While Trump wants to close loopholes, many of them stem from public policy concerns — not “special interests.” After a dramatic upset victory in one of the most bitterly contested presidential races in recent history, Donald Trump now has some serious work to do. His corporate tax policies—which are vital… – Continue reading
Multinational companies will still be able to use the controversial “double Irish” tax arrangement after the final end date of 2020, Sinn Féin MEP Matt Carthy has said. A number of tax experts have confirmed this is the case, though they have disputed whether the terms of which they will… – Continue reading
A government taskforce created to analyse the Panama Papers data leak has identified a number of leads that are relevant to a major insider-trading operation, led by the Financial Conduct Authority (FCA) and supported by the National Crime Agency. After acquiring data on offshore activity in Panama, the taskforce has… – Continue reading
American multinational corporations are apparently dodging nearly $700 billion in U.S. taxes they owe on profits stockpiled offshore, according to a new “corporate tax chartbook” from Americans for Tax Fairness (ATF) and the Economic Policy Institute (EPI). Last year, Fortune 500 companies had $2.4 trillion in untaxed offshore profits, on… – Continue reading
The Indian government has collected more than Rs650bn (US$9.8bn or UK£8bn) in the form of cash and assets through a tax evasion amnesty scheme. For a four-month period, ending in September, the government offered tax cheats immunity from prosecution if they came forward, paid their evaded tax bill and stumped… – Continue reading
With the exception of British Antarctica, the U.K.’s overseas territories and offshore dependencies are all surrounded by sun-winking ocean water. But that’s not their only common feature—they are all under increasing political pressure to become more transparent with their financial information. In a parliamentary report on tackling overseas corruption, the… – Continue reading
Aiken City Council unanimously approved the first of two votes to maintain the City’s tax rate of 62 mills and seek other funding sources to cover a millage shortfall due to decreased city property values during its Monday meeting. City leaders had considered raising taxes by 1.7 mills to cover… – Continue reading
Department of Finance receives ‘unprecedented’ lobbying from property funds Overseas investors in Irish property may have to wait for a further two months for clarity on how the Government plans to tax structures they have used to snap up billions of euro of real estate after the financial crisis. The… – Continue reading
The Lagos State Government has moved to streamline revenue collection in the state in a bid to nip issues of multiple taxation in the bud. There has been complaint by the public of alleged double taxation from Lagos State Government and Local Governments. Speaking at the Stakeholders’ Forum on Taxation… – Continue reading
Foreigners will come under a coordinated databank just after arrival so they could be traced until checkout and tax evasion by any of them prevented, officials said. They said a databank having networking with relevant nodal points would be developed under the National Board of Revenue (NBR). The NBR recently… – Continue reading
In 2015, more than 73 percent of Fortune 500 companies maintained subsidiaries in offshore tax havens, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Collectively, multinationals reported booking $2.5 trillion offshore, with just… – Continue reading
The Indonesian government recently launched tax hunt on Google Indonesia. If Google were indeed guilty of tax avoidance, it would have to pay a huge price for its actions. But Google is not alone in avoiding paying tax to Indonesian government. Indonesians and Indonesian companies are squirrelling their wealths in… – Continue reading
Revised rules affecting the way corporate debt and derivative contracts are taxed have now been drafted and are out for a brief consultation, in a bid to avoid double taxation and curb potential abuse HMRC has issued draft legislation for consultation following amendments to the Change of Accounting Practice Regulations… – Continue reading
A report by the Independent Commission for Aid Impact (ICAI) has criticised the Department for International Development’s (DfiD) approach to tackling tax avoidance and its alleged failure to achieve value for money on HMRC collaboration DfiD has failed in its efforts to fully include developing countries so that they benefit… – Continue reading
More than 2,000 files under review, 85 taxpayers under audit National Revenue Minister Diane Lebouthillier said in a statement Monday that a few thousand files are now being pursued by the tax agency after it sifted through the Panama Papers. Canadians implicated in the Panama Papers shouldn’t expect any leniency… – Continue reading
The government has stepped up efforts to collect what it says are millions of dollars of outstanding tax liabilities from Singapore-based Google Asia Pacific Pte. Ltd., which has allegedly booked hefty revenue from Indonesian advertisers without paying proper taxes. The message to the tech giant is clear: we want a… – Continue reading
Auditing and tax advisory firm KPMG is calling for establishment of the T&T Revenue Authority (TTRA) so there can be a structured way of collecting taxes. “The current main tax authority does not appear to have structured means, if any, of treating with businesses that conceal transaction to avoid tax… – Continue reading
