Some Italian parliament members published a proposal for a new law that may dramatically change the scenario for e-commerce and web operators doing business in Italy. The proposal (called by some commentators as “Digital” or “Web Tax”) is substantially a combination of domestic rules affecting the taxation of the digital… – Continue reading
On September 15, the Dutch government released its Budget 2016, containing the Tax Plan 2016 which includes certain amendments to Dutch tax law. The government will discuss the plans the coming weeks in parliament. Further to these discussions, some elements of the Tax Plan 2016 may change. Most proposals will… – Continue reading
A federal court judge dismissed an attempt to put an early stop to a controversial program in which the Canadian government agreed to share financial information of an estimated one million “U.S. persons” living in Canada with the Internal Revenue Service. Particularly troubling to some opponents is that the agreement… – Continue reading
Malta provides an outstanding opportunity for private equity and venture capital managers. It has a flexible LP structure, an extensive network of double tax treaties, a favourable local tax regime and experienced service providers who can provide a cost-effective solution,” comments Felicity Cole (pictured), Head of the Funds Department at… – Continue reading
Mombasa county has launched another attempt to collect levies on cargo at the port after earlier attempts were rejected by the Kenya Ports Authority (KPA). Through the Finance Bill 2015/2016, the county wants to directly tax shipping lines and cargo owners unlike in the previous bid where it sought to… – Continue reading
The tax arrangement for the Kingdom (BRK) will be replaced by a new tax system in relation to the Netherlands and Curaçao. The new tax arrangement was adopted by the Dutch House of Representatives on September 10 of this year, reports the Curacao Chronicle. The tax arrangement between Curaçao and… – Continue reading
Under the I-T Act, 1961, taxpayers are broadly categorised as Ordinary Resident, Not Ordinarily Resident (NOR) and Non-Resident (NR). Reporting and paying taxes on overseas incomes and assets come with their own set of challenges. Under the I-T Act, 1961, taxpayers are broadly categorised as Ordinary Resident, Not Ordinarily Resident… – Continue reading
The largest producer of nitrogen-based fertilizer in the United States, CF Industries, is considering merging with a Dutch competitor and moving its headquarters overseas to avoid the “double taxation” of profits earned by overseas subsidiaries going to the domestic company. Curtis Dubay, a tax and economic research fellow with The… – Continue reading
The question for many expats is in Australia is if switching their UK pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) is worthwhile? Tax is a personal issue and no one-size-fits-all solution is available, but here are some general pointers to how pensions are taxed in different financial centres… – Continue reading
Victoria Seychelles — Promoting cooperation between African countries and increasing trade and industry have been the main focus of diplomatic work of the outgoing Nigerian High Commissioner to Seychelles, Solomon Akintola Oyateru, during his term in office. High Commissioner Oyateru made this statement in an interview with the press at… – Continue reading
Administrators of tax-qualified retirement plans (or their delegated payor) are responsible for both withholding on distributions and for reporting the tax withheld. If taxes are under-withheld, the administrator/delegated payor may be subject to penalties. Although the rules governing withholding on distributions to US citizens and resident aliens are clear and… – Continue reading
“Luxembourg is famous for two things: its steel industry and its rose cultivation industry”. This quote from an Italian guidebook of the 1930s was uttered by Luxembourg’s Finance Minister Pierre Gramegna at the annual conference of the Luxembourg Directors’ Association on 17 June 2015[1]. The economic outlook of the tiny… – Continue reading
Note: This article was published by Bloomberg BNA in Tax Planning International European Tax Service Vol. 17 No. 7 July 2015 Introduction The recent LuxLeaks scandal has once again focused political attention on tax planning practices of multinationals (“MNEs”). It comes in the wake of the European Commission investigation of… – Continue reading
There are often a few major issues on everyone’s lips in the international community of tax lawyers. This was the case also at The International Fiscal Association’s (IFA) 69th Congress in Basel, Switzerland. One of the main subjects in the congress was how tax payers’ rights can be most efficiently… – Continue reading
The estates of high net-worth individuals often cross borders. They might reside in one country, with assets in that country and elsewhere, and possibly family members residing are in other countries for work, education, or lifestyle reasons. The tax resulting from death can be quite harsh to their estate or… – Continue reading
Luxembourg recently published a bill to implement the new anti-hybrid rule and the general anti-abuse rule (GAAR) of the EU Parent Subsidiary Directive (PSD). The bill closely follows the wording of the PSD. A similar Dutch bill is expected on 15 September 2015. While the Dutch bill may differ from… – Continue reading
