The Central Board of Direct Taxes ( CBDT ) has released Central Action Plan for the First Quarter April 2018 to June 2018 of the FY 2018-2019. The Key Result Areas of the Action Plan and the Time Frame in the which it is to be achieved has been categorically… – Continue reading
The Centre for Trade Policy and Development (CTPD) has commended the Zambia Revenue Authority (ZRA) for exposing the tax evasion scam worth K76.5 billion in the extractive sector. The center has also welcomed intentions by the authority to undertake an extensive audit of mining companies. CTPD Executive Director Isaac Mwaipopo… – Continue reading
Swiss authorities have received requests for information concerning potential secret Swiss bank accounts linked to the Delhi-based microfinance NGO Sarvajan Unnati Bodhini.... - Continue reading
Jakarta. Indonesia’s tax office plans to spend hundreds of millions of dollars to update its outdated technology to boost low tax compliance and raise revenue collection in Southeast Asia’s largest economy, the country’s tax chief told Reuters. Indonesia completed one of the world’s most successful tax amnesties in 2017, but… – Continue reading
British lawmakers are shifting their focus towards the offshores and tax havens detailed in the Panama and Paradise papers, in order to improve tax collection, curb multinationals’ tax avoidance practices, and track the money flows of ill-gotten gains. Kristian Rouz — Members of Parliament (MPs) are set to investigate the… – Continue reading
The Ghana Revenue Authority (GRA) would, this year, start charging seven per cent VAT Withholding Tax on individuals and entities that transact business with the Ministries, Departments and Agencies (MDAs). “What we are seeking to do is that as a person is charging the 17.5 VAT on build-up cost of… – Continue reading
Those who hold an account (or are a controlling person) with Hong Kong Financial Institutions – both individuals and entities – must prepare to report their tax residency information to the Inland Revenue Department (IRD) by May 2018 for exchange with 75 reportable jurisdictions under the AEOI standard. In September… – Continue reading
While more and more people who can’t afford to pay council tax are being prosecuted and jailed. Not a single person has been jailed or even prosecuted for tax evasion since the Tories brought in what they claimed were “tough” new measures against tax dodgers, it was shown today. Two… – Continue reading
NEW DELHI, MARCH 11 Worried about tax evasion under the Goods and Services Tax (GST), officials are keen that the new returns filing system should ensure that the tax is first paid before the credit is given. Sources said inclusion of such a provision is one of the key differences… – Continue reading
THE International Monetary Fund (IMF) has observed that certain tax exemptions are narrowing Zambia’s tax base which urgently needs to be broadened to allow Government collect more revenue for development. IMF Zambia country representative, Alfredo Baldini, observed that tax exemptions on certain areas which had special treatment were narrowing the… – Continue reading
KUALA LUMPUR: The Inland Revenue Board (IRB) will raise the level of awareness among taxpayers and boost compliance rate among them to achieve a collection target of RM134.7 billion this year. It chief executive officer (CEO) Datuk Seri Sabin Samitah said that in 2017, tax collection rose by 8.15% compared… – Continue reading
The Spanish tax authority has published its annual tax and customs control plan for 2018, which details the tax compliance and enforcement measures that it intends to undertake in the coming year. The plan, published by the tax authority on January 23, features four key pillars: preventative measures, including a… – Continue reading
The European Commission has recommended that the EU Council approve a request from Italy to derogate from the VAT Directive in introducing a mandatory electronic invoicing obligation on all taxable persons established in Italy except exempt small firms. In its request, Italy submitted that introducing an obligation to provide such… – Continue reading
Despite failing to achieve revenue collection targets last year, the Indonesian Government has set an ambitious goal for 2018 of boosting collections by 20 percent. Indonesia posted a nine percent shortfall against budget targets in 2017. However, the Government hopes to considerably boost the tax take in 2018, bargaining on… – Continue reading
Jakarta. Indonesia failed to meet its tax revenue target in 2017, posting Rp 132.1 trillion — around $9.5 billion — in tax shortfall from the target set in last year’s revised budget, its Finance Ministry announced on Tuesday (02/01). Finance Minister Sri Mulyani Indrawati said the 2017 tax target was… – Continue reading
The GOP’s consolidated tax bill, unveiled Friday, could be bad news for Puerto Rico. That’s because Puerto Rico is sometimes considered a foreign country for tax purposes. The designation means corporations doing business on the island could face a minimum 10 percent tax on profits abroad, as well as a… – Continue reading
For a nation of nearly 200 million people, not many Nigerians pay taxes. Indeed, as of May 2017, only 14 million—or one in five—of Nigeria’s estimated 70 million economically active citizens were paying taxes. As such, Nigeria’s government has typically earned much less than it could have from taxes. Back… – Continue reading
