There’s big news from across the pond. The U.K. government’s Autumn Statement (formerly known as the pre-Budget report), released December 3, promises to change how multinational corporations will be taxed – and offers a cautionary tale for would-be U.S. tax reformers. Britain will introduce a “diverted profits” tax, targeting corporations… – Continue reading
Responding to another leak, the Luxembourg Finance Ministry has said that the advance tax rulings issued to multinationals by the country’s tax authority are not, and never have been, secret. The Ministry issued a statement on December 10 acknowledging the publication by the International Consortium of Investigative Journalists (ICIJ) of… – Continue reading
While some Owners create their own bespoke site to publicise their Local Lodging offering, most rely on the major websites that have become popular in recent years. However, not all Operators work in the same way. The nature of their business can influence the way the activity is classified by… – Continue reading
This Alert provides more details on the most significant measures contained in the draft Finance Bill. Draft clauses of the UK Finance Bill 2015 were published on 10 December 2014. They will now be the subject of consultation until 4 February 2015. This Alert provides more details on the most… – Continue reading
On December 10, Hong Kong and Japan exchanged notes regarding the exchange of information (EOI) provisions in their existing double taxation agreement (DTA) dated November 9, 2010. “The purpose of the exchange of notes with Japan is to expand the coverage of tax types under the EOI arrangement of the… – Continue reading
THE CONCLUSION of an air services agreement and training opportunities for Barbadians were among the areas discussed, when India’s High Commissioner, Subashini Murugesan, paid a courtesy call on Permanent Secretary in the Ministry of Foreign Affairs, Charles Burnett. Burnett received the High Commissioner on behalf of the Minister of Foreign… – Continue reading
Dubai, 11 December 2014: The UAE signed today the final agreement for the avoidance of double taxation on income with Hong Kong, during a meeting between businessmen and commercial banks from both parties in Dubai. The agreement was signed by HE Obaid Humaid Al Tayer, Minister of State for Financial… – Continue reading
The ministry of Finance acknowledges the publication by the International Consortium of Investigative Journalists (ICIJ) and affiliated medias of a further series of advance tax decisions (“rulings”) issued by the Luxembourg tax administration. As with previous publications (“Luxleaks”), the way in which these documents were acquired is highly questionable. The… – Continue reading
A new UK tax on the ‘diverted profits’ of multinationals operating in the UK “is probably not needed, will be hard to apply and will raise little money” according to one expert. 10 Dec 2014 Corporate tax Tax International tax UK Europe Heather Self of Pinsent Masons, the law firm… – Continue reading
The Internal Revenue Service has issued an announcement extending the “deemed compliant” status of countries that are treated as if they had an intergovernmental agreement with the U.S. Treasury Department in place for purposes of the Foreign Account Tax Compliance Act. FATCA, which was included as part of the HIRE… – Continue reading
Hong Kong (HKSAR) – The Government of the Hong Kong Special Administrative Region today (December 10) exchanged notes with the Government of Japan regarding the Exchange of Information (EoI) Article in the Agreement between the Government of the Hong Kong Special Administrative Region of the People’s Republic of China and… – Continue reading
Malta continues to receive glowing reviews internationally as a stable financial services centre of repute within the European Union. Over the past fifteen years, Malta has moved seamlessly from being an offshore to an onshore jurisdiction, through the implementation of several legal, tax and regulatory rules intended to stimulate domestic… – Continue reading
In recent times there has been a welcome return to activity in the Irish real estate market. Overseas investors have been circling and private equity groups have started investing heavily in Irish real estate amid confidence that the Irish economy has stabilised and is returning to growth. In this briefing… – Continue reading
The European Commission welcomes two breakthrough agreements reached by the Council today towards combating corporate tax avoidance and aggressive tax planning. The Council has given its political backing to the anti-abuse clause of the Parent Subsidiary Directive and to the mandatory exchange of information between EU tax authorities. “I applaud… – Continue reading
Jersey Finance has welcomed the signing of a Tax Information Exchange Agreement (TIEA) between Jersey and Romania this week. The agreement, which was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga, at the Romanian Embassy in London on Monday… – Continue reading
New Delhi: Citing national security and confidentiality clauses, Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe. Replying to an RTI query, the ministry said it was obtaining information regarding Indians having accounts in foreign… – Continue reading
New Delhi: The government on Tuesday said Mauritius is yet to agree to certain proposals to the long pending revision of bilateral tax treaty. “India has made certain proposals for revision of DTAC (Double Taxation Avoidance Convention) to end round tripping and other aspects. Mauritius is yet to agree to… – Continue reading
