Malaysia has introduced a new Goods and Services Tax of six percent. However, the country’s Customs Department has said that confusion over the new tax will last six months to a year. Consumer concerns regarding the GST have been over price increases, whereas businesses concerns have focused on compliance costs… – Continue reading
Greece’s fellow eurozone member states, including Germany, must approve the release of the remaining €7.2bn (£5.25bn) in bailout funds the country is expecting. Germany turned the screws on Greece again yesterday, as officials insisted Athens has still not provided a satisfactory programme of economic reforms to its single currency partners…. – Continue reading
A recently released discussion paper has found that Australia finds Bitcoin as becoming a threat to the country’s tax system. The paper said new technology and globalisation are among the main factors pushing multinational practices to engage in tax avoidance. According to the paper, news ways transacting such as Bitcoin… – Continue reading
NEW DELHI: Bank of America, Citi Bank and HSBC are interested in setting up their offshore branches in the country’s first international financial services centre (IFC) in Gujarat, said AK Jha, CEO of GIFT City to ET Now. “All Indian banks that have offshore branches are willing to set up… – Continue reading
Russia’s Parliament, the Duma, has approved a draft law to allow taxpayers to regularize previously undeclared assets held offshore. The Russian Government said on March 27, 2015, that the law, “On the Voluntary Declaration of Property and Bank Accounts (Deposits) by Individuals,” will allow taxpayers to repatriate assets taken out… – Continue reading
ISLAMABAD: The Pakistan Customs detected 6,660 cases of seizures, mis-declaration or under/over invoicing involving an amount of customs duty and other taxes of Rs 15.825 billion in the last two fiscal years; 2013-14 and 2012-13. “In this connection, 110 FIRs were lodged whereas 179 persons have been arrested; resultantly, an… – Continue reading
Bulgaria complained Monday to the European Commission about a new Greek law battling corporate tax avoidance that Sofia warns could undermine trade between the two Balkan neighbours. In a letter to European Economic Affairs Commissioner Pierre Moscovici, Bulgarian Finance Minister Vladislav Goranov took exception with Athens’ introduction of a 26… – Continue reading
The Tax Information Authority of the Cayman Islands, the country with the highest number of financial institutions registered with the Internal Revenue Service under United States FATCA, recently went live with the Vizor Software for FATCA & AEOI solution in order to meet their FATCA obligations. Today, Vizor Ltd. announced… – Continue reading
New EU plans to force governments to send quarterly reports on tax rulings are a “revolutionary” step towards overcoming corporate secrecy, the bloc’s tax commissioner has said. The blueprint published two weeks ago by the Commission would establish a system of automatic exchange of information on tax rulings and require… – Continue reading
Government threatens to disclose identities in official gazette after Switzerland pledges to help tax officials in India HSBC customers in India suspected of tax evasion have been given 30 days to nominate a legal representative in Switzerland or face seeing their names published in the country’s official gazette. The bank… – Continue reading
Riga, 2015-03-31 08:32 CEST (GLOBE NEWSWIRE) — In the audited financial report of AS “TRASTA KOMERCBANKA” has been made some changes in the design of the document. These changes do not affect the important financial information about the Bank. In 2014, Latvia’s GDP grew by 2.4%, and this growth was… – Continue reading
TOKYO: Japan companies have pressure to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying Thursday the government should consider a tax to prod businesses into action. “Japan should carefully consider issues like this,” Aso said in Parliament in response to a question from… – Continue reading
Sukankan Roy’s Sound of Joy has won the best Animation Film at the 62nd National Film Festival. The movie is based on Swami Vivekananda’s childhood stories. Sukankan Roy and the entire team of Aura Cinematics along with animator Rishi Sahay won a cash prize of Rs 50,000 from the President… – Continue reading
(Bloomberg) — Kaisa Group Holdings Ltd., the Chinese developer in talks to restructure its debt after being tied to a graft probe, postponed its results announcement for 2014 because auditors need more time to verify its accounts. There may be a “significant adjustment” to its unaudited accounts, Shenzhen-based Kaisa said… – Continue reading
CANBERRA – The tax system in Australia cannot adequately deal with modern cryptocurrencies, and the tax system needs to be updated to take such technologies into account. In a discussion paper issued on March 30th the Treasury of Australia claimed that Bitcoin and other cryptocurrencies undermine the national tax system… – Continue reading
Asia-Pacific Banks: Chart of the Month – Taiwan here TAIPEI, March 31 (Fitch) Fitch Ratings says in a new report that it expects risks to the Taiwanese banking sector from a cooling housing market to be contained. Macro-prudential measures and the likely reversal of an accommodative monetary policy have helped… – Continue reading
