NEW DELHI: The Justice Shah Committee, constituted to go into levy of MAT on FIIs, will look into all important “legacy” cases, Finance Minister Arun Jaitley said blaming conflicting judicial rulings for the controversy on the issue that has riled foreign investors. He also said that foreign investors had invited… – Continue reading
Tuesday, June 30th is the filing due date for the Report of Foreign Bank and Financial Accounts, known as the “FBAR.” A “U.S. person” is required to file an FBAR if: (1) the U.S. person has a financial interest in, or signature authority over, at least one financial account located… – Continue reading
Short cuts, loopholes and other forms of skulduggery will not be tolerated when the automatic exchange of tax information comes into force, a top official from the Organisation for Economic Co-operation and Development (OECD) has promised Swiss bankers, reports FinFacts. Grace Perez-Navarro, second in command at the OECD’s tax policy… – Continue reading
Governments and tax partners need to work to ensure confidentiality is protected when new international tax transparency rules come into force in 2017, according to OECD director, Pascal Saint-Amans. “There is a fundamental difference between the automatic exchange of information and the existing system of exchange upon request, particularly because… – Continue reading
This note is intended as an introduction to inheritance tax (IHT) issues that need to be covered where a “non-dom” (an individual domiciled outside the UK) is planning on becoming resident in, or is already resident in, the UK. It should be emphasised that this is a complex subject, and… – Continue reading
If you are hiding income from the taxman, consider how long you are at risk. Three years, six, more? Even if you did your best with your taxes, you might be worried as taxes are horribly complex. The line between aggressive tax planning and tax evasion is sometimes less clear… – Continue reading
Premier Colin Barnett (left) and Chevron manager Colin Beckett at its LNG project on Barrow Island. Secretive oil major Chevron Corp has taken the art of tax avoidance to its ultimate form thanks to a scheme so aggressive that it goes beyond merely reducing exposure to income tax, but rather,… – Continue reading
The FDA union claims HMRC will lose up to 15,000 of its 64,000 staff – despite having to find an extra £5bn by cracking down on tax avoidance Axe: HMRC could face huge job cuts – but George Osborne wants staff to tackle tax avoidance Tory cuts could axe more… – Continue reading
TS IS NO STRANGER to hyperbole and overkill, but news of a small group of church bell ringers in Kent becoming encumbered with the intricacies of the US’s FATCA deal with the UK very much takes the biscuit. In an event that can only be described as ‘disproportionate’, Neil Campbell… – Continue reading
SEOUL, March 17 (Yonhap) — The South Korean business community on Tuesday called for easing the tax audit burden and more deductions for corporate entertainment outlays to better reflect the rise in overall expenses. In a meeting with National Tax Service Commissioner Lim Hwan-soo in Seoul, companies belonging to the… – Continue reading
Executive Summary: The Panamanian government has engaged in an extensive period of consultations with local and foreign experts, practitioners, professionals and regulators, in a concerted effort to ensure that the jurisdiction continues to embody the highest international standards in terms of functionality and transparency (while preserving confidentiality). To that effect,… – Continue reading
KUALA LUMPUR: MIDF Equities Research says the Malaysian stock market is in need of a spark after its rather indifferent response to the strengthening of the ringgit and the oil price. The research house said the Bursa Malaysia’s indices have traded in a narrow range in the last three weeks…. – Continue reading
SEOUL, March 17 (Yonhap) — The South Korean business community on Tuesday called for easing the tax audit burden and more deductions for corporate entertainment outlays to better reflect the rise in overall expenses. In a meeting with National Tax Service Commissioner Lim Hwan-soo in Seoul, companies belonging to the… – Continue reading
Accountants are wondering whether the New Zealand government will move to tax millions of small parcels and services bought offshore in the May 21 budget, including digital downloads. Australia acted on the issue in its budget a few days ago. New Zealand Customs does not collect goods and services tax… – Continue reading
The I-T dept has received over 500 applications from MNCs for signing APAs. Income-tax department has set a target of 50 advance pricing agreements (APAs) to be sealed with multinational companies in the current fiscal that will exempt cross-border transactions by these firms from rigorous auditing to check income suppression…. – Continue reading
Luxembourg has been a prime destination for Canadians looking for a tax haven. Secretive. Discreet. Accommodating. These features were so attractive that Canadian companies, including a federal pension fund, sent $36 billion there in 2013. But new Statistics Canada data shows that more than $5 billion got pulled out of… – Continue reading
“We will have a black money discussion (with finance minister Arun Jaitley) to solve and clarify (the issue),” said Swiss economic affairs minister. Amid India enacting a law to deal with the menace of black money stashed abroad, Switzerland on Friday said that it is considering amendments in its domestic… – Continue reading
