SUBANG: The Inland Revenue Board (IRB) will this year put in place strong measures to deter tax avoidance and evasion by focusing on individuals and firms engaging in such misconduct. Chief Executive Officer (CEO) Datuk Dr Sabin Samitah said the offences included those who engaged in aggressive tax planning, by… – Continue reading
On February 2, 2018, Costa Rica published Resolution no. DGT-R-001-2018 in its Official Gazette, setting out the rules for filing a country-by-country report. The parent company of a multinational group resident in Costa Rica with consolidated group revenue of the equivalent of EUR750m in the Costa Rican currency – presently… – Continue reading
The recent U.S. tax overhaul could prompt U.S. multinationals to repatriate around $2 trillion (1.6 trillion euros), making a significant impact on global foreign direct investment, the U.N. said on Feb. 5. The forecast from the United Nations Conference on Trade and Development (UNCTAD) came just over a month after… – Continue reading
The Russian Ministry of Finance is drafting a bill to allow the creation of offshore companies to trade cryptocurrencies. This follows the bill which the ministry recently published on the legal framework for cryptocurrencies. Crypto Trading Offshore “The Ministry of Finance proposed to create offshore companies in Russia for trading… – Continue reading
The Spanish tax authority has published its annual tax and customs control plan for 2018, which details the tax compliance and enforcement measures that it intends to undertake in the coming year. The plan, published by the tax authority on January 23, features four key pillars: preventative measures, including a… – Continue reading
Finance Ministry’s move under BEPS treaty will impact Google, Facebook, Amazon MUMBAI, FEBRUARY 5 Digital players such as Google, Facebook and mobile application services providers must pay taxes in India on income generated from Indian consumers even if the companies’ infrastructure is physically located abroad. According to a new proposal… – Continue reading
JEDDAH — Saudi Customs will inspect companies, clearance offices and importers to check violations such as bill manipulations to evade tax or customs duty. Violators will be fined an amount ranging between SR500 and SR5,000 and imprisoned for no more than two years. Their licenses may also be revoked, said… – Continue reading
The European Commission has recommended that the EU Council approve a request from Italy to derogate from the VAT Directive in introducing a mandatory electronic invoicing obligation on all taxable persons established in Italy except exempt small firms. In its request, Italy submitted that introducing an obligation to provide such… – Continue reading
The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress Report on Tax… – Continue reading
The European Union is taking eight countries and jurisdictions off its tax avoidance blacklist after they made commitments to meet EU requirements. Barbados, Grenada, Macao, Mongolia, Panama, South Korea, Tunisia and the United Arab Emirates were removed after agreeing to tighten their tax laws. French Finance Minister Bruno Le Maire… – Continue reading
Bermuda is ranked 36th in the 2018 Financial Secrecy Index, which was recently released by the UK-based Tax Justice Network, who stated that some of the world’s “important providers of financial secrecy” are “mostly not small, palm-fringed islands as many suppose, but some of the world’s biggest and wealthiest countries.”… – Continue reading
Hong Kong (HKSAR) – The Inland Revenue (Amendment) Ordinance 2018 (the Ordinance) was gazetted today (February 2). The technical amendments on automatic exchange of financial account information in tax matters (AEOI) (i.e. clauses 5 to 11) under the Ordinance will come into operation on January 1, 2019, while other provisions… – Continue reading
Hong Kong on February 2, 2018, ratified an Ordinance to enable the territory to soon join the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters and thereby more simply and more broadly agree to exchange tax information with other countries’ tax authorities. The Inland Revenue Department said the… – Continue reading
Also, multinational companies with a physical presence in Israel will soon get their first tax bill Israel will need to amend its corporate tax policies to counter the effects of US President Donald Trump’s tax reform, the head of Israel’s Tax Authority head acknowledged — but only slightly. “There will… – Continue reading
Ukraine’s Law No. 2245-VIII “On Introduction of Changes to the Tax Code of Ukraine and Some Legislative Acts of Ukraine on Ensuring the Balance of Budget Revenues in 2018,” which came into effect on January 1, 2018, includes important changes to transfer pricing (TP) regulations. These changes are outlined below…. – Continue reading
The Netherlands will seek to resume discussions towards double taxation avoidance treaties with several countries in 2018, including the United States, the Government has said. The Dutch Government will attempt to begin tax treaty talks with at least seven countries this year, including Australia, Colombia, Costa Rica, Ecuador, Morocco, Austria,… – Continue reading
