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 French Government has warned taxpayers that they have until the end of this year to disclose undeclared assets under its tax amnesty scheme, which as been running for more than four years. The Processing of Corrective Declarations (STDR) scheme was introduced by a circular dated June 21, 2013, and… – Continue reading
JAKARTA — Indonesia’s government has issued new regulations aimed at tracing and taxing the wealth of taxpayers who were not pardoned in the nine-month tax amnesty that ended in March. Around 972,000 taxpayers joined the amnesty programme and declared assets worth a total of 4,881 trillion rupiah (272 billion pounds)…. – Continue reading
Finance Minister Sri Mulyani Indrawati has claimed that the tax revenue target of Rp 1.61 quadrillion (US$ 120.40 billion), as stated in the draft 2018 state budget, is realistic as it is only a 9.30 percent increase from this year’s target of Rp 1.47 quadrillion. This projection is relatively moderate… – Continue reading
In an effort to create a ‘level playing field’, Asian economies are committing to new standards of transparency At the risk of losing some foreign investors, Asian jurisdictions are stepping up efforts to combat corporate tax avoidance to meet new global transparency standards. More than a dozen Asia-Pacific jurisdictions have… – Continue reading
New law to fulfill requirements under OCED’s AEOI framework Move could unlock billions of dollars of assets kept abroad Indonesia moved a step closer to hunting down tens of billions of dollars it believes its citizens have hidden abroad after political parties agreed to seek a parliamentary approval for a… – Continue reading
MANILA, Philippines – Investment bank Credit Suisse said an effective tax amnesty program would face hurdles in the Philippines due to the country’s strict banking secrecy law. In its Asian daily report titled “Philippines: Credible threat still lacking,” Credit Suisse economist Michael Wan said the planned program announced by Finance… – Continue reading
Singapore is home to the majority of the Rp 1,174-trillion assets overseas owned by Indonesians, which had been declared and repatriated to Indonesia under the Tax Amnesty program. Indonesia, GIVnews.com – Indonesia’s tax amnesty program has proven public claim that Singapore is a favorable place for wealthy Indonesians to store… – Continue reading
Italian and Swiss tax authorities have signed an accord to improve the exchange of information to fight tax evasion, the Italian economy ministry said on Tuesday. The agreement took effect at the start of this month and aims to further enhance transparency following a previous accord which was introduced last… – Continue reading
The government has been urged to publish guidelines on how taxpayers will declare their offshore assets and income to take advantage of a tax amnesty for income earned outside the country. PWC tax partner Rajesh Shah says the guidelines and regulations should have been published by December 2016 adding that… – Continue reading
Indonesia has entered the third phase of its tax amnesty program, which was first launched in July 2016 to boost the country’s meagre revenue by collecting previously unreported funds hidden by wealthy citizens abroad and at home. The country, which has long struggled to increase its tax revenue, has so… – Continue reading
The Offshore Compliance Advisory Committee issued a report in December 2016 to the Canada Revenue Agency about the Voluntary Disclosures Program (VDP or tax amnesty). If a taxpayer submits a successful income tax or GST/HST voluntary disclosure program application then generally criminal income tax prosecution and civil tax penalties under… – Continue reading
In efforts towards global transparency, over 100 countries have agreed to automatically exchange information relating to financial accounts (AEOI) with each other under the Convention on Mutual Administrative Assistance in Tax Matters (Convention). The OECD had also developed the Common Reporting Standards (CRS) which set out the common information to… – Continue reading
The Israel Tax Authority says Americans have provided information on 35,000 accounts held by Israelis in the U.S. and on an unspecified number of American accounts in Israel. The Israel Tax Authority said Monday it had begun passing on data on Israeli bank accounts held by American citizens and Green… – Continue reading
On December 23, 2016, the US ambassadors and Alberto Abad signed an agreement for the exchange of tax information on request. 1. Introduction For the past few years, Argentina has been an active participant in the progress of exchange of international tax information. More than seventeen agreements have been signed… – Continue reading
Indonesia is widening its tax net to target global technology giants like Google and Facebook Inc., a strategy that’s raising red flags for fear it may deter foreign investment. Finance Minister Sri Mulyani Indrawati is seeking to squeeze more revenue out of an economy that’s been hit by weak commodity… – Continue reading
Indonesia’s government must make it clear to errant taxpayers that an amnesty program, which has revealed almost $300 billion in undeclared assets, is the last chance to fix their affairs before full penalties are applied, the Organisation for Economic Cooperation and Development said. “Authorities must communicate clearly that this offer… – Continue reading
