Singapore: Singapore’s New Transfer Pricing Requirements
What you need to know if you conduct business in Singapore. ... - Continue reading
Category: Activity
Transfer Pricing Cell to put 921 foreign companies under scanner
The National Board of Revenue (NBR) to scrutinise some 921 foreign companies operating in Bangladesh. ... - Continue reading
Ukraine-Cyprus tax treaty protocol would alter taxation of indirect real estate transfers
The protocol is expected to take effect on 1 January 2020. ... - Continue reading
ATO data reveals one third of large companies pay no tax
Of 2,214 entities covered by the Australian Taxation Office (ATO) data for 2017-18, 710 did not pay any tax. ... - Continue reading
Tax treaty ratified
‘The new tax treaty between Australia and Israel will ensure the economic, trade and commercial relationship between our two countries is strengthened’. A “HISTORIC” new tax treaty between Australia and Israel has been hailed as “representing an important milestone in removing tax barriers and facilitating trade and investment” between the… – Continue reading
Nigeria: 15 Insights On Transfer Pricing In Nigeria
Clarifications on the role of transfer pricing in Nigeria ... - Continue reading
Honduras joins “Inclusive Framework on BEPS” addressing taxation of multinational groups
Honduras becomes 136th country to join “Inclusive Framework on BEPS” ... - Continue reading
How major tech companies exploit tax laws: A focus on Ghana and Nigeria
When World Trade Organisation (WTO) officials designed the territorial taxing rights back in the 1920s, not many people imagined that a century later; these guidelines would still underpin the international tax system. Today, highly digitalised companies such as Facebook and Google are able to operate internationally from their tax havens,… – Continue reading
Nigeria: FIRS Issues Information Circular On The Claim Of Tax Treaty Benefits In Nigeria
The FIRS has issued a public notice on the claim of treaty benefits in Nigeria. ... - Continue reading
Greece forces citizens to spend more online in tax evasion crackdown
Greeks will be forced to spend around a third of their income using electronic means if they want to avoid substantial fines designed to stamp out rampant tax evasion. ... - Continue reading
GRI issues international corporate tax reporting standard
The Global Reporting Initiative has issued a new international tax reporting standard that aims to ensure multinational companies are much clearer about how much they pay in taxes, and where. While the standard has no legal force, it could influence the ongoing debate in the U.S. and abroad on how… – Continue reading
A Run Through On Tax Evasion By Bitcoin Criminals
A report released by the Internal Revenue Service (IRS) has put quite some focus on Bitcoin’s scope for committing tax evasion ... - Continue reading
Spain planning on going ahead with ‘Google tax’ despite US tariff threats
The aim is to bring the system “into the 21st century” by imposing a 3% levy on tech giants such as Amazon, but first a government must be formed Spain will press ahead with the creation of a tax on certain digital services as soon as a government is formed,… – Continue reading
Tax obligations of permanent establishments
The Philippines generally follows the “source of income” rule in identifying the income that are taxable to corporations in the Philippines. ... - Continue reading
BEPS Changes To Nordic Double Tax Agreement To Take Effect
The double tax agreement between the Nordic countries will be updated with new anti-tax base erosion and profit shifting provisions with effect from January 1, 2020. ... - Continue reading
Amazon most ‘aggressive’ in $100bn global tax avoidance
Amazon has been accused of being the most ‘aggressive’ in avoiding tax, compared with other tech giants, by tax transparency campaign group Fair Tax Mark. ... - Continue reading
New study deems Amazon worst for ‘aggressive’ tax avoidance
The big six US tech firms have been accused of “aggressively avoiding” $100bn (£75bn) of global tax over the past decade. ... - Continue reading
Taxing the world of cryptocurrencies is complicated
An insight into the world of "cryptocurrencies" ... - Continue reading
Expats to lose CGT benefits
Australian property owners living and residing abroad would have to sell their properties before June 2020 to still take advantage of capital gains tax (CGT) exemption. ... - Continue reading
12 EU states reject move to expose companies’ tax avoidance
Proposal would have forced firms to reveal profits made and taxes paid in each EU country ... - Continue reading
India: Role Of Permanent Establishment Vis-A-Vis Indian Laws
India's position with respect to Permanent Establishment ... - Continue reading
How tax relief can work for your business
Over the years, the UK has continued to drive towards a more competitive Corporate Tax (CT) regime. ... - Continue reading
Spanish Multinationals Pay Global Corporate Income Tax Of 12.6% On Their Profits
12.6% of the global profit of 134 Spanish multinationals fetches 91.85 billion euros. ... - Continue reading
EU prepares to reveal firms’ tax avoidance
EU governments will vote on Thursday on a new rule that would require multinational companies to reveal how much profit they make and how little tax they pay in the bloc’s countries, the Guardian reported. The aim is to expose how large companies, with an annual turnover of more than… – Continue reading
Kenya signs landmark agreement to strengthen its tax treaties
The ongoing national efforts to strengthen the country’s bilateral tax treaties have received a boost with the signing of a multilateral convention to end tax avoidance in France. ... - Continue reading
US FATCA crackdown pushing demand for tax advice
As the US IRS cracks down on tax avoidance overseas with FATCA, the number of Treasury-licenced tax advisers with addresses outside of the US has jumped about 50% since 2016 according to figures from the agency. ... - Continue reading
Cabinet approves pact on avoidance of double taxation with Chile
