India collected INR24.28bn (USD363.4m) in taxes and penalties after 644 declarations were made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015. The Black Money Act, which came into force on July 1, 2015, provided taxpayers with a one-time compliance window to declare assets… – Continue reading
Indonesian President Joko Widodo’s government will start 2016 trying to get lawmakers to approve the country’s fourth tax amnesty since independence, a plan it says will lure back money stashed overseas to net an extra $4.4 billion of revenue this year. Bad move, say tax analysts, anti-corruption activists and the… – Continue reading
New actions for advisors to consider in light of these developments In the last quarter of 2015, Russia saw a flurry of changes concerning the tax amnesty program, de-offshoring and the reporting of foreign accounts. We highlight the most significant developments below. What the New Rules Say Tax amnesty. On… – Continue reading
Yet another amnesty scheme mocks honest taxpayers The Federal Board of Revenue (FBR) has once again admitted its failure in dealing with the powerful class of traders in forcing them to file tax returns as other persons do. The government of the day, as expected, is more than keen to… – Continue reading
The Luxembourg Parliament in December 2015 approved tax measures affecting both corporate and individual taxpayers. These provisions generally are effective beginning 2016, with a few measures applying retroactively as from 2015. Among the measures in the tax legislation are the following provisions: Transposition of amendments to the EU Parent-Subsidiary Directive… – Continue reading
IP regime To comply with the OECD’s BEPS reports and more specifically its action plan n° 5 regarding harmful tax practices, the Luxembourg intellectual property (“IP“) regime under article 50bis of the Luxembourg income tax law (“ITL“) will be repealed as from 1 July 2016. As such, the Luxembourg 80%… – Continue reading
A TAX amnesty introduced by the Fiji Revenue and Customs Authority netted the Government more than half a billion dollars within a span of six weeks. This was revealed by Attorney-General and Minister for Finance Aiyaz Sayed-Khaiyum during his closing remarks at the 17th A-G’s Conference in Natadola last Saturday…. – Continue reading
The Department of Justice announced today that Cornèr Banca SA (Cornèr) and Bank Coop AG (Bank Coop) reached resolutions under the department’s Swiss Bank Program. The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United… – Continue reading
Half of requests to come clean came from Lombardy (ANSA) – Rome, December 9 – The government’s voluntary disclosure program will generate four billion euros in taxes by year’s end, Internal Revenue chief Rossella Orlandi said Wednesday. Hidden assets equal to 59.5 billion euros have emerged thanks to the voluntary… – Continue reading
ROME—The Italian government will pocket over €4 billion ($4.4 billion) in proceeds from a tax amnesty it launched as part of a broad crack down on Italian money stashed abroad. The additional money will be a boon for the government, as it seeks to meet its budget targets amid a… – Continue reading
