Denmark said on Thursday it had signed a double taxation treaty with Ireland to ensure Danish citizens who work for Irish-registered airlines are taxed in their home country. The previous agreement “resulted in unequal tax treatment for Danish companies,” the Danish tax ministry said in a statement. Irish budget airline… – Continue reading
July 4 — Kazakhstan’s President Nursultan Nazarbayev signed July 1 a law ratifying the protocol amending the agreement between Kazakhstan and Singapore on the avoidance of double taxation. The two countries signed a protocol April 9, 2013 to amend Article 25 of the double tax treaty to align provisions with the… – Continue reading
July 1 — Officials from Panama and Vietnam June 26 concluded the second round of negotiations and reached an agreement on the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, the Panama government announced June 26. The agreement was initialed by the Minister of… – Continue reading
Norway has terminated the agreement it signed with neighboring Nordic countries on the avoidance of double taxation in respect of inheritance and gift tax, the Finnish tax authority announced July 1. The inheritance and gift tax treaty was signed by the Nordic countries, namely Finland, Norway, Sweden, Iceland and Denmark,… – Continue reading
The OECD is looking at closing tax loopholes which allow some companies to legally pay little or no tax. The proposed changes to the international tax regime must continue to allow a company to be incorporated in Ireland but not pay tax here if its tax home is covered by… – Continue reading
Baku, Fineko/abc.az. Azerbaijan is preparing for the elimination of taxation with another 10 countries. Alakbar Mammadov, Advisor to the Taxes Minister of Azerbaijan, says that one of the important conditions of the investment environment in the country is to meet the agreement on the elimination of taxation on income tax… – Continue reading
As reported in Clyde & Co’s 2011 article titled ‘Chinese charterers deducting taxes from hire payments’ (click here to view), foreign vessel owners engaged in business with Chinese charterers have long faced China’s Enterprise Income Tax regime (“EIT”). That regime looks set to extend further into the international transportation sector… – Continue reading
New Delhi: The government on Tuesday said it is effectively using the information received from various countries to combat the menace of tax evasion and avoidance. “Effectively utilising the information received from treaty partners to combat tax evasion and avoidance,” Minister of State for Finance Nirmala Sitharaman said in a… – Continue reading
The International Chamber of Commerce, in a policy statement on July 15, 2014, has advised countries not to adopt exit taxes, to ensure that double taxation is avoided and to promote the free movement of capital. In its statement, entitled “Exit taxes: Serious obstacles for international business restructurings and movements… – Continue reading
An overseas assignment is definitely exciting, but it pays to understand the double taxation issues that might arise Even with a lucrative compensation package, an assignment overseas could be taxing if there are unplanned outflows, particularly on account of double taxation. Here’s a couple of commonplace situations you might find… – Continue reading
Two important dates have now passed in relation to Foreign Account Tax Compliance Act (“FATCA“) – 30 June 2014 when Financial Institutions were required to capture details of their existing customers for remediation purposes and 1 July 2014 when Financial Institutions were required to have procedures in place which would… – Continue reading
Switzerland and Iceland have signed a new double taxation agreement (DTA) which lowers withholding tax rates and provides for the exchange of information in line with international standards. It will replace the existing DTA, signed in 1998. The treaty sets a withholding tax exemption for dividend payments from significant holdings… – Continue reading
Investors in India are nervous as it looks like the government aims to go ahead with plans to close more tax loopholes through a new set of General Anti-Avoidance Rules, or GAAR. While the new rules were slated to come into effect in April, many investors and executives had expected the… – Continue reading
New Delhi: India on Tuesday said negotiations are going on for signing new Double Taxation Avoidance Agreements (DTAAs) with Hong Kong, Iran, Nigeria and three other nations. The three other countries are Azerbaijan, Chile and Venezuela, Finance Minister Arun Jaitley informed Rajya Sabha in in a written reply . Besides,… – Continue reading
Prime Minister Narendra Modi’s government has yet to adopt a view on proposed rules to tighten policy on tax avoidance by foreign investors, a senior finance ministry official said on Monday. The general anti-avoidance rules (GAAR) announced by the previous government had sparked alarm among foreign investors because of provisions… – Continue reading
British expats living in Spain will have to be on their toes to keep up with the new Spanish tax rules There are a number of changes afoot which could trip you up faster than a flamenco dance. These include: · A new double tax treaty · New disclosure rules… – Continue reading
Taipei, July 11 (CNA) An agreement signed by Taiwan and Luxembourg on avoiding double taxation and preventing tax evasion was approved by Luxembourg’s parliament Wednesday and will take effect on Jan. 1, 2015, the Ministry of Foreign Affairs said in a statement Friday.The agreement was signed by the Taxation Agency… – Continue reading