Taipei, Sept. 14 (CNA) The Kuomintang (KMT) government will be prioritizing passage of a cross-strait agreement on double taxation avoidance as well as bills on the budget, government restructuring and an all-volunteer military in the fall legislative session that opens Tuesday, Premier Mao Chi-kuo (毛治國) said Monday. Mao said the… – Continue reading
The value-added tax (VAT) system could boost tax revenue by an additional LE30 billion if implemented instead of the current sales tax system, according to a new study by the Egyptian Centre for Economic Studies (ECES). The study profers that the introduction of VAT would lead to a one time… – Continue reading
BARBADOS’ OFFSHORE FINANCIAL SERVICES SECTOR is again under threat. The Organisation for Economic Cooperation and Development (OECD), G20 and the European Union (EU) are acting in concert, armed with the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). Once implemented, the confidentiality which once protected financial… – Continue reading
With the agreement with the US, Vietnam has now signed the double taxation avoidance agreements with 70 out of 170 countries and territories with which Vietnam has trade and investment relations. Double taxation is considered a barrier to trade and investment. It discourages transnational investments while prompts individuals and businesses… – Continue reading
A government committee on financial sector reforms has finalised a report, broadly outlining the amendments required in financial laws and taxation to make domestic sector more competitive in the international market. Sources in the know said the report was submitted on Tuesday by the Standing Council of Experts, which was… – Continue reading
Madrid, Sep 10 (EFE) .- Spanish Finance Minister Cristobal Montoro and his Qatari counterpart Ali Sharif Al-Amadi have signed an agreement on Thursday to avoid double taxation and tax evasion. The Spanish Ministry of Economy and Finance explained through a statement that this deal can be applied to taxes on… – Continue reading
HA NOI (VNS) — The Ministry of Finance has proposed to increase special consumption tax on imported goods to ensure fair competition between locally manufactured products and imported ones. Under the current regulations, the special consumption tax on imported goods is calculated keeping in mind their cost, insurance, and freight… – Continue reading
As traders are set to stage a strike on Wednesday (today) following a call given by the All Pakistan Anjuman-e-Tajran against the withholding tax on banking transactions, Lahore Chamber of Commerce and Industry has supported the traders and decided to join the strike. Traders’ leaders warned that the protest could… – Continue reading
On August 25, 2015, the People’s Republic of China and Taiwan signed an Agreement for the Avoidance of Double Taxation regarding Taxes on Income (“the DTA”), which will enter into force when the legal procedures have been completed. The DTA’s highlights: 1. Permanent establishment (“PE”) specifications The DTA establishes a… – Continue reading
On September 1, Venezuelan President Nicolas Maduro arrived to Beijing in an effort to strengthen economic ties between Venezuela and China. In his second visit this year, the Venezuelan President signed a number of deals that will strengthen cooperation in new areas beyond the current focus on the oil industry…. – Continue reading
Recently the Curaçao Minister of Justice, Mr. Nelson Navarro, approved the so-called Investor’s Permit to accommodate bonafide high net worth persons and entrepreneurs who seek admission to Curaçao. The purpose of the Investor’s Permit is for the investor to provide real economic benefit to Curaçao by increasing employment opportunities and… – Continue reading
On 9 September 2015, Switzerland and Albania signed an Amending Protocol to their existing Income and Capital Tax Treaty of 1999. The amending protocol will come into force after the two countries exchange ratification instruments. The provisions of the amending protocol will have effect from 1 January of the calendar… – Continue reading
Introduction Shaped three decades ago by the then Prime Minister, Tun Dr. Mahathir bin Mohamad, Vision 2020 outlined Malaysia’s goals in becoming a fully developed nation. With the country’s move towards achieving this ‘Malaysian dream’, more Malaysian companies are venturing and investing outside of Malaysia. The increase in trade transactions… – Continue reading
On 4 September 2015, Switzerland and Norway signed an Amending Protocol to their existing Income and Capital Tax Treaty. The amending protocol will come into force after the two countries exchange ratification instruments. The provisions of the amending protocol will have effect from 1 January of the calendar year next… – Continue reading
The OECD has told the Group of Twenty nations (G-20) that it will deliver its final recommendations to tackle base erosion and profit shifting on schedule, in October. At the G-20’s meeting on September 21-22, 2015, OECD Secretary-General Angel Gurría said: “I hope to present in Lima [on October 8]… – Continue reading
Individuals and business wishing to establish a business in Canada need to familiarize themselves with the laws concerning forms of organization, FDI, competition, taxation, labor, privacy, the environment, and more. Canada has weathered the recent period of international uncertainty and volatility better than most other advanced industrialized nations. It is… – Continue reading
Negotiations took place, on 2 July 2015, at the Ministry of Finance of the Republic of Cyprus, concluding a Protocol that will amend the Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income, when it expires. The agreed protocol, when… – Continue reading
