TEHRAN, Jun. 27 (MNA) – President Rouhani ordered to implement a law signed between Iran and Vietnam to avoid reception of double taxation and tax evasion. The bill was passed by the Parliament on May 13 and then reviewed and approved by the Guardian Council on May 27 to become… – Continue reading
Following the recent property purchase scandal by Majlis Amanah Rakyat (Mara) in Australia, Barisan Nasional Back Benchers Club (BNBBC) chairman Tan Sri Shahrir Samad questioned whether a company was created under Mara Incorporated for the purpose of being an “offshore tax haven”. He raised the question of the approval needed… – Continue reading
PETALING JAYA: Bukit Aman is ready to help in investigations into the controversial purchase of property in Melbourne involving Majlis Amanah Rakyat (Mara) senior officers but there has been no request from Australia yet. Federal Commercial Crime Investigation Department Comm Datuk Seri Mortadza Nazarene said police were aware of the… – Continue reading
The owners of hedge fund-backed reinsurers, including one tied to John Paulson, could have to pay more taxes or shift their focus under a bill introduced by Senator Ron Wyden to counter what he called abuses by offshore companies. “For over 10 years now this loophole has allowed some hedge… – Continue reading
ATHENS, June 25 (Reuters) – When Greece’s tax police squad raided a busy cafe-restaurant in an upscale central Athens district earlier this year, it discovered two cash registers and an elaborate system of issuing fake receipts — at least 15,000 of them, over four years. Four months later, the cafe… – Continue reading
Ahead of Dublin visit, health expert discusses fighting poverty and sharing prosperity. “The Koreans have a saying that you bury your spouse in the ground but you bury your children in your heart,” said Dr Jim Yong Kim. The Korean-born health expert is speaking to The Irish Times at his… – Continue reading
A new campaign to stop Africa from ‘bleeding’ was launched on Thursday in Nairobi by the Tax Justice Network-Africa (TJN-A), a coalition of researchers and activists focused on the harmful impacts of tax avoidance, tax competition and tax havens. “If we can stop Africa from losing resources in illicit outflows,… – Continue reading
MUMBAI: India 0 Vs Pakistan 1. It’s not the outcome of a ODI series between the traditional rivals but a progress card on reforms in the world of real estate. At a time Indian realtors and investors are struggling to roll out real estate investment trusts (REIT) amid regulatory complications… – Continue reading
A new treaty makes it more difficult for companies to take advantage of tax loopholes to avoid their financial obligations. Globally, initiatives are afoot to close tax loopholes and South Africa is one of the frontrunners – its new treaty with Mauritius removes the allure for tax-shy corporates doing business… – Continue reading
HMRC will not face a judicial review over its handling of HSBC-backed tax evasion after a campaign group dropped its fight to take the tax office to court. Online campaign group Avaaz initiated judicial review proceedings in May, but has ended its efforts after deciding it had little prospect of… – Continue reading
Ethiopia and Brazil concluded an agreement for the avoidance of double taxation on profits derived from international air and shipping transport on June 22, 2015 in Brasilia, according to Fana Broadcasting corporate. H.E Ambassador Sinknesh Ejigu, Special Envoy, Ambassador Extra ordinary and plenipotentiary of the Federal Democratic Republic of Ethiopian… – Continue reading
(Seychelles News Agency) – Seychelles’ Finance Minister says his ministry remains committed and on track towards complying with the widely-recognised Organisation for Economic Co-operation and Development (OECD)’s regulations on the sharing of tax information. “Seychelles is making considerable and steady progress in achieving the OECD standard in relation to the… – Continue reading
The Cayman Islands is better positioned to police terrorism financing than the U.S., an American congressional subcommittee heard Wednesday. The comments came from New York County District Attorney Cyrus Vance, who was called before the U.S. House Task Force to Investigate Terrorism Finance. “On a near daily basis, we encounter… – Continue reading
The Financial Supervisory Commission (FSC) and the Central Bank of the Republic of China (Central Bank) issued the amended Offshore Banking Act Enforcement Rules (“Rules”) and the new Regulations Governing Offshore Insurance Branches （”Regulations”）, respectively per letters Ref. No. Jin-Guan-Bao-Zong-Zi No. 10402567211 and Ref. No. Tai-Yang-Wai-She-Yi-Zi No. 1040021857 on 25… – Continue reading
The Irish Revenue has again reminded taxpayers that the Tax Avoidance Settlement Opportunity deadline is June 30. Revenue said over EUR33m (USD36.9m) has either been paid, or commitments to pay have been received, in respect of more than 90 cases. The settlement opportunity was contained in the 2014 Finance Act…. – Continue reading
The Bahamian insurance industry was yesterday granted a ‘last-minute’ two-week extension for the filing of its first Value-Added Tax (VAT) ‘credits’ claim, a leading executive acknowledging the sector “didn’t get everything we wanted”, reports the Bahamas Tribune. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, told Tribune Business that the… – Continue reading
