The Ministry of Finance (Department of Revenue) vide notification S.O. 3512(E) dated November 2, 2017 sets out the Third Protocol to the Convention between the Government of the Republic of India and the Government of New Zealand for the avoidance of double taxation and the prevention of fiscal evasion with… – Continue reading
The Cabinet today gave its green light to an agreement between India and the Hong Kong Special Administrative Region (HKSAR) of China for avoiding double taxation and prevention of tax evasion. The Cabinet, chaired by Prime Minister Narendra Modi also approved the protocol amending the agreement between India and Kyrgyzstan… – Continue reading
FinanceMalta, the Institute of Financial Services Practitioners, the Chamber of Commerce, Enterprise and Industry and the Gozo Business Chamber have welcomed the PANA Committee’s confirmation that the Maltese tax system is in line with current international and EU standards. Furthermore,according to the Committee, Malta has transposed EU rules and respects… – Continue reading
The commitment comes amid ongoing controversy over the use of complex tax arrangements following the Paradise Papers leak. The islands of Jersey, Guernsey and the Isle of Man have signed up to a joint commitment with the British and Irish governments to tackle tax evasion and abusive tax avoidance. The… – Continue reading
Luxury yachts built in Dutch shipyards are being sold to suspect buyers around the world through tax havens, Trouw and the Financieele Dagblad reported on Friday. The dubious yacht transactions were revealed through an investigation being carried out into the Paradise Papers by the two Dutch newspapers . The documents… – Continue reading
French finance minister Bruno Le Maire has urged countries to approve tougher sanctions against jurisdictions that do not adhere to standards in tax transparency in the wake of the Paradise Papers leak. Le Maire told reporters ahead of a meeting of European Union finance ministers in Brussels that such sanctions… – Continue reading
Universities are always looking for new ways to increase returns on their endowments. The hunt for lucrative investments has reportedly led several institutions offshore. College endowments are typically exempt from federal taxes. However, when income is earned on an endowment outside of the core educational mission, it can be subject… – Continue reading
The European Union Common Consolidated Corporate Tax Base (CCCTB) has been talked about recently as a solution to the problem of an imperfect pan-EU corporate tax system, which allows large companies, particularly those with a digital presence, to detach profits from value-creation, and pay tax in low-tax jurisdictions. But what… – Continue reading
In this Tax Alert we will briefly highlight two topical Dutch tax matters very relevant to internationally active companies: the current status of the legislative proposal regarding Dutch dividend withholding tax rules for holding cooperatives and BVs/NVs and the announcement of the Dutch Ministry of Finance that the Dutch fiscal… – Continue reading
Ghana is considering promulgating laws to criminalize the abuse of transfer pricing in its petroleum sector, the Acting Chief Executive Officer of the Petroleum Commission, Mr. Egbert Faible, has disclosed. According to Mr. Faible, the abuse of transfer pricing in the country’s budding petroleum sector was worrying and there was… – Continue reading
What more could the Indonesian tax authority do than simply pledge to investigate and verify information on taxpayers who sheltered their wealth secretly in offshore tax havens, as revealed last week through the leaked Paradise Papers. But the stated commitment is meaningless unless the government acts quickly and firmly to… – Continue reading
Rarely has a spy case attracted so much attention in Germany as that of Daniel M. The bungling double agent passed on troves of bank data to German tax officials while allegedly gathering info on them for the Swiss. As far as the chronicles of the great espionage stories go,… – Continue reading
GEORGE TOWN, Cayman Islands (CMC) — The Cayman Islands, noting that it has had to get used to “unfair and inaccurate” reporting about its global financial sector, is distancing itself from the so-called Paradise Papers, a set of confidential documents related to offshore investment. In addition, the island has also… – Continue reading
Work on an EU “blacklist” of non-cooperative tax jurisdictions is proceeding as planned, according to Vice-President Valdis Dombrovskis. Dombrovskis made the comments following a meeting of EU finance ministers, at which the proposal was discussed. Dombrovskis said that finance ministers are calling for an agreement on the list to be… – Continue reading
The Department of Budget and Management (DBM) raised the possibility of granting a general tax amnesty to lure individuals and corporations with outstanding liabilities to settle their obligations without fear of being slapped with criminal charges. Following the tax settlement of cigarette-firm Mighty Corp. with the government, Budget Secretary Benjamin… – Continue reading
The company known for the ‘double Irish’ scheme is moving its subsidiaries’ tax residency. A set of leaked documents from offshore law firm Appleby has revealed that Apple stashed $250 billion in Jersey, a tiny island off the coast of France known for being a tax haven. The tech titan… – Continue reading
The International Monetary Fund (IMF) has commended the Philippines for legal changes that brought the nation’s casinos within the scope of the country’s Anti-Money Laundering Act. “[The IMF] welcomes the recent amendment… to include casinos” under the act, the IMF executive board said in a press release issued on Monday,… – Continue reading
