PARIS, France– Ministers and high-level officials from six countries, including two in the Caribbean, have signed the BEPS Multilateral Convention, the first multilateral treaty of its kind. The Convention will enable governments to swiftly update their networks of existing tax treaties and further reduce opportunities for tax avoidance. Barbados, Jamaica,… – Continue reading
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not… – Continue reading
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not… – Continue reading
The heads of the Greek and Bulgarian tax authorities have met to discuss ways in which bilateral cooperation can be boosted with a view to reducing levels of tax avoidance and evasion, particularly with respect to Greek companies shifting profits to Bulgaria. “The major issue of tax avoidance by Greek… – Continue reading
On December 29, 2017, the Inland Revenue (Amendment) (No. 6) Bill 2017 (BEPS bill) was gazetted in Hong Kong. The BEPS bill introduces a transfer pricing regulatory regime and mandatory transfer pricing documentation requirement in Hong Kong as well as a variety of other anti-BEPS changes. The BEPS bill marks… – Continue reading
Viet Nam News HA NOI — In the latest draft of Law on Corporate Income Tax (CIT), the Ministry of Finance has raised a regulation aimed at preventing multinational companies with related-party transactions from evading taxes. According to the proposed regulation in the amended draft, the part of interest expense… – Continue reading
The Swedish tax authority (Skatteverket), has published guidance on companies’ country-by-country reporting obligations with respect to short and extended tax years, and company divestments and restructurings. Under Sweden’s Tax Procedures Act, a group is not obligated to submit a CbC report if, according to its consolidated accounts, it has a… – Continue reading
Toronto lacks a tax advantage that the 19 other contenders on the short list to host Amazon’s second headquarters now enjoy. The recently adopted U.S. Tax Cuts and Jobs Act (TCJA) provides companies based in the United States with an effective tax rate of 13.125 per cent on a portion… – Continue reading
UAE was confident of swift removal from the tax haven list in 2018. The UAE, along with seven other countries, has been removed from the European Union’s list of Uncooperative Tax Havens as the country further enhanced its transparency in tax procedures. As a mark of strengthening ties with EU… – Continue reading
The Macau SAR has been removed from the European Union list of non-cooperative jurisdictions for tax purposes, joining a separate category of jurisdictions ‘subject to close monitoring,’ the European Union (EU) announced on Tuesday Macau (MNA) – The Macau SAR has been removed from the European Union list of non-cooperative… – Continue reading
The head of the revenue agencies of Bulgaria and Greece have held talks on continuing and deepening co-operation on exchanging information and countering tax evasion, the National Revenue Agency in Sofia said on January 22. Bulgaria’s National Revenue Agency head, Galya Dimitrova, and her Greek counterpart Georgios Pitsilis discussed issues… – Continue reading
The Norwegian Government is considering possibilities for the taxation of multinational companies’ “value creation” in Norway, including in the area of value-added tax, although it said that it would prefer a multilateral agreement on any new measure. In a letter to the parliamentary finance committee dated January 18, Finance Minister… – Continue reading
There is a need to streamline the institutional framework for granting tax incentives such that all 14 investment promotion agencies (IPAs) at present observe a single menu of incentives rather than a diverse, confusing and non complementing set of rules, the Department of Finance (DOF) said last Friday. According to… – Continue reading
The Bank of Ghana (BoG) has stressed that it will enforce the implementation of the International Financial Reporting Standards (IFRS 9) among banks in the country, this year. The IFRS is a tool which requires all financial institutions to comply with a common financial reporting standard which will among others… – Continue reading
The National Accountability Bureau (NAB) has written to several state institutions seeking record and details of offshore companies reportedly established in tax havens abroad by Pakistan Tehreek-e-Insaf (PTI) leader Aleem Khan and Pakistan Muslim League-Quaid (PML-Q) leader Chaudhry Moonis Elahi, DawnNews has reported. The Supreme Court had in November last… – Continue reading
KINGSTON, Jamaica (JIS) — The Government of Jamaica has signed an agreement with the Republic of Italy for the elimination of double taxation with respect to taxes on income and for the prevention of tax evasion and avoidance. The signing took place at the Ministry of Finance and Public Service’s… – Continue reading
(CMC) – The St Lucia government Friday said it expects to join fellow Caribbean Community (CARICOM) neighbours, Barbados and Grenada, in being removed from a new list of global tax havens by the European Union. The EU has signalled its intention to remove the CARICOM countries after they submitted plans… – Continue reading
In 2017, the UK scrapped its non-dom tax regime. Consequently, an increasing number of individuals are instead relocating their tax domicile to Italy At the start of 2017, in a bid to attract more wealthy citizens and capital to Italy, Rome introduced a non-domiciled tax regime. Now, citizens can move… – Continue reading
