The Philippines should compel Thailand to abide by the World Trade Organization’s (WTO) ruling on the cigarette-tax case, after Bangkok slapped tax-evasion charges against Philip Morris Thailand (PMT), a legal expert said over the weekend. Lawyer Anthony Abad, who was part of the Philip Morris Philippines legal team that won… – Continue reading
THE BUREAU of Internal Revenue (BIR) filed with the Department of Justice a criminal complaint against a “grey market” luxury car importer for P638.36-million tax evasion. In a Thursday briefing, Commissioner Kim S. Jacinto-Henares said the BIR found Eddie M. Estallo, Jr. liable for the tax after he filed inaccurate… – Continue reading
BANGKOK—Thai prosecutors charged the Thailand subsidiary of global tobacco giantPhilip Morris International Inc. with tax evasion for allegedly under-declaring the value of cigarettes imported from the Philippines. The Office of the Attorney General said in a statement Tuesday it has filed a complaint with a Thai court after a long-running… – Continue reading
Germany and Philippines have completed the necessary domestic ratification procedures to bring their new double tax agreement into force. The two nations exchanged instruments of ratification on December 20 to replace their existing treaty, which was concluded in 1983. Negotiations on the upgraded treaty were concluded on July 20, 2012,… – Continue reading
Initiated by the Organisation for Economic Cooperation and Development in 2013 and endorsed by the G-20, the OECD’s “Action Plan to Address Base Erosion and Profit Shifting (BEPS)” includes 15 key areas to encourage more transparency, better reporting and more cooperation between countries in which multinational companies operate. On October… – Continue reading
The Senate concurred, after hearing, the ratification of tax treaties between the Philippines and the governments of Italy, Germany and Turkey that will prevent double taxation. Sen. Juan Edgardo “Sonny” Angara said the approval on third and final reading of Senate resolutions 1540, 1541, 1542 on the double taxation avoidance… – Continue reading
Global taxpayers can expect to pay more tax in the years ahead. Many governments worldwide continue to update their tax legislation and expand their tax systems to repay debt and pay for increased social welfare, even as the memory of the last global financial crisis lingers. These are the conclusions… – Continue reading
ITR Correspondent Italy has updated its rules governing transactions with parties located in tax havens. Following a legislative process which began in 2013, the Italian Government on September 14 2015 enacted a decree addressing a wide array of international tax matters, including one of the most controversial Italian tax rules… – Continue reading
British oil and gas contractors are amid a huge financial upheaval as a combination of job cuts and tax changes threaten their well-paid lifestyle. Thousands of contractors in the oil and gas industry worldwide have lost their jobs as companies look to protect their cash by sacking staff. The oil… – Continue reading
Tax administrators want to maximise the amount of revenue collected without stifling the county’s competitiveness as a business destination. How should ASEAN countries navigate changing international conditions to meet this goal? By Rebecca Tan – As Benjamin Franklin once famously said, “In this world, nothing can be said to be… – Continue reading
President Park Geun-hye called Monday for a careful adjustment of monetary policies of advanced countries amid lingering worries over a potential Fed rate hike. Last month, the U.S. Federal Reserve kept interest rates at near zero due to global headwinds but suggested that it could raise rates by the end… – Continue reading
“In 2013 the OECD, supported by the G20, promised to bring an end to international corporate tax avoidance which costs countries around the world billions in tax revenues each year. However, with the recently announced actions against corporate tax dodging, G20 and OECD countries have failed to live up to… – Continue reading
Headline: G20 among biggest losers in large-scale tax abuse – but poor countries relatively hardest hit G20 countries are the biggest losers when US multinationals avoid paying taxes where they do business. This is the main finding of a new report on the global tax system, ‘Still Broken,’ released by… – Continue reading
Hewlett-Packard will offshore 60% of its workers at its consulting unit, HP Enterprise Services, CEO Meg Whitman told investors Tuesday during the company’s annual analyst meeting. In 2013, 36% of ES workers were in low-cost offshore locations like Manila, Philippines; Costa Rica; and Bangalore, India. By 2018, 60% of them… – Continue reading
THE BUREAU of Internal Revenue (BIR) has advised Philippine financial institutions to start preparing for the implementation of a United States law requiring the reporting of bank accounts held by American taxpayers locally. In an advisory, the BIR said the start of reporting will not yet take place at the… – Continue reading
Aug 24 (Reuters) – Switzerland expects to adopt a new law by the end of the year that will speed restitution of illicit funds stashed in the Alpine country, where thousands of ‘politically exposed persons’ are believed to hold bank accounts, a top Swiss official said on Monday. Swiss authorities… – Continue reading
The governments of emerging Asian economies need to look at new revenue streams to make their economies more competitive and boost living standards, the OECD said in a new report, reports Tax News. The report, Revenue Statistics in Asian Countries: Trends in Indonesia, Malaysia, and the Philippines, notes these countries’… – Continue reading