Corporate entities are often deemed to be related in terms of excise law if (a) they are interconnected undertakings and / or (b) they have mutuality of interest in the business of each other. Excise and Customs law are the oldest surviving indirect tax legislations in India. Despite this, till… – Continue reading
The Swiss Federal Council is to postpone a planned overhaul of the withholding tax (WHT) system and re-examine the appropriateness of the reforms at a later date, reports Tax News. In Switzerland, WHT is levied on interest, participation income, lottery winnings, and certain insurance benefits. It is collected from the… – Continue reading
The Caribbean Community (CARICOM) issued a statement on Thursday to “strongly” oppose a recent blacklisting of its members as “non-cooperative” tax jurisdictions by the European Union (EU). The list published last week named 14 Caribbean states and territories, including Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, Grenada, St. Vincent and… – Continue reading
The countries’ leaders say the label is doing untold damage to their reputations, reports The Voice. A number of Caribbean prime ministers have said the blacklisting by the European Union (EU) is unacceptable and they will not take the move lightly. The Union’s European Commission said the countries were singled… – Continue reading
Qatar’s Emir, HH Sheikh Tamim bin Hamad Al Thani, ratified a draft agreement on avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income between Qatar and South Africa as well as its attached draft protocol, which were signed in Pretoria on March 6, 2015…. – Continue reading
SEOUL, June 25 (Yonhap) — More than half of big business groups in South Korea have set up companies in overseas tax havens, with SK Group, the nation’s third-largest conglomerate, having the most, data showed Thursday. Out of 61 business groups with combined assets of more than 5 trillion won… – Continue reading
DUBAI: This week the UK’s National Crime Agency (NCA) published their 2015 National Strategic Assessment. The Assessment presents a comprehensive picture of the threat to the UK from serious and organised crime, and helps to inform the work of the NCA and their international partners, including in the UAE. Some… – Continue reading
DUBAI: This week the UK’s National Crime Agency (NCA) published their 2015 National Strategic Assessment. The Assessment presents a comprehensive picture of the threat to the UK from serious and organised crime, and helps to inform the work of the NCA and their international partners, including in the UAE. Some… – Continue reading
UNCTAD supported India’s plans to replace bilateral investment protection treaties with a new pact that seeks to plug gaps and enhance legal protection of foreign investors in India as well as Indian investments abroad. Developing nations are witnessing annual tax revenue losses to the tune of $100 billion due to… – Continue reading
MORE foreign direct investment (FDI) is expected to flow into Thailand and other countries in East and Southeast Asia following emerging growth of the regional economy and infrastructure development. Thailand, meanwhile, should amend and adjust its laws to facilitate increased FDI and ensure fair benefit for all involved, according to… – Continue reading
Indonesia’s tax office is considering a tax amnesty for financial crimes, in a move that could bring at least 100 trillion rupiah (US$7.5 billion) into state coffers, the director-general of taxes said on Wednesday, reports the Swiss Info. Southeast Asia’s biggest economy is grappling with its weakest growth in six… – Continue reading
The boss of discount chain B&M has been handed a huge pay rise after floating the company on the London Stock Exchange. Chief executive Simon Arora, who bought the bargain-basement bazaar now known as the ‘new Woolworths’ a decade ago, will earn a basic salary of £575,000 this year. That… – Continue reading
The ownership and use of land in Scotland has been thrust back on to the political agenda by the publication of the land reform bill, which was introduced to the Scottish parliament on Tuesday. Covering topics as diverse as tenant farming, offshore companies, deer management and common land, the bill… – Continue reading
The children of craft store kingpins Charles and Sam Wyly say they shouldn’t suffer for their fathers’ transgressions. The U.S. Securities & Exchange Commission says they shouldn’t be allowed to spend the proceeds of the brothers’ fraud. The Wyly brothers used gains from secret, illegal, offshore transactions “as their own… – Continue reading
As America’s highly controversial global tax law reaches its first birthday, almost half of Americans who live overseas would support a presidential candidate who vowed to move to repeal it, reveals a new survey by one of the world’s largest independent financial advisory organizations. In a global poll, deVere Group… – Continue reading
The Russian Football Union (RFU) will discuss ending its contract with Russia’s national team coach, Fabio Capello. Simyonan confirmed at a press conference on Wednesday that Capello remains Russia’s head coach for the time being, but said that there are questions about his future with the team. The negotiations mark… – Continue reading
The taxman in the United States is reminding people with one or more bank or financial accounts outside the country that they need to file their Foreign Bank and Financial Accounts by the end of June. The Internal Revenue Service said FBAR’s must be completed by Tuesday 30 June and… – Continue reading