The international boundary that divides the United States and Canada is the longest international border on Earth, and many communities and businesses have interests lying on both sides. The shared border facilitates the largest trade relationship between any pair of countries in the world. It is therefore unsurprising that Americans… – Continue reading
Macau and Guernsey are set to ink a new tax information exchange agreement (TIEA). While no date has been set yet, the announcement was published yesterday in the Official Gazette. According to the Official Gazette, the Secretary for Economy and Finance Francis Tam Pak Yuen is to sign the agreement… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Professor K C Chan, today (July 8) signed in Hong Kong an agreement with Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong… – Continue reading
“A government that robs Peter to pay Paul, can always count on the support of Paul”– George Bernard Shaw. Well, the UPA government certainly did a Peter to multinational companies operating in India by hiking withholding taxes from 10% to a good 25% in the 2013 budget. Who is the… – Continue reading
Property-buyers and expats in Spain should note that a new Double Taxation Convention between the UK and Spain, which was signed in London on 14th March 2013, came into force in June 2014. Richard Way, Editor of www.OverseasGuidesCompany.com, publishers of www.SpainBuyingGuide.com said: “From June 12th, rules for withholding tax on… – Continue reading
Besides DTAC, both nations have BIPPA; India has been largest exporter of goods and services to Mauritius since 2007 Seeking to dispel concerns about Mauritius being used for round-tripping of Indian money, the island nation’s financial sector watchdog has sought a quick resolution of tax related issues between the two… – Continue reading
Spain signed an agreement with the Dominican Republic to avoid double taxation of individuals and companies that are subject to levies in both nations. The accord, published today in the Spanish government’s Official Bulletin, allows income tax paid in one nation to be deductible in the other nation from income… – Continue reading
Sweeping rules aimed at stopping tax evasion took effect on Tuesday, ushering in a new system that Obama administration officials say will leave tax cheats with fewer havens overseas. The Foreign Account Tax Compliance Act, one of President Obama’s initiatives for fighting offshore tax evasion, is arriving after multiple delays,… – Continue reading
Isle of Man chief minister Allan Bell has labelled tax information exchange agreements (TIEAs) ‘redundant’ and defended the lack of any new double taxation agreements (DTAs) signed by the island since the one with Luxembourg in April last year. The last TIEA it signed bilaterally was with the Czech Republic… – Continue reading
So much of what Switzerland has traditionally stood for is now anathema to its neighbours in Europe and other members of the club of developed nations: confidentiality underpinned by strong banking secrecy laws; and a liberal tax regime offering a tax sanctuary to the wealthy and multinational companies. To a… – Continue reading
AN area for immediate consideration and co-operation is a review of the New Zealand-Fiji double taxation avoidance agreement (DTAA). Speaking at the Fiji-New Zealand Business Council conference on Saturday, Ministry of Industry and Trade permanent secretary Shaheen Ali said it was woefully out-of-date and needed revision. He said this was… – Continue reading
Qualifying Recognised Overseas Pension Schemes (QROPS) are becoming increasingly popular in America, due to the loophole represented by a double-tax treaty signed with Malta – a country in the top three jurisdictions of choice since QROPS were introduced. Previously it was largely viewed as near-impossible to arrange for a viable,… – Continue reading
Amendments to the double taxation convention (DTC) between France and Switzerland will bring the treaty’s information exchange provisions up to the international standard. An additional Protocol to the Convention, signed on June 25, 2014, will enable France to secure additional information from Switzerland on individual taxpayers, including their name or… – Continue reading
France and Switzerland have agreed to meet OECD standards when it comes to data exchange between the two countries. Finance Minister Eveline Widmer-Schlumpf, and her French counterpart, Michel Sapin, came to an agreement during his visit to Bern on Wednesday. The newly-signed deal brings the previous double taxation agreement between… – Continue reading
With regard to business operations, a resident of one country (e.g., Panamanian company) may be taxed in the other country (e.g., Israel) if it has a “permanent establishment” (PE) in the other country. Panama is famous for its canal, colorful history and cool offshore tax regime. To that we can… – Continue reading
WELLINGTON, June 23 (Bernama) — New Zealand tax officials are helping the Organisation for Economic Co-operation and Development (OECD) group of developed nations to deliver the first part of a plan to stop base erosion and profit shifting, Revenue Minister Todd McClay said Monday.The first seven “deliverables” of a 15-point… – Continue reading
DELHI – After classifying Cyprus as a “notified jurisdiction” last November and suspending double taxation avoidance agreement (DTAA) benefits, India may soon revise its DTAA with Cyprus and restore a 10 percent withholding tax rate in light of recent progress in tax information sharing. Since the two countries signed a… – Continue reading
