Poland issues controversial transfer pricing risk assessment rules
New transfer pricing laws issued in Poland might not be too pleasant to multinationals' ears. Read on to know more. ... - Continue reading
Category: Jurisdiction
Pakistan tax collection 62pc below its potential: IMF
Resident Chief of IMF, Teresa Daban Sanchez, has stated that Pakistan is not being efficient enough tax-wise. Here's more to it. ... - Continue reading
Pakistan recovers billions from untaxed offshore funds
And hop! - Rs1.8bn from untaxed offshore funds into Pakistan's possession. ... - Continue reading
Worldwide: Cyprus Ratifies The Base Erosion And Profit Shifting Multilateral Instrument Issue
On January 2020, Cyprus signed its agreement of the MLI. ... - Continue reading
Norway proposes new withholding tax on some related-party payments
Authorities of Norway come up with new withholding tax rules. ... - Continue reading
Cyprus: Cyprus Extends Deadline For Payment Of Overdue Taxes
Good news for Cypriot taxpayers - Announcement of extended period for payment of overdue taxpayers. ... - Continue reading
UK seeks to raise £500m from digital services tax
The United Kingdom unwilling to forsake revenue generated from the digital industry. ... - Continue reading
ATO cracks down on crypto tax dodgers
A '28 days' countdown' starts for taxpayers to clarify their information on cryptocurrency. ... - Continue reading
HMRC cracks down on hidden foreign income
HMRC has doubled down on its campaign against taxpayers with undeclared foreign income. ... - Continue reading
India: DENIAL OF TAX TREATY BENEFITS- ARE GRANDFATHERED INVESTMENTS FAIR GAME?
A recent ruling by the Authority for Advance Rulings (AAR) in the case of Bidvest has stirred the proverbial hornets' nest when it comes to the issue of treaty protection, and has reignited the debate of substance over form when it comes to availing the benefits of a tax treaty. ... - Continue reading
Tax residency rules for NRIs changed
Budget 2020 and taxation of non-resident Indians. ... - Continue reading
EU launches campaign to tackle tax evasion
The European Union ups its game by coming up with more initiative to fight off tax evasion. ... - Continue reading
Tax collection on cash withdrawal dives 63 percent
This sharp decline was because of the exemption from the levy given to active taxpayers. ... - Continue reading
AMLA, Bank Secrecy Law for overhaul
When forces join together to tackle Anti-Money Laundering and the Bank Secrecy. ... - Continue reading
Norway consulting on new withholding tax on interest, royalties
Norway’s Finance Ministry is consulting shareholders on a new proposal to introduce withholding tax on certain payments to non-resident related parties. ... - Continue reading
Cayman Islands: Update In Respect Of Automatic Exchange Of Information (“AEOI”)
Information on changes in laws concerning the Automatic Exchange of Information (AEOI). ... - Continue reading
OECD issues MAP peer review reports for further eight jurisdictions
The OECD on February 24 published stage 1 mutual agreement procedure (MAP) peer review reports of the following eight jurisdictions: Brunei Darussalam, Curaçao, Guernsey, Isle of Man, Jersey, Monaco, San Marino, and Serbia. The reports highlight how well these jurisdictions are implementing the base erosion and profit shifting (BEPS) Action… – Continue reading
Lebanon passes law to lift banking secrecy
Lebanon’s Justice Minister Marie-Claude Najm said on Thursday that the Lebanese cabinet has approved a draft law to lift banking secrecy, MTV local TV channel reported. Also, Lebanon’s financial prosecutor Ali Ibrahim froze the assets and properties of 20 Lebanese banks. Lebanon has lately witnessed a shortage in U.S. currency… – Continue reading
Canadians with US citizenship face account closures under FATCA
With the conclusion of a grace period on Jan. 1, Canadian banking institutions are required to attain US identification numbers for Canadian clients under FATCA or face fines. ... - Continue reading
Worldwide: Cayman Islands Added To EU Blacklist
On February 18, 2020, EU finance ministers updated the EU Blacklist, adding four jurisdictions—the Cayman Islands, Palau, Panama and Seychelles. ... - Continue reading
India Budget 2020: The key takeaways
Here are some important tax proposals for India's 2020 Budget. ... - Continue reading
Luxembourg: FATCA & CRS Reporting In Luxembourg: New Draft Bill Submitted To The Parliament
On 20 February 2020, the Luxembourg government filed with Parliament the draft bill of law n°7527 modifying both the CRS law of 18 December 2015 and the FATCA law of 24 July 2015 (the "Draft Bill"). ... - Continue reading
Mexico: 2020 Mexican Tax Reform
A few changes have been made to the Mexican tax laws for 2020. Here are the highlights. ... - Continue reading
Senators wary of money laundering in POGO
POGO continues to be involved in hefty money laundering, and it certainly is making senators of Philippines worried about it. ... - Continue reading
In Depth: The Race To Beat Australia’s Capital Gains Tax Deadline
Thousands of Australian expats have until 30 June to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. ... - Continue reading
Cambodia-Hong Kong DTA: Key Features
On January 1, 2020, the double taxation avoidance (DTA) agreement between Cambodia and Hong Kong came into force. ... - Continue reading
India wants fair share of $100 billion global taxes from Google, Facebook
