BEPS MLI to enter to force for Czech Republic, Korea
Czech Republic and South Korea ratify the Multilateral Convention to Implement Tax Treaty Related Measures in an effort to fight against Base erosion and Profit Shifting. ... - Continue reading
Category: Czech Republic
Dhaka, Prague sign deal to avoid double taxation
Bangladesh and the Czech Republic have signed a double taxation avoidance agreement (DTAA) in a bid to strengthen bilateral trade and investment ties between the two countries. National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan and Czech deputy prime minister and finance minister Alena Schillerova inked the agreement… – Continue reading
Slovakia is pushing on digital platforms, including booking.com, to pay taxes here
One digital platform has registered on its own and others are being registered ex officio. Foreign digital platforms, which mediate services in transport and accommodation in Slovakia, are obliged to launch so-called permanent establishments in Slovakia. The Finance Ministry wants to force them to pay corporate tax. So far only… – Continue reading
Ghana Parliamentary Minority raises red flag over Double Taxation Agreements with four countries
The Minority in Parliament has raised concerns over government’s intention to approve Double Taxation Agreements with the Czech Republic, Morocco, Mauritius and Singapore which they claim were not in the interest of the country. According to the Minority, Ghana would not benefit from the deal since the level of investments… – Continue reading
Taiwan-Czech Republic ink double taxation avoidance pact
An agreement between Taiwan and the Czech Republic on double taxation avoidance and fiscal evasion prevention with respect to taxes on income was concluded Dec. 12 in Prague, setting the stage for increased investment and trade as well as industrial and technological cooperation between the two countries, according to the… – Continue reading
Double Taxation Agreement Between Barbados and Italy In Effect
BRIDGETOWN, Barbados, Thursday November 2, 2017 – The Double Taxation Agreement (DTA) between the Government of Barbados and the Italian Republic has entered into force. The instruments of ratification for the Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion… – Continue reading
Enhancing diplomatic and economic ties: Ghana-Czech Republic Double Tax Agreement to come into force in 2018
Ghana signed another Double Tax Agreement (DTA) with the Czech Republic on 11 April, 2017. Ghana already has DTAs in force with Denmark, the United Kingdom, Belgium, Italy, South Africa, Switzerland, Netherlands, France and Germany. DTAs with Mauritius, Singapore and the Czech Republic are in the process of being ratified… – Continue reading
Ghana, Czech sign Double Taxation Agreement
Ghana and the Czech Republic have signed a Double Taxation Agreement. The Minister for Finance, Ken Ofori Atta, and the Czech Ambassador to Ghana, Margita Fuschova, signed on behalf of both countries. This agreement was signed after the two countries concluded negotiations for the Avoidance of Double Taxation and the… – Continue reading
Can Pay, Won’t Pay: Tax Evasion, Profit Shifting Rife in Central, Eastern Europe
The LuxLeaks and Panama Papers scandals aroused shock and outrage the world over. However, reaction from Central and Eastern European statesmen and citizens was decidedly more muted. A new report has suggested profit shifting and tax dodging by businesses in the region is endemic – perhaps accounting for the lack… – Continue reading
HUNGARY COULD BE A CORPORATE PROFIT TAX HAVEN IN THE EUROPEAN UNION
The new 9 percent flat corporate profit tax – to be introduced 1st of January 2017 – will put Hungary in a very good position in the international race for investments as Hungary will offer even better conditions than Ireland and Cyprus, which are both often regarded as the European… – Continue reading
EU agrees anti-tax evasion deal
Brussels (AFP) – The European Union agreed a raft of anti-tax evasion measures Tuesday that would make it harder for multinationals to shift profits to countries with lower taxes, but critics said they were too watered down. The proposals were agreed on provisionally by the EU’s 28 finance ministers on… – Continue reading
European Commission gets closer to agreeing anti-tax avoidance directive
The European Commission is on the brink of agreeing its far-reaching anti-tax avoidance directive, but is waiting on approval of some elements of the package by the Belgian and Czech governments, before it introduces new rules at midnight on Monday 20 June At the end of last week the Commission’s… – Continue reading
