A HCMC taxman has confirmed that ride hailing firm Uber has paid all its outstanding dues. Nguyen Nam Binh, deputy director of the HCMC Tax Department, told VnExpress that the Netherlands-based ride hailing firm has paid VND53 billion ($2.3 million) in back taxes and fines. In September 2017, the department… – Continue reading
Cambodia has signed a double taxation agreement with Vietnam that protects each country’s nationals from dual taxation, according to a news release from the General Department of Taxation released on Tuesday. The agreement was signed on Saturday on the sidelines of the Greater Mekong Subregion Summit held in Hanoi. Chou… – Continue reading
AN outspoken QC is backing the introduction of corporate and personal income taxes as a way to reduce “the gulf between rich and poor” in the Bahamas. Fred Smith QC, the Callenders & Co attorney and partner, has added his voice to those urging the Government to use the European… – 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
Barbados says it expects to sign the new OECD BEPS Multilateral Instrument at the end of January 2018 to introduce changes to its tax treaty network to prevent base erosion and profit shifting. The “Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS)”… – Continue reading
NEW DELHI The Indian Income Tax Department will accept applications for Mutual Agreement Procedure (MAP) in transfer pricing disputes, as well as for bilateral Advance Pricing Agreements (APAs), even for entities resident in countries with which India has double taxation avoidance agreements (DTAA), minus the provision to claim corresponding tax… – Continue reading
BRIDGETOWN, Barbados, Thursday November 2, 2017 – The Double Taxation Agreement (DTA) between the Government of Barbados and the Italian Republic has entered into force. The instruments of ratification for the Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion… – Continue reading
The Swiss Federal Council has announced that an information exchange amendment to the double tax agreement with Belgium has entered into force. On August 7, the Council said the additional agreement to amend the DTA had entered into force on July 19. It contains an administrative assistance clause in accordance… – Continue reading
Switzerland and France have smoothed over concerns which had blocked the exchange of tax data between the two countries, a boost to French efforts to pursue cash hidden from the taxman. The way in which data sent over by Switzerland was used in a French legal case involving UBS (UBSG.S),… – Continue reading
Move to maximise revenue collections this fiscal The Income-Tax Department is likely to monitor transactions by e-commerce firms in the coming year to maximise revenue collections including those from the equalisation levy. This is part of the enforcement strategy in the Central Board of Director Taxes (CBDT) action plan for… – Continue reading
Mauritius has signed the Multilateral Convention to Implement Tax Treaty Related Measures to prevent Base Erosion and Profit Shifting (MLI). Once ratified, the MLI will affect as many as 23 tax treaties entered into by this island nation, which has been an important jurisdiction for routing investments into India. Interestingly,… – Continue reading
Ghana signed another Double Tax Agreement (DTA) with the Czech Republic on 11 April, 2017. Ghana already has DTAs in force with Denmark, the United Kingdom, Belgium, Italy, South Africa, Switzerland, Netherlands, France and Germany. DTAs with Mauritius, Singapore and the Czech Republic are in the process of being ratified… – Continue reading
BISHKEK (TCA) — On June 13, the first Double Taxation Agreement was signed between the Kyrgyz Republic and the United Kingdom of Great Britain and Northern Ireland by British Ambassador Robin Ord-Smith and Kyrgyz Minister of Economy Arzybek Kojoshev, the British Embassy in Bishkek said. This Double Taxation Agreement represents… – Continue reading
In a meeting with Iran’s foreign minister in Tehran on Sunday, Schelling said he has visited Iran with the purpose of boosting bilateral economic and financial relations. Voicing Austria’s eagerness to develop joint training programs with Iran in the banking industry, Schelling hoped he would nail down investment deals and… – Continue reading
Japan and Iceland have agreed in principle to sign a convention aimed at eliminating international double taxation and preventing tax evasion, the Japanese Finance Ministry said Monday. The convention is hoping to boost mutual investment and encourage economic exchange, the ministry said. After signing, the convention is expected to come… – Continue reading
Cyprus and the Caribbean island-state of Barbados signed a double tax avoidance and prevention of tax evasion treaty on Wednesday, the finance ministry said. “The agreed text will contribute to the development of commercial and financial ties between Cyprus and Barbados, as well as other countries,” the finance ministry said… – Continue reading
Grandfathering is term for alteration of rules that apply to a certain investment technique Foreign portfolio investors (FPIs) based in Mauritius and Singapore had, it now appears, rushed to take advantage of the ‘grandfathering’ clause in the new Double Tax Avoidance Agreement signed between both the governments of the two… – Continue reading
