The good news: Indonesia to scrap the recently announced 10pc tax on cattle sales. The bad news: Unless permit dispensations are secured soon, there will be no cattle exports from Australia to Indonesia in April. The 10 percent Value-Added Tax (VAT) introduced on cattle sales in Indonesia earlier this month… – Continue reading
A thorough rewrite of the Income Tax Act was highly needed, justice Dev Darshan Sud, president of the Income Tax Appellate Tribunal, told FE in a tacit call for the revisiting of the direct taxes code (DTC). A brainchild of the UPA government, the code was meant to consolidate, amend… – Continue reading
GE division makes millions in sales to health service, and is net beneficiary from UK Exchequer One of the biggest suppliers of equipment and testing services to the NHS pays barely any corporate tax in the UK, despite receiving hundreds of millions of pounds a year from medical sales to… – Continue reading
Coinciding with the World Economic Forum in Davos this week Oxfam has issued a report – entitled An Economy for the 1% – outlining how wealth inequality has grown to the stage where 62 of the world’s richest people own as much as the poorest half of the world’s people… – Continue reading
LAHORE: Directorate of Intelligence Inland Revenue (I&IR), Federal Board of Revenue (FBR) in a raid recovered, impounded and retained record of a known educational institution in an income tax evasion case. The income tax evasion by the educational institution, which has around 100 branches of schools, colleges and different entrance… – Continue reading
THE lifting of Labuan’s tax-free haven status starting with alcoholic beverages, should it happen, is a quick way to boost Government coffers, although the overall impact may not be too significant. By rough estimates, Yeah Kim Leng, economist and dean at the school of business at Malaysia University of Science… – Continue reading
India to change laws in Union Budget to make country-by-country reporting mandatory for Indian multinationals New Delhi: India will change laws in the upcoming budget to make country-by-country reporting mandatory for Indian multinationals to ensure they follow so-called base erosion and profit shifting (BEPS) guidelines. The norms were announced in… – Continue reading
The redomiciliation of companies (ie, movement of a company incorporated in one jurisdiction to another, retaining its legal character) is not recognised under Chilean law. This means that in order to move to Chile, a foreign company must establish a branch or create a subsidiary there. It cannot move its… – Continue reading
Multinational companies are facing severe constraints on their ability to avoid taxes on their activities in Europe as regulators seek to close loopholes laid bare by the LuxLeaks scandal Pierre Moscovici, the EU’s tax policy chief, will set out plans next week to curb practices such as using debt interest… – Continue reading
After designers Domenico Dolce and Stefano Gabbana spent almost eight years battling in Italian courts to protect their brand and their honesty — Italian fashion house Dolce & Gabbana was officially cleared of all tax evasion charges this week. “Finally,” Dolce’s lawyer, Massimo Dinoia, told WWD about the end of… – Continue reading
While most computer users are likely familiar with Adobe products, they are probably not aware of the company’s tax-dodging practices. The maker of the ubiquitous PDF reader and Flash software earlier this week released its annual report, which revealed the company is rapidly diverting profits offshore. Its stash of “permanently… – Continue reading
The International Monetary Fund (IMF) has welcomed the Ghanaian Government’s fiscal consolidation efforts, including its various revenue-raising initiatives. The Government is seeking to implement an adjustment of two percent of gross domestic product (GDP). This would bring the country’s deficit to about 5.3 percent of GDP in 2016. Over the… – Continue reading
Study abroad programmes will be exempt from a new 25% tax on overseas payments that was announced last week, the Department of Federal Revenue has announced, prompting a sigh of relief among stakeholders that send and receive Brazilian students abroad. The new levy prompted widespread concern in the study abroad… – Continue reading
Mozambique may introduce an LNG-specific tax regime for its giant Rovuma Basin projects if new petroleum tax regulations prove too tough for investors in today’s $30 per barrel oil environment. “Amendments to the tax law framework that were made [when oil prices were high] may serve Mozambique less well right… – Continue reading
The abolition of Personal Income Tax (PIT) and contrasting increase in the Revenue Recovery Charge (RRC) from 10 to 13 per cent, is set to see a shift in the burden on taxpayers in the coming months. Prime Minister Gaston Browne in delivering the 2016 Budget Speech, on Thursday, announced… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has issued a detailed clarification, which clearly defines that the federal government is authorised to levy sales tax on supply and manufacturing of goods, whereas the power to levy sales tax on services have been vested with provinces. The clarification was made in… – Continue reading
Generally, if a South African taxpayer sells shares in a foreign company, he will be hit with South African capital gains tax (CGT) on any gain realised on that sale. However, South Africa provides exemptions from this CGT in certain circumstances, one of which relates to the sale of foreign… – Continue reading
