Tocqueville Asset Management founder Francois Sicart warns that hiding from the taxman is futile, but postponing taxes is profitable You can’t escape taxes, but you can gain an advantage by legally delaying their payment. That is a model that legendary investor Warren Buffet exemplifies, and it is one of several… – Continue reading
A person with dual citizenship is a citizen of two countries at the same time. Dual citizenship (sometimes called dual nationality) happens automatically in some situations, such as when a child is born to parents in the United States to foreign parents. In this case, the child (unless the parents… – Continue reading
Multinational tech giants Google and Facebook could soon be charged goods and services tax on advertising booked by Australian companies if a proposal flagged by federal Communications Minister Malcolm Turnbull is adopted. While multinational corporations continue to come under fire for minimising their tax bills in Australia, Turnbull has floated… – Continue reading
– The Indian financial system needs to rethink its regulatory norms The role of the banking and financial service sector (BFS) in the process of economic development has always attracted attention. The framework of the Indian financial system needs a relook if we need to ensure unhindered credit availability to… – Continue reading
Rio Tinto has warned that multinational companies could be discriminated against if moves to combat tax “base erosion and profit shifting” went too far. With Australia and the other 33 member nations of the Organisation for Economic Co-operation and Development ramping up efforts to prevent multinational companies avoiding tax, Rio… – Continue reading
Indian equity benchmarks have entered into red terrain after a firm start as investors opted to book profits at higher levels. Meanwhile, retail inflation rose to 5.37 percent in February, the third consecutive month of uptick, the industrial output grew by modest 2.6 percent in January, diminishing hopes of another… – Continue reading
The Irish Government has launched its strategy for Ireland’s International Financial Services Sector for the next five years (IFS2020), which seeks to consolidate and grow Ireland’s position as the global location of choice for specialist international financial services (IFS). The strategy includes a comprehensive overview of the existing strengths of… – Continue reading
I hold some U.S. stocks in a non-registered account and pay U.S. withholding tax of 15 per cent on the dividends. My tax slips provide the dividend and tax information in U.S. dollars. Given the currency fluctuations we’ve seen recently, how do I report these amounts on my Canadian income… – Continue reading
TP Week As a result of Brazil’s unique policy to prevent erosion of the tax base, companies often face double taxation. The pending case before the US Tax Court (Docket 5816-13), 3M Co. et al. v. Commissioner, brings this issue into the spotlight. In this case the US Internal Revenue… – Continue reading
Republican Senators Marco Rubio and Mike Lee recently released a tax reform proposal that is a curious mix of principled pro-growth measures and populist middle-class relief. Where it sticks to principle, it is great. But where it veers into populism, the plan collapses into incoherence. The senators’ plan is a… – Continue reading
Chairman Federal Board of Revenue (FBR) Tariq Bajwa has said that Pakistan and China are re-negotiating agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. On the conclusion of Public Accounts Committee (PAC) at the Parliament House here on Thursday,… – Continue reading
Port Louis, March 12 : Prime Minister Narendra Modi on Thursday assured that India would work with Mauritius to avoid the “abuse” of the double taxation avoidance agreement and added that the destinies of both nations are “linked by the currents of the Indian Ocean”. Addressing the National Parliament of… – Continue reading
Port Louis: India offered US dollar 500 million concessional line of credit to Mauritius for key infrastructure projects even as the two countries agreed to continue negotiations on hammering out a revised double tax treaty to prevent its “abuse”. The two countries also signed five agreements, including one on developing… – Continue reading
Ruling by the European Court of Justice means France is liable to reimburse tens of millions of euros to British and other EU non-resident owners who let out or sold their properties France has lost its tax war against British second home owners after the European Union’s top court deemed… – Continue reading
Your Isa investments don’t have to be limited to the UK. It’s also possible to hold shares in foreign firms in one. However, the rules for this are a little more complicated, and you need to be aware of an extra cost that can outweigh the tax benefits if you’re… – Continue reading
ASTANA. KAZINFORM – Kazakh President Nursultan Nazarbayev has signed the law “On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Macedonia for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income”, Akorda… – Continue reading
The call for tax transparency is being echoed around the globe, with ‘midshore’ centres like Bahrain and the UAE emerging as reputable, regulated and tax efficient jurisdictions A 2012 book entitled Offshore Apocalypse – The Collapse of the Tax Haven Industry, written by a team of tax-law academics, auditors, compliance… – Continue reading