The Turnbull government will introduce a tax treaty between Australia and Israel to improve business relations between the two countries. The treaty is linked to the government’s plan to boost innovation in Australia as well as its push to further trade between the two countries as Israel’s technology sector booms…. – Continue reading
Back in July, ABC’s The Business and Michael West featured an extraordinary raft of allegations from a 32-year veteran industry insider turned whistleblower, George Rozvany, who claimed that multinational tax avoidance was “out of control” and cost the Budget up to $50 billion dollars a year in lost revenue. Rozvany… – Continue reading
Malcolm Turnbull will push for a crackdown on multinational tax avoidance when he meets with world leaders at the G20 summit in China. But Labor have accused Mr Turnbull of not having a strong plan for confronting corporate tax avoidance at home, let alone abroad. The prime minister will arrive… – Continue reading
All involved in tax avoidance schemes will be penalised HMRC has recently published a consultation document, ‘Strengthening Tax Avoidance Sanctions and Deterrents: A discussion document’ which proposes sanctions aimed at everyone involved in the birth of tax avoidance schemes which are defeated by HMRC. This follows the government’s announcement at… – Continue reading
THE FINANCE DEPARTMENT will keep value-added tax (VAT) exemptions for three key sectors, but may opt to remove this benefit from senior citizens and others to arrive at a “fair” tax regime. Finance Secretary Carlos G. Dominguez III told reporters late last week that the government is looking to trim… – Continue reading
Twenty of the nation’s largest companies have voluntarily signed up to a comprehensive new code to disclose more details of their tax affairs in their latest ¬annual accounts following a series of scandals involving local and offshore firms. In the May budget, the federal government announced it was committed to… – Continue reading
Tanzania’s president, John Magufuli, has extended the e-tax system to all government bodies as he bids to slash fraud. Tanzania’s president, John Magufuli, has been in office for less than a year, but he is already making a name for himself as a staunch opponent of fraud and corruption. Magufuli… – Continue reading
Indonesian Finance Minister Sri Mulyani Indrawati warned tax dodgers that an eight-month tax amnesty programme was their last opportunity to have all of their “sins deleted” or face “hell” afterwards. In her first interview with the foreign media since returning as minister, the former World Bank managing director also told… – Continue reading
Salford Council has joined the other 14 councils from across the UK that have adopted motions to support ethical procurement. Moved by Labour and Co-operative councillor Jim King, the recent motion strengthens checks in the council’s procurement to exclude businesses that engage in tax avoidance. The initiative falls in line… – Continue reading
Budget 2016 introduced a new tax called Equalisation Levy (“EL”), aimed at taxing online transactions. EL was originally mooted by the OECD in Base Erosion and Profit Shifting (BEPS) Project Final Report on Action 1 – Addressing the Tax Challenges of the Digital Economy (the “Report”). We will examine Equalisation… – Continue reading
The National Tax Service (NTS) Seoul Regional Office has been probing into a Korean processed food maker Paldo Company Ltd. since June on possible overseas tax evasion. According to the NTS Sunday, it has deployed international transaction investigators to investigate whether the instant food maker manipulated its transfer price to… – Continue reading
Mauritius is looking to revive efforts to put in place a comprehensive economic cooperation pact with India, close on the heels of sorting out long-pending issues related to the bilateral tax treaty. The island nation, a major source of foreign direct investments coming into India, is also eyeing a preferential… – Continue reading
As worldwide pressure grows to fight offshore tax evasion, new statistics obtained by the Star show the Canadian government has convicted only 49 people and levied just $13.4 million in fines for what it calls offshore activity since 2010. These numbers are far lower than in comparable countries and show… – Continue reading
With elements of the Liberal government’s 2016-17 budget coming to fruition, tax lawyers must stay up to date with the changes as their workload increases, according to a global firm partner. Speaking with Lawyers Weekly, DLA Piper tax partner Jock McCormack (pictured) said tax lawyers can expect to be busy… – Continue reading
Public Accounts committee criticised HMRC’s lack of strategy HM Revenue & Customs (HMRC) is exploring how it can better publicise fraud investigation outcomes and increase the impact of the sanctions it uses, in order to dispel the myth “people are getting away with tax evasion”. The department said it wants… – Continue reading
Council is giving Wood Buffalo a small tax break. During their Tuesday meeting, councillors voted to drop the 2016 property tax rate by two per cent below 2015 levels. The vote came after council approved the 2016 – 2018 Fiscal Management Strategy Update, whose economic forecast is partially based on… – Continue reading