The digital world continues to be under the lens of the OECD as India further pushes for better 'tax collection' methodology. ... - Continue reading
OECD tax overhaul to disrupt Bahamas’ economy
More jurisdictions worried about their economy following OECD's new corporate tax laws ... - Continue reading
Ireland faces losing €2bn in corporate tax under OECD reform
New proposals to reform the global tax system could adversely affect the economy of Ireland. Here's more. ... - Continue reading
Tax data sharing sparks arrests among Israelis with unreported foreign bank accounts
The Common Reporting Standard (CRS) continues to unveil more offshore revenue. ... - Continue reading
Singapore Budget 2020 extends and enhances business tax breaks
Singapore strives to stay ahead in tax competition. ... - Continue reading
India’s Authority for Advance Rulings denies tax exemption under India-Mauritius treaty
Clarifications on the India-Mauritius tax treaty. ... - Continue reading
No hidden property through offshore companies: Justice Qazi Faez Isa
Justice Qazi Faez Isa pleads non-guilty in tax evasion attempt. ... - Continue reading
Tax authorities recover Rs1.8 billion from foreign transactions
The Automatic Exchange of Information recovers a whopping amount of Rs1.8 billion for Pakistan. ... - Continue reading
Gov’t loses P51B in revenues from POGO – Gatchalian
According to the senator Sherwin Gatchalian, the government has lost around P51-billion in revenues due to tax avoidance from Philippine Offshore Gaming Operators (POGOs) ... - Continue reading
Turkey on tax evasion grey list
Turkey stays on the European Union's blacklist since 2017. ... - Continue reading
Cayman tops ranking of money hideouts
Cayman is now the top enabler of financial secrecy in the world, according to the findings from the Tax Justice Network’s Financial Secrecy Index 2020. In second and third place respectively, were the United States and Switzerland. The Tax Justice Network has called on policymakers to prioritise sanctions against Cayman… – Continue reading
Canada: Treaty Shopping: MIL, MLI And ALTA Things In Between
On February 12, the Federal Court of Appeal (FCA) released its decision in The Queen v. Alta Energy Luxembourg S.a.r.l.1 (Alta Energy), a case that represents an attempt by the Canadian tax authority to relitigate the issue of whether Canada’s domestic general anti-avoidance rule (GAAR) can apply to curtail so-called “treaty shopping”.2 ... - Continue reading
India: India Union Budget 2020 – Unveiling Issues On International Taxation
Clarifications on India Union Budget 2020. ... - Continue reading
Spain to scrutinize taxpayers’ transfer pricing positions
Spain focuses on transfer pricing. ... - Continue reading
Vanuatu: Vanuatu Citizenship And Taxes 2020
Guidance to get a passport in Vanuatu for 2020. ... - Continue reading
Cabinet approves India-Sri Lanka Agreement amendment on double taxation, evasion
New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing and ratification of the protocol amending the Agreement between India and Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, according to a Press… – Continue reading
Sweden’s tax agency rejects Puma’s transfer pricing position, concludes risk borne elsewhere
The Swedish tax agency has adjusted the taxable income for the PUMA Group’s Swedish distributor, Puma Nordic AB, concluding that, for transfer pricing purposes, the Swedish distributor could not control the main risks in the Puma Group and therefore should not have carried the local market risks. The adjustment, made… – Continue reading
Philippines lands in Forbes’ Top 25 Best Places to Retire in 2020
The Philippines was recognized as one of the best places where US expatriates (expats) could retire in 2020, according to a recent newsletter from Forbes. It was among 25 countries chosen by the American business magazine. The Philippines was described to be an “English-speaking Pacific Ocean nation of 7,400 islands”… – Continue reading
Malta: Tax Transparency For Tax Advisors: The Mandatory Disclosure Rules – No More Hiding
The main aim remains linked to curbing tax evasion and avoidance through capturing aggressive tax planning schemes.
... - Continue readingBarbados’ economic substance rules brings an end to separate tax rates
Barbados has introduced new economic substance requirements that effectively brings down the so-called ‘ring fence' that kept two separate tax rates for local and international business companies. ... - Continue reading
Cegereal : KPMG Signs Fresh Lease at Europlaza, Confirming the Property’s Continued Appeal
Cegereal (Paris:CGR) today announced the signature of a new lease with KPMG France, bringing the company’s total space in the Europlaza tower to 12,600 sq.m. The lease will run until 2031 with no break option. ... - Continue reading
Puerto Rico changes income tax law for intercompany charges
Puerto Rico has amended its income tax rules to allow taxpayers to fully deduct intercompany expenses if taxpayers file a transfer pricing study with their income tax return, due April 15, 2020, if not extended. ... - Continue reading
Egypt court sentences fugitive contractor to 3 years over tax evasion
An Egyptian court for tax evasion sentenced on Saturday a fugitive Egyptian contractor to three years in jail over tax evasion charges, Egypt’s state-run MENA news agency reported. Mohamed Ali, a businessman and an actor, said in online videos last year that he fled to Spain after working with the… – Continue reading
