… – Continue reading
United States Intergovernmental Agreement The British Virgin Islands (“BVI”) Government on 6 March 2014 initialled a “Model 1 intergovernmental agreement” (the “BVI-US IGA”) with the government of the United States of America with respect to the “Foreign Account Tax Compliance Act” provisions of the Internal Revenue Code (“FATCA”), designed to… – Continue reading
(Reuters) – Israel has become the latest country to reach a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokesperson said on Thursday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of… – Continue reading
NEW DELHI, MAY 2: Irked by non-corporation, India has warned Switzerland that reluctance on not sharing tax-related information may impact the economic co-operation between the two countries. The Government is pressing hard to get information about the account details of certain Indians at HSBC’s Swiss bank branches, in whose cases… – Continue reading
Hong Kong has signed its first ever tax information exchange agreement (TIEA), paving the way for its implementation of the US foreign account tax compliance act. Signed last month, the TIEA was enacted following an order made by the head of the Government of Hong Kong, Leung Chun-ying. It comes… – Continue reading
The U.S. Treasury announced that on April 11, 2014, India agreed “in substance” to sign a Model 1 FATCA IGA with the US. The IGA would therefore require Indian financial institutions to report information on U.S. account holders to India’s Central Board of Direct Taxes, which would then share the information… – Continue reading
MoUs cover defence, tourism, archives and double taxation — MUSCAT — Oman and the Kingdom of Spain signed a memorandum of understanding (MoU) in the field of archive and documentation at Al Alam Palace within the framework of the Spanish monarch’s visit to the Sultanate, yesterday. The Government of Oman… – Continue reading
The Tax Information Exchange Agreement (TIEA) signed by Macau and Japan comes into force on May 22, the Ministry of Finance of Japan said in a press release published yesterday. Starting from May 22, both contracting parties can request information for criminal tax matters without regard to the taxable year… – Continue reading
New Delhi – The government Tuesday disclosed to the Supreme Court the names of 26 people who had accounts in banks in Liechtenstein, revealed to India by German authorities. A bench of Justice H.L.Dattu, Justice Ranjana Prakash Desai and Justice Madan B. Lokur were given these names by Solicitor General… – Continue reading
It is reported in the Indian financial press that Cyprus and India will finalise the amendments to their double taxation avoidance agreement in the next few weeks. The Indian High Commissioner to Cyprus has said that a team from the Indian ministry of finance is expected to visit Cyprus in… – Continue reading
Macau is preparing to sign a Tax Information Exchange Agreement (TIEA) with the United Kingdom of Great Britain and Northern Ireland. According to the Official Gazette published yesterday, Chief Executive Fernado Chui Sai On granted authority to Secretary for Economy and Finance Francis Tam Pak Yuen to sign a TIEA… – Continue reading
The double taxation agreement (DTA) between Singapore and Barbados came into force on April 25, 2014, after the completion of ratification procedures by both sides. The DTA is intended to boost cross-border trade and investment between Singapore and Barbados by providing greater clarity on both parties’ taxing rights to ensure… – Continue reading
On April 25, an order was gazetted in Hong Kong to implement the tax information exchange agreement (TIEA) with the United States that was signed on March 25 this year, as part of preparations for the US Foreign Account Tax Compliance Act in Hong Kong. “This is the first TIEA… – Continue reading
Australia signed a tax-information sharing agreement with the U.S. Treasury Department on Monday ahead of a new U.S. law that will crack down on offshore tax avoidance. The accord, one of a number of so-called intergovernmental agreements (IGA) between Washington and individual countries, comes ahead of the implementation in the United… – Continue reading
The UK Chancellor George Osborne is tightening the screws on the tax dodging UK super-rich, as he’s proposing to increase fines for those who hide their money in offshore tax havens and send them to jail even if they didn’t intend to evade tax. “We are changing the balance of… – Continue reading
India and Switzerland are discussing ways to share information on specific accounts relating to black money stashed in the European nation, Finance Minister P Chidambaram said here today. The Minister further said that he received a reply on his letter from his Swiss counterpart and will send India’s response in… – Continue reading
