Apple Australia follows Australian transfer pricing law and pays all of its taxes due in the Australian market in accordance with the law, Tony King, the Managing Director of Apple Australia, told the Senate Inquiry on corporate tax avoidance and minimization on April 8, 2015. In his opening remarks before… – Continue reading
The present French Tax Update will focus on (i) several noteworthy French and European Union court decisions issued in the last months of 2014 and in the first months of 2015, and (ii) the recent presentation by the European Commission of a package of tax transparency measures. VALIDITY OF TAX… – Continue reading
[SHANGHAI] A sudden surge in mainland money chasing after Hong Kong’s share rally has prompted a dozen Chinese overseas mutual funds to suspend subscriptions on certain products, citing quota limits and the interests of existing fund investors. Chinese funds that invested overseas under the Qualified Domestic Investor (QDII) pilot scheme… – Continue reading
Revenue figures show that just 13 people paid domicile levy of €200,000 in 2013 Ireland is home to more than 3,000 individuals or couples recognised as ‘non-domiciled’ for tax purposes, new figures from the Revenue Commissioners show. So-called “non-doms” can avoid paying tax on their worldwide income in Ireland, thus… – Continue reading
Australia is well placed to leverage international work to tackle base erosion and profit shifting (BEPS), but cannot act unilaterally, Rosheen Garnon, KPMG’s National Managing Partner, Tax, has told the Senate inquiry on corporate tax avoidance. “Our view is that there are fundamental changes that are going on with the… – Continue reading
Australia is one of a handful of countries that offers franking credits, making the nation’s investors the envy of their counterparts elsewhere in the world. A franking credit is an income tax credit that companies can pass on to their shareholders. It is the result of dividend imputation, or attribution…. – Continue reading
The Ukrainian government will review the system of taxation of gas production companies irrespective of their form of ownership. This is stipulated in the draft guidelines of Ukraine’s budget policy, or the budget resolution, for 2016, which was tabled by the Cabinet of Ministers in parliament. Among the other priorities… – Continue reading
Scottish Government must work closely with councils to ensure devolution of taxation powers to Scotland brings tax and welfare systems together, according to experts. The Chartered Institute of Taxation (CIOT) also warned draft legislation could have ‘unintended complexities’, leading to double taxation on foreign income and forcing more Scottish taxpayers… – Continue reading
1. Introduction On 14 January 2015, the Swiss Federal Council opened consultations on two draft laws on the international exchange of information in tax matters. One of them deals with the OECD/Council of Europe administrative assistance convention signed by Switzerland on 15 October 2013. The other consultation deals with Switzerland’s… – Continue reading
Representatives from “Big Four” accounting firm Deloitte were up before the Senate tax inquiry on Friday morning. They were keen to dispel any notion that their firm would have any involvement in tax avoidance. Senator Christine Milne asked if they were aware of the Deloitte document “Investing in Africa though… – Continue reading
NEW DELHI — An Indian court on Thursday sentenced the former head of Satyam Computer Services, a software outsourcing company, and nine others to seven years in prison after a trial centered on one of the largest corporate accounting frauds in India’s history. The former chairman of the Hyderabad-based company,… – Continue reading
Foreign citizens who reside in Moscow and whose income is taxable in Russia (please click here to view our Alert on personal income tax rules) starting from 1 January 2015 will need (if required) to file their annual income tax returns with the tax inspectorate of their place of registration/residence,… – Continue reading
The Wall Street Journal reports that Swiss bank whistleblowers Bradley Birkenfeld and Hervé Falciani are schedule to take part in a panel discussion at the OffshoreAlert Conference in Miami Beach May 3-5. The panel entitled “Inside the UBS & HSBC Leaks,” will take participants “inside the UBS and HSBC leaks… – Continue reading
Bachelet and Piñera Governments Linked to Latest Corruption Scandal High profile corruption scandals in Chile continue to pile up, implicating both the governing and opposition coalitions parties, and even reaching as high as the office of President Michelle Bachelet. On Thursday, April 2, the Chilean Internal Tax Service (SII) filed… – Continue reading
Hong Kong Exchanges and Clearing Limited’s securities market turnover has risen to a record high, and the recent signing of the fourth Protocol to the China-Hong Kong double taxation agreement (DTA) will further boost trading activity through the Shanghai-Hong Kong Stock Connect (SHKSC) program. Hong Kong Exchanges and Clearing Limited’s… – Continue reading
* Australia pursuing multibillion-dollar claims on BHP, Rio -AFR * Singapore marketing hubs save the two A$750 mln/year -AFR * Rio, BHP say the Singapore hubs not set up to save tax * BHP says uses the hub as it is close to customers and markets (Adds tax office, Rio,… – Continue reading
Recently, State Administration of Tax issued Annual Corporate Income Tax (“CIT”) Return Package of People’s Republic of China (Type A, 2014). The new return package will come into force on Jan 1st, 2015 and first to be adopted by resident CIT taxpayers in the 2014 annual CIT filing. This issue… – Continue reading
