Category: Jurisdiction
Proposed tax on retained earnings may go: PM’s adviser
We are working at it,” said Salman F Rahman, prime minister’s adviser on private sector development, while replying to a question on Monday at the dissemination of ‘World Investment Report 2019’ in Dhaka. Finance Minister AHM Mustafa Kamal has proposed to impose an additional 15 percent tax on the retained… – Continue reading
Uzbekistan: Karimova says she returned $1.2Bln to state coffers
The fate of funds in foreign accounts remain in the balance, however.The imprisoned daughter of Uzbekistan’s late president has reportedly published a statement tentatively admitting responsibility for years of larceny and said that she has paid $1.2 billion into the state coffers. Gulnara Karimova’s statement was posted on an Instagram… – Continue reading
Canada ratifies BEPS MLI to fight tax avoidance by multinationals
The fight against tax avoidance continues.. ... - Continue reading
No tax avoidance in SSEZ: Commerce Ministry
In the midst of controversy regarding allegations of tax avoidance at the Sihanoukville Special Economic Zone, the Commerce Ministry recently issued a press release stating that it has found no Chinese companies that are using the SSEZ to avoid tariffs on transshipped goods to the US.According to Reuters on Wednesday… – Continue reading
UK: Global Tax Alert: Cash Pools And Transfer Pricing – 10 Things To Consider
Guide to Cash Pools And Transfer Pricing ... - Continue reading
Seven Countries Where Cryptocurrency Investments Are Not Taxed
Here are a few countries where cryptocurrencies are not taxed under some or all circumstances ... - Continue reading
Offshore gaming operators warned
State-run Philippine Amusement and Gaming Corp. sternly warned errant offshore gaming operators to strictly comply with regulations and pay proper taxes to the government, saying concerned tax agencies are closely monitoring how they conduct business in the country. “Let this serve as a final warning for everyone to strictly comply… – Continue reading
Switzerland: Tax Reform Package For Swiss Companies Is Approved
As from January 2020, the corporate tax rate (combined federal and cantonal tax) for all companies in Geneva, will be 13.99%. ... - Continue reading
Mauritius rule changes may hit offshore funds
Funds may lose tax benefit after rule amendment. Mumbai: The Mauritius government’s proposal to amend tax residency rules for companies is giving jitters to foreign funds operating from the tax haven. Mauritius has recently announced that it is amending rules for determining tax residency for companies so that a company… – Continue reading
Parliament agrees to align with OECD tax transparency rules
The Swiss parliament has decided to eliminate anonymous shares in private companies amid international pressure to increase transparency around taxation. ... - Continue reading
Foreign Exchange Management Accounts: FBR for replicating Indian model
ISLAMABAD: Terming Indian model as good to replicate Foreign Exchange Management Accounts (FEMA) in case of Pakistan, Chairman FBR Shabbar Zaidi said that $40 billion was remitted out from Pakistan, so there was need to bring changes in existing Pakistani laws related to management of foreign exchange. He pointed out… – Continue reading
Commission should have a wider scope
Tracing funny money is not easy Our prime minister intends to constitute an enquiry commission to look into ballooning of debt burden over the past 10 years. Let it cover related benami, money-laundering or other pseudo-financial transactions also. While debt burden pauperized citizens, the offenders became richer. Tracking debt balloon… – Continue reading
UK dependencies to reveal company ownership amid tax haven crackdown
The three British Crown Dependencies - Jersey, Guernsey and the Isle of Man - said on Wednesday they would move to reveal publicly the true ownership of firms based in their jurisdictions, a change welcomed by anti-corruption campaigners. ... - Continue reading
Canadian companies failed to pay billions of taxes owed, new CRA report reveals
Following the lead of more than a dozen other Western countries, CRA probed the staggering tax gap left by delinquent corporations.
... - Continue readingIndia: Government Of India Ratifies MLI – Bringing India On The Cusp Of A New International Tax Regime
The Government of India (Union Cabinet) has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and India's final position to the same. ... - Continue reading
Dominica removed from EU tax haven blacklist
The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading
Switzerland is in process of sharing details of 50 Indians having bank accounts
BERNE/NEW DELHI: SWISS authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth. These individuals largely include businessmen associated with companies, including… – Continue reading
HMRC defeated as Jersey companies deemed not UK-resident
The UK’s Upper Tribunal has decided that three special purpose vehicles (SPVs) incorporated in Jersey as part of a tax planning arrangement were not tax resident in the UK for tax purposes, overturning a 2017 decision from the First-tier Tax Tribunal. Development Securities, a property and investment group based in… – Continue reading
On turnover-based taxes and digital taxes: the EU Advocate General’s opinion in Vodafone
AG Kokott answers questions of the Hungarian national court ... - Continue reading
Argentina offers new tax incentives for high tech businesses
Measures set to attract high technology businesses to Argentina ... - Continue reading
First Look: US IRS issues final GILTI regulations, proposed DRD regs
Guidance on the final GILTI regulations ... - Continue reading
Tax on reserve to hit cos’ business expansion: ICAB
The imposition of 15 per cent tax on reserve and retained earnings of listed companies will reduce capital and expansion scope of the companies, said the Institute of Chartered Accountants of Bangladesh on Saturday. The ICAB made the statement in its post-budget review. Finance minister AHM Mustafa Kamal placed the… – Continue reading
Canada: Canadian Update On Cross-Border Tax Planning
Tax rules regarding offshore tax planning amended ... - Continue reading
Have your say on the China-NZ double taxation agreement
Double tax agreement set to be modernised. ... - Continue reading
Switzerland, Ireland sign protocol amending tax treaty
Switzerland and Ireland sign protocol ... - Continue reading