JEDDAH – Saudi Arabia and the US discussed ways to further enhance their existing cooperation on efforts to disrupt the financial and support networks of terrorist organizations, announced Minister of Finance Ibrahim Al-Assaf at a joint press conference with US Treasury Secretary Jacob Lew here on Tuesday. Assaf said that… – Continue reading
The organisations making the payments are required to withhold tax from such payments and pay over the withheld amounts to their respective relevant Tax Authorities within 30days of receipt of payment or credit by the person or entity suffering the Tax. The relevant tax authorities to receive the WHT tax… – Continue reading
The Spanish government has announced that the double tax agreement between Cyprus and Spain, which was signed on February 14 2013, entered into force on May 28 2014, on expiration of the three-month period from the date of receipt of the last notification referred to in Article 27, Paragraph 1… – Continue reading
Tax officials snooping around secret Swiss bank accounts may be a decade too late, with criminals constantly one step ahead of authorities. In Australia, Treasury is taking submissions on an updated tax treaty with the Swiss, in an attempt to crack down on the notorious tax haven. But the new… – Continue reading
Botswana and Ireland have signed an agreement on double taxation avoidance to enable free tax income flowing between the two countries.Speaking at the signing agreement in Gaborone on Wednesday, finance and development planning minister, Kenneth Matambo said the agreement was a commendable move because it was only when there was… – Continue reading
Ireland’s new double trade taxation agreement with Botswana is expected to boost two-way trade and investment between the two countries, which last year was worth almost €3.5m. The agreement was signed yesterday by Minister for Trade and Development Joe Costello and Botswana’s Minister of Finance and Development Planning Kenneth Matambo…. – Continue reading
Committee on Legal Affairs, Public Administration and Human Rights adopted today by consensus the draft law “On ratification of the Agreement between the Government of the Republic of Albania and the Government of the Republic of Kosovo for the avoidance of double taxation with respect to taxes on income and… – Continue reading
India is said to be seeking a revision to its 1994 double tax agreement with Cyprus before the territory can be declassified as a notified jurisdictional area. In November of last year, the Indian Government invoked powers under Section 94A of the Indian Income Tax Act (ITA) 1961 to levy… – Continue reading
The National Foreign Trade Council (NFTC) has joined with other leading business organizations in sending a letter to every United States Senator expressing support for and calling for expeditious action on the bilateral double taxation agreements (DTAs) and protocols currently pending before the Senate. The NFTC has emphasized that “adoption… – Continue reading
On June 9, 2014, South African Finance Minister Nhlanhla Musa Nene and the US Ambassador to South Africa, Patrick H. Gaspard, signed an inter-governmental agreement (IGA) to support international efforts to improve tax compliance. The agreement includes provisions allowing the reciprocal exchange of information, which requires that financial institutions in… – Continue reading
Revenue Minister Todd McClay and United States Chargé d’Affaires a.i., Marie Damour, today signed an intergovernmental-agreement (IGA) which will minimise compliance costs to financial institutions in New Zealand while assist in the prevention of tax evasion. The IGA is in response to the Foreign Account Tax Compliance Act (FATCA) information-reporting… – Continue reading
SA and the US have signed an intergovernmental agreement aimed at improving international tax compliance Yesterday a reciprocal agreement was signed by Finance Minister Nhlanhla Nene and Patrick Gaspard, US Ambassador to SA that will force local financial institutions to report information about US account holders to the SA Revenue… – Continue reading
Cyprus and India will have a new double taxation avoidance agreement signed by September the latest, an insider in Nicosia told The Cyprus Daily on Thursday. He dismissed reports in The Indian Express newspaper saying that Cyprus would be off the blacklist only when it agrees for a complete revamp… – Continue reading
US federal and state tax may then be creditable against any Israeli tax on US-source income and gains, pursuant to comprehensive rules of the US-Israel tax treaty. But US penalties cannot be credited in Israel. irstly, for international businesses. We have often commented on the pressures facing growing international businesses…. – Continue reading
WASHINGTON (Reuters) – Cracking down on corporate tax avoidance sounds like a winner, and officials are working on it, but the practical challenges are formidable and they dominated discussion at an Organisation for Economic Co-operation and Development conference on Tuesday. The OECD, a Paris-based club of large economies, has an… – Continue reading
New agreement The new double tax agreement between Cyprus and the United Arab Emirates took effect from January 1 2014. For the most part, the agreement reproduces the corresponding provisions of the latest Organisation for Economic Cooperation and Development (OECD) Model Tax Convention verbatim. The principal departures from the OECD… – Continue reading