Almost all estate planning clients own real estate in one form or another – a residence, a vacation home, or rental property. Real estate presents unique challenges in estate planning because debt is often associated with the property and because it may be difficult (or not desirable) to sell the… – Continue reading
Introduction The UK Finance Act 2015 received royal assent on March 26 2015. This included final legislation for the introduction of a capital gains tax charge on non-residents who dispose of UK residential property. The new charge applies to such disposals made on or after April 6 2015. This update… – Continue reading
DeVere poll finds large percentage of expats want a president who’d repeal the tax law; ACAGF, University of Nevada studying FATCA’s impact The five-year-old Foreign Account Tax Compliance Act is coming under fire, with a number of Americans living abroad calling for its repeal. Signed into U.S. law on July… – Continue reading
The Turks and Caicos Islands is compliant with the Global Forum’s standards on exchange of tax information said its Minister of Finance today, Thursday, 25 June 2015. The Honourable Washington Misick was responding to a European Commission (EC) document that appeared to list 30 territories across the world that it… – Continue reading
An academic who specialises in tax havens says a blacklist released by the European Commission last week is arbitrary and poorly constructed. Transcript An academic who specialises in tax havens says a blacklist released by the European Commission last week is arbitrary and poorly constructed. The list of 30 international… – Continue reading
Taiwan and China might sign an agreement on the avoidance of double taxation later this year, the Ministry of Finance said yesterday. “Technical issues” led to a breakdown in negotiations in 2009 on such a pact, which could significantly lighten the tax burdens on companies and Taiwanese doing business across… – Continue reading
YEREVAN. – Armenia has renewed a treaty to exempt double taxation with Belarus during the Cabinet’s meeting on Thursday. In particular, the treaty envisages regulation of the residency of legal entities in the case of dual residency. The procedure for the exchange of information constituting bank secrecy has been specified…. – Continue reading
A new campaign to stop Africa from ‘bleeding’ is to be launched today in Nairobi by the Tax Justice Network-Africa (TJN-A), a coalition of researchers and activists focused on the harmful impacts of tax avoidance, tax competition and tax havens. The ‘bleeding’ is symbolic of a $50 billion, which is… – Continue reading
Another round of International Tax Compliance Required under the OECD’s Common Reporting Standard The Cayman Islands Department of International Tax Compliance (DITC) has notified Cayman financial institutions of its intention to move forward with implementing the OECD’s Common Reporting Standard (CRS), with the introduction of local regulations by October 2015…. – Continue reading
The biggest hurdle to stopping multinational tax evasion isn’t the companies themselves. It’s the governments behind them. As the OECD works swiftly on its plan to stop multinational tax evasion, the United States has already signalled it’s not happy with what’s being proposed. The US has always been clear on… – Continue reading
The Cyprus Tax Authorities have announced that the FATCA reporting deadline has been extended to 31 July 2015 (from 30 June 2015). The FATCA Agreement between Cyprus and the United States was signed on 2 December 2014. FATCA seeks to obtain information on accounts held by U.S. taxpayers in other… – Continue reading
The verities of international tax law are no more. The days of strong residence-based rules of corporate taxation are numbered. The age of the Permanent Establishment (“PE”) as the central concept of international tax is drawing to a close. That seems to be the message from the OECD International Tax… – Continue reading
Lawmakers of The Gambia Tuesday considered and ratified two agreements on the avoidance of double taxation, signed between the Republic of The Gambia, the Republic of the Turkey and the State of Qatar. Tabling the motion before the House, Hon. Abdou Kolley, the minister of Finance and Economic Affairs said… – Continue reading
The government should probe Majlis Amanah Rakyat (Mara)’s three other property purchases in Australia if allegations of kickbacks in its purchase of Dudley Intenational House apartments has basis, the National Oversight and Whistleblowers (NOW) said today. Its directors Rafizi Ramli and Akmal Nasir, in a joint statement, questioned if Mara,… – Continue reading
Tax Authority chief Moshe Asher: Banking secrecy is over. Another wave of arrests of Israelis with unreported overseas bank accounts and money is expected. In the coming day, Israelis who have not filled out forms sent to them by the Israel Tax Authority for declaring their assets will be summoned… – Continue reading
Tax Authority chief Moshe Asher: Banking secrecy is over. Another wave of arrests of Israelis with unreported overseas bank accounts and money is expected. In the coming day, Israelis who have not filled out forms sent to them by the Israel Tax Authority for declaring their assets will be summoned… – Continue reading
The Irish Government announced that the FATCA reporting deadline has been extended to 31 July 2015 (from 30 June 2015) for reporting Irish financial institutions to file a FATCA return with respect to 2014. FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires… – Continue reading
