KARACHI: People are awaiting budget announcement for the next fiscal year of 2018/19 to declare their local and foreign assets and benefit from the new amnesty scheme, a senior tax practitioner said on Wednesday. Khalid Mahmood, president of the Karachi Tax Bar Association (KTBA) said bar members are receiving a… – Continue reading
(Business in Cameroon) – During the inauguration of Nestlé Cameroon’s new production unit on April 12, 2018, in Douala, Pietro Lazerri, the Swiss ambassador to Cameroon informed that his country and Cameroon would initiate discussions to find a solution to the double taxation of companies operating in both countries. The… – Continue reading
The UK tax agency, HM Revenue and Customs, on April 16, 2018, released proposed changes to the list of amendments it intends to make to its bilateral double tax avoidance agreements through the OECD’s base erosion and profit shifting multilateral instrument. The new document – Proposed changes to the provisional… – Continue reading
Expanding the tax base under the existing conditions is like bleeding an anaemic person. A recent directive by President Yoweri Museveni to the Minister of Finance to tax users of social media platforms such as Facebook and WhatsApp in a bid to widen the country’s tax base has stirred a… – Continue reading
The champagne mood in Swiss private banking is certainly reflected in the results of an international survey by the banking federation. However dangers also lurk, and in many areas. Swiss private banks have withstood the upheavals in the sector in recent years fairly well. But the «clean money» strategy, greater… – Continue reading
Saving American jobs from going overseas was the cornerstone of candidate Trump’s populist campaign for president. “We’re just shipping company after company after company is leaving this country and leaving jobs behind,” Trump said in March of 2016. “And I’m going to get it stopped.” In October of 2017, while… – Continue reading
IMF Section 2 – Article 8 “No member may impose restrictions without the approval of the International Monetary Fund on payments and remittances in respect of current international transactions” KUWAIT CITY, April 15: The thirty-first report of the National Assembly’s Finance and Economic Committee on bills on taxation of expatriate… – Continue reading
MACAO, April 16 (Xinhua) — An agreement was signed between China’s Macao Special Administrative Region (SAR) and Vietnam to avoid double taxation as well as prevent tax evasion, according to a press release by the Macao SAR’s financial service department on Monday. The agreement, signed by Macao SAR Secretary for… – Continue reading
The Central Board of Direct Taxes ( CBDT ) yesterday released a draft notification which proposes to amend Rule 44E, Form 34C, 34D and 34DA of Income Tax Rules, 1962 as per Base Erosion and Profit Shifting (BEPS) Action Item 5. The proposal has been made with a view to… – Continue reading
THE Bahamas will be unable to satisfy the European Union’s (EU) demands by merely promising to implement corporate taxation, a prominent attorney has warned. Michael Paton, who co-heads the financial services industry working group assessing the Government’s ‘blacklisting’ response, told Tribune Business in a recent interview that time and the… – Continue reading
The Bahamas could be removed from the European Union’s (EU) ‘blacklist’ as early as this Thursday, with the Government hoping to at least get “an indication” of delisting progress. K P Turnquest, Deputy Prime Minister, told Tribune Business that the Government was yesterday “following up” with EU officials on the… – Continue reading
ISLAMABAD: President Mamnoon Hussain on Sunday issued the Foreign Assets (Declaration and Repatriation) Ordinance bringing into effect a tax amnesty scheme announced by the prime minister earlier this week. The ordinance encompasses assets obtained on installments, declaration of property as per the “fair market value” and its confiscation by the… – Continue reading
The Seychelles has been told to deploy more resources to implement recommendations from the OECD on base erosion and profit shifting. Ingela Willfors, a United Nations tax expert from the Swedish Ministry of Finance, held discussions on implementation with the Seychelles’ Minister of Finance, Trade, and Economic Planning and in… – Continue reading
The Association for the Taxation of Financial Transactions and Citizen’s Action —or Attac for short —staged “die-in” protests at two French Apple stores on Saturday, once again charging the company with exploiting loopholes to avoid paying its fair share of taxes. Around 70 members participated in an action at the… – Continue reading
AN outspoken QC is backing the introduction of corporate and personal income taxes as a way to reduce “the gulf between rich and poor” in the Bahamas. Fred Smith QC, the Callenders & Co attorney and partner, has added his voice to those urging the Government to use the European… – Continue reading
The Government’s planned legal reforms pave the way for the introduction of “corporate taxation” on a wide range of Bahamian financial services products, it was revealed yesterday. Carl Bethel QC, the Attorney General, confirmed to Tribune Business that legislation intended to address the European Union’s (EU) ‘blacklisting’ concerns was designed… – Continue reading