THE Maritime Union Australia and a labour hire company have been ordered to pay a WA couple more than $723,000 compensation after refusing to give them offshore work because they were not union members. Bruce and Lynne Love were awarded the compensation last week over the 2009 ordeal. The MUA… – Continue reading
The Diet on Tuesday approved legislation for tax system revisions for fiscal 2015, including postponement of the next consumption tax hike. Prime Minister Shinzo Abe announced late last year he was putting off the planned tax hike to 10 percent until April 2017, a year and a half after the… – Continue reading
U.S. multinationals represent the healthiest segment of the economy, with higher profits and more than $1 trillion of cash on hand. This has kept corporate tax reform alive as a political issue. ON Semiconductor had a solid 2014, boosting net income by 36 percent to $196 million on revenue of… – Continue reading
CO-OPERATION on investment within the SADC region is an integral part of achieving the overarching objectives of the SADC Treaty. Investment, be it foreign direct investment, cross-border investment or domestic investment is needed to enhance the productive capacity in the region, which is a pre-requisite for increasing trade across borders… – Continue reading
TAX reform has received wide support from retailers and taxpayers groups – but a union has questioned why Treasurer Joe Hockey has not raised corporate tax avoidance as a concern. The Treasury released a tax reform white paper on Monday calling for the existing system to be simplified. The white… – Continue reading
London: Customers of HSBC in India, suspected of tax evasion, have been given a 30-day timeframe to get a lawyer in Switzerland to manage or challenge the disclosure of their names in the official gazette. The UK-based banking group at the heart of a series of tax-related revelations over the… – Continue reading
The tax man is coming for Guy Wildenstein, and may file charges against a wealth management company in the Bahamas in connection to the case against the billionaire art dealer. As reported by the Globe and Mail, the French agency that investigates tax evasion has recommended that a judge charge… – Continue reading
In order to guide the implementation of the Tax Law on amending key tax laws which was effective from January 20151, the following guidance regulations have been issued: Decree 12/2015/ND-CP dated 12 February 2015 of the Government (“Decree 12”); and Circular 26/2015/TT-BTC dated 27 February 2015 of the Ministry of… – Continue reading
BENGALURU: The Karnataka government will examine all allegations of tax evasion by e-commerce companies, which reportedly caused the state exchequer an alleged loss of Rs 2,000 crore. “We won’t exempt any ecommerce company or online marketplace from payment of value added tax.We’re not under pressure to leave out any e-commerce… – Continue reading
A 1,000-page report by the US Department of Justice to force HSBC to operate to higher standards says bank is not improving the way it does business fast enough HSBC is expected to be told this week that its attempts to clean up the way it does business are falling… – Continue reading
New criminal offences in crack down on tax evasion Following on from the recent Budget announcement, tax evaders and professionals who enable tax evasion will face more severe consequences, including two criminal offences and higher penalties, under a new regime designed to come down hard on tax evaders. In announcing… – Continue reading
The Reserve Bank of India may ask large corporations to raise a certain portion of their funding needs from rupee bonds in a bid to deepen the domestic bond market and reduce India Inc’s dependence on bank loans. The unprecedented proposal is part of a discussion paper, released last week,… – Continue reading
Today the Justice Department announced that BSI SA of Lugano, Switzerland, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program. The DOJ press release announcing the news is as follows: “Because of the department’s… – Continue reading
The Palestinian Authority has denied that an Israeli move to unfreeze the PA’s tax revenues was part of a deal to get the Palestinians to halt their bid to have Israel prosecuted at the International Criminal Court (ICC) Ha’aretz reported yesterday. The report cited an anonymous senior Palestinian official. “We… – Continue reading
Australians working in Hong Kong should be aware of the various complexities that affect their residency, super and tax status. Going overseas to work is a grand adventure for many professionals. But the way income earned outside your home country is taxed is a complex area, and it’s worth seeking… – Continue reading
Labor has no plans to revive its controversial mining tax, assistant Treasury spokesman Andrew Leigh said on Friday. Labor has no plans to revive its controversial mining tax, assistant Treasury spokesman Andrew Leigh said on Friday. Mr Leigh told a Minerals Council of Australia tax conference in Melbourne that “I… – Continue reading
(Reuters) – European Union antitrust regulators have asked Luxembourg for more information on its tax rulings on McDonald’s after labour unions and a charity accused the U.S. fast food chain of avoiding taxes, a person involved in the issue said on Tuesday. Umbrella organisations for unions representing millions of workers… – Continue reading