Cyprus and San Marino have signed a double taxation avoidance agreement. The agreement, which further enhances the relations between the two states, was signed between the Ministers of Foreign Affairs of Cyprus and San Marino, Ioannis Kasoulides and Nicola Renzi, who held a tete – a – tete meeting before… – Continue reading
The governments of Japan and Russia on April 28 announced they have agreed the text of a new double tax agreement that would replace the 1986 pact between Japan and the former USSR. In a statement following a visit by Japanese Prime Minister Shinzo Abe to Moscow, the Japanese Finance… – Continue reading
Luxembourg and Cyprus on Monday signed a bilateral convention for the elimination of double taxation. Luxembourg’s Finance Minister Pierre Gramegna was on a working visit in Nicosia and signed the convention with his Cypriot counterpart Harris Georgiades. Cyprus was the last EU member state not to have a tax convention… – Continue reading
Pakistan and Bulgaria on Wednesday signed the Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income (ADTA) after the conclusion of second round of negotiations in Islamabad. The ceremony was overseen by Federal Board of Revenue Chairman Dr Muhammad Irshad and Bulgaria… – Continue reading
The Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC) are putting a new breath to the fight against tax fraud and evasion in Nigeria, as the two agencies will soon launch an anti-tax fraud and evasion team. This collaboration, according to the FIRS Executive Chairman,… – Continue reading
Tax residency certificate is required from the resident country tax authorities to claim applicable relief under the DTAA What is the purpose of a tax residency certificate? —Srivats Typically, source of income lies where the services are performed, or where the asset, from which the income arises, is located. Residential… – Continue reading
LUSAKA – Zambia and Malawi have resolved to harmonise trade barriers that affect trade between the two neighbours through the signing of the Double Taxation Avoidance Agreement (DTAA). The DTAA, also referred to as a Tax Treaty, is a bilateral economic agreement between the two nations that aims to avoid… – Continue reading
NEW DELHI, APRIL 19: The Union Cabinet on Wednesday approved the signing of the Protocol amending the Convention between India and Portugal for avoidance of Double Taxation. According to an official statement, the Protocol will also ensure prevention of fiscal evasion with respect to taxes on income. The statement said,… – Continue reading
MUMBAI: The recent changes in the India and South Korea Agreement for Avoidance of Double Taxation provides recourse to taxpayers of both countries to apply for Mutual Agreement Procedure (MAP) in respect of transfer pricing disputes, and also to apply for bilateral Advance Pricing Agreements (APA) for APA period beginning… – Continue reading
Recently,Ghana signed an agreement with the government of Mauritius to ensure that its investors will not be taxed twice by the two countries. Apart from that there are other countries that have such an agreement with Ghana. Ghana uses the instrumentality of Double Taxation Agreements (DTA) to rationalize the tax… – Continue reading
Ghana has signed an agreement with the government of Mauritius to ensure that its investors will not be taxed twice by the two countries and vice-versa. Known as the Double Taxation Avoidance agreement (DTA), the both Foreign Affairs ministers Shirley Ayorkor Botchwey and Mauritius counterpart Hon SeetanahLutchmeenaraidoo signed the agreement… – Continue reading
Finance Minister Ishaq Dar on Wednesday told the National Assembly that Pakistan will sign an agreement with Switzerland on exchange of information regarding bank accounts on March 21. “The Swiss government offered to sign such an agreement with Pakistan in the third quarter of the current month that will enable… – Continue reading
New Delhi, March 9 (IANS) India and Belgium have signed a Protocol to amend the double taxation avoidance agreement to curb tax evasion, an official statement said on Thursday. “India and Belgium have signed a protocol amending the existing agreement and protocol between the two countries for avoidance of double… – Continue reading
THE scope of the withholding tax — a tax imposed on non-residents for services rendered to Malaysia-based companies — has been widened. It is one of the major tax changes that came into effect on Jan 17 under the Finance Act 2017. Under the changes, non-residents must pay withholding tax… – Continue reading
The comprehensive Double Taxation Convention between Uruguay and the United Kingdom has taken effect from 1 January 2017. The United Kingdom and Uruguay signed a convention to avoid double taxation and prevent fiscal evasion related to taxes on income and on capital on 24 February 2016 in Montevideo. The document… – Continue reading
Common reporting standard: Implementation in Asia The Common Reporting Standard (“CRS”) is an internationally agreed standard for automatic exchange of financial account information (“AEOI”) on financial account information, endorsed by the OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes. The CRS framework requires financial… – Continue reading
For myriad reasons, Malta has over the years established itself as an ideal jurisdiction to hold intellectual property rights. The country offers many tax benefits on income derived from Intellectual Property. Apart from the tax exemption on income derived from patents, copyrights and trademarks as will be further explained below,… – Continue reading
