ISLAMABAD: Switzerland does not acknowledge the special efforts that the PTI government claims to have made to get the Double Taxation Agreement between Pakistan and Switzerland ratified from the latter. The PTI government, however, insists that in its first cabinet meeting, the authorities concerned were directed to pursue the matter… – Continue reading
Once the UAE fully implements the BEPS minimum standard, it will become a very good location, say tax experts The UAE’s position as an attractive destination for foreign investment will substantially improve once it fully implements minimum standards for base erosion and profit shifting (BEPS), tax analysts said on Saturday…. – Continue reading
After global index puts Israel in top third of most financially secretive countries, NGO calls for more public scrutiny and regulations to stop rich from hiding their assets Israel must immediately move to pass regulations against tax evasion and money laundering if it is to protect its credit rating and… – Continue reading
A double taxation avoidance agreement between India and Hong Kong has come into effect from Friday, which officials say would stimulate more the two-way flow of investments and help curb fiscal evasion with respect to taxes on income. The agreement between India and the Hong Kong Special Administrative Region (HKSAR)… – Continue reading
General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill… – Continue reading
Ireland and Malta have agreed to close the “Single Malt” – an aggressive tax planning structure in which some multinational corporations use a company incorporated in Ireland but tax-resident in Malta. The Competent Authority Agreement – entered into as per the provisions of Article 24 (mutual agreement procedure) of the… – Continue reading
There is confusion among taxpayers regarding taxability of foreign rental income in Pakistan and filing of income tax returns in view of avoidance of double taxation treaties signed between Pakistan and UAE, UK and Canada. A leading tax consultant Shahid Jami has approached the Federal Board of Revenue (FBR) for… – Continue reading
The Income-Tax Appellate Tribunal (ITAT) has said NRIs do not need to reveal details of their foreign bank accounts and assets to Indian authorities. The tribunal has also ruled that the onus is on the I-T Department to prove an assessee has parked undeclared income arising from India in foreign… – Continue reading
New Delhi, Nov 26 India and China have amended the bilateral tax treaty which will help prevent tax evasion by allowing exchange of information, the Finance Ministry said Monday. The Government of India and the People’s Republic of China have signed a protocol on November 26, 2018, to amend the… – Continue reading
Background The Brazilian and Swiss Governments signed a Double Tax Treaty (DTT) on 3 May 2018. Switzerland is one of the biggest investors in the Brazilian market and Brazil and Switzerland have already signed an Automatic Exchange of Information Agreement, which came into force on 1 January 2018. This new… – Continue reading
The Cyprus Tax Department has announced that the procedures for ratification of the protocol dated 23 October 2017 amending the Convention on the Avoidance of Double Taxation between Cyprus and Mauritius have been completed, and the protocol entered into force on 2 May 2018. The protocol replaces text of article… – Continue reading
Foreign Affairs Cabinet Secretary Monica Juma says the move is aimed at eliminating double taxation. Juma and her Mozambique counterpart Jose Antonio Pachecho have constituted a Joint Commission of Cooperation tasked with this mandate ahead of the State Visit by Mozambique President Filipe Nyusi who will be hosted by President… – Continue reading
Luanda, ANGOLA, November 18 – Angolan head of state Joao Lourenco has pledged to raise bilateral cooperation with Portugal during his visit to European country scheduled for 22- 24 November this year. Joao Lourenco made the pledge during an interview with the Portuguese newspaper “Expresso”, on the eve of his… – Continue reading
Many U.S. multinational corporations have packed up or are choosing to open subsidiaries in low-tax, rather than no-tax, countries that are seen as more legitimate than the formerly popular island destinations of the Cayman Islands and the Bahamas. They’re fleeing in response to regulations from the European Union that require… – Continue reading
Convention signed on Monday will facilitate investments, can reduce tax evasion Brazil and the United Arab Emirates signed an agreement to eliminate double taxation on income and prevent tax evasion and tax avoidance. The document was signed on Monday (12 November) by Brazilian Foreign Minister Aloysio Nunes Ferreira and UAE… – Continue reading
In general, investment and tax provisions relating to non-resident Indians (NRIs) returning to live in India are fairly generous. However, NRIs must carefully plan their return to India to ensure there are no surprises with respect to managing their overseas income and investments. In this article, we examine some of… – Continue reading
Arriving at the meeting Tuesday in Brussels, the Danish minister of Finance, Kristian Jensen, said of his side: “Everything is possible in politics but I think that it is very hard to reach an agreement on the taxation of the digital economy”. Under the proposal, a 3pc levy would be… – Continue reading
