Cyprus and the UK on Thursday signed an updated agreement on double taxation avoidance on income and capital, which will contribute to further develop commercial and financial relations between the two countries. The agreement, signed in Nicosia by Finance Minister Harris Georgiades and British High Commissioner Matthew Kidd, is based… – Continue reading
The assessment to companies like Google, Facebook or Apple would raise 5 billion a year Google, Facebook and Apple have specialized in locating in a fictitious way their operations in microaffiliates located in territories or countries where corporate tax is low or even practically nil. And they have thus turned… – Continue reading
The Union Cabinet chaired by Prime Minister Narendra Modi today gave its approval for revision of the Agreement between India and Qatar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The existing Double Taxation Avoidance Agreement (DTAA) with Qatar… – Continue reading
The introduction of a unilateral revenue tax on digital businesses in the UK would stymie investment and be a strangely timed gamble, says accountancy firm Moore Stephens. The Government’s position paper, “Corporate tax and the digital economy,” released at the recent Spring Statement, includes a proposal to tax certain tech… – Continue reading
Malta has reiterated its commitment to fighting aggressive tax planning, joining other EU member states who have unanimously agreed to amend the EU’s tax information sharing law, the Directive on Administrative Cooperation. The amendments to the Directive, which were agreed last week by EU finance ministers, will require intermediaries, such… – Continue reading
Pakatan Harapan had unveiled an election manifesto earlier this month stating that they will restore the Sales and Service Tax (SST) after abolishing the Goods and Services Tax (GST) within the first 100 days of its administration. While the Prime Minister had pointed out earlier that Malaysia will only be… – Continue reading
IN THE aftermath of The Bahamas’ blacklisting by the European Union for being a tax haven, Financial Services Minister Brent Symonette says it might be time for The Bahamas to consider appointing an ambassador to the EU to increase dialogue on matters concerning this country. The St Anne’s MP said… – Continue reading
Hong Kong (HKSAR) – The Financial Secretary, Mr Paul Chan, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (March 19) a comprehensive agreement for the avoidance of double taxation (CDTA) with the Ambassador of India to China, Mr Gautam Bambawale, signifying… – Continue reading
SINGAPORE, March 19 (Xinhua) — The Monetary Authority of Singapore (MAS) announced on Monday it has imposed penalties of 5.2 million Singapore dollars (about 3.95 million U.S. dollars) on the Singapore branch of Standard Chartered Bank (SCBS), and 1.2 million Singapore dollars (about 0.91 million U.S. dollars) on Standard Chartered… – Continue reading
Peru’s under fire President, Pedro Pablo Kuczynski, admitted using an offshore company to avoid paying US taxes ahead of an impeachment vote on Thursday. The septuagenarian leader’s disclosure came during a marathon seven hour testimony to a congressional investigative committee on Friday as he attempted to disentangle himself from an… – Continue reading
The Australian Taxation Office (ATO) has warned taxpayers to beware of scammers demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts. Assistant Commissioner Kath Anderson said that the ATO became aware of scammers seeking payment in Bitcoin in late 2017, with over AUD50,000 (USD38,974) paid… – Continue reading
Investigators are in pursuit of more than £580million that was funnelled out of Toys R Us’s UK business and into a tax haven on the British Virgin Islands. Accountants and hedge funds are understood to be on the trail of the cash – a loan that was handed over by… – Continue reading
The firm says it will shut down operations, but a smaller group will continue working to address requests from authorities, and other public and private groups. The law firm at the centre of the Panama Papers leak is to close down. Mossack Fonseca and Company was established in Panama City… – Continue reading
The Ghana Revenue Authority (GRA) would, this year, start charging seven per cent VAT Withholding Tax on individuals and entities that transact business with the Ministries, Departments and Agencies (MDAs). “What we are seeking to do is that as a person is charging the 17.5 VAT on build-up cost of… – Continue reading
Those who hold an account (or are a controlling person) with Hong Kong Financial Institutions – both individuals and entities – must prepare to report their tax residency information to the Inland Revenue Department (IRD) by May 2018 for exchange with 75 reportable jurisdictions under the AEOI standard. In September… – Continue reading
HM Revenue and Customs, the UK tax agency, has lauded a ruling in its favor secured before the courts that will save the UK exchequer tens of millions of pounds in related tax-avoidance cases. The Upper Tribunal upheld an earlier ruling against Cyclops Electronics and Graceland Fixing on appeal, concerning… – Continue reading
The governments of Liechtenstein and the United States have recently discussed the possibility of beginning negotiations for a bilateral double tax avoidance treaty. According to a Liechtenstein Government statement issued on March 15, “the fight against financial and tax crime” was the main focus of recent talks between Liechtenstein Foreign… – Continue reading