State will implement 12 new projects to improve financial situation Thiruvananthapuram: Kerala Finance Minister T M Thomas Isaac on Wednesday said that the government will devise strong measures to curb tax evasion. The Minister said that the government will also take steps to stop the practice of getting stay orders… – Continue reading
BRITAIN will thrive outside the European Union by using its influence to secure a strong trade deal, according to a senior economist. Dr Michael Ivanovitch said the Government has “huge leverage” in its trade negotiations after it triggers Article 50 of the Lisbon Treaty and leaves the union. He insisted… – Continue reading
The industry has been demanding that GAAR provisions should apply prospectively To clear the air on retrospective applicability of the stringent anti-avoidance GAAR rule, the I-T department has said the same will not apply to income from transfer of investments before April 1, 2017. General Anti-Avoidance Rule (GAAR), which will… – Continue reading
Stamp duty will be doubled for foreign buyers of a median priced Sydney house under changes to be introduced in next week’s NSW budget. Based on the Sydney median house price of $995,804, the stamp duty bill for a foreign investor will increase by almost $40,000 – from $40,305 to… – Continue reading
CHENNAI: The hardest thing in the world to understand is the income tax, is what Albert Einstein had famously said. Amid the long list of taxation categories, to assimilate what is taxable and what is exempted is hard. Even harder is to pay them, of course. As the June 15… – Continue reading
Sinn Fein’s Matt Carthy has launched a stinging attack on Ireland’s corporate tax regime, arguing that Ireland’s reputation as an “enabler of massive tax avoidance for large corporations” is justified. Addressing the European Parliament in Strasbourg on Tuesday, the Midlands-North West MEP criticised the last government’s move to abolish the… – Continue reading
The FBR has proposed powers through Finance Bill 2016-17 for entering into treaty with bilateral or multilateral forums for exchange of information to ensure prevention of tax evasions in the aftermath of Panama Leaks disclosure that many Pakistani influential owned offshore companies abroad. In totality, the FBR took tax measures… – Continue reading
Asia Pacific The January – March edition of tax highlights for the Asia Pacific region highlights industry developments from Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia and Singapore including: Australia’s new tax system for Managed Investment Trusts The final stage of China’s B2V reform to be rolled out from… – Continue reading
The finance ministry has notified that the equalisation levy (popularly known as Google tax) introduced in this budget, will come into force from June 1. As of now, it will apply to payments for online advertisements made by Indian business entities to non-residents (such as Google,Yahoo, Twitter, Facebook) where the… – Continue reading
The new tax treaty between India and Mauritius may achieve what last year’s budget tried to do, albeit unsuccessfully—encourage offshore fund managers to relocate to India, in the process making the country a fund management hub, much like London, Dubai or Singapore. With the new agreement restoring parity between domestic… – Continue reading
NASHVILLE – Gov. Bill Haslam signed a measure into law Friday that statutorily phases out the Hall Income Tax and sends Tennessee on its way to income tax-free status by January 2022. First sponsored in 2012 by state Sen. Mark Green, R-Clarksville, the proposal to remove the tax on income… – Continue reading
East African Community member states have failed to reach a deal on a common tax rate as the bloc’s smaller economies worry about significant revenue losses. The failure to harmonise value added tax, income tax and excise tax rates has left the regional bloc deliberating on how to harmonise legislation… – Continue reading
A group of tax havens have accused larger countries like the United States of “hypocrisy” when it comes to cracking down on tax avoidance. With the issue of offshore finance high on the agenda in light of the fall out from the so-called Panama Papers scandal, world leaders convened in… – Continue reading
National Revenue Minister Diane Lebouthillier announced today that the Government of Canada has taken another step to stop the unfair practice of aggressive tax planning by signing an international agreement to implement stronger international reporting obligations for large multinational enterprises (MNEs). Thirty-one other jurisdictions have also signed the agreement. The… – Continue reading
For a month starting May 3, The Treasury of the Australian government will be accepting submissions from interested parties to comment on a newly-released discussion paper entitled ‘GST treatment of digital currency’ as part of the 2016-17 Budget. The Treasury says the government has realized that consumers are ‘double taxed’… – Continue reading
The tax treatment of non-domiciled individuals is changing again from April 2017. The changes were first announced in the 2015 Summer Budget, and a Consultation document was issued in September 2015 setting out further details. The proposed changes target three key areas: The taxation of non-domiciled individuals who have been… – Continue reading
Only a week after the so-called Panama Papers burst into the media spotlight early last month, the Canadian government issued a news release vowing to “crack down on tax evasion and tax avoidance.” The leak of a staggering 11.5 million documents from a Panama City law firm promised to reveal… – Continue reading