The Netherlands’ tax regime is enabling a Canadian gold mining company to pay less tax in Greece, a report by a Dutch foundation concluded Monday (30 March). The Centre for Research on Multinational Corporations found that Greece has missed out on at least €1.7 million in tax revenues, because the… – Continue reading
LEGISLATION is needed to make multinationals pay their fair share if we are to help more people out of poverty, writes Jamie Livingstone. In the run-up to the General Election, Oxfam is urging politicians from all parties to commit to the introduction of a new Tax Dodging Bill within the… – Continue reading
March 27 — Competent authorities should step in to resolve potential disagreements between the U.S. and other jurisdictions on how to treat new accounts under the Foreign Account Tax Compliance Act, the Securities Industry and Financial Markets Association said. In a letter to the Treasury Department released March 27, SIFMA… – Continue reading
30 March 2015 – The International Tax Authority (ITA) of the Ministry of Finance, Government of the Virgin Islands, is informing the public that it has now published Version 2.0 of the Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements (IGAs) between the British Virgin Islands… – Continue reading
A Secret Service agent and a DEA agent with lead roles in the investigation to take down the Internet drug bazaar Silk Road allegedly stole proceeds from the underground site and hid their booty in offshore accounts. Former DEA agent Carl Force, 46, of Baltimore, the task force agent charged… – Continue reading
Hungaryʼs Foreign Minister Péter Szijjártó opened a Hungarian trading house in Santiago de Chile on Friday, the minister told Hungarian news agency MTI by phone early this morning following talks with Chileʼs Foreign Affairs Minister Heraldo Munoz and with Chilean businessmen. Szijjártó said on the phone that Chile is one… – Continue reading
As growth slows, the government toughens its stance on the tax practices of foreign businesses. China’s slowing economy and fiscal readjustment have led central and local governments to begin a crackdown on foreign corporate tax breaks in a search of higher revenue. The central government has become increasingly vigilant against… – Continue reading
Small banks say they will be hit harder by the bank deposit levy the government is planning to introduce in the budget because they are more reliant on deposits for funding and have thinner margins than the bigger institutions. Their view has the sympathy of the Australian Greens which said… – Continue reading
Rory McIlroy, the world’s number one golfer has set up home in Dubai, according to a report in the Sunday Times. The Northern Irishman, who has a long association with Dubai throughout his professional career, has filed documents in Ireland that state his primary residence is now in Dubai. During… – Continue reading
A major Swiss bank will pay $211 million in a deal to avoid prosecution on charges it secretly helped American clients evade U.S. taxes, the Department of Justice said Monday. The agreement with BSI SA makes the private bank the first to come clean under a federal program that encourages… – Continue reading
NATO Secretary General Jens Stoltenberg and EU Counter-terrorism Coordinator Gilles de Kerchove visit Parliament this week to discuss security challenges and the EU’s response to terrorist threats. In addition MEPs vote on legislation to increase transparency when setting key interest rates, while the new special committee on tax rulings will… – Continue reading
European trade unionists have called for the split-up of the Big Four accountancy firms, PWC, Ernst & Young, Deloitte and KPMG, who they say are using their dominant position to help multi-national companies avoid trillions of Euros in tax. The European Trade Union Confederation (ETUC) has called for the break-up… – Continue reading
Royal Bank of Canada’s wealth-management subsidiary in the Bahamas is caught up in tax fraud and money-laundering allegations involving billionaire international art dealer Guy Wildenstein. French prosecutor Franck Charon confirmed on Monday that France’s tax-evasion watchdog – Parquet national financer – has recommended to an investigating judge that RBC Trust… – Continue reading
City’s share of global yuan payments at 72pc last month from 85pc in 2012 Hong Kong’s market share in the global yuan business has been shrinking rapidly over the past two years, with other offshore yuan centres turning up the heat on the city as Beijing allows foreign financial centres… – Continue reading
Canada’s Eldorado Gold Corp., the biggest foreign investor in Greece, is engaged in a tax-avoidance scheme that uses mailbox companies in the Netherlands to lower its tax load, a new report from a Dutch foundation says. The Centre for Research on Multinational Corporations, known as SOMO, made the claim in… – Continue reading
After 2008, BSI has more than 3,000 US accounts on its books The Lugano-based BSI bank has been fined $211 million (CHF203 million) by the United States for aiding and abetting tax cheats. It is the first Swiss-based bank to complete the non-prosecution programme set up in 2013 to clear… – Continue reading
Summary:A new discussion paper released by the Australian government suggests that the emergence of new financial transaction technology such as bitcoin is making it tough for the country’s authorities to clamp down on tax avoidance. The emergence of new technology is proving to be problematic for Australia’s tax system, according… – Continue reading