Dual taxation treaty: new convention with Czech Republic notified
The Federal Board of Revenue (FBR) has notified a new convention inked between Pakistan and the Czech Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income of citizens of both countries. Sources said that the FBR has issued an S.R.O.1322(I)/2015… – Continue reading
Pakistan, Czech Republic implement convention to avoid double taxation
Pakistan and Czech Republic have implemented a convention to avoid double taxation and prevent tax evasion, the Federal Board of Revenue notified on Monday. An official said the convention on avoidance of double taxation will come into force on July 1. “This is an epoch-making event in the consolidation of… – Continue reading
31 nations sign agreement on exchange of country-by-country transfer pricing reports
In an effort to provide their tax administrations with more tools to combat corporate tax avoidance through transfer pricing, officials from 31 countries today signed an agreement setting out the parameters for automatic exchange of country-by-country reports on large multinational corporations. The agreement — the Multilateral Competent Authority Agreement on… – Continue reading
European Parliament votes in favour of an EU fair tax label
The European Parliament has voted in favour of a “Fair Tax Payer” label across the EU to tackle tax avoidance. The proposal was passed on 16 December by 500 votes to 122, and drew cross-party support from members of the green, socialist, liberal, labour and conservative blocks. The plan came… – Continue reading
Czech Republic: ECOFIN Abandons Plans For A Standard VAT Return; Czech Republic To Pilot Domestic Reverse Charge
ECOFIN’s latest monthly review of VAT measures includes abandoning plans for a standard VAT return across 28 countries. The Czech Republic has requested to pilot the domestic reverse charge, an anti-VAT fraud measure. The EU’s Economic and Financial Affairs Council (ECOFIN) latest update on VAT measures includes, as anticipated, abandoning… – Continue reading
Banks because FATCA agreement made changes in information systems
Several Slovak banks are already preparing for the new obligations arising from the agreement FATCA (Foreign Account Tax Compliance Act). Because it had to make changes in particular in its information systems. “Following the agreement FATCA UniCredit Group has developed separate software for the purpose of fulfilling the obligations under… – Continue reading
2015: A Watershed Year in Corporate Tax?
Multinational companies have enjoyed a sustained period of falling corporate tax rates around the world. However, with the conclusion of the OECD’s base erosion and profit shifting project earlier this year marking the start of fundamental changes to the international tax system, and with governments more determined than ever to… – Continue reading
Liechtenstein – Czech Republic: Tax Treaty Enters Into Force
The Income Tax Treaty between Liechtenstein and the Czech Republic entered into force on 22 December 2015. Its provisions will apply from 1 January 2016. The Treaty was signed on 25 September 2014. In accordance with the treaty, the following withholding taxes will apply: Dividends: 0% if the beneficial owner… – Continue reading
IP BOX: Italian and European Legal Framework
On 22 December 2014, the Italian Parliament approved the Budget for 2015.40 Among other measures, the Law introduces the possibility of an exemption from corporate income tax (IRES, generally levied at 27,5%) and local tax (IRAP, generally levied at 3,9%) on income derived from qualifying intangible assets (such as patents,… – Continue reading
Corporate tax revenues falling- OECD
Corporate tax revenues have been falling across OECD countries since the global economic crisis, putting greater pressure on individual taxpayers to ensure that governments meet financing requirements, according to new data from the OECD’s annual Revenue Statistics publication. Average revenues from corporate incomes and gains fell from 3.6% to 2.8%… – Continue reading
MEPs seek corporation tax transparency
Members of the European Parliament’s (MEPs) economic and monetary affairs committee (EMAC) have asked the European Commission (EC) to table measures that would include corporation tax transparency, reports Economia. Recommendations were voted on by the EMAC on Tuesday and seek to build on work carried out by the European Parliament’s… – Continue reading