Government is seeking to pass a bill that will allow for exchange of information on tax activities of business owners who work abroad and also operate in Ghana. The bill which is known as the Standard for Automatic Exchange of Financial Account Information has been laid before parliament. Speaking to… – Continue reading
ACCRA, Nov. 10 (Xinhua) — Ghana’s Vice-President Mahamudu Bawumia said on Friday Ghana was leveraging technology to broaden the tax base and enhance tax collection. He believes that Ghana has reached a stage in its development where it must adopt appropriate, current and improved technology to make tax administration convenient… – Continue reading
Thirty-eight African tax authorities recently converged in Abuja for the International Conference on Tax in Africa. The group discussed ways to boost revenues in Africa, in particular and how to improve collection of corporate income tax, reports Nduka Chiejina (Assistant Editor) Tax collection has never been a piece of cake… – Continue reading
The statement credited to the International Monetary Fund (IMF) that the country may be operating one of the weakest tax regimes within sub Sahara Africa and beyond has sparked off a controversy of some sort with most Nigerians arguing to the contrary. Ibrahim Apekhade Yusuf in this report examines the… – Continue reading
New Delhi, October 11: The Central Board of Direct Taxes (CBDT) on Wednesday revealed that the net direct tax collection up to September 2017 is Rs. 3.86 lakh crore. The amount is 15.8% higher than the net collection for a corresponding period of last year. The CBDT informed that the… – Continue reading
AMMAN — The major objective behind amending the Income Tax Law is not to expand the taxpayer base but to primarily address tax evasion and improve tax compliance, a senior official said. The official, familiar with the changes under way to the Income Tax Law, cited Prime Minister Hani Mulki’s… – Continue reading
BRUSSELS — European competition regulators on Wednesday mounted a push against tax avoidance by Silicon Valley giants, announcing plans to take Ireland to court for failing to collect back taxes from Apple and ordering Luxembourg to claim unpaid taxes from Amazon. The effort, which comes as the European Union considers… – Continue reading
IRS Issues FATCA Taxpayer Identification Number Guidance: Today, the IRS issued Notice 2017-46, which modifies the requirements for financial institutions to collect taxpayer identification numbers (TINs) as part of the Foreign Account Tax Compliance Act (FATCA). The notice provides that foreign financial institutions (FFIs) required to report TINs for US… – Continue reading
KARACHI: The tax authorities have kicked off a planned program under which they share foreign individuals’ financial-account information with the member countries of the Organization for Economic Cooperation and Development (OECD), sources said on Saturday/ The Federal Board of Revenue (FBR), issued a notification regarding the schedule for exchange of… – Continue reading
Finance ministers discuss new tax plans in Tallinn, Estonia France’s Le Maire says EU citizens ‘outraged’ by situation European Union finance ministers are developing a new way to tax digital companies such as Amazon.com Inc. and Facebook Inc. to raise money from an industry that they say provides less than… – Continue reading
The Ebonyi State Government has threatened to drag some establishments operated by the Nigerian Government in the state to court over alleged tax evasion and failure to make remittances due to the state. This was made known during the weekend by the state Commissioner for Finance and Economic Development, Dennis… – Continue reading
KARACHI: Number of annual income tax return filers increased 16 percent to more than 1.24 million till August 27 due to efforts of tax machinery and higher withholding tax rates for non-compliant taxpayers, an official document showed. The number of return filers for the tax year 2015 stood at 1.07… – Continue reading
The Zimbabwe Revenue Authority (Zimra) is making strides to increase tax evasion penalties to punish tax evaders, amid revelations the taxman is currently collecting 30% of the prospective tax revenue. Zimra board chairperson Willia Bonyongwe yesterday told delegates at the EY tax seminar that there were efforts to increase tax… – Continue reading
SINGAPORE, Aug. 24 (Xinhua) — The Inland Revenue Authority of Singapore (IRAS) publicized its annual report on Thursday, showing it collected 47 billion Singapore dollars (about 34.53 billion U.S. dollars) in tax revenue in Financial Year 2016/17, up 5 percent from the past financial year. IRAS attributes the revenue collection… – Continue reading
The Budget Advocacy Network (BAN) has called on the country’s revenue authority to push for better taxation not more taxation. In its Transfer Pricing Report, BAN identified that such efforts hold the potential to stimulate further growth and investment whilst also allowing for increased levels of tax collection. The huge… – Continue reading
HÀ NỘI — A number of enterprises have taken advantage of technology used for tax collection to avoid paying taxes. The Law on Value Added Tax (VAT) regulates that unprocessed, or preliminarily processed, agricultural, forestry and aquatic products imported from foreign countries are not subject to VAT. However, if these… – 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