(Reuters) – Luxembourg is giving details of its tax deals with foreign firms to governments that ask for them, its finance ministry said on Tuesday, addressing critics of its role in helping companies avoid taxes on a global scale. In a statement issued after a Belgian minister revealed he was… – Continue reading
The MT Conferences section did not involve the reporting or the editorial staff of The Moscow Times. Russian business is trembling in expectation of the new year when major changes recently introduced to the tax legislation will enter into force. There has been a lot of discussion regarding the increase… – Continue reading
Mumbai: As India continues its pursuit of black money allegedly stashed abroad, Switzerland has said it would not entertain any ‘fishing expedition’ and authorities cannot ask for names of all Indian account holders in Swiss banks without doing their own independent investigations. Switzerland’s ambassador to India Linus von Castelmur also… – Continue reading
As India continues its pursuit of black money allegedly stashed abroad, Switzer-land has said it would not entertain any ‘fishing expedition’ and authorities cannot ask for names of all Indian account holders in Swiss banks without doing their own independent investigations. Switzerland’s Ambassador to India Linus von Castelmur also said… – Continue reading
The Irish President Michael D. Higgins is in China on a ten day visit — his first state visit to the country. Accompanying him is a delegation of leading Irish state companies, including IDA Ireland — the country’s foreign investment agency. They are set to hold meetings with leading personnel… – Continue reading
PRWEB.COM NewswireSingapore (PRWEB) December 06, 2014 Buoyant by Singapore Government’s foreign direct investment policies, efficient corporate tax regime, robust intellectual property safeguards, and exemptions on qualifying foreign-sourced incomes, several big Indian companies such as Flipkart, InMobi, Crayon Data, Zipdial and Mobikon have made the city-state their incorporation destination. To assist… – Continue reading
TOKYO, Dec 5 (KUNA) — Japan will launch negotiations for bilateral tax treaty with Qatar aimed at helping businesses and investors avoid double taxation involving the two countries, the Foreign Ministry announced Friday. The first round of talks will be held here on December 8, the ministry said in a… – Continue reading
The US and Canada are at the forefront of a global increase in new mutual agreement procedures (MAPs) being initiated, OECD figures show. There were 1,910 new MAPs in 2013, a 14% increase from 2012, when there were 1,678 new MAPs. North America accounted for most of this growth, with… – Continue reading
Two things should be said about the UK’s new Google GOOGL -2.7% Tax as proposed in the Autumn Statement by George Osborne, the Chancellor of the Exchequer. The first is that there really is a certain amount of public anger about the manner in which the big tech companies (here… – Continue reading
To minimise confusion and litigation, the government will bring fresh guidelines to clearly explain the meaning of terms “arm’s length basis” and “ordinary course of business”, used in the Companies Act, 2013. “After understanding the significance of these two terms for our industry, we have decided to bring fresh guidelines,”… – Continue reading
DELHI – Mauritius has overtaken Singapore as the largest source of foreign direct investment (FDI) in India, it was announced earlier this week. During the April-September period, Mauritius emerged as the strongest contributor of investment with an inflow of $4.19 billion. During the same period, Singapore provided $2.41 billion in… – Continue reading
Dechert Georgia, through the contribution of partners Archil Giorgadze and Nicola Mariani joined by senior associates, Ruslan Akhalaia and Irakli Sokolovski, is partnering with Georgia Today on a regular section of the paper which will provide updated information regarding significant legal changes and developments in Georgia. In particular, we will… – Continue reading
Swiss Ambassador to India Linus von Castelmur on Wednesday said it would not be possible for his government to work with stolen data and entertain “fishing expeditions” while dealing with the issue of tracing Indian black money holders. “We signed a double tax avoidance treaty with India in 2011 that… – Continue reading
The United States won’t give up its right to tax multinationals, and nations will go to war soon with countries like China on taxing rights, a US tax head says. Grant Thornton’s national managing partner of tax in the United States, Randy Robason, is in Australia this week for a… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. The UK announced plans to raise over £1bn over the next five years from a new “diverted profits”… – Continue reading
What unites the dates February 12, 2013, July 19, 2013, and September 16, 2014? They are the key dates to this point in the OECD’s crusade against base erosion and profit shifting, which will be remembered either as a well-coordinated campaign against abusive tax avoidance by large multinational enterprises, or… – Continue reading
December 2: A tax commission charged with examining the tax system in Norway today submitted its report—NOU 2014: 13—to the Minister of Finance that describes proposals for changes to the corporate tax system and for adjustments to the tax system, in general. The tax commission’s report will be submitted for… – Continue reading