On 9 March 2015, the State Secretary of the Latvian Foreign Ministry, Andrejs Pildegovics, met with the members of the South Korean Parliament, Byun Jae Ill and Park Young-sun, who are visiting Latvia from 9 to 11 March in order to strengthen cooperation between the Latvian and South Korean Parliaments,… – Continue reading
You may have noted there’s an election in the offing Worstall on Wednesday As the tech news outlet of record has told us, UK chancellor George Osborne is preparing to bring in the “Google Tax”. Properly known as the Diverted Profits Tax, it is supposed to be a way of… – Continue reading
This article is the first in a series of four parts that will examine the Canadian and U.S. income tax implications when an employee employed by a Canadian entity is assigned temporarily to work in the U.S. This first article focuses on the importance of the determination of “residency” for… – Continue reading
Representatives of the governments of Hungary and Luxembourg signed an agreement to eliminate double taxation on the sidelines of a meeting of EU finance ministers, the economy ministry said. The new agreement, signed by Economy Minister Mihály Varga and counterpart Pierre Gramegna, replaces an earlier one signed in 1990. It… – Continue reading
Just before Christmas last year, Justice Bennett handed down the decision in Seven Network Limited v Commissioner of Taxation [2014] FCA 1411 which held that no copyright existed in Channel Seven’s live television broadcasting of the 2006 (Winter) Olympics in Turin, and the 2008 Olympic Games in Beijing, to Australian… – Continue reading
NEIL CHENOWETH The raids unfolded across the city at 8.40 on a Tuesday evening. Squads of federal police descended on Point Piper, Chatswood, city offices and the departure lounge of Sydney International Airport. Accountant Vanda Gould was up when police arrived to arrest him. Across town officers scooped up his… – Continue reading
ISLAMABAD: Signing of a Trade and Investment Framework Agreement (TIFA) between Pakistan and the United States has been put on the back-burner since America has become the largest export market for Pakistan with a volume of $3.7 billion, said US Secretary of Commerce, Penny Pritzker on Tuesday. A key member… – Continue reading
No more tax amnesties by the government are envisioned, Prime Minister Joseph Muscat said yesterday during a press conference announcing the government’s acquisition of the Swiss Leaks data. The first tax amnesty was launched in 2002, with subsequent amnesties in 2003, 2005, 2007 and 2014. Asked whether tax evaders on… – Continue reading
East African member states have been advised to make critical assessment of single income tax rates. A law expert, Anatoly Nahayo said recently in Dar es Salaam after launching his book titled “East African Community Tax Harmonisation.” He said the move will ease allocation of capital shares within EAC member… – Continue reading
Tunis — Tunisia and the Organisation for Economic Co-operation and Development (OECD) signed, on Tuesday in Tunis, an agreement under which Tunisia will join the Base Erosion and Profit Shifting (BEPS) project and the OECD Action Plan for Youth. Launched in July 2013 by OECD, the BEPS project produced its… – Continue reading
RIYADH — The Council of Ministers on Monday renewed its commitment to strengthen human rights and their protection, saying that it is part of the Kingdom’s firm approach that is derived from the Islamic Shariah. Custodian of the Two Holy Mosques King Salman chaired the Cabinet’s weekly session at Al-Yamamah… – Continue reading
Cyprus signed four bilateral agreements with Bahrain on Monday, during President Nicos Anastasiades’ state visit to the kingdom where he was be received by ruler Hamad bin Isa Al Khalifa, where the two leaders also discussed issues of cooperation in tourism and the economy, as well as concerns about regional… – Continue reading
Structures for investments from overseas investors in French real estate that involve Luxembourg vehicles may need to be restructured if an expected change to the double tax treaty between France and Luxembourg takes effect, an expert has said.09 Mar 2015 Property tax Property Tax Structured real estate Specialist property investment… – Continue reading
André Wilsenach, the executive director of the Alderney Gambling Control Commission (AGCC), has vowed to support those companies impacted by new point-of-consumption (POC) tax laws in the UK. As of November 1, 2014, operators providing remote gambling services to customers in the UK must hold a remote licence from the… – Continue reading
David Kuenzi of Thun Financial Advisors weighs in on the perils of U.S. expats investing in foreign mutual funds. Send your expat finance questions to expat@wsj.com. Keep an eye on WSJ Expat to see if your questions — and answers provided by our experts — are published. U.S. expat commit… – Continue reading
The Maltese Government has said in a statement that it has today acquired from the French Government the data, popularly known as Swiss Leaks, insofar as it relates to Maltese nationals. The data was presented in Paris in the presence of French Finance Minister Michel Sapin to the representative of… – Continue reading
