The implementation of stricter taxation scrutiny globally shows no sign of abating. Nonetheless, Guernsey is well-placed to meet many of these challenges, and indeed thrive in this new world order. Guernsey has repeatedly demonstrated an ability to comply with international obligations and adapt to challenges and changing circumstances and the… – Continue reading
A DOUBLE TAXATION Agreement (DTA) with South Korea was a key talking point recently when Ambassador-Designate of the Republic of Korea to Barbados, Doo-Young Lee paid a courtesy call on Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, at her Culloden Road Office. Acknowledging the excellent working relations… – Continue reading
Introduction US tax treaty policy can be affected by pressures for tax reform from within the United States and by major developments in international taxation from without. Talk of US tax reform has been widespread for years, although it is sometimes hard to gauge how much of the talk is… – Continue reading
ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a number of federal decrees with respect to ratifying agreements between the UAE and a number of friendly countries and transferring, appointing and promoting a group of diplomatic corps members. The decrees have been published in the… – Continue reading
On July 23, 2015 the Japanese Ministry of Finance issued a press release announcing that on July 22, 2015 the Government of Japan and the Government of the United Kingdom exchanged notes concerning Article 7 of the Convention between Japan and the United Kingdom of Great Britain and Northern Ireland… – Continue reading
The UK Government has published draft legislation on devolving certain tax matters to Scotland (the Bill). It intends that the draft legislation should implement the terms of the devolution agreement made in November 2014 between the Westminster and Holyrood governments. Having looked over the Bill, it appears that the Scottish… – Continue reading
TOKYO — Disputes over cross-border double taxation can take a decade to resolve, putting a heavy burden on multinational corporations, but this would be shortened to around two years under new rules being crafted by the OECD and the Group of 20 major economies. Corporations can seek to resolve such… – Continue reading
The Securities and Futures Commission (SFC) has released its annual survey, which showed the combined fund management business in Hong Kong sustaining another year-on-year increase to reach a record high at the end of 2014 of almost HKD17.7 trillion (USD2.3 trillion), up 10.5 percent. The survey’s findings indicate that Hong… – Continue reading
Mexico on July 17, 2015, published the text of its agreement with Turkey to avoid double taxation between the two countries and prevent tax evasion. The double tax agreement (DTA) was signed in 2013 and is valid from July 23, 2015. Under the agreement, dividends will be subject to a… – Continue reading
New Delhi has proposed the setting up of a bilateral high-level group to discuss with Washington its concerns on the long-pending issue of US “visa restrictions” affecting the easy movement of Indian skilled professionals, especially in the IT sector. New Delhi has proposed the setting up of a bilateral high-level… – Continue reading
Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DTAA applies, the provisions of the Income Tax Act apply only… – Continue reading
The governments of Guinea-Bissau and Cabo Verde (Cape Verde) signed agreements to avoid double taxation and prevent tax evasion at the end of a four-day working visit to Guinea-Bissau by the Prime Minister of Cabo Verde, José Maria Neves. Alongside the tax agreement, Cabo Verde will train Guinean technicians so… – Continue reading
THE HAUGE, July 20 (Xinhua) — The Dutch-German agreement to enhance the exchange of information on tax rulings was “an important step” towards greater transparency, but there is still a long way to go before reaching common ground on harmonized corporate tax policies within the European Union (EU), according to… – Continue reading
Most South Africans think the prospect of working and living in a foreign country is an exciting adventure. However, the ins and outs of your tax affairs can be enough to make one less adventurous. The first thing to establish is what your “tax residency status” is. This is easier… – Continue reading
Irish people investing in other countries often lose up to a fifth of dividends Irish tax refund specialists Taxback. com have introduced an online service to help people recover tax withheld on share dividends in other countries. *Irish people investing abroad often lose up to a fifth of their dividends… – Continue reading
Lord Sieff, then head of food at Marks and Spencer, returned from 1950s Israel having inked an agreement with horticulturalist Gordon Bickel to buy his gypsophila spray carnation. More than half a century later Bickel’s firm, Carmel Agrexco, has expanded from what he calls the ‘white gold’ that was behind… – Continue reading
AN AGREEMENT to avoid double taxation and prevent tax evasion has been signed between Brunei and Luxembourg last Tuesday in Brussels, the Ministry of Finance (MoF) said yesterday. The MoF said this is in line with Brunei’s commitment to implement an internationally agreed tax information exchange standards. The ministry said… – Continue reading