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. ... - Continue reading
OECD Announces a Public Consultation for Global Minimum Tax Rules
OECD announces a request for comments on its Global Anti-Base Erosion (GloBE) proposal. ... - Continue reading
U.K. broker pleads guilty to conspiring to evade FATCA
The broker also facilitated manipulative trading in a U.S. company, authorities said ... - Continue reading
Impact of Canada’s ratification of the MLI
The MLI enters into force for Canada from December 1, 2019. ... - Continue reading
An Overview of Taxation on Nonresident Individuals in Kazakhstan
Individuals not resident in Kazakhstan are subject to taxation on certain Kazakhstan-source income. ... - Continue reading
HMRC considering options after tax defeat
The tax authority is considering its response after losing a case in the Court of Appeal relating to Capital Gains Tax on a residential property. ... - Continue reading
OECD releases 2500+ pages of public comments to its pillar one “unified approach” for taxing multinationals
The OECD on November 15 published more than 300 comment letters that respond to its request for feedback on the Secretariat’s proposal for a “unified approach” to pillar one. ... - Continue reading
India, Switzerland call for greater information exchange in tax matters
The first transmission of financial account information on automatic basis between the two countries took place in September 2019 for enhanced cooperation in the fight against tax evasion. ... - Continue reading
Nearly a million Canadian bank records sent to IRS
Number of government transfers of records of bank accounts held by Canadian residents to U.S. has been rising ... - Continue reading
OECD invites public inputs on Global Anti-Base Erosion proposal
Bad news for multinational corporations and international businesses : OECD could implement a new law which would require them to pay at least a minimum corporate tax in countries concerned. ... - Continue reading
Which Countries Are Considered The Top Corporate Tax Havens?
When multinational companies look to open up a new subsidiary or a regional headquarters, they tend to prefer certain countries due to their favorable tax policies. ... - Continue reading
Will Samsung, Hyundai have to pay digital tax overseas?
Big changes ahead : Samsung Electronics, LG Electronics and other top-tier South Korean companies might have to pay corporate taxes even in countries where they have no physical presence. Here's how. ... - Continue reading
Ukraine, U.S. ratify agreement on FATCA de-offshorization
The bill foresees that the Ukrainian banks will open information about the accounts of U.S. citizens in this country; Ukraine, on the other hand, will not be able to get the respective information about Ukrainian accounts in the States The Verkhovna Rada of Ukraine has passed the document about ratification… – Continue reading
Canada: OECD Releases Proposal For “Unified Approach” Under Pillar One For Addressing Taxation Of The Digital Economy
On October 9, 2019, the Organisation for Economic Co-operation and Development (OECD) issued its proposal for addressing the tax challenges of the digital economy. ... - Continue reading
Australia: Simplified Transfer Pricing Record Keeping Options In Australia
Australian entities that meet certain requirements can shortcut the usual lengthy and expensive transfer pricing record keeping process. ... - Continue reading
OECD is not the right place to reform international tax rules
On October 9, the Organisation for Economic Co-operation and Development secretariat published its proposed ‘unified approach’ to reform international tax rules, seeking to address the tax challenges of digitalisation. ... - Continue reading
Turkey proposes 7.5 percent digital services tax on large multinationals
Turkey’s Ministry of Treasury and Finance on 23 October released a draft law introducing a digital services tax, sending it to the Turkish Parliament for ratification. ... - Continue reading
Jordan joins “Inclusive Framework on BEPS” to address taxation of multinational groups
The OECD today announced that Jordan has become the 135th country to join the “Inclusive Framework on BEPS.” ... - Continue reading
Australian expats to be hit with hefty tax
Australians living and working overseas have until June 30 to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. A A$581m federal government plan to change capital gains tax arrangements for expats originaly lapsed, but the Australian government is… – Continue reading
U.S. govt deficit hits 7-year high
The U.S. government ended fiscal year 2019 with the largest budget deficit in seven years as gains in tax receipts were offset by higher spending and growing debt service payments, the Treasury Department said on Friday. It is the first time since the early 1980s that the budget gap has… – Continue reading
US IRS tells banks not to close accounts just because of missing tax ID number: FATCA
The US Internal Revenue Service has eased the rules of FATCA compliance by telling banks overseas that they are not required to close the accounts of their accidental Americans clients who have not provided their tax identification number by January 2020. FATCA was passed in 2010 and forces banks wanting… – Continue reading
Australians owe record levels of tax: commissioner
Australians are avoiding their tax responsibilities in record numbers. The Australian Taxation Office (ATO) announced at a Senates Estimates hearing that the debt owed by Australians to the tax man has recently hit 45 billion Australian dollars (31 billion U.S. dollars), a record figure, according to the Australian Broadcasting Corporation… – Continue reading
Dutch ditching their US citizenship over tax fears
Some 1,700 ‘accidental’ Dutch Americans have applied to give up their US nationality this year, a six-fold rise on three years ago, before a new tax law is implemented next year. As FATCA is enforced, these Dutch Americans must file a tax return in the United States. If they do… – Continue reading