BANGKOK: — IN SPITE of global economic sluggishness dampening overseas shipments this year, the Thai economy should grow more strongly during the current quarter, driven by tourism growth, rising government spending and recovering exports, ministers said yesterday. At the annual meeting of the Thai National Shippers Council, Deputy Prime Minister… – Continue reading
Treasurer Joe Hockey is working on new laws to counter tax avoidance by global companies, but the OECD is urging countries not to go it alone. The Paris-based institution has been working on a so-called base erosion and profit-shifting action plan through the G20 since 2013 and is aiming to… – Continue reading
Proposed changes to Australia’s managed investment trust regime have been met with cheers from the investment community as they welcome the boost in certainty and tax treatments. The government revealed the long-awaited changes to Australia’s MIT tax system on Tuesday, and expects to create a new standalone regime that will… – Continue reading
NEWS Corp Australia CEO Julian Clarke has dismissed claims the company is avoiding tax and has called for video streaming service Netflix to be subject to GST payments. Fronting the Senate ¬inquiry into tax avoidance in Sydney yesterday, Mr Clarke refuted Fairfax reports News Corp was channelling billions in revenue… – Continue reading
Sofia. MPs approved at first reading the bill on ratification of the Agreement between the Government of the Republic of Bulgaria and the Government of the United States to improve tax compliance internationally and enactment of FATCA, which sets for Bulgaria to provide tax information to the United States, a… – Continue reading
Major accounting firms say they are not doing anything illegal in helping corporations to minimise tax liabilities. KPMG’s managing partner Rosheen Garnon faced the second day of the Senate inquiry into tax avoidance, which has so far heard Australia is missing out on billions of dollars in tax every year… – Continue reading
One of the most senior judges in the United Kingdom, speaking to Cayman’s judiciary and legal fraternities last week, said the jurisdiction chosen for a legal dispute can often be the deciding factor for many cases. Lord Mance, a justice for the Supreme Court of England and Wales, sits on… – Continue reading
Amid calls for a major overhaul of the federal tax system, a new study shows that 15 major Fortune 500 companies avoided paying taxes on $23 billion in profits in 2014. Moreover, these companies — including CBS Corporation, Mattel, Prudential and Ryder System — paid almost no federal income tax… – Continue reading
Gibraltar Private Bank & Trust is under federal investigation for possible violations of the Bank Secrecy Act and related anti-money laundering requirements. “The Bank cannot at this time predict the results of such investigations, whether penalties or fines will be sought, and, if so, the amounts of any proposed penalties… – Continue reading
The Reserve Bank of Australia is convinced that the development of such digital currency as bitcoin won’t endanger the financial system. On Tuesday, after months of the purview of an Australian Senate Inquiry, it was told during a public hearing that at that stage Bitcoin wasn’t going to be regulated… – Continue reading
Companies appearing before a senate inquiry into tax avoidance are on notice that any false evidence they give will be corrected by the Tax Office. Tax Commissioner Chris Jordan urged the committee to ask individual companies to disclose their own tax positions. He would correct the record if they provided… – Continue reading
Currently, Professional Employer Organizations (PEOs) have no comprehensive federal framework under which to offer employment tax collection and remittance services to their clients. The Small Business Efficiency Act (“SBEA Act”) is set to change this effective as of January 1, 2016, following an interim deadline for the IRS to establish… – Continue reading
SINGAPORE – An enhanced regulatory framework for corporate service providers (CSPs) to combat money laundering and terrorism financing will take effect from May 15. The strengthened regime for CSPs will help to further boost Singapore’s reputation as a trusted international financial and business centre with robust regulatory frameworks against money… – Continue reading
China has introduced measures to deny income tax deductions for certain service fees and royalties paid by Chinese companies to their overseas affiliates. They appear to stem from China’s initiatives to implement rules it sees as related to the OECD’s Base Erosion and Profit Shifting project (BEPS) They will likely… – Continue reading
Changes are in the pipeline which will have a dramatic impact on the way that auditing firms handle public-interest entities (PIEs) as from December 2016 – but Deloitte CEO Malcolm Booker is very wary about how this could work in practice. According to the legislation, auditors would have to enter… – Continue reading
The U.S. Congress must find a way to tax offshore profits stored by some of the world’s largest corporations. Currently letting their earnings safely mount up abroad, lawmakers are considering a special “deluxe” tax rate to get money from the companies. A recent study from the Center for Effective Government… – Continue reading
