Category: Tax Laws
Why inheritance tax needs to be analysed
A large part of the wealth in India of the major population would comprise of real estate, liquidating the same to make payment of IHT and realising the worth would be a challenge
... - Continue readingNew Zealand: New Zealand’s Revised International Tax And Transfer Pricing Guidance
Duff & Phelps' Transfer Pricing Alliance Partner, TP EQuilibrium AustralAsia, contributed their insights, expertise and perspectives on this new development. ... - Continue reading
United States: The OECD Releases 2017 Full Version Of Model Tax Convention
On April 25, 2019, the OECD released the 2017 full version of the Model Tax Convention on Income and on Capital ("MTC"). ... - Continue reading
Vietnamese lawyer probed for abetting tax evasion
A Hanoi lawyer famous for taking on high-profile cases could find himself in the dock for abetting tax evasion. Police in the central province of Khanh Hoa on Tuesday launched an investigation and searched the residence and offices of Tran Vu Hai, 57, head of Tran Vu Hai Attorney Office,… – Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
Greater Bay Area Releases Detailed Plan on IIT Incentives for Overseas Talents
The Greater Bay Area officially announced detailed rules for the implementation of preferential individual income tax (IIT) policy for overseas talents. Eligible overseas talents working in nine cities in the region can enjoy a preferential tax rate of 15 percent – in line with the Hong Kong IIT rate. China… – Continue reading
MP in the Dock Over Sh487m Tax Evasion
The member of parliament for Lamu West constituency Mr Stanley Muthama has been charged in an Eldoret Court for tax evasion. Mr Muthama appeared before Eldoret Chief Magistrate Charles Obulutsa on Monday for allegedly failing to remit Sh487 million in taxes from businesses operated under Stansha Limited, a company linked to him…. – Continue reading
Gibraltar: Category 2 Status In Gibraltar
Special tax status designed for high net worth individuals ... - Continue reading
The American Bar Association is fighting Washington’s efforts to tackle money laundering
This legislation will force owners of US companies to reveal their identities. ... - Continue reading
M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money
The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading
Singapore’s tax treaties with Netherlands and Georgia amended
The Inland Revenue Authority of Singapore has announced that amendments made to Singapore’s bilateral tax treaties with the Netherlands and Georgia took effect today. ... - Continue reading
US, Monaco negotiating agreement for exchange of country-by-country reports
The US today announced it is negotiating a competent authority agreement with Monaco that would provide for the exchange of country-by-country reports concerning multinationals operating in their countries. ... - Continue reading
Japan, Argentina sign tax treaty
Japan and Argentina join hands for tax reform ... - Continue reading
Pakistan money in Swiss banks dwindling for last three years
LONDON: Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33 per cent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, Swiss National Bank’s (SNB) annual statistics report showed on… – Continue reading
US calls on government to inspect SSEZ over tax avoidance
The US Embassy on Friday called on the Cambodian government to look closely at governance and compliance issues at the majority Chinese-owned Sihanoukville Special Economic Zone (SSEZ) over claims that some Chinese companies are using the zone to avoid tariffs on transshipped goods to the US. Spokeswoman Emily Zeeberg wrote… – Continue reading
Seminar update on economic substance rules and trust tax
A seminar aimed to keep clients and members of the business community up to date on a constantly evolving tax environment. ... - Continue reading
Israel seeks Swiss help in identifying undeclared accounts
Swiss authorities are considering a request from the Israeli finance ministry for assistance in identifying Israelis with undeclared assets at two Swiss private banks. ... - Continue reading
A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags
Holtec International told New Jersey regulators that Ohio was competing for its new headquarters. But officials there stripped the firm of past tax awards for failing to create the jobs it promised.n January 2014, as Holtec International explored sites for a new national headquarters and high-tech manufacturing center, the New… – Continue reading
Banks bear the biggest cost of CRS
Last year, Malaysian financial institutions commenced their CRS obligations to the Inland Revenue Board (IRB). ... - Continue reading
Cayman Islands: Update In Respect Of Cayman Islands Economic Substance Requirements
An overview of the economic substance requirements for Cayman islands ... - Continue reading
Proposed tax on retained earnings may go: PM’s adviser
We are working at it,” said Salman F Rahman, prime minister’s adviser on private sector development, while replying to a question on Monday at the dissemination of ‘World Investment Report 2019’ in Dhaka. Finance Minister AHM Mustafa Kamal has proposed to impose an additional 15 percent tax on the retained… – Continue reading
Canada ratifies BEPS MLI to fight tax avoidance by multinationals
The fight against tax avoidance continues.. ... - Continue reading
No tax avoidance in SSEZ: Commerce Ministry