France intends to appeal against a recent court decision in favor of Google in a major tax avoidance case, but is open to settling the dispute outside of court, a government minister has said. In an interview with Les Echos, Minister of Action and Public Accounts, Gerald Darmanin, said that… – Continue reading
Most Asian countries are not collecting enough tax to meet their goals and they need to boost revenue by taking steps at home and by working with other countries, the deputy managing director of the International Monetary Fund said. In much of Asia, the tax-to-GDP ratio “consistently” falls below the… – Continue reading
Move to maximise revenue collections this fiscal The Income-Tax Department is likely to monitor transactions by e-commerce firms in the coming year to maximise revenue collections including those from the equalisation levy. This is part of the enforcement strategy in the Central Board of Director Taxes (CBDT) action plan for… – Continue reading
The Botswana Unified Revenue Service (BURS) says tax avoidance schemes such as transfer pricing, base erosion and profit shifting appear to be on the rise in the country. Transfer pricing is regarded as a tax avoidance scheme in which multinational corporations shift profits to low tax jurisdictions and avoid taxes… – Continue reading
KARACHI: The rate of withholding tax for non-filers against the winning amount on prize bonds has been increased to 25 percent from the existing 20 percent. The government through the Finance Bill, 2017 has proposed stern measures for non-filers in order to broaden the tax base and generate revenue. In… – Continue reading
ABUJA, May 22 (Reuters) – Nigeria will increase the interest rate on unpaid taxes to discourage companies and individuals from paying late and racking up a larger debt, the finance ministry said on Monday. The ministry said the measure will take effect on July 1 and that the rate would… – Continue reading
REVENUE generated from taxing offshore gaming operations here is expected to double in 2017, or less than a year since the industry was regulated, with the Philippine Amusement Gaming Corporation’s (PAGCOR) online gaming arm noting high demand for licenses. PAGCOR’s recently established Philippine Offshore Gaming Operators (POGO) estimates that it… – Continue reading
Lebanon became the 111th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 12, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading
Sub-Saharan African countries should look to tap tax revenues outside natural resources, to finance stimulus measures that could reinvigorate their ailing economies, a new report from the International Monetary Fund says. The IMF’s Regional Economic Outlook for Sub-Saharan Africa report, released on May 9, notes that growth in the Sub-Saharan… – Continue reading
A parliamentary commission will consider the introduction of a new legal obligation for tax advisers to disclose information about advice on tax mitigation to the Swedish Tax Agency, Skatteverket. Under the proposed rules, tax attorneys would be required to provide details of which clients have received advice on tax reduction… – Continue reading
Slovakia should tackle value-added tax and corporate tax evasion, the International Monetary Fund has said. In its annual report for the country, the Fund said that measures to target tax fraud and non-compliance have reduced the VAT gap – the amount lost compared with the theoretical maximum were the headline… – Continue reading
The OECD and the International Monetary Fund have submitted to the Group of Twenty (G-20) nations a report on improving tax certainty for businesses. The report follows a global survey of more than 700 large, multinational businesses and a survey of 25 advanced nation tax administrations. The report highlights several… – Continue reading
These three CGT exclusions have remained unchanged for five years. Over the last few years government has collected a significant amount of tax revenue by not fully adjusting the personal income tax tables for inflationary increases in earnings, thereby increasing the effective tax rate of individuals. A middle-class individual earning… – Continue reading
The Italian Revenue Agency is stepping up its fight against international tax evasion. The tax authority will focus on undeclared funds and income held abroad by Italian taxpayers who have become resident abroad since January 1, 2010. Controls will be based on selected lists, which will first target the most… – Continue reading
The importance of taxation to a nation’s economic wealth and development cannot be overemphasised. However, the achievement of this goal is often undermined by tax evasion and deliberate attempts by multinationals to shift profits from one jurisdiction to another, amongst others. Over the years, Nigeria has attempted to use taxation… – Continue reading
Greece needs to overhaul its tax system as part of the solution to the country’s economic woes, the International Monetary Fund said in its annual Article IV report for the country. In a report that echoed previous years’ recommendations, the Fund said that Greece must broaden its income tax base,… – Continue reading