19/08/2015 – Increasing tax revenues and ensuring sustainable domestic resource mobilisation will be critical as emerging Asian economies seek to boost the provision of public goods and services and improve economic growth and living standards. Revenue Statistics in Asian Countries: Trends in Indonesia, Malaysia and the Philippines shows that the… – Continue reading
DEVELOPED countries throughout the world are stepping up efforts to curb base erosion and profit shifting (BEPS), a scheme used by multinational companies to avoid paying taxes estimated as high as $200 billion globally, especially when doing business across different jurisdictions. At the 2015 Asia Pacific Tax Symposium hosted last… – Continue reading
The long-awaited formation of the Asean Economic Community (AEC) is just over five months away. Drawn by the promise of a freer flow of goods, services, investment, capital and skilled labour, many businesses need to study how to prevent or reduce the effects of double taxation. Double taxation results from… – Continue reading
The present French Tax Update will focus on an overview of several noteworthy French tax court decisions issued during the past few months, in particular in relation with double tax treaty conditions to benefit from a tax credit, abuse of law challenges, increased amortization rates, and priority preliminary ruling requests… – Continue reading
An OECD initiative on tax evasion is causing ripples around the world While a host of topics — from the necessity and the proposed scope of corporate tax reform, to corporate rate reduction and corporate inversions — are of major concern to those engaged in international tax, the overriding issue… – Continue reading
MUMBAI/NEW DELHI: Markets fell 500 points on Monday. Punters’ worries about current tax disputes between Modi Sarkar and foreign portfolio investors (FPIs) being one reason why the Sensex dived. There has been a battle of phrases between FPIs and North Block. And it looks as if this will be a… – Continue reading
On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two decrees that modify Italy’s “black lists,” and announced on the same day that Italy and the Vatican had signed their previously agreed tax information exchange agreement (TIEA). The two decrees follow the guidelines laid down… – Continue reading
A 1,000-page report by the US Department of Justice to force HSBC to operate to higher standards says bank is not improving the way it does business fast enough HSBC is expected to be told this week that its attempts to clean up the way it does business are falling… – Continue reading
Last week, we discussed the revised set of standards for Transfer Pricing (TP) documentation and a template for country-by-country reporting (CBCR) of income, earnings, taxes paid and certain measures of economic activity as contained in Action Plan 13 of the Base Erosion and Profit Shifting (BEPS) Project. The CBCR provides… – Continue reading
Both China and most other Asian nations have been highly assertive in their use of Double Tax and Free Trade agreements over the past five years, as the reality of rising prices in China coupled with an emerging consumer class dictate that intra-Asian trade flows are growing as an astounding… – Continue reading
IN LAST WEEK’S column we talked about the OECD’s BEPS Action Plan on Hybrid Mismatch Arrangements. This week’s column focuses on the OECD’s Action Plan on Harmful Tax Practices (HTP). As the world economy continues the process of globalization and technological advances, tax authorities from various jurisdictions are inevitably faced… – Continue reading
The US Internal Revenue Service (IRS) has posted tax investigators to foreign embassies to lead a Foreign Account Tax Compliance Act (FATCA) crackdown on suspected tax evasion. The Asia Pacific financial centres of Hong and Singapore are two of the main targets, according to industry experts. The move follows claims… – Continue reading
London is a global haven for criminal financial activity – with billions of pounds laundered through British banks each day, according to the head of the UK’s National Crime Agency. “Many hundreds of billions of pounds of criminal money is almost certainly laundered through UK banks and their subsidiaries each… – Continue reading
IN THIS second installment of the series on Base Erosion and Profit Shifting (BEPS) 2014 deliverables, we will discuss the recommendations of the Organization for Economic Co-operation and Development (OECD) on how to neutralize the effects of Hybrid Mismatch Arrangements. A Hybrid Mismatch Arrangement refers to an arrangement whereby companies,… – Continue reading
New Delhi, Jan. 23: India and the US have failed to make much progress in the totalisation pact that addresses the the problem of the double payment of social security taxes by Indian software professionals in America, dampening expectations surrounding President Barack Obama’s visit this weekend. Top officials said discussions… – Continue reading
[HONG KONG] Asia could set another record for international bond issues in 2015 if Chinese companies continue to borrow offshore at the same voracious pace they did this year, while bankers expect a heavy redemption schedule and larger pipelines from India and Indonesia to lift activity. Barclays is forecasting volumes… – Continue reading
