A new report shows the offshore jurisdiction is home to assets of $1.5tn, double an estimate by the International Monetary Fund in 2010. Assets held offshore in the British Virgin Islands (BVI) are worth $1.5 trillion (£1.19 trillion), double the International Monetary Fund’s 2010 estimate. That’s according to a new… – Continue reading
SINGAPORE – Singapore has signed two international agreements which will make it easier for the country to automatically exchange tax information with other jurisdictions. The agreements are part of ongoing global efforts to combat tax evasion and money laundering as well as improve tax transparency. Called multilateral competent authority agreements… – Continue reading
Indian immigrants in Saudi Arabia are set to be hit by the Kingdom’s newly introduced ‘family tax’ that will come into effect starting from July 1. The tax requires employed persons to pay a fee of 100 riyals (Rs 1,700 approx) per dependent each month. So, an Indian expat living… – Continue reading
The Senate Committee on Finance has asked for public input on US tax reform options. The Chairman of the Senate’s tax-writing committee, Orrin Hatch (R – UT), wrote an open letter asking stakeholders to provide ideas, proposals, and feedback on how to improve the US tax system. “It is essential… – Continue reading
The Canada Revenue Agency (CRA) has said that audits it undertook between April 2015 and March 2017 of real estate transactions resulted in more than CAD329.4m (USD249.2m) in assessed income that had not been reported. The CRA said that, during this period, it completed over 21,000 audit files related to… – Continue reading
A Europe-wide crackdown on tax avoidance schemes is set to have a “chilling” effect on recruiters and intermediaries marketing such schemes. The Guardian reported this week that the European Commission will publish proposals tomorrow to force financial intermediaries to automatically disclose any new cross-border tax schemes offered to clients. According… – Continue reading
Japan should commit to new gradual increases to its consumption tax rate, beyond 10 percent, to help rein in its substantial deficit, a new report from the International Monetary Fund says. It said the Government should “place emphasis on a gradual, pre-announced schedule of consumption tax rate hikes, of 0.5… – Continue reading
New Delhi, June 19 (IANS) The Central Board of Direct Taxes (CBDT) on Monday said it has operationalised the provisions of secondary adjustment in transfer pricing. The Finance Act, 2017 with effect from April 1, 2018 provided for secondary adjustment by attributing income to the excess money lying in the… – Continue reading
India has, for long, been always regarded as the one of the most aggressive transfer pricing jurisdictions. To mend this image and reduce litigation, the government introduced various measures like Advance Pricing Agreements (APA), the safe harbour regime, risk-based selection of transfer pricing audit cases etc. While most of these… – Continue reading
President Donald Trump and Republican leaders in Congress will soon confront a complex challenge for tax reform: how to limit U.S. corporate tax avoidance schemes that take advantage of low tax rates in foreign countries. Congressional and administration staff have begun to examine options to address profit-shifting schemes that include… – Continue reading
Madrid (AFP) – Cristiano Ronaldo under suspicion, Radamel Falcao investigated, Lionel Messi sentenced… Spain’s courts have been busy tackling the alleged and real multi-million-euro tax evasion of football’s greatest stars. But while they may be aware of what they are doing, footballers rely on expert go-betweens like big banks to… – Continue reading
The Bermuda Government launched a new Tax Information Reporting Portal, saying it is an “important and necessary initiative arising out of new international requirements.” “The Ministry of Finance is taking steps to ensure Bermuda is in compliance with the latest global tax cooperation standards,” a spokesperson said. “Deputy Premier and… – Continue reading
BERNNEW DELHI: Switzerland today ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security. Adopting the dispatch on introduction of the AEOI, a global convention for… – Continue reading
The Government Emergency Ordinance no. 42/2017 amending Law no. 207/2015 regarding the Fiscal Procedure Code (“GEO 42/2017“), entered into force on 13 June 2017, transposes within the Romanian legislation the EU Directive 2016/881 which provides the mandatory automatic exchange of information from reports that multinational enterprise groups (“MNE Groups“) must… – Continue reading
The Irish Revenue has this year recruited more than 100 additional staff to undertake audit and compliance activities. Prior to his retirement as Finance Minister, Michael Noonan was asked to provide parliament with information on the Revenue staff resources allocated to tax audit and investigation activities. Answering a written parliamentary… – Continue reading
The Government of Australia has announced it is taking steps to become a global financial services leader by loosening a number of policy standards. One includes removing the double tax that currently implemented on digital currencies. The Australian Government has announced it will no longer be imposing a double tax… – Continue reading
In the first of a two part commentary, global advisory firm Maitland Group, explains what the Common Reporting Standard means for protectors of family trusts. Being the protector of a family trust can seem a pretty thankless task. The role comes with a swathe of duties and obligations, albeit laudable,… – Continue reading