French finance minister, Bruno Le Maire wants a new legal framework for cryptocurrency regulations to overcome tax evasion and terrorist funding The finance minister has ordered France’s central bank chief to design the new regulations framework cautioning against ‘risk of speculation and possible financial manipulation‘ associated with cryptocurrencies. Cryptocurrency sceptics… – Continue reading
NEW DELHI, JANUARY 16: Panama, a popular tax haven that was in the eye of a data-leak storm dubbed ‘Panama Papers’ in 2016, has finally signed an international agreement that would pave the way for exchange of financial account information with the international community. By signing this agreement — CRS… – Continue reading
Lionel Messi’s problems with the Spanish tax authorities are far from being over as the accounts of his foundation come under scrutiny. The tax authorities are investigating whether payments from FC Barcelona to Lionel Messi’s foundation were used to help the player evade taxes, Spanish daily El Mundo reported on… – Continue reading
KARACHI: Government on Saturday said it may roll out an amnesty to allow offshore bank account holders to declare their wealth against nominal tax rates ahead of the implementation of OECD’s treaty to exchange financial details with foreign countries in September. Miftah Ismail, adviser to the Prime Minister for finance,… – Continue reading
Malaysia’s Inland Revenue Board (IRB) on January 11, 2018, released guidelines on applying for the resolution of double tax cases through the Mutual Agreement Procedure. The MAP Guidelines have been updated to incorporate the recommendations of the OECD BEPS Action 14 report on making dispute resolution mechanisms more effective. The… – Continue reading
ST GEORGE’S – Prime Minister Dr Keith Mitchell says Grenada is expected to be removed from the European Union Blacklist by the end of January. The decision to remove Grenada, one of 17 countries blacklisted by the EU, is expected to follow a meeting of the Financial and Economic Unit… – Continue reading
Microsoft, Cisco might also benefit from GOP bill ‘loophole’ Law gives some firms edge in paring offshore cash tax tab Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up — provided their fiscal years don’t follow the calendar year…. – Continue reading
Ordinary taxpayers on the streets of Berlin and elsewhere may be confused if you ask them about the “cum-ex” share switch scandal. However, this shady tax avoidance practice has cost them and the treasury a lot of money. Several German banks, exploiting a now-closed loophole relating to the excessive claiming… – Continue reading
VALLETTA, Jan.11 (Xinhua) — The 2017 International Tax Co-Operation Report published by the Organisation for Economic Cooperation and Development (OECD)showed Malta to be a tax compliant jurisdiction ,the Maltese Finance Ministry said on Thursday. “This is exactly what we have been stating all along in the face of unfair criticism… – Continue reading
Apple Europe Ltd, a wholly owned subsidiary of Apple Inc., said it expects to pay more tax in the UK and paid an extra GBP136m for prior years up to September 26, 2015, after an extensive audit by HM Revenue and Customs. In its end-of-year accounts made up to April… – Continue reading
The United Arab Emirates Cabinet on January 7, 2018, approved two double tax agreements concluded by the territory in 2017 with Moldova and Croatia. Double tax agreements seek to facilitate trade and investment between two or more countries by setting out the taxing rights of the territories involved, to ensure… – Continue reading
The case of Development Securities (No. 9) Ltd and other v HMRC [2017] UKFTT 0565 is the latest in a line of cases concerning the UK corporate tax residence of offshore companies. The case once again highlights the difficulties in preserving an offshore company’s non-UK tax resident status, whilst giving… – Continue reading
The Income Tax Department recently released a clarification stating that it would accept requests for mutual agreement procedures (MAPs) and bilateral advance pricing agreements (BAPAs) in transfer pricing disputes with all countries regardless of the existence of specific provisions in the Double Taxation Avoidance Agreements (DTAAs). A 2012 survey by… – Continue reading
LAHORE: Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif has instructed Prime Minister’s Adviser on Finance Economic Affairs and Revenue Miftah Ismail to implement tax reforms to strengthen the economy. During a meeting at his Raiwind residence, Nawaz instructed Miftah to refund 100 per cent sales tax to exporters by February… – Continue reading
The leaders of Hungary and Ireland have both expressed their opposition to the prospect of additional tax harmonization within the EU. Irish Prime Minister Leo Varadkar was in Hungary to visit his counterpart, Viktor Orban. Reuters reported that, during a joint news conference following their meeting, Orban said that his… – Continue reading
The Internal Revenue Service is looking to tax early adopters of cryptocurrencies who profited from it. Now the Internal Revenue Service (IRS) has set its sights on the early adopters of cryptocurrencies, particularly those who earned from the blockchain technology. The IRS is concerned that between 2013 and 2015, only… – Continue reading