One of the biggest financial benefits of owning a home is qualifying for the tax breaks that homeowners are eligible to receive. Many of the tax deductions for home-related expenses are well-known, but others often slip under the radar. Below, we’ll run through the list of deductions for homeowners that… – Continue reading
In response to contentions expressed over double taxation by a KCCI delegation during its recent meeting with Chairman FBR, the Federal Board of Revenue (FBR) has issued a detailed clarification which clearly defines that the federal government is authorised to levy sales tax on supply and manufacturing of goods whereas… – Continue reading
A group of businesses in the Welsh town of Crickhowell have gone offshore as part of a campaign to try and get HMRC to change tax laws. The Welsh town of Crickhowell is spearheading a unique campaign to get HM Revenue & Customs (HMRC) to change the laws so companies… – Continue reading
The Mauritius Revenue Authority (MRA) has confirmed the first exchanges of information under the Common Reporting Standard will now take place from September 2018, rather than September 2017. The OECD’s CRS, the new global standard for automatic exchange of information for tax purposes, obliges all participating countries and jurisdictions to… – Continue reading
It’s a whopping four and a half thousand miles away from the UK but the Cayman Islands is a slice of British-overseas paradise. Watched over by a Governor appointed from Whitehall, the Caymans are technically British. But there’s a huge difference between that island and the UK: no-one seems to… – Continue reading
London-based international law firm Edwin Coe has become a member of a global alliance of lawyers spread across 41 countries. The International Alliance of Law Firms, founded in 1990, already has 60 member firms in EMEA, the US, Latin America, Canada, and Asia-Pacific. Its website describes itself as “an international… – Continue reading
Tax dodging by the super-rich is one of the main drivers of global income inequality and must be sharply curtailed, according to a new report from the global nonprofit Oxfam. Citing research by Berkeley economist Gabriel Zucman — a protégé of Thomas Piketty, author of the global bestseller on inequality,… – Continue reading
Ireland’s insistence that it is not a tax haven and that in fact other EU countries have tax regimes that facilitate tax dodging by multinationals will be borne out by a study to be released next week. But while this will be good news to Finance Minister Michael Noonan a… – Continue reading
FOCUS: Major infrastructure projects and other purely commercial transactions could suffer collateral damage from proposals to reform the international tax system and prevent avoidance by multinationals. Rising tax costs could put additional strain on the viability of key projects. Infrastructure projects are capital intensive and often have a high level… – Continue reading
India’s biggest source of FDI is India itself, money departing on a short holiday to a tax haven and then routed back as FDI. Will the government muster up the political will to clamp down on the tax-allergic business elite? This could be a bumper year for the ever-lucrative tax… – Continue reading
Basseterre, St. Kitts, January 21, 2016 (SKNIS): The Honourable Mark Brantley, Minister of Foreign Affairs and Aviation, said that the Foreign Account Tax Compliance Act (FATCA) is demonstrative of the Federal Government’s seriousness in playing its role in an ever-changing global environment. He made these comments during an appearance on… – Continue reading
THE BUREAU of Internal Revenue (BIR) filed with the Department of Justice a criminal complaint against a “grey market” luxury car importer for P638.36-million tax evasion. In a Thursday briefing, Commissioner Kim S. Jacinto-Henares said the BIR found Eddie M. Estallo, Jr. liable for the tax after he filed inaccurate… – Continue reading
Budget to implement some of OECD’s standards on profit-shifting NEW DELHI, JANUARY 21:Large multinational enterprises (MNEs) may be required post-Budget to furnish to Indian tax authorities information on their global incomes and taxes. This move — a fallout of India agreeing to OECD’s Action Plan on Base Erosion and Profit… – Continue reading
The Argentine has been fined €815,000 and handed a year’s sentence for two counts of fiscal crimes committed in 2011 and 2012 Javier Mascherano has been sentenced to a year in prison but is unlikely to ever serve time in jail, after a verdict was reached in his tax evasion… – Continue reading
Apple Inc. is pushing back against an European tax investigation that could force the iPhone maker to pay more than $8 billion in back taxes. Chief Executive Officer Tim Cook met with the European Commission’s antitrust chief Margrethe Vestager in Brussels on Thursday to press the company’s case. After the… – Continue reading
According to their acolytes, the rich are great innovators and job creators. But they haven’t lived up to that billing in this century as both job growth and overall economic growth have been extraordinarily weak since 2000. If their benefit to the economy is in doubt, no one can dispute… – Continue reading
As from 1 January 2016, new rules have become effective in the Netherlands that require multinational enterprises (“MNEs“) to comply with new transfer pricing documentation requirements, including the obligation to prepare a Country-by-Country Report (“CbC Report“), a Master File and a Local File. These rules essentially implement Action 13 of… – Continue reading