China’s double tax avoidance agreements (DTAs) can be used to avail lower tax rates while making outbound payments. However, DTA benefits are not automatically applicable to everyone. Foreign invested enterprises and their overseas headquarters must satisfy certain qualifications and go through relevant procedures to obtain the benefits. Beneficial owner assessment… – Continue reading
THE BUREAU of Internal Revenue (BIR) may now notify taxpayers that their information was sent to a requesting foreign tax authority as investigation reaches the final stages. Revenue Regulation No. 22-2018 states that the Commissioner of Internal Revenue can opt to notify the taxpayer in writing that a foreign tax… – Continue reading
In Greece, an individual who has moved abroad must file an application to the local authorities in order to demonstrate a new address should they wish to change their status from resident to non-tax resident. Such an application is typically filed by March 10th of the year following the year… – Continue reading
The UK and the Cayman Islands have reached an agreement that will allow the continued cooperation in the fight against money laundering and other crime after complaints from London that information was not being shared. The minister of state for the Overseas Territories Tariq Ahmad and premier Alden McLaughlin released… – Continue reading
NEW DELHI: India and Russia are exploring the option of trading in their local currencies and looking at signing agreements on investment protection and avoidance of double taxation, Russia’s minister for economic development Maxim Oreshkin said on Friday. The commerce ministry is considering the feasibility of a renminbi-rupee trade with… – Continue reading
Luanda, ANGOLA, October 6 – Angola and China are due to sign a set of agreements including an accord to put an end to double taxation in commercial transactions, as part of a visit the Angolan president Joao Lourenco is due to start to the Asian country, Angop has learnt…. – Continue reading
Chinese superstar Fan Bingbing has been ordered to pay more than US$129 million in overdue taxes and fines. Tax evasion cases involving celebrities are seldom heard of in Hong Kong, thanks to our simple tax regime and low tax rate. Hong Kong’s income tax rate is capped at 15 percent,… – Continue reading
The entry into force of Value Added Tax in Angola has been postponed from January 2019 to July of the same year due to delays in legislation, an official said on Wednesday in Luanda. The coordinator of the technical group for the introduction of VAT, Adilson Sequeira, was speaking on… – Continue reading
7.What are Mutual Administrative Assistance Agreement (MAAAs) The new IRA defines the “Mutual Administrative Assistance Agreement” to mean a tax information exchange agreement or other international agreement for mutual administrative assistance in relation to taxation matters. Section 75 (5) of new IRA “Mutual administrative assistance agreement” means a tax information… – Continue reading
1.Introduction Due to the influence of International Monetary Fund, the income tax law of Sri Lanka witnessed a near paradigm shift with the introduction of Inland Revenue Act No.24 of 2017 (new IRA) by repealing Inland Revenue Act No.10 of 2006 with effect from 1 April 2018. Unlike the Inland… – Continue reading
How tax residency in China gets determined is among key changes introduced in the recently passed individual income tax (IIT) law. The new law is set to reform IIT in the country, including the tax treatment of foreigners. Beginning January 1, 2019, an individual who resides in China for 183-days… – Continue reading
Our previous article about the taxable basis for the taxation of companies in the Macau territory made reference to the fact that the courts in Macau, notably the Court of Second Instance (TSI) and the Tax Administration, do not seem to share the same view regarding income considered as the… – Continue reading
ISLAMABAD: The federal government has decided to issue notices to 300 Pakistani nationals who own properties in the United Arab Emirates, sources informed Geo News Saturday. The sources said that notices will be sent to individuals who own six or more properties in UAE. They will be inquired about their… – Continue reading
In Ukraine in some areas taxes are too high, and entrepreneurs simply can’t pay, so toughen system of tracking defaulters only after tax cuts. Comments about this correspondent of ГолосUA said political analyst Nikolai Spiridonov. “In Ukraine, a number of taxes too high. Businesses simply can’t pay. And is double… – Continue reading
The tax regime in Sri Lanka historically imposes WHT on both domestic as well as cross border payments. WHT on domestic payments eases revenue collection (e.g.: PAYE) while WHT on cross border payments are adopted by most countries to ensure that the fair share of tax is retained in the… – Continue reading
BRUSSELS (Reuters) – McDonald’s tax deal with Luxembourg did not breach EU state aid rules, EU antitrust regulators ruled on Wednesday, saying the reason the US fast food chain did not pay some taxes was due to the mismatch between US and Luxembourg laws. The decision by the European Commission… – Continue reading