The Western world needs to tackle multi-national tax avoidance a “bit like” it has tackled the Islamic State terrorist group, maverick Liberal senator Bill Heffernan says. Senator Heffernan has for years argued tax avoidance is a threat to sovereignty and thinks it will take a coalition of Western countries to… – Continue reading
Executives tell Senate inquiry paying tax overseas for Australian sales is how the global tax system works, while News Corp Australia demands Netflix pays GST Senior executives from three major tech firms have defended corporate structures which allow most of the revenue from their Australian operations to be taxed in… – Continue reading
As noted in an earlier update, the deadline for the registration of Cayman Islands Financial Institutions with the Cayman Islands Tax Information Authority was recently extended to 30 April 2015. In anticipation of the upcoming go-live date of the Cayman Islands Automatic Exchange of Information Portal (Portal), the Cayman Islands… – Continue reading
The Federal Government has floated the idea of lowering the corporate tax rate – arguing the current rate of 30% is not internationally competitive. The rationale is that globalisation makes capital perfectly mobile and the marginal non-resident investor in Australian companies will go where corporate tax rates are lowest. At… – Continue reading
Draft plans to remove tax benefits for cross-border funds to eradicate Base Erosion and Profit Sharing could significantly impact investment into Ucits, the Alfi conferences hears. New draft OECD rules designed to combat Base Erosion and Profit Sharing (Beps) could have dire unintended consequences for cross-border funds, warned Roger Exwood,… – Continue reading
Expats face special challenges in filing taxes Doha, 8 April 2015: With the US tax season in full swing, PwC’s US compliance tax and advisory team are helping Qatar residents with US interests to navigate the complex intricacies of US tax law. For those living in Qatar, the need to… – Continue reading
The latest survey of France’s economy by the Organization for Economic Co-operation and Development (OECD) has highlighted an urgent need for more reform. The report highlights policies that are contributing to slow economic growth in France. In particular, it criticizes the “excessive tax burden” and overly complex administrative procedures, which… – Continue reading
Ed Miliband hardened his stance on tax avoidance by pledging to end the U.K.’s non-domicile loophole used by the wealthy, hitting back at Conservative accusations a Labour government would hit working families the hardest. “There is no bigger symbol of this failure to expect people right to the top to… – Continue reading
Labour Party leader Ed Miliband’s vow to close a tax loophole sparked fresh scrutiny on wealthy residents and drew warnings the plan could threaten London as one of the world’s major financial centers. Miliband pledged on Wednesday to abolish the non-domicile status if he’s elected on May 7, allowing some… – Continue reading
A Bill containing various amendments to the Tax Code has been discussed and agreed by the Georgian Economic Council. Among the measures contained in the Bill is a reduction in the rate of tax for individuals letting property, from 20 percent to five percent. There is also a proposed incentive… – Continue reading
Corporations like Apple shouldn’t get a sweetheart deal to “onshore” profits, tax expert Scott Klinger tells Salon One of the more consequential paradoxes of American politics concerns the myth and the reality of bipartisan legislation. The myth is that American voters want it, and they want it bad. In fact,… – Continue reading
New York, NY, April 08, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Conor Crowley, Managing Director, Vizor Software will speak at a 2-hour webcast entitled “FATCA for Government Agencies: What You Need to Know in 2015… – Continue reading
As tax filing season approaches, Canadians should watch their back in light of the new whistleblower initiatives of the Canada Revenue Agency (CRA), which will reward those who snoop into other people’s affairs and invade their privacy. Frustrated by cutbacks in staffing levels, the CRA has instead set up an… – Continue reading
Vanoli, account holders will be called to testify Central Bank Governor Alejandro Vanoli and the first 10 businesses to appear on the list of undeclared HSBC bank accounts in Switzerland are set to be the next to appear before the Bicameral Commission examining systematic tax evasion and capital flight, its… – Continue reading
Since entering the Illinois Senate race last week, Democratic Rep. Tammy Duckworth has been running a protectionist campaign, railing against her Republican opponent’s alleged support for outsourcing jobs and overseas tax havens. But financial records obtained by The Daily Caller show that Duckworth has investments in companies that use offshore… – Continue reading
Luxembourg has been accused of hypocrisy after announcing that it will contribute $87 million towards an EU investment fund, with tax campaigners instead calling for the country to scrap its special tax rules, which analysts say is costing the EU “hundreds of billions every year.” The small European Duchy has… – Continue reading
CINCINNATI — March traditionally is the best month for gambling operations, and new tallies show the Horseshoe Cincinnati Casino had its best month for revenues since a year ago. Last month’s results for the Horseshoe Cincinnati, with $17.5 million in revenues, bested every month since March a year ago. Revenues… – Continue reading