CEE countries must share best practices better to successfully combat VAT fraud
Officials from the ministries of finance and economy of five CEE countries (Czech Republic, Hungary, Poland, Romania and Slovakia) have called for a joint approach to combat VAT fraud and increase VAT collection in a conference hosted by PricewaterhouseCoopers (PwC) in Budapest on Thursday. According to the EU Commission data,… – Continue reading
Czech Republic: International Taxation Of Athletes
As the status of professional athletes is not regulated under Czech law, there is a need for legal interpretation on this matter. The Supreme Administrative Court has ruled that athletes’ work is of such a specific nature (e.g. the method of their pay, the amount of rest and other non-compliances… – Continue reading
Gov’t approves support for SMEs until 2020
Transportation and other issues also taken up by the Cabinet Prague, Nov 9 (ČTK) —The Czech government today approved the Industry and Trade Ministry’s program Expansion, under which Kč 9.5 billion (€350 million) should be provided in support of small and medium-sized enterprises until 2020, Deputy Prime Minister Pavel Bělobrádek… – Continue reading
Tax havens become less attractive
THE NUMBER of Slovak companies with ownership registered in a tax haven decreased in the first half of 2015 by 112, to a total of 4,250. The biggest outflows were recorded in Monaco and the British island of Jersey. The declining trend of companies selecting a tax haven for their… – Continue reading
EY: Four out of 10 Czech businessmen asked for bribe; Czech police reveal corruption in driving licenses for Germans; No. of Czech firms with owners in tax havens up in Q3
EY: Four out of 10 Czech businessmen asked for bribe Four out of 10 Czech entrepreneurs have been explicitly asked for a bribe and up to six out of 10 have encountered the possibility of gaining an advantage in their business in exchange for a bribe, according to a survey… – Continue reading
Internal Revenue Service Begins Reciprocal Automatic Exchange of Tax Information Under FATCA IGAs
On October 2, 2015, the Internal Revenue Service announced that it had achieved a key milestone in implementation of the Foreign Account Tax Compliance Act (FATCA), a critical anti-tax evasion law passed by Congress in 2010 but not fully implemented until July 2014. The milestone announced by the IRS was… – Continue reading
It’s Here; The Automatic Exchange of Information Under FATCA Began September 30th
The IRS has announced that as of September 30, 2015 it will implement the automatic exchange of tax information as set forth in the Foreign Account Tax Compliance Act, (FATCA). The IRS Commissioner in announcing the implementation of the automatic exchange of information stated: “This information exchange is part of… – Continue reading
More disappointing news for U.S. citizens residing in Canada
In addition to Justice Martineau’s denial of injunctive relief and dismissal of the request for summary judgment in Hillis and Deegan v. The Attorney General of Canada, as discussed in our previous post, U.S. citizens residing in Canada received more disappointing news on September 29, 2015, when Judge Thomas M…. – Continue reading
Moscovici resolute on common corporate tax base
EU commissioner urges member states to ensure fair share of tax is paid EU economics commissioner Pierre Moscovici reiterated his commitment to re-launch the Common Consolidated Corporate Tax Base yesterday, urging all EU member states to ensure that companies pay their fair share of tax. Speaking following a meeting of… – Continue reading
Canada Court Ruling Could Put Brakes on FATCA
Aug. 19 — Tax authorities and practitioners around the world are awaiting a Canadian court’s ruling on the legality of Canada’s legislation to comply with the Foreign Account Tax Compliance Act. The Federal Court of Canada is due to issue by Sept. 30 a ruling on the validity of the… – Continue reading
The Netherlands, in respect of Aruba, and the Czech Republic have signed a
On July 28, 2015 the Dutch Government published the English text of the Agreement between the Kingdom of the Netherlands, in respect of Aruba, and the Czech Republic for the exchange of information on tax matters (hereafter: the TIEA), which was signed in the Hague on June 29, 2015. Although… – Continue reading
Iranian oil dealer’s Czech aide released