Barbados and Cyprus have announced that they are to begin negotiating a double taxation agreement (DTA) to strengthen economic relations between the two territories. Barbados Prime Minister Freundel Stuart noted that although diplomatic relations between the two countries were established in 1972, economic opportunities have yet to be fully explored…. – Continue reading
Many business owners have substantial personal assets invested in their business. This can have significant implications, not only for you and your business, but also for your family’s financial security. To protect your investment, both business and personal, your business strategy should include carefully structured tax-planning components to ensure you… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
Introduction In the autumn statement the Chancellor of the Exchequer announced the introduction of a new Diverted Profits Tax (DPT). Against the context of international co-operation in the OECD led consultation on ways to ensure profits are taxed where they are generated (the Base Erosion and Profit Shifting project (BEPS),… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
Chile is the fifth largest economy in South America and increasingly one of the most significant U.S. trading partners in the region. U.S. foreign direct investment into Chile was $39.9 billion for 2012 (the latest year for which official figures are available). And in 2013, the U.S. exported $17.6 billion… – Continue reading
With effect from 1 January 2015, The Income Tax (Guernsey) Law, 1975 was amended so that non-Guernsey residents will now be taxed on their pension benefits paid from an occupational pension scheme approved under section 150 of the Law, irrespective of whether they have performed services in Guernsey or not…. – Continue reading
Republican Senators Mike Lee and Marco Rubio have put forward version 2.0 of their tax reform proposal first released last September. The two men offer a bit more detail to their sweeping plan this time around, and it’s still a strong, pro-growth proposal. The broad strokes of the Lee-Rubio plan… – Continue reading
On December 2, 2014, the State Administration of Taxation (SAT), China’s highest tax authority, issued the Administrative Measures for the General Anti-Avoidance Rules (Trial) (GAAR), which went into effect on February 1, 2015. Prior to this legislation, China had no specific GAAR, only a few general anti-avoidance principles in various… – Continue reading
NEW PACTS WITH AMSTERDAM AND TOKYO BOOST TRANSFER PRICING IN HONG KONG When combined with aggressive tax planning, Hong Kong’s onshore-offshore tax regime often results in a reduced tax burden for taxpayers that operate through Hong Kong companies by pricing intra-group transactions. The Advance Pricing Arrangement agreement with the Netherlands… – Continue reading
Double Tax Avoidance Agreement to be Applied to China Funds Investors no longer have to be worried about double taxation on China-based funds. On Mar. 4, the Korea Financial Investment Association told asset management firms to hand in documents for double tax avoidance agreement applications. Four months ago, when the… – Continue reading
If you have been running your business as a sole proprietor or are planning to be self-employed, you should probably give the idea of incorporating your business a serious thought. Since we are talking about incorporation from the point of view of taxation, you should know that it has its… – Continue reading
India has made a major breakthrough with Swiss tax authorities, who have agreed to provide information in respect of cases independently investigated by IT department whereas first round of talks have reportedly taken place between Pakistan and Swiss government on revision of Convention for the Avoidance of Double Taxation agreement…. – Continue reading
Associated Oregon Industries Oregon’s largest business advocate The issue of “tax havens” garnered early interest from the House and Senate Revenue Committees as the Oregon Department of Revenue issued a new report outlining which additional countries should be considered “tax havens” for purposes of Oregon tax law. AOI testified in… – Continue reading
KUALA LUMPUR: Georgia is motivated to enhance economic cooperation with Malaysia, which has one of the most open economies in the world, its Charge d’Affaires ad interim (a.i.) to Malaysia Levan Machavariani said. “Malaysia is one of the world’s most open economies and fully integrated in the world’s trade and… – Continue reading
The outgoing High Commissioner of Pakistan, Major General Ulfat Hussain Shah, paid a courtesy call yesterday on the Prime Minister, Sir Anerood Jugnauth, at the Treasury Building in Port Louis, to bid him farewell after having served for two years in Mauritius. Both parties agreed that there is a need… – Continue reading
Hong Kong Financial Secretary, John Tsang delivered his eighth budget speech on 25 February 2015. Key Points: >Expansion of tax exemption for certain offshore investment funds >Tax concession for treasury centre activities on the way >Full steam ahead with implementation of OECD automatic exchange of tax information standard >Addressing Hong… – Continue reading