Govt tightens noose around offshore tax evaders
The federal government has decided to go after offshore tax evaders, laying out a number of propositions that would effectively criminalise the process and introduce heavy punishments for tax evasion. The proposed tightening of income tax laws would mean that anyone found guilty of evading taxation through foreign banks accounts… – Continue reading
India ratifies multilateral convention to curb abuse of tax treaties
The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion… – Continue reading
Automatic Exchange of Information is Working, Says OECD
New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading
RGN Reviews the State of Play for CRS and AEOI Rollout
Ivan Pelle, one of the Founders and Executive Director, expert in International Taxation at Recontam Global Network (RGN) is on a mission to make its clients and partners aware of the rollout of CRS and AEOI across Asia-Pacific and how this might affect tax planning and investment strategies. He addressed… – Continue reading
Oman to introduce Common Reporting Standards
Muscat: Oman, in line with its commitment to align itself with international best practices in tackling cross-border tax evasion and meeting the standards set by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD), is currently in the process of issuing regulations for automatic exchange of… – Continue reading
Chief of the economy for tax cuts
The head of the economic experts, Christoph Schmidt, has spoken out for tax cuts. “Other countries such as the United States have reduced business taxes. Germany has fallen back in the international tax competition,” said Schmidt of the German press Agency in Berlin. The tax burden had increased in the… – Continue reading
Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency
In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading
Pampanga trader wins tax evasion charges
The Court of Tax Appeals (CTA) has dismissed the more than P30 million tax evasion charges filed against a businesswoman for the failure of Bureau of Internal Revenue (BIR) to prove that the offense was willful. Acquitted of two counts of tax evasion was Analiza San Miguel David, operator of… – Continue reading
Tax scheme SPVs were not UK resident, says Upper Tribunal
HMRC loses case against tax planning arrangements ... - Continue reading
Will Singapore continue to be India’s largest foreign investor?
Which jurisdiction is India’s largest source of Foreign Direct Investment (FDI) in the 2018-19 financial year?
New Zealand digital services tax update
New Zealand Inland Revenue on 4 June 2019 launched a consultation seeking public feedback on New Zealand’s approach to a digital services tax. ... - Continue reading
Registration requirements for foreign nationals
With the current administration ramping up efforts to encourage foreign nationals to invest in the Philippines, it is expected that there will be an increase in the number of foreign individuals who will either work in or visit the Philippines. As a result, foreign nationals are mandated to register with… – Continue reading
Luxembourg: Tax Dispute Resolution Mechanism
The Bill of Law 7431 (“Bill”) introduced by the Luxembourg government on 11 April 2019 implements the European Union (“EU”) Directive 2017/1852 dated 17 October 2017 on tax dispute resolution mechanisms in the EU (the “Directive”). The Directive meets the BEPS Action Plan 14 minimum standards and is a subsidiary… – Continue reading
Pakistan: Imran Khan announces tax evasion amnesty scheme
The prime minister is seeking to end Pakistan’s rampant tax evasion as he secures a major IMF bailout. Only about 2 million tax returns are filed in Pakistan annually. Pakistani Prime Minister Imran Khan, who ran on a campaign of tackling corruption, gave a televised address on Monday calling on… – Continue reading
India calls out Britain for continuing to harbor its financial criminals
Britain reprimanded by India? ... - Continue reading
Tax disputes reach record length
The length of time taken to settle tax investigations into large businesses has increased by 10% to a record 43 months as of March 2019 ... - Continue reading
G-20 ministers agree to tax tech giants
Tax technology giants to be taxed by the Group of 20 nations ... - Continue reading
US to investigate Vietnam ‘shrimp king’ for anti-dumping tax evasion
Minh Phu Seafood JSC, one of Vietnam’s biggest shrimp processors, is suspected of selling imported Indian shrimp to evade anti-dumping tariffs. On May 12, Illinois representative Darin LaHood said he had received an email petition accusing Minh Phu of evading anti-dumping duties on Indian shrimp in the U.S. The email… – Continue reading
$4.2 million in assets forfeited to Commonwealth
Three Victorian properties valued at $4.2 million were today forfeited to the Commonwealth by order of the Melbourne Supreme Court. This is the first forfeiture action under the terms of the Joint Agency Arrangement (JAA) on economic crime cooperation between the Australian Federal Police (AFP) and the People’s Republic of… – Continue reading
India: Split Residency – ITAT Upholds The Taxpayer’s Claim For Treaty Exemption, Applies Centre Of Vital Interest Test
Dual Residency gets attracted when an expat in the year of move qualifies as a resident of the host country (i.e., the country in which he is deputed) as well as home country (i.e., the country of his residence). On account of dual residency, an expat can be doubly taxed… – Continue reading
Shakira tells judge in tax fraud case that she was residing abroad
The Colombian singer, who used a side entrance to enter court this morning, is accused by the public prosecutor of creating a “web of companies” to defraud €14.5 million Colombian music star Shakira had a court date this morning at 10am in Esplugues de Llobregat, a municipality in Barcelona, to… – Continue reading
Canada: With Recent Regulatory Developments, Canadian Business Interest In Cayman Will Grow
Canada is home to some of the largest multinational corporations in the world, a bustling pension fund and private equity industry, and growing numbers of alternative investment, real estate, and insurance shops. With dynamic industry and growth in the region, Canadian business leaders are leveraging Cayman as a financial centre to help… – Continue reading
Penalties for offshore tax evasion in the UK
HMRC updates its compliance check notice and it is bad news for tax evaders ... - Continue reading
