As a follow up to last week’s publication, below is a continuation of the article that highlights the requirements for filing returns, due dates and penalties for late filing of returns as it pertains to various tax types. Last week’s edition focused on Company Income Tax (CIT), Education Tax (EDT),… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
HMRC yielded £1.1bn in tax from multinationals last year, as it actively challenged transfer-pricing agreements The Revenue said that £5.8bn in tax has been secured by the specialist group set up to investigate pricing agreements between companies in the same multinational group since it was established in 2008. HMRC announced… – Continue reading
One million American citizens in Canada face double tax troubles. Max Reed explores these challenges in a spring series. This spring, a new tax law hangs heavy over U.S. citizens who call Canada home. The U.S. Foreign Account Tax Compliance Act, or FATCA, has generated a lot of attention because,… – Continue reading
Just months after the Obama administration cracked down on mergers that helped US companies skirt domestic taxes, a wave of foreign takeovers is steering more tax revenue away from the US, reports the Wall Street Journal. In deals known as “tax inversions,” which spiked in 2014, US companies acquired foreign… – Continue reading
The government has done well to rein in the taxman to ensure that transfer-pricing (TP) additions fall in the last two audit rounds; from the peak of R70,000 crore in FY13, these have fallen to R60,000 crore in FY14, and then to R47,000 crore in FY15, as FE reported last… – Continue reading
Eleven S&P 500 companies reported profits for calendar 2014 but will be paying no corporate income taxes. Nearly a dozen profitable U.S. companies are paying no corporate income taxes for 2014. A USA Today article on Wednesday said that 11 companies in the Standard & Poor’s 500 had an effective… – Continue reading
Republican Senators Mike Lee and Marco Rubio have put forward version 2.0 of their tax reform proposal first released last September. The two men offer a bit more detail to their sweeping plan this time around, and it’s still a strong, pro-growth proposal. The broad strokes of the Lee-Rubio plan… – Continue reading
SANTIAGO, CHILE – Prosecutors are asking a judge to charge the owners of a prominent Chilean financial company with bribery, tax evasion and illegally financing the campaign of right-wing politicians. Attorney General Sabas Chahuan is seeking formal charges against Carlos Delano and Carlos Lavin, who own the Penta Group, which… – Continue reading
New figures have revealed more than 3,000 properties in Camden and Barnet are registered in secret offshore havens – among the highest numbers in the capital. A leading anti-corruption charity released the data yesterday as it called on the government to implement tough new regulations to increase transparency over property… – Continue reading
On December 2, 2014, the State Administration of Taxation (SAT), China’s highest tax authority, issued the Administrative Measures for the General Anti-Avoidance Rules (Trial) (GAAR), which went into effect on February 1, 2015. Prior to this legislation, China had no specific GAAR, only a few general anti-avoidance principles in various… – Continue reading
Ireland has become the top destination for US multinational investment and the economic bond between the countries is only likely to intensify, according to a leading Wall Street economist, reports the Irish Examiner. In a report on the economic relationship between Ireland and the US, compiled for the American Chamber… – Continue reading
NEW PACTS WITH AMSTERDAM AND TOKYO BOOST TRANSFER PRICING IN HONG KONG When combined with aggressive tax planning, Hong Kong’s onshore-offshore tax regime often results in a reduced tax burden for taxpayers that operate through Hong Kong companies by pricing intra-group transactions. The Advance Pricing Arrangement agreement with the Netherlands… – Continue reading
Senator Rand Paul said that the Foreign Account Tax Compliance Act violates privacy rights of US citizens as well as has a bad effect on the American economy. WASHINGTON (Sputnik) – The Foreign Account Tax Compliance Act (FATCA) violates privacy rights of US citizens as well as has a bad… – Continue reading
Mr R S Sodhi, the Managing Director of GCMMF which owns the famed brand Amul has given his take on the Union Budget on our request. We produce the same verbatim-Editor For Cooperative Sector, the budget will have a mixed effect. Budget is good for those cooperatives who are in… – Continue reading
CANBERRA: The federal opposition has proposed a $1.9bn package targeting multinational tax avoidance, with most of the savings slated to come from changes to the amount of debt for which companies can claim deductions in Australia. Bowing to sustained government pressure to start spelling out alternative budget savings, Labor’s leader,… – Continue reading
Double Tax Avoidance Agreement to be Applied to China Funds Investors no longer have to be worried about double taxation on China-based funds. On Mar. 4, the Korea Financial Investment Association told asset management firms to hand in documents for double tax avoidance agreement applications. Four months ago, when the… – Continue reading