Former head of counter-terrorism department in London Philip Parham says there are very big opportunities in the UAE. The new British Ambassador to Abu Dhabi, Philip Parham, is planning to concentrate his efforts in further growing the commercial ties between UK and UAE. “On the commercial side, there are very… – Continue reading
December 2: A tax commission charged with examining the tax system in Norway today submitted its report—NOU 2014: 13—to the Minister of Finance that describes proposals for changes to the corporate tax system and for adjustments to the tax system, in general. The tax commission’s report will be submitted for… – Continue reading
Stock award is a popular method of rewarding talented and industrious employees. However, employees who render services across different jurisdictions may trigger a taxable presence in two or more jurisdictions. Such employees at times need to deal with the issue of double taxation on such benefits. A normal stock incentive… – Continue reading
In the African tax sphere, the trend remains for headline tax rates to continue to remain stable or decrease. Withholding tax rates have generally remained stable, although the experience of Dentons and our clients is that African tax authorities are requiring tax to be withheld from payments that have not… – Continue reading
On 13 October 2014, China and Russia concluded a new double taxation agreement (DTA) and protocol (together referred to as ‘the new DTA’). The new DTA embodies the new trends in the development of international tax treaty. Main changes in the new DTA include: time threshold for service permanent establishment… – Continue reading
Refund Management Services (http://www.RefundManagement.com), the number one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, is issuing its congratulations to the World Series of Poker (WSOP) Main Event champion and weighing in on international gaming tax exemption laws. The WSOP is held annually in Las Vegas,… – Continue reading
With the Opposition targeting the government on the black money issue, Finance Minister Arun Jaitley told the Rajya Sabha on Wednesday that the identity of 427 foreign account holders has been established, of which 250 have admitted to having these accounts. Replying to a debate on the issue, Jaitley said… – Continue reading
Finance Minister Arun Jaitley Thursday said that of the 28 accounts identified in the tax-haven of Liechtenstein, income tax proceedings have been concluded against 18 “illegal” account holders and cases filed against them. Of the 28 accounts in Liechtenstein on which Germany had information, 18 accounts were illegal (najaiz). We… – Continue reading
On November 18, 2014, the Lower House of Russia’s Parliament, the State Duma, approved at second and third readings Bill No. 630365-6, which would introduce a new controlled foreign corporation (CFC) regime in the country. The new CFC regime contained in the Bill has an anti-offshore orientation and would give… – Continue reading
November 26: Legislation concerning the ratification of the fourth Protocol to amend the Luxembourg-France income tax treaty is expected to be submitted in early 2015. Consequently, the Protocol (signed in September 2014) is expected to be effective—at the earliest—as from the 2016 civil or financial year. Scope of Protocol Provisions… – Continue reading
Good news for South Africans who worked abroad. JOHANNESBURG – A number of pensioners and tax specialists heaved a collective sigh of relief after the South African Revenue Service (Sars) ruled that any pension South Africans accumulated while working outside the country will generally not be subject to local tax…. – Continue reading
Introduction On 19 September the Dutch State Secretary for Finance Mr Wiebes responded to the release of the 2014 interim reports on the OECD BEPS project. The Netherlands underlines the importance of the initial results of the BEPS project and is one of the forerunners in the international cooperation against… – Continue reading
Martin Lock was formerly the top withholding-tax specialist at the Tax Office, a role that encompassed oversight of profit shifting by multinationals. He is one of many former officers who have voiced their concerns to Fairfax Media about the challenge of arresting the slide in tax receipts from multinational companies… – Continue reading
For foreign investors doing business in China, securing benefits under a double taxation avoidance (DTA) agreement is an important measure for reducing their tax burden as stipulated by Chinese tax law and thereby maximizing profit. In addition to satisfying the specific requirements of a relevant DTA, certain administrative procedures must… – Continue reading
On November 21, 2014, as part of its Action Plan on Base Erosion and Profit Shifting (BEPS), the OECD released a discussion draft on “Follow-up work on BEPS Action 6: Preventing Treaty Abuse” (the Discussion Draft) for comments. The Discussion Draft deals with a number of issues relating to tax… – Continue reading
The OECD has invited comments on a discussion draft on proposed changes to the OECD model tax convention to prevent tax treaty abuse. The OECD’s recent report on action 6 of the base erosion and profit shifting (BEPS) action plan recognised that further work would be needed on the precise… – Continue reading