The new Singapore-Lao People’s Democratic Republic Avoidance of Double Taxation Agreement (DTA) entered into force on 11 November 2016. The DTA provides clarity on tax matters and eliminates double taxation relating to cross-border transactions between the two countries. A DTA between Singapore and another jurisdiction serves to prevent double taxation… – Continue reading
Members of Taiwan’s executive and legislative branches gave their unanimous support to a proposed bill that would help pave the way for Taiwan to sign double taxation avoidance agreements with Hong Kong and Macau during a policy coordination meeting Nov. 14 in Taipei City. Drafted by the Cabinet-level Mainland Affairs… – Continue reading
Members of Taiwan’s executive and legislative branches gave their unanimous support to a proposed bill that would help pave the way for Taiwan to sign double taxation avoidance agreements with Hong Kong and Macau during a policy coordination meeting Nov. 14 in Taipei City. Drafted by the Cabinet-level Mainland Affairs… – Continue reading
The UK and Colombia signed a double tax agreement (DTA) on November 2, which is intended to support trade and investment by capping withholding tax on cross-border income. The agreement was signed by the Financial Secretary to the Treasury, Jane Ellison, and the Colombian Finance Minister, Mauricio Cardenas, during President… – Continue reading
The UAE has signed an agreement on the avoidance of double taxation with Argentina with the aim of boosting expanding joint economic partnerships. The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and visiting Argentina’s Vice President Gabriela Michetti, in the presence of Fernando… – Continue reading
Wednesday, 2 November, Finance Minister Dana Reizniece-oak and Swiss Ambassador Latvian Marcus Niklauss Paul Dutli ( Markus Niklaus Paul Dutly ) signed the Latvian Republic and the Government of the Swiss Federal Council Protocol amending the two parties on 31 January 2002 concluded the Convention for the Avoidance double taxation… – Continue reading
The Philippines is eyeing to seal tax treaties with all nine other Asean member-states, according to the Bureau of Internal Revenue (BIR). The country already has effective double taxation agreements (DTAs) with Indonesia, Malaysia, Singapore, Thailand and Vietnam, BIR Assistant Commissioner Marissa O. Cabreros noted in a presentation at last… – Continue reading
The amended bilateral tax treaty between India and Japan, which provides for strengthened exchange of information to help reduce tax evasion, has come into force from October 29. The agreement to amend the 27-year old Double Taxation Avoidance Agreement (DTAA) was signed when Japanese Prime Minister Shinzo Abe visited India… – Continue reading
India has notified the revised double tax avoidance agreement with South Korea under which capital gains tax will be levied at the source with effect from April 1, 2017. The existing Double Taxation Avoidance Convention, which has been in vogue for three decades, provides for residence-based taxation of capital gains… – Continue reading
Georgia and Kyrgyzstan are increasing economic cooperation by signing an agreement on avoidance of double taxation. The deal was signed today in Georgia’s capital Tbilisi and will prevent people or businesses working between the two countries from evading income and capital taxes. Double taxation is the levying of tax by… – Continue reading
The Saudi Council of Ministers has authorized minister of finance or his deputy to discuss two draft uniform agreements on value added tax (VAT) and selective tax for Gulf Cooperation Council (GCC) states. The agreements shall be discussed within the framework of the GCC financial and economic committee, and sign… – Continue reading
Singapore is seeking more time to revise the two-decade old tax treaty with India, saying its investors need more time to shift to source-based taxation. India has, however, rejected any deferment in the revision of the treaty that will help prevent Singapore, which is the top source of FDI into… – Continue reading
Mauritius, the island nation that accounts for the second-largest FDI, has sought a line of credit and more investments from India as it gets ready for implementation of the revised tax treaty from April 2017. Mauritian Minister of Finance and Economic Development Pravind Kumar Jugnauth yesterday met Finance Minister Arun Jaitley… – Continue reading
Top officials from India and Mauritius will meet in Port Louis this week to discuss revival of free trade agreement (FTA) negotiations that were suspended three years ago by New Delhi. The talks were suspended to build pressure on Mauritius to expedite the double taxation avoidance agreement. Deliberations on two-way… – Continue reading
Officials said around 192 requests had been sent to a number of countries, while another dozen were being processed as part of their investigation. The Income Tax Department on Sunday said it had invoked several tax information treaties and made around 200 requests to collect banking- and finance-related evidence on… – Continue reading
India and Vietnam on Saturday inked a dozen of agreements, including protocol on double taxation avoidance agreement, to foster better ties between the two sides. India and Vietnam on Saturday inked a dozen of agreements, including protocol on double taxation avoidance agreement, to foster better ties between the two sides…. – Continue reading