Fleets have been reminded that from 6 April company car drivers in Scotland face larger tax increases than those in the rest of the UK, with new income tax rates introduced. The rise has been flagged by leasing and fleet management company Activa Contracts, which has updated its software systems… – Continue reading
Coinbase has announced that it is the first crypto exchange to obtain a U.K. bank account. According to CNBC, the account is with Barclays. Coinbase, which has nearly 12 million users, also announced it was granted an eMoney license by the U.K. regulator the Financial Conduct Authority (FCA). “The license… – Continue reading
The deadline for multinationals to submit a master file and CbC report in India is March 31, 2018, in respect of the 2016-17 financial year. A “master file” must be furnished by multinationals if the total consolidated group revenue exceeds INR5bn and either the aggregate value of international transactions as… – Continue reading
European Union countries have agreed on new rules to crack down on cross-border schemes that help companies evade taxes. Tax professionals who fail to inform authorities about these ploys will be hit with penalties. European Union finance ministers on Tuesday backed transparency measures requiring financial advisors, accountants, lawyers and banks… – Continue reading
Royalty taxation shall be set at 5% and 10%. The tax rate is being raised from 2% to 5%, while the zero taxation of dividends and royalty payments are being abolished. Such are the main changes in the Convention between Ukraine and the Kingdom of the Netherlands on double taxation… – Continue reading
THE Bahamas’ failure “to read the tea leaves” and introduce a corporate income tax “for ourselves” has contributed to Europe’s planned ‘blacklisting’, a financial executive argued yesterday. Paul Moss, Dominion Management Services’ president, told Tribune Business that implementing such a tax would mean the European Union (EU) “cannot accuse us… – Continue reading
Luxembourg Finance Minister Pierre Gramegna has said that any special tax measures against large digital companies should respect European Union law. Gramegna made the comments during an official visit to Paris earlier this month where he held a series of working meetings with French government counterparts. “Pierre Gramegna stressed that… – Continue reading
The OECD on March 12 released a third round of peer reviews of countries’ efforts to implement the BEPS minimum standard on improving tax dispute resolution mechanisms. The peer reviews concern BEPS Action 14, on making dispute resolution more timely, effective, and efficient. The third round reports released relate to… – Continue reading
The Deputy Prime Minister and minister of financial services were yesterday travelling to Europe in a last-ditch bid to plead the Bahamas’ case against being ‘backlisted’. Carl Bethel QC, the Attorney General, confirmed to Tribune Business that both K P Turnquest and Brent Symonette are leading a government delegation that… – Continue reading
While more and more people who can’t afford to pay council tax are being prosecuted and jailed. Not a single person has been jailed or even prosecuted for tax evasion since the Tories brought in what they claimed were “tough” new measures against tax dodgers, it was shown today. Two… – Continue reading
NEW DELHI, MARCH 11 Worried about tax evasion under the Goods and Services Tax (GST), officials are keen that the new returns filing system should ensure that the tax is first paid before the credit is given. Sources said inclusion of such a provision is one of the key differences… – Continue reading
Decentralized cryptocurrencies like Bitcoin and Ethereum have strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors can target. Transaction processing On Feb. 19, Jameson Lopp, the lead engineer at multi-signature Blockchain security firm… – Continue reading
On March 1st, President Joko Widodo signed the Presidential Decree No. 13/2018 on beneficial ownership, which enables authorities to identify the beneficial owners of firms and cooperatives, among other institutions. The decree will help to curb money laundering and terrorism funding practices. Experts have said it will also provide a… – Continue reading
Egypt is to receive international support to implement new measures in the area of tax transparency and information exchange. Unveiled at a meeting on international tax reform in Cairo on March 7, the OECD and Egypt agreed a new project entitled “Enhancing Domestic Resource Mobilization in Egypt through a better… – Continue reading
Mauritius last month released the Income Tax (Country-by-Country Reporting) Regulations 2018, setting out the jurisdiction’s rules concerning the filing by multinational groups of transfer pricing documentation. The CbC report is one element of a new three-tiered standardized approach to transfer pricing documentation proposed under BEPS Action 13. Under the framework,… – Continue reading
The European Commission has criticised Luxembourg and six other EU member states for overly favourable tax treatment of multinational corporations. “The @EU_Commission is today stressing the issue of aggressive tax planning in seven EU countries: #Belgium, #Cyprus, #Hungary, #Ireland, #Luxembourg, #Malta and The #Netherlands. #FairTaxation,” Pierre Moscovici, the European finance… – Continue reading
India and Iran signed a Double Taxation Avoidance Agreement (DTAA) in February, during Iranian President Hassan Rouhani’s official visit to India. The ‘Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income’ aims to encourage the movement of investments and services… – Continue reading