Taipei, May 16 (CNA) Chinese yuan-dominated deposits held by banks operating in Taiwan hit a new high as of the end of April, according to the Central Bank of the Republic of China. Market analysts said that the increase in the balance of Taiwanese banks’ yuan deposits largely resulted from… – Continue reading
Smartly setting up trusts requires knowledge of state tax laws, not just federal rules. Consider Robert L. McNeil, a chemist and onetime Pennsylvania resident who amassed a fortune as the business brain behind Tylenol. McNeil established trusts for his family but chose to locate them in Delaware, for tax purposes…. – Continue reading
The big miners were sprung for their Singapore profits sling, and the United States tech giants shown up for their Byzantine tax structures, but there was little time left to spend on other sectors where multinational tax chicanery was rife. When the Senate Inquiry into Corporate Tax Avoidance reconvened to… – Continue reading
ISLAMABAD: As corridors of power struggles to enhance tax collection, the state is taking a proposal that could see levy of 10% tax on profit made on foreign remittances put in savings accounts. The offer appears as the government doubts that the amount sent through remittances could be black money… – Continue reading
Federal budget: winners and losers Ross Gittins: Small measures and a media circus Federal budget 2015: Full coverage Your five-minute guide to the budget The head of the treasury believes that the easy days of high economic growth are over and that Australia will need big personal income tax cuts… – Continue reading
Chancellor George Osborne has announced that he intends to deliver a new budget on 8 July. In what will be the second budget within four months, Osborne is set to reveal how the Conservative government will cut £12bn from the welfare budget and “deliver on the commitments we have made… – Continue reading
The Bank of Russia has just published a draft normative act that details the requirements for foreign Forex companies willing to set up representative offices and market their services in Russia. Several months have passed since Russia’s president Vladimir Putin signed the Forex law – since then the work on… – Continue reading
KUALA LUMPUR, May 15 ― The Malaysian Anti-Corruption Commission (MACC) today froze 1,623 bank accounts of companies and individuals involving over RM560 million in the first day of its “Operasi Bersepadu” in Sabah. The commission’s investigation division chief Datuk Mohamad Jamidan Abdullah said the operations were launched to crack down… – Continue reading
Introduction to FATCA On December 16 2013 Malta and the United States entered into an intergovernmental agreement (IGA) to implement rules and regulations under the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted in 2010 by the United States, requires US taxpayers and financial institutions to report financial information to… – Continue reading
AUDITED ACCOUNTS – 30 JUNE 2015 FUND ANNUAL RETURN – 30 JUNE 2015 US FATCA – 30 JUNE 2015 RECORD KEEPING – IMMEDIATE TIGHTENING ATTITUDE OF THE COMMISSION TO LATE FILINGS Over the last six months we have seen that the British Virgin Islands (“BVI”) Financial Services Commission (the “Commission”)… – Continue reading
Following on from a press release issued by the Treasurer on May 11th, the government has released a draft bill containing a new limb to the general anti-avoidance provision, which is directed at foreign multinational groups who have global revenue exceeding $1 billion. The law will apply where: • the… – Continue reading
YEREVAN, 15 MAY, ARMENPRESS. On May 15, Minister of Foreign Affairs of the Republic of Armenia Edward Nalbandyan, who is on a working visit to Bratislava, met with Deputy Prime Minister of Slovakia, Minister of Foreign and European Affairs Miroslav Lajčák. As the Department of Press, Information and Public Relations… – Continue reading
Singer revealed he bases some business ventures in the Netherlands Tax rates in the European country far lower than in his native Ireland Bono said ‘smart people’ were ‘just be sensible’ about ‘the way we’re taxed’ Sunday Times Rich List ranked U2 as the country’s third richest musicians He has… – Continue reading
The minimum alternate tax row has damaged the credibility of government promises to enforce an investor-friendly tax regime and made the Indian stock market Asia’s worst performer this year New Delhi/Mumbai: Castleton Investment Ltd, a unit of GlaxoSmithKline Plc (GSK), in 2012 asked an arm of the Indian finance ministry… – Continue reading
Senators and members of the House of Representatives under the Anti-Money Laundering and Cyber Security Coalition are expected to meet and suggest to President-elect retired General Muhammadu Buhari the establishment of special courts that will deal with cases of tax evasion and corruption offences. Chairman of the coalition, Senator Aloysius… – Continue reading
The parliament of Armenia has approved amendments to the law on income, setting a 13% tax rate for workers employed abroad. The Armenian government says they should be registered in Armenia and pay taxes in their homeland. Consequently, 65 MPs voted for the amendments, RusArmInfo reports. Armenian Deputy Minister of… – Continue reading
Last night, the Federal Treasurer, Joe Hockey MP, released the 2015-16 Federal Budget. After public self-evaluation of its last budget as over-reaching, the Government has gone back to basics whilst still focussing on repairing the budget deficit in the medium to long term. The budget deficit is projected to be… – Continue reading