Recent deals signed with Switzerland, Monaco and Liechtenstein Vatican City, March 5 – The Vatican is in talks with the Italian authorities for a deal about bank secrecy and other tax issues to help track down Italian tax evaders, Holy See sources told ANSA on Thursday. Italy recently reached deals… – Continue reading
If you have been running your business as a sole proprietor or are planning to be self-employed, you should probably give the idea of incorporating your business a serious thought. Since we are talking about incorporation from the point of view of taxation, you should know that it has its… – Continue reading
Politicians love to promise “tax breaks” for married couples, savers and small businesses, but what if they instead said “we want to promote tax avoidance, starting with married couples, savers and small businesses?” It’s the same thing, but it doesn’t sound as good. Tax avoidance can be good or bad…. – Continue reading
Microsoft and the Internal Revenue Service (IRS) have agreed to end their battle over documents used in transfer pricing audits of the tech company. On February 24, the Internal Revenue Service (IRS) and Microsoft reached an agreement which resulted in the dismissal of the Freedom of Information Act (FOIA) lawsuit… – Continue reading
Boris Johnson today called for a massive tax rise to stop foreign crooks using the London housing market to launder dirty money. The mayor claimed ‘international despots and criminal rings’ were using phoney companies to buy homes in the capital. More than 35,000 London properties are owned by secretive offshore… – Continue reading
Associated Oregon Industries Oregon’s largest business advocate The issue of “tax havens” garnered early interest from the House and Senate Revenue Committees as the Oregon Department of Revenue issued a new report outlining which additional countries should be considered “tax havens” for purposes of Oregon tax law. AOI testified in… – Continue reading
UK official data show that almost 41,000 London properties owned by foreign companies 90% are based in tax havens such as the British Virgin Islands (BVI), which do not have to disclose ownership information. Transparency International, the anti-corruption organisation, used Land Registry and Metropolitan Police data to identify 40,725 properties… – Continue reading
Billions of pounds of corruptly gained money has been laundered by criminals and foreign officials buying upmarket London properties through anonymous offshore front companies – making the city arguably the world capital of money laundering. Some 36,342 properties in London have been bought through hidden companies in offshore havens and… – Continue reading
James Emejo in Abuja
 The Securities and Exchange Commission (SEC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Tuesday inaugurated the Anti-corruption and Transparency Monitoring Unit (ACTU) in the former to boost integrity as well as enhance transparency in its operations. Speaking at the launch in… – Continue reading
The Ministry of Planning and Investment has asked Nokia Vietnam to submit a report on how it has fulfilled its investment commitments so that local authorities can consider whether the firm is eligible to receive tax policy incentives. Nokia Vietnam Co. Ltd., now known as Microsoft Mobile Vietnam Co. Ltd.,… – Continue reading
Eight of the biggest U.S. technology companies added a combined $69 billion to their stockpiled offshore profits over the past year, even as some corporations in other industries felt pressure to bring cash back home. Microsoft Corp., Apple Inc., Google Inc. and five other tech firms now account for more… – Continue reading
The Minerals Council of Australia (MCA) has warned against international tax proposals, including changes to thin capitalization rules, that have been put forward by the Opposition in Australia. The Council said that any changes to the thin capitalization rules – which it said are already among the world’s most robust… – Continue reading
Anti-corruption groups and Met detectives say £180m worth of real estate is under investigation as being used in money laundering and stolen capital Hundreds of millions of pounds’ worth of UK properties held in secretive offshore companies have been used to launder the proceeds of international corruption, Scotland Yard investigators… – Continue reading
THIRUVANANTHAPURAM, MARCH 4: The taxman has taken a headlong plunge into an alphabetic soup to comply/align with emerging tax and jurisdictional requirements, domestic and foreign, of which is GST is only one. Advance Pricing Agreements (APAs); General Anti-Avoidance Rules (GAAR); BEPS (Base Erosion and Profit Sharing); and POEM (Place… – Continue reading
Ministry of Finance Enlists EY and Convey to Develop and Deploy FATCA Model Nassau, Bahamas – The Government of the Bahamas through the Ministry of Finance announced today that it has moved to a new stage in the development and rollout of its Foreign Account Tax Compliance Act (FATCA) Model… – Continue reading
The UAE and Luxembourg are modern, dynamic economies that have emerged as major financial centres and hubs for international banking, reports the Khaleej Times. Dubai — Luxembourg, which is home to assets under management to the tune of more than €3000 billion, seeks to boost collaboration with the UAE in… – Continue reading
The year 2015 promises to be an active one in U.S. international tax policy, as new players take the stage in the tax reform debate, the Base Erosion and Profit Shifting (BEPS) effort continues to develop and even begins to go into effect around the world, and corporate inversions remain… – Continue reading