Ghana has won international recognition for its commitment to expanding the frontiers of transparency, including progress made towards lifting the veil off the actual beneficial owners of companies operating in the country. The recognition came in the form of an award from the Extractive Industries Transparency Initiative (EITI) International Board… – Continue reading
Appleby, the offshore law firm, has spoken out against recent media coverage, which implies but does not allege that there is wrongdoing in the papers recently exposed that include information on its clients’ tax affairs – the so-called Paradise Papers. In its latest statement, the firm said: “Recent media coverage,… – Continue reading
The International Consortium of Investigative Journalists (ICIJ) has released a database of around 13.4 million documents revealing over 25,000 companies owned by the world’s rich and influential individuals. The ICIJ coordinated the Panama Papers investigation into offshore companies. The latest files have disclosed the financial details of politicians, corporations, and… – Continue reading
The investigation wing of the income-tax department in Goa probing money laundering and black money has uncovered more than Rs 1,000 crore worth of tax evasion in recent months. The tax evasion cases came to light between April and October 2017 following the post-demonetisation crackdown on undisclosed income, a senior… – Continue reading
On October 2 the US Government released the Tax Cuts and Jobs Act, setting out in legislation its plans for comprehensive reform of the US tax code. For businesses, the bill will bring about a landmark shift to a territorial corporate tax system, replacing the current worldwide tax basis regime… – Continue reading
Goltsblat BLP advises that the Federal Tax Service (FTS) has approved BVI’s removal from the list of countries (jurisdictions) not exchanging information with the Russian Federation for tax purposes from 1 January 2018 (the relevant order is pending registration with the Ministry of Justice). A country’s removal from the FTS… – Continue reading
Goltsblat BLP advises that the Federal Tax Service (FTS) has approved BVI’s removal from the list of countries (jurisdictions) not exchanging information with the Russian Federation for tax purposes from 1 January 2018 (the relevant order is pending registration with the Ministry of Justice). A country’s removal from the FTS… – Continue reading
The Deputy Prime Minister yesterday revealed the Bahamas “may have to look at” implementing a low-rate corporate income tax, as global regulatory pressures force “hard decisions” upon it. K P Turnquest, while emphasising that such a move was a long way off, agreed that compliance with the OECD’s Base Erosion… – Continue reading
TOKYO – Japan is cracking down on online retailers who skip taxes by not having an office in the country. The government of Japan recently announced that it is looking to amend current legislation to update the definition of a permanent establishment of a business, in an effort to bring… – Continue reading
The Cayman Islands’ Premier, Alden McLaughlin, recently delivered the territory’s first two-year budget, which was notable for the absence of new borrowing or revenue-raising measures. McLaughlin said his administration will continue to pay down debt and deliver operational budget surpluses to fund capital investment plans and provide for contingency against… – Continue reading
BRIDGETOWN, Barbados, Thursday November 2, 2017 – The Double Taxation Agreement (DTA) between the Government of Barbados and the Italian Republic has entered into force. The instruments of ratification for the Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion… – Continue reading
The Treasury says the Isle of Man has become one of the first countries to sign a new international treaty against tax avoidance. The Island joins Austria in agreeing to the OECD’s Multilateral Convention to Implement Tax Treasury Related Measures to Prevent Base Erosion and Profit Shifting. The agreement aims… – Continue reading
CBDT issues final rules for Master File and Country-by-Country reporting NEW DELHI, NOV 1: The Central Board of Direct Taxes (CBDT) has notified the final rules for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country (CbyC) report. This is largely in line with the draft… – Continue reading
The Chartered Institute of Taxation, the UK tax professionals representative body, has urged lawmakers globally to pause for thought on the direction being taken on the taxation of the digital economy. It is urging that any measures to improve the tax rules covering the digital economy must be developed and… – Continue reading
Summary: With effect from 1 January 2017, a number of amendments to Russian law have come into force which will affect aircraft leasing arrangements for lessors and financiers that have aircraft leased or financed with Russian operators. These amendments have started to affect negotiations and re-negotiations of leases with Russian… – Continue reading
Lawmakers warn against preferential treatment for foreign invested companies, half of which declared losses from 2007-2015. Vietnam offers many land and tax incentives to attract foreign direct investment (FDI), but the sector’s contribution to the economy is still limited, said delegates of the legislative National Assembly (NA). Despite accounting for… – Continue reading