“Financial secrecy provided by the U.S. has caused untold harm to the ordinary citizens of foreign countries,” said the Tax Justice Network. While European Union, EU, officials busied themselves with listing 17 countries or overseas colonies as being dicey tax havens – notably excluding Switzerland and the United States from… – Continue reading
Lower corporate income taxes should come with a reduction in business incentives to limit the impact on government revenues, the Finance department said. Finance Undersecretary Karl Kendrick Chua said that least P26 billion had to be raised for every percentage point cut to the corporate income tax rate, which the… – Continue reading
Washington–Ahead of Finance Minister Arun Jaitley’s last full Union Budget, the US-India Business Council (USIBC) has urged him to further reduce tax uncertainty for multinational companies and foreign investors, even as Indian industry has voiced its own areas of concern. In a memorandum submitted to Jaitley, the USIBC has said… – Continue reading
The Federal Government on June 29, 2017 formally launched the Voluntary Assets and Income Declaration Scheme (VAIDS), an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities. As the window of opportunity for declaration draws near, OYENIRAN… – Continue reading
The Antigua and Barbuda government is to take steps to harmonise the offshore and onshore tax rates for financial services to avoid the European Union making good on a threat to blacklist the country if it fails to comply. The European Council of Finance Ministers last month published a list… – Continue reading
PARIS, France– Ministers and high-level officials from six countries, including two in the Caribbean, have signed the BEPS Multilateral Convention, the first multilateral treaty of its kind. The Convention will enable governments to swiftly update their networks of existing tax treaties and further reduce opportunities for tax avoidance. Barbados, Jamaica,… – Continue reading
VALLETTA, Jan. 24 (Xinhua) — Malta has generated 518 million euros since it started its citizenship by investment scheme, according to Prime Minister Joseph Muscat. Replying to a parliamentary question on Wednesday, Muscat said that of the total revenue generated, 363 million euros had entered in the country’s National Development… – Continue reading
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not… – Continue reading
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not… – Continue reading
The heads of the Greek and Bulgarian tax authorities have met to discuss ways in which bilateral cooperation can be boosted with a view to reducing levels of tax avoidance and evasion, particularly with respect to Greek companies shifting profits to Bulgaria. “The major issue of tax avoidance by Greek… – Continue reading
On December 29, 2017, the Inland Revenue (Amendment) (No. 6) Bill 2017 (BEPS bill) was gazetted in Hong Kong. The BEPS bill introduces a transfer pricing regulatory regime and mandatory transfer pricing documentation requirement in Hong Kong as well as a variety of other anti-BEPS changes. The BEPS bill marks… – Continue reading
Expects to avoid the mandatory dividend distribution tax BENGALURU, JANUARY 24: Consultancy multinational Accenture Solutions expects to avoid a substantial amount of tax for its Indian operations as it seeks nod from its creditors on Thursday for reduction of its capital from ₹5,361 crore to ₹2,263 crore. It has now… – Continue reading
The Swedish tax authority (Skatteverket), has published guidance on companies’ country-by-country reporting obligations with respect to short and extended tax years, and company divestments and restructurings. Under Sweden’s Tax Procedures Act, a group is not obligated to submit a CbC report if, according to its consolidated accounts, it has a… – Continue reading
Toronto lacks a tax advantage that the 19 other contenders on the short list to host Amazon’s second headquarters now enjoy. The recently adopted U.S. Tax Cuts and Jobs Act (TCJA) provides companies based in the United States with an effective tax rate of 13.125 per cent on a portion… – Continue reading
UAE was confident of swift removal from the tax haven list in 2018. The UAE, along with seven other countries, has been removed from the European Union’s list of Uncooperative Tax Havens as the country further enhanced its transparency in tax procedures. As a mark of strengthening ties with EU… – Continue reading
The Macau SAR has been removed from the European Union list of non-cooperative jurisdictions for tax purposes, joining a separate category of jurisdictions ‘subject to close monitoring,’ the European Union (EU) announced on Tuesday Macau (MNA) – The Macau SAR has been removed from the European Union list of non-cooperative… – Continue reading
The head of the revenue agencies of Bulgaria and Greece have held talks on continuing and deepening co-operation on exchanging information and countering tax evasion, the National Revenue Agency in Sofia said on January 22. Bulgaria’s National Revenue Agency head, Galya Dimitrova, and her Greek counterpart Georgios Pitsilis discussed issues… – Continue reading
The Norwegian Government is considering possibilities for the taxation of multinational companies’ “value creation” in Norway, including in the area of value-added tax, although it said that it would prefer a multilateral agreement on any new measure. In a letter to the parliamentary finance committee dated January 18, Finance Minister… – Continue reading