Bern, 09.09.2015 – The tax information exchange agreements with Andorra, Greenland, San Marino and the Seychelles have come into force. They will apply from 1 January 2016. Following the completion of the corresponding ratification processes, the tax information exchange agreements (TIEA) have come into force with Andorra (27 July 2015),… – Continue reading
The Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of San Marino on exemption of visa requirements for holders of diplomatic and service passports and the Convention between the Republic of Azerbaijan and the Republic of San Marino for the avoidance of double… – Continue reading
Given how China is trying to internationalise its currency, including getting more countries to settle trade in local currencies, it is not surprising that Indian policy-makers are looking at how to increase the rupee’s international acceptability. While that will have to wait till the Indian economy acquires China’s heft, a… – Continue reading
Kampala. A policy to guide the formulation of a double taxation treaty will be finalised by close of this month, the commissioner for tax policy at the Ministry of Finance, Mr Moses Kaggwa, has disclosed. Double taxation treaty (DTT) is an important agreement that determines which country has the right… – Continue reading
On April 1, 2015, Cyprus and South Africa signed a Protocol amending their existing double taxation agreement (“DTA”), which was signed in 1997 and has been in force since December 8, 1998. At the time the original DTA was concluded, dividends arising in South Africa were not subjected to South… – Continue reading
No declaration of foreign assets can be made which have been acquired during the year for which a notice under specified sections of the I-T Act has been issued The government has recently come up with a new legislation namely Black Money (Undisclosed Foreign Income and Assets) and Imposition of… – Continue reading
The Cabinet, then discussed a number of domestic issues and, in this regard, expressed thanks to and appreciation of the competent security agencies and Saudi Customs for their following-up, monitoring and preventing drug smuggling attempts into the Kingdom and the arrest of those involved in the smuggling and their recipients,… – Continue reading
On July 30, 2015, the Netherlands and Indonesia signed a protocol (the “Protocol”) amending an agreement between the Government of the Kingdom of the Netherlands and the Government of the Republic of Indonesia for the avoidance of double taxation and the prevention of fiscal evasion, originally signed on January 29,… – Continue reading
On September 8, 2015 the Cypriot Ministry of Finance published an announcement titled: “Conclusion of a Protocol that will amend the Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income between the Republic of Cyprus and the Government of Ukraine… – Continue reading
Multinational companies are facing far more expansive and complex audits by tax authorities fighting over the same pot of profits as budget deficits continue to increase, reports BD Live. An inevitable outcome of efforts globally to prevent tax bases from erosion is double taxation and increased disputes over adjusted assessments… – Continue reading
In September 2014, the Hurun Research Institute published its annual listing of the richest people in China. It showed that IT tycoon Ma Yun had increased his personal fortune during the last year by 500% to $25 billion and in doing so, had climbed to first position on the list…. – Continue reading
KARACHI: The provincial finance ministries have been urged to resolve their differences on rights of taxability among themselves, as taxpayers are facing double taxation on services on the basis of origin and destination. In communications sent on Monday to ministers of finance of Sindh, Punjab, Khyber-Pakhtunkhwa and Balochistan, the Karachi… – Continue reading
Switzerland will allow stolen data acquired through official means to form the basis for a request for assistance but will help India only for post-2011 bank accounts, that too as long as Swiss courts don’t interfere Geneva: Switzerland’s proposed changes on treating stolen information have generated much optimism in India… – Continue reading
The amount big companies set aside to cover disputed tax bills has more than halved over the past three years to £1.7bn this year, reports the Financial Times. Even though businesses fear more disputes as tax authorities become increasingly tough, they are showing reluctance to be drawn into conflicts that… – Continue reading
Recently, the Tax Court handed down judgment in the unreported case of AB LLC and BD Holdings LLC v the Commissioner of SARS (heard in February 2015) in which it had to determine whether or not an American company acting as an advisory group for the South African airline industry,… – Continue reading
This case was an appeal from the Gauteng Division of the High Court to the Supreme Court of Appeal (“SCA”) pertaining to the correctness of the granting of an ex parte preservation order application that was brought against Mr Krok by the Commissioner of the South African Revenue Service (“SARS”) in… – Continue reading
PHUKET: In 2005 the EU Commission proposed a directive that laid the foundations for a radical change in the portability of an individual’s pension. British, Dutch and Irish nationals were given the flexibility to move certain private pensions to the jurisdiction of their choice, rather than leave it in their… – Continue reading