Introduction The Organisation for Economic Co-operation and Development (OECD) is an economic organisation made up of 35 member countries, with the aim of encouraging economic progress and world trade. In 2015, the OECD developed the Base Erosion and Profit Shifting (BEPS) Project, made up of reports on 15 action plans,… – Continue reading
In its latest report for the country, the International Monetary Fund has recommended that Croatia modernize its property tax system to enable the country to lower the burden of taxes that weigh more heavily on economic growth. It said a “modern, well-designed real estate tax that is based on objective… – Continue reading
The difference between the tax due and that collected by the UK tax authority, HM Revenue and Customs (HMRC) – known as the “tax gap” – fell to a record low of six percent in the fiscal year 2015-16, according to official statistics released on October 26, 2017. HMRC pointed… – Continue reading
The Hong Kong Government held a summit on October 23 to discuss new tax policies to boost the territory’s economy. Government officials recalled several recently announced taxation measures, including the two-tier profits tax rates regime and the enhanced deduction for research and development expenditure, and sought participants’ views on further… – Continue reading
HMRC has warned convenience retailers to “play by the tax rules” or face the consequences as new stats show a disproportionate amount of tax evasion is committed by convenience stores. While accounting for less than 1% of businesses, convenience stores and newsagents now account more than 6% of all incidents… – Continue reading
LABUAN: Bank Negara Malaysia (BNM) Governor Tan Sri Muhammad Ibrahim says the time has come for a review of Labuan’s current tax framework. He said the review is not only to ensure alignment with international best practices but also confirm the continued relevance of such incentives in catalysing new growth… – Continue reading
Freelance professionals in Greece may declare as low an income as they wish in order to avoid paying taxes, solidarity levies and social security contributions. This year’s tax statements showed that 89 percent of them declared annual takings below 7,000 euros. One might assume that declaring a very low income… – Continue reading
T&T faces possible sanctions after the Global Forum recognised this country as the only jurisdiction not considered to have made sufficient progress towards satisfactory implementation of the agreed tax transparency standards. Speaking at a media conference on Friday afternoon, Attorney General Faris Al Rawi said this has negative implications for… – Continue reading
Jude Scott, CEO of the Cayman Islands’ financial services promotion agency, Cayman Finance, has taken aim at a report labeling the territory as a “tax haven.” The report on international financial centers, issued by the non-profit US Public Interest Research Group and the Institute on Taxation and Economic Policy, also… – Continue reading
BERN – The Swiss Federal Council has adopted a dispatch on the implementation of a new double taxation agreement (DTA) with Pakistan, according to the Tax News. The DTA was signed in March. According to the Swiss Federal Council, the agreement makes a number of improvements to the previous DTA,… – Continue reading
Peru takes one step further in the eradication of tax avoidance and evasion after signing the Convention on Mutual Administrative Assistance in Tax Matters with the Organisation for Economic Co-operation and Development (OECD). Deputy Director of the OECD‘s Centre for Tax Policy and Administration Grace Perez-Navarro affirmed these two crimes… – Continue reading
Turkey has clarified rules for taxing income derived from independent professional services (and similar activities) carried out within Turkey, by residents of countries which have double taxation prevention agreements with Turkey. The number of days a company’s employees spent in Turkey will now become the only basis for calculating the… – Continue reading
The Japanese National Tax Agency (NTA) has released guidance for taxpayers on the mutual agreement procedure (MAP), in line with the recommendations of the OECD’s Base erosion and profit shifting (BEPS) Action 14 Final Report. The guidance is intended to supplement the Commissioner’s Directive on the Mutual Agreement Procedures, which… – Continue reading
Oman has become the latest country to agree to implement the base erosion and profit shifting minimum standards by signing up to the BEPS Inclusive Framework. In implementing the minimum standards, countries agree to remove harmful tax provisions in their domestic tax regimes, amend their tax treaty rules to prevent… – Continue reading
Inquiry to centre on George Osborne’s 2013 rule change that allows resident multinationals to shift income offshore The EU is to launch an investigation into a British government scheme that may help multinational firms pay less tax, the Guardian has learned. Margrethe Vestager, the EU competition commissioner, will announce on… – Continue reading
MUMBAI, OCTOBER 25: Networking giant Google has said it will continue its fight in a six-year-old tax avoidance case after the Income Tax Appellate Tribunal asked the company to pay ₹1,457 crore in back taxes. “We comply with all tax laws in India and pay all applicable taxes. We will… – Continue reading
French deputies have adopted at first reading the 2018 Finance Bill, which includes several of the Government’s key tax measures. The bill, adopted by the National Assembly on October 24, will reduce compulsory levies by EUR10.3bn (USD12.1bn) by the end of 2018. The bill includes the abolition of the wealth… – Continue reading