MOSCOW, January 22./TASS/. Russian senator and businessman Suleiman Kerimov, who is facing money laundering charges in France, is sure that he will prove he is not guilty, Federation Council Speaker Valentina Matviyenko said after meeting with Kerimov, who had spent three days in Russia with the permission of the French… – Continue reading
After a B.C. resident was swindled out of $3,000 in a bitcoin tax scam, the RCMP is warning the public not to pay any tax bill using cryptocurrency. The incident occurred in North Vancouver on Jan. 18 when the victim received a phone call from someone claiming to be an… – Continue reading
There is a need to streamline the institutional framework for granting tax incentives such that all 14 investment promotion agencies (IPAs) at present observe a single menu of incentives rather than a diverse, confusing and non complementing set of rules, the Department of Finance (DOF) said last Friday. According to… – Continue reading
The Bank of Ghana (BoG) has stressed that it will enforce the implementation of the International Financial Reporting Standards (IFRS 9) among banks in the country, this year. The IFRS is a tool which requires all financial institutions to comply with a common financial reporting standard which will among others… – Continue reading
The National Accountability Bureau (NAB) has written to several state institutions seeking record and details of offshore companies reportedly established in tax havens abroad by Pakistan Tehreek-e-Insaf (PTI) leader Aleem Khan and Pakistan Muslim League-Quaid (PML-Q) leader Chaudhry Moonis Elahi, DawnNews has reported. The Supreme Court had in November last… – Continue reading
KINGSTON, Jamaica (JIS) — The Government of Jamaica has signed an agreement with the Republic of Italy for the elimination of double taxation with respect to taxes on income and for the prevention of tax evasion and avoidance. The signing took place at the Ministry of Finance and Public Service’s… – Continue reading
(CMC) – The St Lucia government Friday said it expects to join fellow Caribbean Community (CARICOM) neighbours, Barbados and Grenada, in being removed from a new list of global tax havens by the European Union. The EU has signalled its intention to remove the CARICOM countries after they submitted plans… – Continue reading
India’s tax dept. orders investors to pay up after national survey reveals $3.5 billion worth of transactions during a 17-month period. Indian cryptocurrency investors have been issued notices by the income tax department, after a national survey revealed that cryptocurrency transactions during a 17-month period amounted to more than $3.5… – Continue reading
In 2017, the UK scrapped its non-dom tax regime. Consequently, an increasing number of individuals are instead relocating their tax domicile to Italy At the start of 2017, in a bid to attract more wealthy citizens and capital to Italy, Rome introduced a non-domiciled tax regime. Now, citizens can move… – Continue reading
French finance minister, Bruno Le Maire wants a new legal framework for cryptocurrency regulations to overcome tax evasion and terrorist funding The finance minister has ordered France’s central bank chief to design the new regulations framework cautioning against ‘risk of speculation and possible financial manipulation‘ associated with cryptocurrencies. Cryptocurrency sceptics… – Continue reading
NEW DELHI, JANUARY 16: Panama, a popular tax haven that was in the eye of a data-leak storm dubbed ‘Panama Papers’ in 2016, has finally signed an international agreement that would pave the way for exchange of financial account information with the international community. By signing this agreement — CRS… – Continue reading
Lionel Messi’s problems with the Spanish tax authorities are far from being over as the accounts of his foundation come under scrutiny. The tax authorities are investigating whether payments from FC Barcelona to Lionel Messi’s foundation were used to help the player evade taxes, Spanish daily El Mundo reported on… – Continue reading
KARACHI: Government on Saturday said it may roll out an amnesty to allow offshore bank account holders to declare their wealth against nominal tax rates ahead of the implementation of OECD’s treaty to exchange financial details with foreign countries in September. Miftah Ismail, adviser to the Prime Minister for finance,… – Continue reading
Malaysia’s Inland Revenue Board (IRB) on January 11, 2018, released guidelines on applying for the resolution of double tax cases through the Mutual Agreement Procedure. The MAP Guidelines have been updated to incorporate the recommendations of the OECD BEPS Action 14 report on making dispute resolution mechanisms more effective. The… – Continue reading
ST GEORGE’S – Prime Minister Dr Keith Mitchell says Grenada is expected to be removed from the European Union Blacklist by the end of January. The decision to remove Grenada, one of 17 countries blacklisted by the EU, is expected to follow a meeting of the Financial and Economic Unit… – Continue reading
Ordinary taxpayers on the streets of Berlin and elsewhere may be confused if you ask them about the “cum-ex” share switch scandal. However, this shady tax avoidance practice has cost them and the treasury a lot of money. Several German banks, exploiting a now-closed loophole relating to the excessive claiming… – Continue reading