UK wealth managers “are quietly scaling back access to offshore accounts for their clients”, as the global crackdown on tax havens, of which the OECD’s Common Reporting Standard is a major component, “gathers pace”, the Financial Times is reporting today, citing research it commissioned. The American tax legislation known as… – Continue reading
The Directorate General of Taxation has given assurances that the government will strictly regulate the accessing of banking information by tax officers to avoid irregularities. Regulation in Lieu of Law (Perppu) No. 1/2017 on financial information access for tax purposes has ended the country’s bank secrecy regime as it allows… – Continue reading
Nigeria has ratified multilateral conventions on tax related treaties to end profit shifting and tax evasion by multinational companies. The ratification of the treaties Wednesday followed the approval of a memo submitted by the Minister of Finance, Kemi Adeosun, who said this was part of government’s plan to widen its… – Continue reading
The new Common Reporting Standard (CRS) regime will apply to most Australian managed investment schemes from 1 July 2017. Additional procedures for collecting information from new investors will need to be introduced from this date and additional work will be required in respect of existing investors. Overview of CRS Many… – Continue reading
The Organisation for Economic Co-operation and Development (OECD) announced on Tuesday that Botswana has joined the Inclusive Framework on base erosion profit shifting (BEPS) becoming the framework’s 99th member.The Inclusive Framework on BEPS is a group of countries that have pledged to implement measures designed by OECD and G20 countries… – Continue reading
BISHKEK (TCA) — On June 13, the first Double Taxation Agreement was signed between the Kyrgyz Republic and the United Kingdom of Great Britain and Northern Ireland by British Ambassador Robin Ord-Smith and Kyrgyz Minister of Economy Arzybek Kojoshev, the British Embassy in Bishkek said. This Double Taxation Agreement represents… – Continue reading
HA NOI — Viet Nam’s long-standing efforts to tackle the practice of transfer pricing as a tax avoidance ploy have gained sharper legal teeth with a new decree. Transfer pricing is the pricing of goods, services and intangibles between related parties, like a parent company and its affiliates. Apart from… – Continue reading
In Federal Budget 2017, the Government is clamping down on tax avoidance by foreign investors in real estate, by tightening the foreign resident capital gains tax withholding regime. The new laws apply to both Australian resident and foreign resident vendors: Australian resident vendors of real property of $750,000 or more… – Continue reading
SOUTH Australia is set to become the most competitive tax jurisdiction for commercial investment in Australia according to Collier’s International’s latest Radar research. The boast is prompted by the introduction, on July 1, of the state government’s second stamp duty reform which will come into effect as part of comprehensive… – Continue reading
Italy June 30 will apply OECD guidelines for “patent box” rules, a new version of the tax break for intangible property that will remove protections for brand identities originally put in place to protect iconic Italian fashion brands, observers told Bloomberg BNA. The new regime is substantially similar to the… – Continue reading
In a meeting with Iran’s foreign minister in Tehran on Sunday, Schelling said he has visited Iran with the purpose of boosting bilateral economic and financial relations. Voicing Austria’s eagerness to develop joint training programs with Iran in the banking industry, Schelling hoped he would nail down investment deals and… – Continue reading
Japanese individuals and companies listed in the leaked Panama Papers owe more than ¥1 billion ($9.06 million) in taxes on undeclared income, sources close to the matter have said. This is the first calculation by Japanese tax authorities of the amount owed on the undeclared income exposed by the documents,… – Continue reading
Senior officials and ministers from 67 countries and jurisdictions have signed an agreement that is designed to make it harder for multi-national companies to avoid tax through the strategic use of cross-border shifting of profits. The US was not among either the 67 countries to have signed the so-called Multilateral… – Continue reading
Regulator Sebi is mulling tightening its investigation and enforcement mechanism to check misuse of stock market platform for generating “bogus” long-term capital gains to launder black money. The markets watchdog has also come across cases wherein fraudulent tax benefits have been claimed through trades in some blue-chip stocks, as against… – Continue reading
Cairn Energy has petitioned an international arbitration tribunal against billionaire Anil Agarwal-led Vedanta Ltd withholding its dividend for last three years New Delhi: UK’s Cairn Energy plc has petitioned an international arbitration tribunal against billionaire Anil Agarwal-led Vedanta Ltd withholding its dividend for last three years despite tax authorities saying… – Continue reading
Chevron has decided to take its tax battles to the High Court of Australia after it was reported that the supermajor is in the crosshairs of the Australian Tax Office (ATO) for a disputed AU$1 billion outstanding tax bill. This comes after the Federal Court ruled in favor of the… – Continue reading