Recent media coverage has prompted impassioned calls for Congress to close the “loopholes” that supposedly explain why the 400 richest taxpayers paid an average federal individual income tax rate of 16.7 percent in 2012. Unfortunately, these calls are based on outdated numbers and an incomplete picture of the tax system…. – Continue reading
Best positioned firms will upgrade technology infrastructure Financial institutions across Asia-Pacific are behind the curve when it comes to being prepared for evolving global tax reporting regulations. That’s according to a recent survey by Wolters Kluwer Financial Services and the GRC Institute, which indicates that more than 90% of financial… – Continue reading
Budget to implement some of OECD’s standards on profit-shifting NEW DELHI, JANUARY 21: Large multinational enterprises (MNEs) may be required post-Budget to furnish to Indian tax authorities information on their global incomes and taxes. This move — a fallout of India agreeing to OECD’s Action Plan on Base Erosion and… – Continue reading
The Yomiuri Shimbun Four international organizations will join forces to devise unified global tax rules aimed at preventing tax evasion by multinational companies. The four entities involved are the Organization for Economic Cooperation and Development, the United Nations, the International Monetary Fund and the World Bank. The OECD — whose… – Continue reading
THE Canada Revenue Agency (CRA) has a new program that offers rewards to individuals who provide precise details about Canadians hiding money or assets offshore and not paying the taxes they owe. It is not illegal to invest money or hold accounts offshore but Canadian residents must report their worldwide… – Continue reading
The term double taxation refers to an exposure to tax more than once on the same profit or income. There are two types of double taxation i.e. economic double taxation and juridical double taxation. Economic double taxation is broad and occurs in a situation where an amount of income is… – Continue reading
The IRS believes it is owed millions of dollars from golf clubs taking tax deductions for environmental protections that are not appropriate. The Internal Revenue Service may never be able to get all of the tax dollars it expects from wealthy investors or corporations due to tax loopholes or offshore… – Continue reading
Largely as a result of interaction between the Estonian Tax and Customs Board and entrepreneurs on the subject of incorporation, 157 more people have started to pay payroll taxes and have paid altogether 210,000 euros in such taxes in three months, the tax authority said, cites LETA/BNS. “In connection with… – Continue reading
The taxation of ‘non-UK domiciled’ individuals has been a thorny political issue as successive governments have sought to crack down on those enjoying what some have seen as an excessively benign tax regime The taxation of ‘non-UK domiciled’ individuals has been a thorny political issue as successive governments have sought… – Continue reading
Having companies pay their tax where they make their profits is the best way to resolve unfair tax competition between member states, Competition Commissioner Margarita Vestager said yesterday. She was responding to a European Parliament reporting calling for countries to forfeit tax that the Commission say companies should pay when… – Continue reading
Ireland’s emergence from economic meltdown provides a model for other nations, the Taoiseach has told the World Economic Forum. Enda Kenny also defended his country’s tax arrangements with multinational companies, telling the audience past claims that it was a tax haven for big businesses were without foundation. Mr Kenny took… – Continue reading
We all know that foreigners have been snapping up real estate in the United States for a while, but are they taxed the same way? Since the introduction of the Foreign Investment in Real Property Tax Act, called FIRPTA, in 1980, Congress has had a way to tax foreigners who… – Continue reading
The implementation of place of effective management (POEM) rules in the current scenario in India could not only hurt the nation’s outbound investments, but also discourage overseas multinational companies from setting up their regional hubs here, feel industry watchers. The draft guidelines for implementing POEM, which was released on December… – Continue reading
With the issue of tax evasion a political priority and firmly in the media spotlight, the Public Accounts Committee kick-started 2016 with an evidence session with top HMRC officials as part of its inquiry into: Tackling tax fraud: how HMRC responds to tax evasion, the hidden economy and criminal attacks…. – Continue reading
FROM April 2017, there will be a new main residence transferable inheritance tax threshold which will apply when a main home is passed on to a direct descendant. A direct descendent broadly means a child or grandchild and includes adopted children, foster children and stepchildren. The inheritance tax threshold, officially… – Continue reading
Hong Kong’s newly signed double tax deal with Russia is said to support the territory’s ongoing efforts to expand its tax treaty network with jurisdictions along “the Belt and Road.” The Belt and Road, or the Silk Road Economic Belt, is a Chinese Government economic development project, which is primarily… – Continue reading