Gang is suspected of large-scale tax evasion Prague, July 24 (ČTK) — Daniel Rudzan, a right-hand man of Shahram Abdullah Zadeh, an influential Iranian oil dealer, both suspected of a huge tax evasion, has been released from custody in the Czech Republic, Lidovky.cz server reported today. Along with them, another… – Continue reading
OECD establishes roadmap for membership with Lithuania
10/07/2015 – The OECD set out a clear path for Lithuania’s accession to the Organisation, reinforcing the OECD’s commitment to further extend its global membership. On 8 July 2015 the 34 OECD Members adopted the Roadmap for the Accession of Lithuania to the OECD Convention setting out the terms, conditions… – Continue reading
FATCA – Which Countries Are In And Out
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
Bermuda named on EU tax haven list
The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax… – Continue reading
Iran, Czech Republic sign agreement on double taxation
Iran and the Czech Republic have signed an agreement which allows the two countries’ companies to avoid paying double tax on their trade activities. The agreement was signed on Thursday by Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia and his Czech counterpart, Andrej Babiš, in the Czech capital… – Continue reading
Iran’s Economy Min. due in Czech
TEHRAN, Apr. 29 (MNA) – Leading a high-ranking delegation of officials, Iran Minister of Economic Affairs and Finance departed for Prague this morning. Ali Tayyeb Nia is scheduled to hold meetings with his Czech counterpart and Czech vice-president of the Republic Parliament. Discussing development of ties and singing the MoU… – Continue reading
Fewer Slovak companies based in tax havens
THE NUMBER of Slovak companies residing in tax havens dropped in the first three months of this year to 4,248, which is by 114 less than in the end of last year. Most companies left Monaco and Jersey. The trend is the opposite rose by 23 to 13,270, the TASR… – Continue reading
Individual Tax Burdens Continued To Rise In 2014
Taxes on wages have risen by about one percent for the average worker in OECD countries between 2010 and 2014, even though the majority of governments did not increase statutory income tax rates, according to the Organisation for Economic Cooperation and Development’s (OECD’s) Taxing Wages 2015 report. According to the… – Continue reading
Global Tax Transparency Goes Live in 2016
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
Dividend imputation clears an early tax review hurdle
Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading
Czech Republic Steps Up Transfer Pricing Scrutiny
The Czech Republic’s Specialized Tax Office (STO) has confirmed that it has undertaken a nationwide control operation to scrutinize multinationals’ related-party transactions to ensure they are being taxed based on arm’s length prices. A first phase of the operation took place during January and February, with a second phase now… – Continue reading
Norway nudge to US pact
New Delhi, Feb. 4: The notification of a social security deal with Norway – often called totalisation agreements — may pave the way for a similar pact with the US that has been hanging fire for a decade. Under the pact, employees sent by Indian firms to Norway on a… – Continue reading
Techie fee thorn in US ties
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
Czech Republic Plans to Double the Taxes on Gambling
The Czech Finance Minister Andrej Babis believes that the gambling industry could give a greater contribution to the country’s economy. According to Reuters, on Friday, Dec. 19, Babis will propose a significant increase of the gambling taxes applied in the Czech Republic that could double the levies currently applied. Today,… – Continue reading
Czech police crack down on fictitious exporters
Three men accused of running a VAT scam; face 10 years in jail Prague, Dec 12 (ČTK) — The Czech Police have accused three men over tax evasion worth 261 million Kč caused by fictitious exports of tools and design services to the US, anti-corruption police spokesman Jaroslav Ibehej told… – Continue reading
Analysts support increased transparency to fight tax havens
Responsible corporations paying their taxes and revealing their ownership structure could be a possible solution in the fight of Europe against tax evasion and tax havens which cost billions of euro annually. EurActiv Czech Republic reports. “We should step up our efforts to combat tax evasion and tax fraud”, Jean-Claude… – Continue reading