The rising exchange of information between countries is also leading to the disclosure of more details about these taxpayers’ affairs. Along with other countries, SA is paying closer attention to its residents’ cross-border activities. But while compliance is necessary, industry experts warn that overly aggressive tax enforcement in SA could… – Continue reading
India and Mauritius are set to limit the benefits of their double tax avoidance agreement (DTAA) to only genuine businesses bringing foreign direct investment to India by inserting a new clause in the treaty straight from New Delhi’s yet to be implemented General Anti-Avoidance Rules (GAAR). The revised treaty, however,… – Continue reading
About 700,000 taxpayers are likely to face tax rises as a result of George Osborne’s “major and long overdue reform” of dividend taxation that is set to raise £2.5bn next year, the Financial Times reports. It will push up the tax bills of top-rate taxpayers receiving more than £25,250 in… – Continue reading
In May 2012, Cyprus introduced a package of incentives and tax exemptions relating to investment in intellectual property rights, commonly known as an “IP box.” Intellectual property projects are particularly susceptible to cross-border planning by reason of the mobility of intellectual property rights, which do not consist of physical assets… – Continue reading
Tax avoidance has always been a matter of great commotion, both for the HM Revenue & Customs, and also for the general public who want to make sure that everybody pays what is due so that fairness is ensured. So when cases such as this hit the news, it is… – Continue reading
In response to the economic downturn and the growing need for tax revenues, the Italian Tax Authorities (ITA), like authorities in many other jurisdictions, have more aggressively targeted multinationals and their tax planning strategies in recent years, resulting in more domestic and international tax controversies. Transfer pricing (TP) issues account… – Continue reading
Ethiopia has signed double taxation avoidance agreement with Poland on July 13, 2015, Ethiopian News Agency reported (ENA). The agreement was signed between Ethiopian Minister of Finance and Economic Development, Sofian Ahmed and Poland Minister of Finance, Mateusz Szczurek as the side event of the Third International Conference on Financing… – Continue reading
Sofia. Bulgarian government approved the agreement between Bulgaria and Romania on the double taxation avoidance and prevention of tax concealing, inked in April 2015, the press office of the Bulgarian Council of Ministers announced. The document is filed for ratification by the parliament. The current agreement between the countries was… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
MUMBAI: The government may soon clarify tax rules making it easier for fund managers operating large India-dedicated funds to set up an office in the country, four months after finance minister Arun Jaitley announced in the budget about the government’s intentions to do so. The finance ministry and the central… – Continue reading
In a recent case involving Next Brand Ltd, the First-Tier Tribunal ruled in favor of HM Revenue & Customs (HMRC), finding that double tax relief was not available for dividends that in effect represented loan repayments. Background Prior to the introduction of the dividend exemption, when a UK parent company… – Continue reading
Investors need to scrutinise the impact of new tax measures on the banking sector after the Budget created clear winners and losers, managers have claimed, the FT Advisor reports. Last week Chancellor George Osborne revealed in his first Conservative Budget that the annual levy UK banks must pay – based… – Continue reading
The Supreme Court has overturned a lower court’s ruling that the government’s comprehensive real estate taxation system is being run correctly, saying real estate owners have been double-taxed on some of their holdings. In a lawsuit filed by 25 Korean companies, including KT and the Korea Electric Power Corporation, against… – Continue reading
Mauritius’ former finance minister claims that his country has given up the right to tax capital gains. This has raised questions regarding the scope of the renegotiation of the India-Mauritius Double Tax Avoidance Treaty (DTAA) Former finance minister of Mauritius says renegotiated tax treaty with India will have devastating effect… – Continue reading
The Government’s submission to the “Re:think” tax white paper process under way in Australia highlights the lack of mutual recognition of imputation credits as the most significant barrier to a seamless transtasman market and calls for visionary political leadership. Prime Minister John Key displays the very leadership he’s calling for,… – Continue reading
The long-awaited formation of the Asean Economic Community (AEC) is just over five months away. Drawn by the promise of a freer flow of goods, services, investment, capital and skilled labour, many businesses need to study how to prevent or reduce the effects of double taxation. Double taxation results from… – Continue reading