In the midst of controversy regarding allegations of tax avoidance at the Sihanoukville Special Economic Zone, the Commerce Ministry recently issued a press release stating that it has found no Chinese companies that are using the SSEZ to avoid tariffs on transshipped goods to the US.According to Reuters on Wednesday… – Continue reading
UK: Global Tax Alert: Cash Pools And Transfer Pricing – 10 Things To Consider
Guide to Cash Pools And Transfer Pricing ... - Continue reading
Seven Countries Where Cryptocurrency Investments Are Not Taxed
Here are a few countries where cryptocurrencies are not taxed under some or all circumstances ... - Continue reading
Offshore gaming operators warned
State-run Philippine Amusement and Gaming Corp. sternly warned errant offshore gaming operators to strictly comply with regulations and pay proper taxes to the government, saying concerned tax agencies are closely monitoring how they conduct business in the country. “Let this serve as a final warning for everyone to strictly comply… – Continue reading
Switzerland: Tax Reform Package For Swiss Companies Is Approved
As from January 2020, the corporate tax rate (combined federal and cantonal tax) for all companies in Geneva, will be 13.99%. ... - Continue reading
Mauritius rule changes may hit offshore funds
Funds may lose tax benefit after rule amendment. Mumbai: The Mauritius government’s proposal to amend tax residency rules for companies is giving jitters to foreign funds operating from the tax haven. Mauritius has recently announced that it is amending rules for determining tax residency for companies so that a company… – Continue reading
Parliament agrees to align with OECD tax transparency rules
The Swiss parliament has decided to eliminate anonymous shares in private companies amid international pressure to increase transparency around taxation. ... - Continue reading
Foreign Exchange Management Accounts: FBR for replicating Indian model
ISLAMABAD: Terming Indian model as good to replicate Foreign Exchange Management Accounts (FEMA) in case of Pakistan, Chairman FBR Shabbar Zaidi said that $40 billion was remitted out from Pakistan, so there was need to bring changes in existing Pakistani laws related to management of foreign exchange. He pointed out… – Continue reading
Commission should have a wider scope
Tracing funny money is not easy Our prime minister intends to constitute an enquiry commission to look into ballooning of debt burden over the past 10 years. Let it cover related benami, money-laundering or other pseudo-financial transactions also. While debt burden pauperized citizens, the offenders became richer. Tracking debt balloon… – Continue reading
UK dependencies to reveal company ownership amid tax haven crackdown
The three British Crown Dependencies - Jersey, Guernsey and the Isle of Man - said on Wednesday they would move to reveal publicly the true ownership of firms based in their jurisdictions, a change welcomed by anti-corruption campaigners. ... - Continue reading
Canadian companies failed to pay billions of taxes owed, new CRA report reveals
Following the lead of more than a dozen other Western countries, CRA probed the staggering tax gap left by delinquent corporations.
... - Continue readingIndia: Government Of India Ratifies MLI – Bringing India On The Cusp Of A New International Tax Regime
The Government of India (Union Cabinet) has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and India's final position to the same. ... - Continue reading
Dominica removed from EU tax haven blacklist
The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading
Switzerland is in process of sharing details of 50 Indians having bank accounts
BERNE/NEW DELHI: SWISS authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth. These individuals largely include businessmen associated with companies, including… – Continue reading
HMRC defeated as Jersey companies deemed not UK-resident
The UK’s Upper Tribunal has decided that three special purpose vehicles (SPVs) incorporated in Jersey as part of a tax planning arrangement were not tax resident in the UK for tax purposes, overturning a 2017 decision from the First-tier Tax Tribunal. Development Securities, a property and investment group based in… – Continue reading
On turnover-based taxes and digital taxes: the EU Advocate General’s opinion in Vodafone
AG Kokott answers questions of the Hungarian national court ... - Continue reading
Argentina offers new tax incentives for high tech businesses
Measures set to attract high technology businesses to Argentina ... - Continue reading
First Look: US IRS issues final GILTI regulations, proposed DRD regs
Guidance on the final GILTI regulations ... - Continue reading
Tax on reserve to hit cos’ business expansion: ICAB
The imposition of 15 per cent tax on reserve and retained earnings of listed companies will reduce capital and expansion scope of the companies, said the Institute of Chartered Accountants of Bangladesh on Saturday. The ICAB made the statement in its post-budget review. Finance minister AHM Mustafa Kamal placed the… – Continue reading
Canada: Canadian Update On Cross-Border Tax Planning
Tax rules regarding offshore tax planning amended ... - Continue reading
Have your say on the China-NZ double taxation agreement
Double tax agreement set to be modernised. ... - Continue reading
IRS To Probe Deeper Into Cost-Sharing Arrangements
Transfer pricing positions to be reviewed by IRS ... - Continue reading
Switzerland, Ireland sign protocol amending tax treaty
Switzerland and Ireland sign protocol ... - Continue reading
OECD Fleshes Out Int’l Tax Reform Plans During BEPS Webcast
Modern tax laws for the digitalised economy provided by the OECD. ... - Continue reading