NUMBER OF THE WEEK: $42,268. The projected average taxable income of all tax returns in 2015, according to the Joint Committee on Taxation’s Feb. 27 report on “Fairness and Tax Policy.” The report also projects that the top ten percent (in terms of income) of all taxpayers in 2015 will… – Continue reading
You’re probably figuring out how much you owe the tax man for 2014 about now. The answer for a handful of big profitable companies is zilch. There are 11 companies in the Standard & Poor’s 500, including tire maker Goodyear Tire & Rubber (GT), electronic component maker Eaton (ETN) and… – Continue reading
If you thought the Republican-controlled Congress went crazy when President Barack Obama used his authority as commander in chief to make changes to immigration enforcement, consider what might happen if such action involved taxes. The mere hint of executive tax actions already has riled up conservatives. Sen. Bernie Sanders would… – Continue reading
Fiscal competition between EU member states could lead to the disintegration of the European Union, the chairman of the European Parliamentary tax rulings committee has warned In a recent interview, French MEP Alain Lamassoure said that such an outcome would be “unacceptable”. “Fiscal competition can be healthy when it contributes… – Continue reading
Criminals, tax evaders, human traffickers and drug dealers have laundered billions of pounds worth of dirty money purchasing British properties through anonymous offshore companies, Scotland Yard investigators suspect. The Metropolitan Police say more than £180 million (US$276 million) worth of British property has been subject to criminal investigation since 2004… – Continue reading
Claims that the UK Treasury has started “gaming” to protect its own revenues from devolved Scottish tax competition should be given further consideration, a committee of MSPs has recommended. Holyrood’s Finance Committee is seeking further evidence on the Smith Commission’s call for devolution to cause “no detriment” to any part… – Continue reading
That Labor’s corporate tax policy has been so vociferously attacked by the business lobby proves it is on the right track The usual suspects, the Business Council of Australia, the Australian Chamber of Commerce and Industry and the Minerals Council of Australia, all emerged on Monday like sprinters out of… – Continue reading
The Public Accounts Committee (PAC) met last month to ask HM Revenue & Customs (HMRC) about its efforts to curb tax avoidance, including how HMRC has developed its transfer pricing approach to counteract tax arrangements such as those by Google, Amazon and Starbucks. Present at the hearing on February 11,… – Continue reading
Controlled foreign company rules Federal Law No. 376-FZ of November 24, 2014 This law, which entered into force on January 1, 2015, introduces a fundamentally new institution into Russian tax legislation: rules on controlled foreign corporations (CFCs) (primarily the new chapter 3.4 and new article 309.1 of the Russian Federation… – Continue reading
NEW DELHI: India will seek to apply its proposed law on black money held abroad fairly, making sure that its stringent provisions aren’t used to harass students, research scholars and professionals going overseas for short stints. “There will be suitable safeguards,” Revenue Secretary Shaktikanta Das told ET in an interview…. – Continue reading
Helping tax cheats or money launderers has never been an integral strategy of the Swiss financial centre, Swiss Bankers Association (SBA) chief executive Claude-Alain Margelisch tells swissinfo.ch as the HSBC ‘Swiss Leaks’ scandal continues. The unsavoury activities of HSBC, UBS AG (NYSE:UBS) and others, brought into the public domain by… – Continue reading
It’s early March and that means tax time for tens of millions Americans. As we become an increasingly mobile society, millions of U.S. taxpayers are wondering what forms are needed to report offshore income, assets and bank accounts. While no substitute for a good tax lawyer, CPA or enrolled agent,… – Continue reading
KUALA LUMPUR: Georgia is motivated to enhance economic cooperation with Malaysia, which has one of the most open economies in the world, its Charge d’Affaires ad interim (a.i.) to Malaysia Levan Machavariani said. “Malaysia is one of the world’s most open economies and fully integrated in the world’s trade and… – Continue reading
RAMALLAH, March 2 (Xinhua) — The Israeli withholding of Palestinian tax revenue dues would lead to full security deterioration in the Palestinian territories, a senior Palestinian official warned on Monday in an exclusive interview with Xinhua. Mohamed Mustafa, deputy prime minister of the Palestinian unity government and the minister of… – Continue reading
March 2 (Reuters) – Generic and specialty drugmaker Mylan Inc reported a rise in quarterly profit and revenue, driven mainly by strong demand for its generics in North America. Net profit attributable to the company’s common shareholders rose to $189.2 million, or 47 cents per share, in the fourth quarter… – Continue reading
Hong Kong Financial Secretary, John Tsang delivered his eighth budget speech on 25 February 2015. Key Points: >Expansion of tax exemption for certain offshore investment funds >Tax concession for treasury centre activities on the way >Full steam ahead with implementation of OECD automatic exchange of tax information standard >Addressing Hong… – Continue reading