A draft amendment to the Income Tax Ordinance and the Prohibition on Money Laundering Law regarding Israel joining international tax information-sharing agreements. The Israel Tax Authority (ITA) has just circulated a draft amendment to the Income Tax Ordinance and the Prohibition on Money Laundering Law regarding Israel joining international tax… – Continue reading
Special Business News article by Rob Rotherham, KPMG tax division senior manager, on the effects of the UK Budget. With effect from April 1, 2015, the UK Government introduced a new tax: the Diverted Profits Tax. (DPT). The DPT is aimed at countering the use of aggressive tax planning techniques… – Continue reading
Muscat: His Majesty Sultan Qaboos Bin Said today issued two Royal Decrees as follows: Royal Decree No. 30/2015 establishes Oman Governance and Sustainability Centre and promulgates its bylaw. Article (1) states that a centre to be named “Oman Governance and Sustainability Centre” shall be set up and affiliated to the… – Continue reading
On 07th July 2015, the United States and Vietnam signed an income tax treaty with Vietnam, the first ever between the two countries. The Double Taxation Agreement applies to personal income tax and enterprise income tax in the case of Vietnam. What is a permanent establishment? Under the Double Taxation… – Continue reading
Ukraine and Cyprus have agreed to review bilateral agreements on taxation to prevent the withdrawal of capital to offshore zones, Finance Minister Natalie Jaresko wrote on Facebook. “After very lengthy negotiations, we’ve finally taken an important step in the fight against capital withdrawal to offshore zones: we have with the… – Continue reading
The benefits of switching to Bangkok Qualifying Recognised Overseas Pension Schemes (QROPS) are often overlooked by expats who believe the low cost of living in Thailand is already making their money stretch further. Bangkok offers a great life for expats with even modest financial resources with a tropical climate and… – Continue reading
Portugal is an increasingly desirable destination, thanks to its tax-friendly stance. Portugal may not be top of everyone’s list in terms of tax-friendliness, particularly given the recent backdrop of the recession and bail-out, but it does have a history of running successful tax-friendly programmes, for example the Madeira and Azores… – Continue reading
OECD guidance needs to be clear otherwise the process could favour the bigger nations In Paris last week, as Angela Merkel and Francois Hollande discussed events in Greece, the international tax system was being discussed in an underground meeting room at OECD headquarters. For almost two days tax authority delegates… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
The Supreme Court ruled on Sunday that the country’s tax authority may have imposed double taxation on real estate holders, a decision that could make the National Tax Service (NTS) responsible for handing back massive refunds to domestic businesses. On Sunday, the Supreme Court sent back to the Seoul High… – Continue reading
Uzbekistan’s President Islam Karimov has signed a protocol to make amendments to Uzbek-Belgian convention on avoidance of double taxation and prevention of tax evasion on income and capital. Uzbek president’s decree “On approving the international agreement” published in the local media July 13, approves the amendments to the convention of… – Continue reading
The continuing speculation over Greece’s possible exit from the Eurozone and the weakening effect this might have on the shared currency in the short-term, may once again be prompting some folks to consider setting up non-resident bank accounts in non-eurozone countries. Offshore banking has a bit of a dodgy image… – Continue reading
One of the most immediate and obvious consequences of globalisation is the impact of domestic tax policies in other countries on the economy of Tanzania. This has necessitated the continuous evaluation of the tax regime in Tanzania and brought about crucial fiscal and economic reforms in the country. Hence, the… – Continue reading
A “tax allowance”. That’s what the Government calls the new £5,000 tax-free band of dividend income announced in the Budget. In other words, it’s a favour they are doing us – offering a tax perk, akin to the breaks on Isas or the tax-free personal allowance. By introducing a dividend… – Continue reading
Finance Ministry has informed that the negotiations on the double taxation avoidance agreement (DTAA) between India and Mauritius are in advanced stage and the pact would be revised soon. Revenue Secretary Shaktikanta Das has said that “DTAA treaty (with Mauritius) is in very advanced stage of negotiation. It is progressing… – Continue reading
Swiss Poised To Support Greek Tax Amnesty by Matthew Allen, swissinfo.ch Struggling to pay off more than €300 billion (CHF313 billion) in debts, Greece is banking on Switzerland to help it recover a treasure trove of undeclared assets that tax cheats have stashed in alpine vaults. But anti-tax haven campaigners… – Continue reading
MUMBAI: Mauritius, which serves as the gateway to Dalal Street for most foreigners, will be back in news soon. India and the tax haven are believed to be close to finalising a revised tax treaty that would lower tax on interest income of overseas investors betting on Indian debt papers…. – Continue reading