Finance Minister Sri Mulyani Indrawati has said the ongoing tax amnesty program was in line with global efforts to prevent and combat tax base erosion and profit shifting (BEPS) and would not accommodate any money laundering efforts. Tax amnesty programs have brought benefits to the many countries that have implemented… – Continue reading
In July 2016 the then Indonesian finance minister Bambang Brodjonegoro, in conjunction with the launch of the widely publicized tax amnesty program (TAP) for undeclared offshore assets, also laid out less publicized plans for a new tax haven on the islands of Bintan and Rempang (Proposed Tax Haven). A key… – Continue reading
Nigeria’s Federal Inland Revenue Service (FIRS) has announced that a tax amnesty is now in operation for undeclared tax liabilities for the three years from 2013 to 2015. To avoid the payment of tax penalties and interest for those years, taxpayers must declare their tax dues by November 24, 2016…. – Continue reading
The Indonesian government recently launched tax hunt on Google Indonesia. If Google were indeed guilty of tax avoidance, it would have to pay a huge price for its actions. But Google is not alone in avoiding paying tax to Indonesian government. Indonesians and Indonesian companies are squirrelling their wealths in… – Continue reading
Jakarta. Tax dodgers and taxpayers who have underreported their wealth in the past and who now seek to rectify the situation should join the tax amnesty program as they will not be able to hide once a system for the automatic exchange of financial information between states comes into effect… – Continue reading
During his remarks at a September 26 meeting with Argentine Finance Minister Alfonso Prat-Gay in Buenos Aires, US Treasury Secretary Jack Lew disclosed that the two countries are to negotiate a comprehensive double taxation agreement, to include provisions for the exchange of tax information. “To accelerate the process of sharing… – Continue reading
Indonesian Finance Minister Sri Mulyani Indrawati was at a court hearing in Jakarta on Tuesday (20/09) to defend the legality of the nation’s tax amnesty program. In July 2016 legal activists, gathered within the One Justice Foundation (Yayasan Satu Keadilan) and Indonesian People’s Struggle Union (Serikat Perjuangan Rakyat Indonesia), filed… – Continue reading
The government has stepped up efforts to collect what it says are millions of dollars of outstanding tax liabilities from Singapore-based Google Asia Pacific Pte. Ltd., which has allegedly booked hefty revenue from Indonesian advertisers without paying proper taxes. The message to the tech giant is clear: we want a… – Continue reading
Auditing and tax advisory firm KPMG is calling for establishment of the T&T Revenue Authority (TTRA) so there can be a structured way of collecting taxes. “The current main tax authority does not appear to have structured means, if any, of treating with businesses that conceal transaction to avoid tax… – Continue reading
President Joko Widodo remarked that Indonesia supports the implementation of automatic exchange of financial information in tax matters between countries. This, he said, would lead to enhanced income for the developing countries. “Indonesia encourages an international tax system that is fair and transparent,” President Joko Widodo said in his speech… – Continue reading
Today, we see more enthusiasm for tax reform in Indonesia. Although opposed by some civil society groups, President Joko “Jokowi” Widodo’s administration continues to push its fiscal framework reform — which includes a tax amnesty and more incentives for taxpayers. Last year, the Finance Ministry issued a new tax holiday… – Continue reading
Gov’t sends bill to Congress to force banks to share account data automatically Described by government officials as a “lethal blow” to bank secrecy, Uruguay has sent a bill to Congress that will force banks to automatically provide the DGI tax bureau information on the accounts held by individuals and… – Continue reading
In the latest move to revamp the tax system in Indonesia, the government is considering setting up tax haven areas to entice home money that was stashed abroad. The idea was initiated by former finance minister Bambang Brodjonegoro who believed that the distinct region could facilitate the investment of funds… – Continue reading
Indonesian Finance Minister Sri Mulyani Indrawati warned tax dodgers that an eight-month tax amnesty programme was their last opportunity to have all of their “sins deleted” or face “hell” afterwards. In her first interview with the foreign media since returning as minister, the former World Bank managing director also told… – Continue reading
Indonesia has defined two islands near Singapore as its own tax havens to prevent taxpayers from keeping their assets offshore – in Singapore, for example. The two islands identified by Indonesia are Bintan and Rempang, according to a report on Monday in the Singaporean daily «Straits Times» and a story… – Continue reading
“Maybe lower the income tax from 25 percent to 20 percent first, then 17 percent.” The government will once again provide the public with tax break following its tax amnesty program. It is currently reviewing a plan to lower income tax rates and the possibility of establishing a tax haven,… – Continue reading
Indonesia will be among the first to join the group of countries adopting the Automatic Exchange of Information (AEOI) in 2018. AEOI would provide automatic exchange of tax information among the members of the group. All bank accounts in the world would be accessible for taxable assets. Dishonest and greedy… – Continue reading