The double tax avoidance agreement (DTA) between Cambodia and Singapore came into effect this month, helping clarify taxation rights on all forms of income arising from cross-border business activities, while minimising double taxation. On January 1 the Inland Revenue Authority of Singapore (IRAS) issued an announcement stating that the DTA… – Continue reading
Taiwanese Premier Lai Ching-Te has directed the Ministry of Finance to work towards a Taiwan-US tax treaty. Speaking at a strategic briefing to the National Development Council on January 4, 2018, Lai noted that the US is one of Taiwan’s most important trading partners. A tax treaty would ensure that… – Continue reading
The U.S. Treasury Secretary is disputing a decision by the European Union to place Guam, and American Samoa, on its blacklist of noncooperating tax jurisdictions. In a letter to EU Secretary General Jeppe Tranholm-Mikkelsen, U.S. Treasury Secretary Steven Mnuchin wrote that “there is no basis for concluding that American Samoa… – Continue reading
The GOP tax bill that was signed into law by the white house late last year, significantly reduced corporate taxes which has piled pressure on other significant economies around the world to adjust so as not to lose investors to the United States. Just hours after President Trump signed the… – Continue reading
The “fair and efficient” taxation of corporate profits and the fight against tax avoidance and evasion through enhanced administrative cooperation are among the priorities of the new Bulgarian presidency of the European Union, which commenced on January 1, 2018. The recently released program of the Bulgarian presidency states that it… – Continue reading
Non-compliance “interventions” by the Irish Revenue yielded EUR492m (USD594m) last year, according to the latest figures published by the tax authority. Revenue has published its preliminary results for 2017. They show that Revenue completed 646,633 compliance interventions during the year. There were 24 criminal convictions for serious tax and duty… – Continue reading
Ernst and Young Solutions LLP, Singapore, has released its wish list for the Singapore Budget 2018, calling for reforms to sharpen the territory’s competitiveness. The firm said that Singapore should maintain its 17 percent corporate income tax (CIT) rate, which is one of the lowest in the world, but recommended… – Continue reading
A European Union consultation is ongoing on a draft Directive that would make permanent the provision in the EU VAT Directive that requires all member states to levy a minimum standard VAT rate of at least 15 percent. In the absence of the measure, the temporary restriction would be repealed… – Continue reading
Despite failing to achieve revenue collection targets last year, the Indonesian Government has set an ambitious goal for 2018 of boosting collections by 20 percent. Indonesia posted a nine percent shortfall against budget targets in 2017. However, the Government hopes to considerably boost the tax take in 2018, bargaining on… – Continue reading
THE Cabinet yesterday approved a draft bill aimed at preventing the transfer of assets and profits for the purpose of avoiding tax liabilities. Also approved yesterday were proposals requiring that juristic persons with interconnected transactions of more than Bt30 million a year send the authorities a clarification report and a… – Continue reading
Viet Nam News HCM City – The Netherlands-based ride-hailing firm Uber International Services Holding B.V has filed a lawsuit against the HCM City tax department after it decided to forcibly collect tax, Người Lao Động (Labourer) newspaper reported. Earlier the department had sent a notice to Uber that it had… – Continue reading
Manama : In a bid to curb tax evasion, the Government of Bahrain has decided to give cash rewards of up to BD10,000 to those who report such irregularities to the authorities here. “Those who report tax evasion will be paid 2.5 percent of the fine imposed or a maximum… – Continue reading
More than 100 companies with international operations are being asked for the first time to give the Tax Authority marks for its performance. Taxpayers in Israel rarely have the opportunity to rate the performance of the Israel Tax Authority. Even if they did, they would be apprehensive about doing so… – Continue reading
Jakarta. Indonesia failed to meet its tax revenue target in 2017, posting Rp 132.1 trillion — around $9.5 billion — in tax shortfall from the target set in last year’s revised budget, its Finance Ministry announced on Tuesday (02/01). Finance Minister Sri Mulyani Indrawati said the 2017 tax target was… – Continue reading
India entered into three more advance pricing agreements in December, with two unilateral agreements and a bilateral APA concluded with authorities in the United Kingdom. With the signing of these agreements, the total number of APAs entered into by the Central Board of Direct Taxes totals 189, comprising 173 unilateral… – Continue reading
A joint investigation by the Department of Special Investigation (DSI) and related agencies has led to the retrieval of nearly Bt9 billion in luxury car tax and a case against tax-avoiding importers would soon be submitted for prosecution, DSI deputy chief Pol Lt-Colonel Korrawat Panprapakorn said on Tuesday. Korrawat reported… – Continue reading