Hong Kong’s Inland Revenue Department on March 5 launched its new Country-by-Country Reporting Portal. Groups can now register to file CbC reports for accounting periods beginning between January 1, 2016, and December 31, 2017, using the online portal. The CbC report is one element of a new three-tiered standardized approach… – Continue reading
According to Reuters, the European Union will soon remove Saint Lucia, along with the Marshall Islands and Bahrain, from its blacklist of countries deemed to be tax havens. The decision was made by the EU Code of Conduct Group of tax experts from the 28 member states following “specific commitments”… – Continue reading
KARACHI: Foreign investors expressed concern over a proposed tax amnesty scheme to bring back offshore investments, terming it as an injustice with compliant taxpayers, officials said on Monday. Overseas Investors’ Chamber of Commerce and Industry (OICCI), representing major foreign companies in Pakistan recently shared its concerns, through a letter, with… – Continue reading
On December 29, 2017, Hong Kong gazetted the Inland Revenue (Amendment) (No. 6) Bill 2017 (the Amendment Bill). The Amendment Bill, which was formally introduced into the Legislative Council on January 10, represents a crucial step in the development of Hong Kong’s transfer pricing regulatory and enforcement regime. The objectives… – Continue reading
JAKARTA, NNC – Director General of Taxes of the Ministry of Finance Robert Pakpahan discloses the rules of reporting financial account of undivided inheritance of a deceased person is a derivative of Indonesia’s participation in Automatic Exchange Of Information (AEoI). According to him, the existence of this rule does not… – Continue reading
Financial institutions in Singapore are required to file information required under the US Foreign Account Tax Compliance Act starting April 16 by May 31, 2018. All reporting Singapore financial institutions (SGFIs) must submit a FATCA Return to IRAS by May 31 setting out the required information in relation to every… – Continue reading
ULAN BATOR, March 5 (Xinhua) — Mongolia has formulated a draft law on tax reform in a bid to attract more investment and optimize the business environment, Prime Minister Ukhnaa Hurelsukh said on Monday. “We aim to encourage the fair businessmen and good taxpayers by reducing their taxes,” Hurelsukh said… – Continue reading
High net worth residents in the UAE are increasingly applying for second passports to avail of maximum visa-free travel opportunities, expand businesses and avoid double taxation, experts have said. According to companies involved in citizenship programmes, most of the demand for second citizenship programmes is coming from Indians, Pakistanis, Syrians… – Continue reading
India might take the vanguard position all over the world in outlining a possible framework for taxing digital bodies that have a huge business or user base in a nation but do not have a noteworthy physical attendance there. The 2018 Union Budget has, for the initial time, cited the… – Continue reading
THE GOVERNMENT recently held bilateral talks with the Code of Conduct Group (COCG) to discuss tax transparency and fair taxation in the territory. A press release from the Office of the Premier issued on Tuesday (February 27), said Premier Sharlene Cartwright Robinson and other TCI representatives met with the COCG… – Continue reading
SUMMARY: The European Union has come under increasing pressure from the public to force global technology companies to pay their fair share of tax. Whilst Amazon is facing renewed criticism in the US for its tax structures, with reports that will effectively play zero federal tax this year, the European… – Continue reading
The Belgian Special Tax Inspectorate (STI) is looking for Belgian individuals who have invested in cryptocurrencies in foreign exchanges, local news outlet De Standaard reported Friday, March 2. After receiving information from Finnish authorities that several Belgian taxpayers had been trading on Finnish crypto exchanges, the STI started looking into… – Continue reading
ISLAMABAD: A three-member committee, constituted by the Supreme Court of Pakistan, has proposed amendments to laws of Income Tax Ordinance (ITO), 2001 and Protection of Economic Reform Act, 1992, for removing legal lacunas as they consider it as pre-requisites for introducing yet another amnesty scheme to bring offshore assets into… – Continue reading
The Federal Government is ready to prosecute, name and shame tax evaders that fail to utilise the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS), to regularise their tax profiles, Minister of Finance, Mrs Kemi Adeosun, declared on Thursday. She also disclosed that the Federal Government would… – Continue reading
According to regional reports, China’s police agency is allegedly monitoring cryptocurrency exchanges based outside of the country. An informant details that China’s Public Information Network Security Supervision task-force is closely watching both domestic and foreign trading platforms involved with cryptocurrencies to prevent fraud, pyramid schemes, and money laundering. China’s Regulators… – Continue reading
In a meeting, both sides agreed to strengthen bilateral cooperation in the areas of economic development, trade and investment, agriculture and tourism cooperation Bangladesh and Morocco have signed an agreement on avoidance of double taxation and a protocol on Foreign Office Consultations. The two instruments were signed by Foreign Minister… – Continue reading