WASHINGTON, May 15 (Reuters) – Finter Bank Zurich AG has agreed to pay $5.4 million in a deal with the Justice Department to resolve tax-related offenses, becoming the third Swiss private bank this year to reach a settlement to avoid U.S. prosecution over helping Americans evade taxes. Finter, a small… – Continue reading
House Foreign Affairs Committee Chairman Ed Royce (R-CA) and Congressional Armenian Caucus Co-Chair Frank Pallone (D-NJ) were among the first Congressional leaders to welcome the May 7th signing of the U.S.-Armenia Trade and Investment Framework Agreement (TIFA), a longstanding policy priority for the Armenian National Committee of America (ANCA). Chairman… – Continue reading
House Foreign Affairs Committee Chairman Ed Royce (R-CA) and Congressional Armenian Caucus Co-Chair Frank Pallone (D-NJ) were among the first Congressional leaders to welcome the May 7th signing of the U.S.-Armenia Trade and Investment Framework Agreement (TIFA), a longstanding policy priority for the Armenian National Committee of America (ANCA). Chairman… – Continue reading
I. Introduction Following the approval by Parliament of Law No.23 of 11 March 2014 (hereinafter “Delega Fiscale”[1]), the Italian Government is now taking action and adopting the Legislative Decrees necessary to enforce this innovative tax reform. In fact, on 21 April 2015 the Council of Ministers has approved the drafts… – Continue reading
I. Introduction Following the approval by Parliament of Law No.23 of 11 March 2014 (hereinafter “Delega Fiscale”[1]), the Italian Government is now taking action and adopting the Legislative Decrees necessary to enforce this innovative tax reform. In fact, on 21 April 2015 the Council of Ministers has approved the drafts… – Continue reading
FOR NRIs wishing to invest in property in India, there are a variety of factors to be considered. A NRI can transfer any immovable property held to an Indian resident. However, he can transfer the property in India (other than agricultural land, plantation property and farm house) to a person… – Continue reading
The International Monetary Fund has urged authorities in Luxembourg to consider diversifying the nation’s revenue sources in light of international tax changes that could negatively impact the country’s economy, reports Tax News. The Fund said in a statement that it welcomed Luxembourg’s continued participation in EU and OECD/G20 tax transparency… – Continue reading
Westfield Corp looks to sever ties with Australia Westfield Corp’s pending move to list offshore would be positive as long as the stock was included in the Standard & Poor’s 500 index, according to brokers. On Wednesday, at the group’s first annual general meeting after its restructure last year, Westfield’s… – Continue reading
The latest changes to VAT and profit tax legislation, implications of recent measures taken to fight fiscal evasion, changes to international tax reporting rules and the need to improve holding legislation were some of the topics discussed by participants in BR’s 14th Tax & Law conference which took place in… – Continue reading
Saudi Arabia is interested in increasing the trade turnover with Azerbaijan, Minister of Commerce and Industry of Saudi Arabia Tawfiq bin Fawzan Al Rabiah said at the Azerbaijani-Saudi Arabian business forum in Baku May 15. “Although Azerbaijan and Saudi Arabia signed the intergovernmental agreements on elimination of double taxation and… – Continue reading
Treasurer Joe Hockey is facing criticism for both acting too quickly and not doing enough on tax avoidance by multinational ¬companies after tabling legislation on Tuesday night to stop companies shifting taxable profits out of Australia. An unnamed 30 multinational companies with more than $1 billion in revenue from Australia… – Continue reading
The Australian Taxation Office is probing Commonwealth Bank over a nine-figure sum arising from tax breaks claimed by the nation’s largest company for research and development. In a hostile environment for tax minimisation by large corporates, CBA and the ATO are wrangling over an amount ¬believed to be in excess… – Continue reading
KUALA LUMPUR, May 14 ― 1Malaysia Development Bhd (1MDB) must publicly prove its ability to repay its RM3.6 billion loan with a Deutsche Bank-led consortium instead of using “banking confidentiality” as an excuse to avoid addressing the matter, DAP’s Tony Pua said today. The Petaling Jaya Utara MP pointed out… – Continue reading
The OECD plans to have international agreement on new tax rules developed as part of its project to tackle aggressive tax avoidance by multinationals through the Base Erosion and Profiting Shifting (BEPS) project by the next G20 summit in November, with implementation completed before 2020 ‘at the latest’ Pascal Saint-Amans,… – Continue reading
JOHANNESBURG – There is considerable scope to collect more revenue by addressing tax leakage due to transfer pricing. Speaking at a forum event hosted by the Gordon Institute of Business Science (Gibs), Judge Dennis Davis, chair of the Tax Committee that was tasked with a comprehensive review of South Africa’s… – Continue reading
Baku, Fineko/abc.az. The Central Bank of Azerbaijan and Grant Thornton Company held a workshop on meeting the requirements of the FATCA U.S. federal law (The Foreign Account Tax Compliance Act). According to CBA, the workshop was held for banks and addressed the basic principles and practical issues of meeting FACTA… – Continue reading