Regional Adoption on Pace with Europe as Singapore Signs Agreement Experts at Wolters Kluwer Financial Services today issued guidance on the Foreign Account Tax Compliance Act in an effort to help support banks’ regulatory compliance efforts within the region. The commentary comes in reaction to the news last week that… – Continue reading
On top of his many boxing titles, including world championships in eight weight classes, Manny Pacquiao is on tap for a possible Senate seat in 2016. First, he has to get his taxes resolved. The Supreme Court of the Philippines ordered the boxing champ and potential Senator to answer the… – Continue reading
On top of his many boxing titles, including world championships in eight weight classes, Manny Pacquiao is on tap for a possible Senate seat in 2016. First, he has to get his taxes resolved. The Supreme Court of the Philippines ordered the boxing champ and potential Senator to answer the… – Continue reading
MANILA, Philippines – The Philippines has signed a multilateral agreement to boost its efforts in fighting tax evasion and improving compliance of taxpayers. Bureau of Internal Revenue (BIR) Commissioner Kim Henares, through special authority from the Office of the President, signed the Convention on Mutual Administrative Assistance in Tax Matters… – Continue reading
EVEN MORE Philippine companies have complied with a US tax law since a July 1 deadline, after which foreign financial institutions (FFIs) not yet registered with the US Internal Revenue Service (IRS) faced penalties. A list published by the IRS earlier this month showed that a total of 197 Philippine-based… – Continue reading
THE National Tax Policy (NTP) has identified double taxation as one of the major hindrances to the growth of the Nigerian economy. Double taxation has become an issue paramount to investors and top executives of multinationals as income is generally taxable both in source and residence countries. In order to… – Continue reading
Manila (AFP) – Philippine world boxing champion Manny Pacquiao has won a Supreme Court reprieve in his battle to avoid paying tens of millions of dollars in extra taxes, authorities said Thursday. Pacquiao will not have to post a cash bond of 3.3 billion pesos ($75.2 million) and the government… – Continue reading
With new laws in place, recovery from Swiss banks can be little easier provided the government shows sincerity in taking action against tax dodgers Finance Minister Senator Ishaq Dar in recent days has expressed the government’s firm conviction to bring back untaxed money of “US$ 200 billion” stashed in… – Continue reading
The Bureau of Internal Revenue (BIR) has filed a tax evasion case against Tri Dharma Marketing, the exclusive local distributor of Indonesia-based coffee brand Kopiko. Filed this Thursday with the Department of Justice, the BIR said that the company has under declared its income and exagereated its expenses for 2010…. – Continue reading
INSURANCE Commissioner Emmanuel F. Dooc has ordered insurance companies to participate in the government’s information gathering to determine the country’s risks of involvement in money laundering and terrorism financing activities. Dooc issued Circular Letter 2014-33 requiring insurance companies, preneed companies and mutual benefit associations to submit information that will help determine… – Continue reading
InterAksyon.com means BUSINESS Majority of the local stock brokerages have remained outside the US-mandated reportorial compliance among foreign financial institutions, a worldwide campaign designed to flush out hidden overseas wealth and minimize tax abuse among Americans and green card holders through offshore accounts. A total of 178 Philippine-based financial firms,… – Continue reading
MANILA (Mabuhay) – Twelve businessmen in Metro Manila are facing tax evasion charges filed by the Bureau of Internal Revenue (BIR) before the Department of Justice. One businessman, Carlos Adraque Ching of Etheria Trading, was sued by the BIR, for an aggregate tax liability covering taxable years 2009 and 2010… – Continue reading
MANILA, Philippines–The Bureau of Internal Revenue (BIR) on Thursday filed a complaint with the Department of Justice against the distributor of a popular coffee product and its retailer for failing to pay taxes amounting to almost P10 billion. The BIR claimed that the Pasig City-based TriDharma Marketing Corp., the distributor… – Continue reading
THE BUREAU of Internal Revenue (BIR) yesterday sued the country’s exclusive distributor of Kopiko products, and several other businesses, for allegedly evading billions of pesos worth of taxes. The BIR, in a press release, said Tridharma Marketing Corp. (TMC) was sued for tax liability amounting to P4.47 billion in 2010,… – Continue reading
FIRMS STILL HAVE to report transactions with US citizens to the Bureau of Internal Revenue (BIR) despite registering with the Internal Revenue Service (IRS), a government official said. BIR Commissioner Kim S. Jacinto-Henares said that while many local firms had committed to supply data to the IRS to comply with… – Continue reading
THE GOVERNMENT is still awaiting assurance from Thailand that a World Trade Organization (WTO) ruling on cigarette taxation issued in favor of the Philippines will not be invalidated by an ongoing tax evasion case there. Asked to comment on a status report submitted by Thailand to the WTO last June… – Continue reading
THE BUREAU OF INTERNAL Revenue (BIR) yesterday filed seven criminal complaints against traders and companies suspected of dodging taxes due to the government with a combined liability of P389.59 million. In a press release, the BIR said DG Cold Chain, Inc., a distributor of Nestlé products, was sued for underdeclaring… – Continue reading