Bulgaria’s Cabinet has approved a draft proposal to update the memorandum on avoiding double taxation with Romania, replacing the current agreement signed in 1994, and mandated Finance Minister Petar Chobanov to negotiate and sign the new deal. The issue was first discussed during a joint meeting of the Bulgarian and… – Continue reading
Hong Kong (HKSAR) – Some 120 participants from the business sector joined a seminar in Kuala Lumpur, Malaysia, today (April 25) to learn more about the benefits and business opportunities under the “Comprehensive Double Taxation Agreement” (CDTA) signed between Hong Kong and Malaysia. Organised by the Hong Kong Economic and… – Continue reading
KUALA LUMPUR, April 25 (Bernama) — The comprehensive double taxation agreement (CDTA) signed between Malaysia and Hong Kong is expected to further boost bilateral trade and investments between the two countries. Speaking to reporters on the sidelines of the Malaysia and Hong Kong CDTA seminar here Friday, Director of Hong… – Continue reading
The implementation of stricter rules by the Organisation for Economic Cooperation and Development (OECD) surrounding tax treaty benefits could see these benefits not being granted as easily as they were in the past, says professional services firm Deloitte. “The discussion surrounding ‘inappropriate circumstances’ relating to the issues of treaty shopping… – Continue reading
The Foreign Account Tax Compliance Act (“FATCA”) is a US tax measure enacted in 2010 to prevent and detect US tax evasion and improve taxpayer compliance. It targets tax non-compliance by US taxpayers with foreign accounts by imposing a 30% withholding tax on their transactions with foreign financial institutions and… – Continue reading
HM Revenue and Customs (HMRC) has announced that the new convention for the avoidance of double taxation signed between the United Kingdom and Spain will enter into force on June 12, 2014. The agreement provides for a 10 percent rate on dividends, except where those dividends are paid out of… – Continue reading
India, Cyprus will in the next few weeks finalize changes to their double taxation avoidance agreement New Delhi: India and Cyprus moved a step closer to settling a tax dispute that led to the Mediterranean island nation being blacklisted by New Delhi. The two countries will, in the next few weeks,… – Continue reading
BAKU (Azerbaijan), April 24 (Bernama) — Azerbaijan and Spain have signed a Convention on the Elimination of Double Taxation with Respect to Income and Property Tax and Prevention of Tax Avoidance, Azerbainjan’s Azertac reported. The agreement was signed by Azerbaijani Foreign Minister Elmar Mammadyarov and his Spanish counterpart Jose Manuel… – Continue reading
A Provisional Measure passed by the Senate allows tax to be levied on profit earned abroad by domestic companies, even if the earnings are not nationalized. Attorney Luiz Felipe Ferraz says the rule renders treaties void. São Paulo – Provisional Measure 627, from 2013, which alters the taxation regime for… – Continue reading
A Swiss delegation is likely to visit Pakistan by August-end to discuss the possibility of re-negotiating and upgrading treaty on Avoidance of Double Taxation between Pakistan and Switzerland. It is reliably learnt on Tuesday that Pakistan is set to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland… – Continue reading
Move will let MNCs claim tax relief in their home country for adjustments made by Indian authorities, eliminate double taxation New Delhi: To minimize transfer pricing disputes, the Indian tax department is likely to sign advance pricing agreements with Japan and the UK in the next few weeks. This would give… – Continue reading
Maltese Foreign Affairs Minister George Vella met with Moldavian Deputy Prime Minister Natalia Gherman to sign a dual taxation treaty (DTT) and a joint declaration, according to a press release issued by the Maltese Government. The joint declaration confirms Malta’s support for Moldova’s bid for greater integration in the EU…. – Continue reading
Vietnam and Japan signed and exchanged a diplomatic note on the enactment of their agreement on double tax avoidance and tax evasion prevention, at a ceremony in Hanoi on April 15. Deputy Foreign Minister Ho Xuan Son and Japanese ambassador to Vietnam Fukuda Hiroshi represented the two governments to sign… – Continue reading
Belgium and the US will sign an intergovernmental agreement (IGA) in Brussels on April 23 for the implementation of the US Foreign Account Tax Compliance Act (FATCA), the Belgian Finance Ministry has announced. The IGA requires the Belgian Tax Administration and the US Internal Revenue Service (IRS) to exchange information… – Continue reading