The Competent Authorities Agreement is part of Panama’s continued commitment to upholding international transparency standards PANAMA CITY, June 9, 2017 /PRNewswire/ — Panama and Mexico signed today a Competent Authorities Exchange of Tax Information Agreement, in accordance with Panama’s commitment to the Common Reporting Standard (CRS) of the Organization for… – Continue reading
The Canadian Government has explained how it will incorporate into its tax agreements new provisions to counter base erosion and profit shifting, having signed the OECD’s multilateral instrument on tackling treaty abuse. The Canadian Government said that the minimum standards consist of the inclusion in existing treaties of a new… – Continue reading
A negative review of the tax department by the Organisation for Economic Co-operation and Development’s (OECD) Global Forum for transparency and exchange of information, which aims to tackle tax evasion and tax avoidance, has excluded Cyprus from the convention of mutual administrative assistance in tax matters, it was reported on… – Continue reading
YEREVAN, June 7. /ARKA/. In 2018, Armenian taxpayers will start submitting transfer pricing papers to tax agencies, Nerses Nersisyan, head of KPMG Armenia department in charge of tax and legal consulting, told journalists on Tuesday. In October 2016, he said, a new tax code was adopted in Armenia, in which… – Continue reading
Effects on Cayman to be relatively benign Ministers and high-level officials from more than 60 countries and jurisdictions on Wednesday are to sign a multilateral convention to reduce the opportunity for tax avoidance by multinational enterprises. The Organization for Economic Co-operation and Development, which developed the convention, said the signing… – Continue reading
New Act due to come into force in September International risk and compliance firm Cordium has launched a solution to help advisory firms cope with the demands of the Criminal Finances Act, which will introduce stricter laws on tax evasion. The incoming law, which is expected to come into force… – Continue reading
The United States could boost its standard of living by 6 to 9 percent using one simple trick, a new report by the Federal Reserve Bank of Dallas found. OK, so it’s not really that simple, if we’re being honest: The trick is fundamentally turning around the way we tax… – Continue reading
GOVERNMENT has a bill on the Parliament agenda allowing for automatic extradition for people wanted for tax evasion in foreign jurisdictions, announced Attorney General Faris Al-Rawi. He said on the Parliament agenda there is a miscellaneous bill to deal with allowing prosecution of tax evasion matters in a reciprocal arrangement… – Continue reading
MOSCOW — Some of Russia’s super-rich have given up residency to escape a 2014 law requiring them to disclose offshore assets, wealthy businessmen told Reuters, a practice that could keep billions of dollars hidden from Moscow’s tax authorities. Interviews with more than a dozen people familiar with the practice —… – Continue reading
Revealing the secret identifies behind shell companies and opaque trusts is the “new frontier” in fighting tax evasion, says the OECD’s head of tax Pascal Saint-Amans. In an exclusive interview with Fairfax Media, Mr Saint-Amans also spoke about the Turnbull government’s tougher domestic laws aimed at cracking down on multinational… – Continue reading
The amount of disputed tax relating to the transfer pricing of the U.K.’s largest businesses has risen 60 percent in the past year, according to law firm Pinsent Masons. Her Majesty’s Revenue and Customs, the U.K.’s tax authority, is reviewing as much as 3.8 billion pounds ($4.9 billion) of large… – Continue reading
Brazil, Greece, Argentina, China among the top 10 most complex Cayman Islands, Hong Kong, BVI, UAE the easiest places in the world for Accounting and Tax LONDON–(BUSINESS WIRE)–Turkey is the most complex place in the world for Accounting and Tax compliance, followed by Brazil, Italy, Greece and Vietnam – according… – Continue reading
Dutch tax authorities will publicly disclose the type and number of rulings awarded to corporations every year, the country’s deputy finance minister pledged. Eric Wiebes said during a June 1 plenary debate in the House of Representatives that he would require the country’s tax administration to issue an annual report… – Continue reading
The German upper house of Parliament, the Bundesrat, passed a bill June 2 to stymie tax evasion through letterbox companies as part of a wider crackdown on illegal tax practices in light of last year’s Panama Papers scandal. The bill, which will become law after being signed by the German… – Continue reading
A study released May 28 by University of California Berkeley economist Gabriel Zucman and two Scandinavian colleagues, “Tax Evasion and Inequality,” demonstrates that global wealth inequality is drastically underestimated in official statistics because of how successful the super-rich are at evading taxes. According to the paper, the super-rich, that is… – Continue reading
Noting a substantial drop in the tax burden in Romania, the International Monetary Fund has called on lawmakers to avoid further tax cuts. The IMF said that successive tax burden-cutting measures, impacting value-added tax (VAT), fuel excises, and health contributions had resulted in a drop in revenue worth nearly 2.5… – Continue reading
Taxpayers laundering tax-evaded money through gifts received fromparents, siblings and spouses who are out of tax net or have no known sources of income ISLAMABAD: The Anti Money Laundering Cell of the Directorate General of Intelligence & Investigation, Islamabad has started investigating cases of money laundering committed through gift back… – Continue reading