Indonesia is demanding healthy, fair and transparent taxation practices at the recent G20 meeting in Chengdu, China, as the country struggles to widen its stubbornly narrow tax base. Finance Minister Bambang Brodjonegoro intervened in the G20 High Level Tax Symposium by stating that the Indonesian government wanted fair and transparent… – Continue reading
Indonesia and India are both doubling down on efforts to lure back funds that citizens have parked overseas Indonesia and India are both doubling down on efforts to lure back funds that citizens have parked overseas in places like Singapore. The stash, from the two countries combined, could amount to… – Continue reading
Government most likely not to access bank data of Argentines in States despite deal As the whitewash bill is set to be approved this week, the government seeks to sign an assets deal with the United States to have access to data of the bank accounts of Argentines in the… – Continue reading
Four relatives of the Spanish king benefitted from an amnesty on tax evasion to ‘regularize’ previously undeclared assets worth over €4million, it has emerged. An elderly relative of the King, her son and two of her grandchildren, paid less than two percent to Spain’s treasury in order to make their… – Continue reading
The government should immediately withdraw key tax avoidance provisions from the income tax law and investigate sources of foreign remittances under section 111(4) of the Income Tax Ordinance 2001 and other blanket amnesty/immunity clauses in the tax laws through Statutory Regulatory Orders (SROs). A tax lawyer Waheed Shahzad Butt told… – Continue reading
Despite best intentions of the government, there have been little or no takers for India-based fund managers In 2015, the Indian government took a commendable step by introducing a new provision in the Income-tax Act, 1961 (i.e. section 9A), to promote India as a fund manager jurisdiction, and to encourage… – Continue reading
Indonesia hopes its plans for a tax amnesty will dissuade companies from channelling profits through overseas tax havens and shopping around for the most advantageous tax treaties, its finance minister said on Wednesday. Bambang Brodjonegoro said he suspected Indonesian firms of setting up “special purpose vehicles” (SPVs) to benefit both… – Continue reading
For the last five years, the U.S. has waged a strong battle against offshore tax evasion. In 2010, America began its boldest crackdown with the enactment of the Foreign Account Tax Compliance Act (known widely as “FATCA”). FATCA requires foreign financial institutions (e.g., banks, investment houses, etc.) doing business in… – Continue reading
Anthea Scholtz calls for a careful balance between ‘spending’ and ‘revenue-generating’ activities. All eyes will be on Parliament on 24 February 2016 when South Africa’s annual national Budget will be presented by the newly re-appointed Minister of Finance Pravin Gordhan. The Budget speech has over the years given South Africans… – Continue reading
FINANCE Minister Pravin Gordhan is widely expected to announce a new foreign exchange control and tax amnesty in his budget on Wednesday in a bid to encourage taxpayers who have not disclosed billions of rand worth of offshore assets to declare them and pay the due tax. The move would… – Continue reading
The push for a tax amnesty has attracted a fair amount of criticism and even rebuke from analysts, the International Monetary Fund, the Organization for Economic Cooperation and Development (OECD), the World Bank and even the Corruption Eradication Commission (KPK). Yustinus Prastowo, a respectable tax analyst, went so far as… – Continue reading
Indonesian lawmakers are expected to pass a new tax amnesty aimed at encouraging wealthy citizens with billions of dollars in assets abroad to come clean with the taxman. The Bill is likely to be pushed through with little resistance in Parliament in the weeks ahead, given that the Golkar party… – Continue reading
Voluntary Disclosure & CRA Annual Report to Parliament – General Information CRA has provided the latest statistics about the tax amnesty or voluntary disclosure program (VDP) for the previous fiscal year. CRA provides an annual report to parliament that provides a wealth of information about its activities over the past… – Continue reading
The announcement of another tax and exchange control amnesty in this year’s budget is keenly awaited by some South African taxpayers. The looming implementation of the Common Reporting Standard for the automatic exchange of financial information between more than a hundred countries seems to be fueling the desire for another… – Continue reading
Finance Minister Bambang Brodjonegoro officially announced the aggregate tax revenue for 2015, amounting to Rp 1 quadrillion (US$72.46 billion). This record breaking number, however, was far below the target, by more than Rp 230 trillion. Still, the minister claimed the results were a decent achievement. This is true, especially because… – Continue reading
Residents of Brazil with undeclared offshore assets can now voluntarily declare and regularise their tax affairs without facing criminal prosecution and only face a one-off charge and penalty. All individuals and legal entities who were resident or domiciled in Brazil on 31 December 2014, can voluntarily declare previously undisclosed goods… – Continue reading