President of Kazakhstan Nursultan Nazarbayev has signed the law on ratification of the protocol between Kazakhstan and Uzbekistan on avoidance of double taxation of incomes, the press service of the head of state reported Sept. 18. “The head of state has signed the law of the Republic of Kazakhstan “On… – Continue reading
Luxembourg’s fund chiefs are calling on the next government to reorganise the subscription tax on funds to help lower their operating costs. Less than a month before the legislative elections, on Monday Alfi outlined a list of recommendations for the next leaders of the country. The subscription tax review is… – Continue reading
Spain’s Prime Minister Pedro Sánchez is scheduled to meet with the European Union’s chief negotiator Michel Barnier to push for an annex addressing smuggling in the British territory, as well as cross-border workers and tax evasion. Gibraltar is also on the agenda. As for Gibraltar, however, Spain will reportedly not… – Continue reading
Angola and Portugal are due this week to sign a convention to end double taxation between the two countries, as part of a two-day visit to Angola that the Portuguese prime minister is due to start on Monday, financial newspaper Jornal de Negócios reported last Friday. The newspaper reported that… – Continue reading
Indonesia is set to join the global treaty on the Automatic Exchange of Information (AEOI) on tax matters this month, and will then have virtually all the “high-caliber weapons” it needs to hunt down tax evaders — not just within the country but anywhere in the world, including tax-haven countries…. – Continue reading
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
Several multi-national corporations have moved their European headquarters outside of the UK ahead of Brexit, and many others are expected to follow suit, especially as the likelihood of a no-deal Brexit rises further. Japanese tech giant Panasonic will be transferring its European HQ away from London to Amsterdam in October… – Continue reading
ISLAMABAD: The Federal Board of Revenue (FBR) on Monday informed the task force constituted by the Prime Minister to repatriate laundered ill-gotten funds that newly installed computer software would ensure the automatic exchange of information about tax evaders with the Organisation for Economic Cooperation and Development (OECD) from September. The… – Continue reading
Hanoi (VNA) – The Government has approved an agreement between Vietnam and China’s Macau Special Administrative Region on the avoidance of double taxation and prevention of income tax evasion. The Government assigned the Ministry of Finance to chair and coordinate the two sides’ relevant agencies to implement the pact. The… – Continue reading
The HMRC published an official guidance yesterday on engaging with umbrella companies in the UK. The guidance provides advice and spotlights umbrella companies that effectively operate tax avoidance schemes. “Most employment agencies and umbrella companies operate within the tax rules. However, some umbrella companies and agencies promote arrangements that claim… – Continue reading
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the income earned from the web hosting services cannot be treated as fee within the meaning of Article 12 of the Double Taxation Avoidance Agreement (DTAA) between India and US. In the instant case, the… – Continue reading
The Federal Government of Nigeria (FGN) concluded the negotiation of Double Taxation Agreements (the DTAs) with the Republic of Ghana and the Republic of Cameroon on 26 July 2018 and 3 August 2018, respectively. While this is a welcomed development, it is expected that efforts will now be directed towards… – Continue reading
Ride-hailing firm Uber has withdrawn its lawsuit over HCMC’s demand for $2.3 million in back taxes and fines. A tax department official said Friday that the HCMC People’s Court has suspended the case in which the Netherlands-based Uber B.V. had sued the department over its demand that the firm pays… – Continue reading
An agreement on Avoidance of Double Taxation and Prevention of Fiscal Evasion between Sri Lanka and Oman was signed during the Second Meeting of the Sri Lanka-Oman Bilateral Consultations, held on August 15, 2018 in Colombo at senior officials’ level by the leaders of the respective delegations. The Sri Lankan… – Continue reading
Officials from Switzerland and India have discussed the automatic exchange of tax information and free trade. Swiss Federal Councillor Ignazio Cassis met with Sushma Swaraj, the Indian Minister of External Affairs, in Delhi. The ministers welcomed the entry into force this year of the agreement on the automatic exchange of… – Continue reading
Finance Minister Yubaraj Khatiwada has said that taxpayers should not worry about the duplication of taxes in the different layers of the government citing that taxes enforced by the subnational governments is because of lack of tax awareness. He reaffirmed that the duplication of taxes will no longer exist. Speaking… – Continue reading
News that the government may bring in an ‘Amazon tax’ to help “rebalance the playing field” between physical and online retailers has been welcomed by booksellers. After department store retailer House of Fraser became the latest high street chain to go into administration on Friday (10th August) Philip Hammond said… – Continue reading