Royalty taxation shall be set at 5% and 10%. The tax rate is being raised from 2% to 5%, while the zero taxation of dividends and royalty payments are being abolished. Such are the main changes in the Convention between Ukraine and the Kingdom of the Netherlands on double taxation… – Continue reading
The OECD on March 12 released a third round of peer reviews of countries’ efforts to implement the BEPS minimum standard on improving tax dispute resolution mechanisms. The peer reviews concern BEPS Action 14, on making dispute resolution more timely, effective, and efficient. The third round reports released relate to… – Continue reading
ULAN BATOR, March 5 (Xinhua) — Mongolia has formulated a draft law on tax reform in a bid to attract more investment and optimize the business environment, Prime Minister Ukhnaa Hurelsukh said on Monday. “We aim to encourage the fair businessmen and good taxpayers by reducing their taxes,” Hurelsukh said… – Continue reading
SUMMARY: The European Union has come under increasing pressure from the public to force global technology companies to pay their fair share of tax. Whilst Amazon is facing renewed criticism in the US for its tax structures, with reports that will effectively play zero federal tax this year, the European… – Continue reading
ISLAMABAD: A three-member committee, constituted by the Supreme Court of Pakistan, has proposed amendments to laws of Income Tax Ordinance (ITO), 2001 and Protection of Economic Reform Act, 1992, for removing legal lacunas as they consider it as pre-requisites for introducing yet another amnesty scheme to bring offshore assets into… – Continue reading
Russian president stresses the need for Russia to increase its involvement in blockchain tech, in order to avoid being “late in the race”. Russian president Vladimir Putin has fully endorsed blockchain technology, acknowledging its significance and emphasizing the importance of early adoption in order to avoid being left behind. As… – Continue reading
The offshore titans that rinse the UK population for all of its money then book it through Luxembourg, Ireland, Laos or the International Space Station or whatever they do, might be about to trigger a reworking of the tax laws specifically to stop the annual outrage at how little corporation… – Continue reading
NEW DELHI: The Indian and Kenyan governments have revised their double taxation avoidance agreement (DTAA) to bring down the withholding tax rates, protect treaty from abuse and check tax evasion, an official statement said on Thursday. The revised DTAA was notified on February 19, said a Finance Ministry statement. “The… – Continue reading
The Swiss Government is to ease the requirements on banks affected by the Too Big To Fail (TBTF) regime to ensure that they are not subject to an additional tax burden as a result of the legislation. The TBTF regime requires systematically important banks to have sufficient capital so that… – Continue reading
Australia’s Board of Taxation has published the results of its review into the taxation of bare trusts. The Board considered whether, and how, to legislate in respect of what it said was the widespread practice of disregarding or looking through these trusts for income tax purposes. This practice is maintained… – Continue reading
ASTANA. KAZINFORM Kazakhstan has ratified the Protocol between the Governments of Kazakhstan and India on introducing amendments to the Convention on the avoidance of double taxation, the press service of Akorda reports. Head of State Nursultan Nazarbayev signed the Law of the Republic of Kazakhstan “On Ratification of the Protocol… – Continue reading
The Bureau of Internal Revenue (BIR) said employees of regional operating headquarters (ROHQ) who used to enjoy preferential tax rates, will no longer be able to avail them beginning this year. In a tax advisory, the BIR said in view of the recent amendment of the provisions of Section 25(B),… – Continue reading
The recent U.S. tax overhaul could prompt U.S. multinationals to repatriate around $2 trillion (1.6 trillion euros), making a significant impact on global foreign direct investment, the U.N. said on Feb. 5. The forecast from the United Nations Conference on Trade and Development (UNCTAD) came just over a month after… – Continue reading
The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress Report on Tax… – Continue reading
Also, multinational companies with a physical presence in Israel will soon get their first tax bill Israel will need to amend its corporate tax policies to counter the effects of US President Donald Trump’s tax reform, the head of Israel’s Tax Authority head acknowledged — but only slightly. “There will… – Continue reading
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not… – Continue reading
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not… – Continue reading
LAHORE: Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif has instructed Prime Minister’s Adviser on Finance Economic Affairs and Revenue Miftah Ismail to implement tax reforms to strengthen the economy. During a meeting at his Raiwind residence, Nawaz instructed Miftah to refund 100 per cent sales tax to exporters by February… – Continue reading
The GOP tax bill that was signed into law by the white house late last year, significantly reduced corporate taxes which has piled pressure on other significant economies around the world to adjust so as not to lose investors to the United States. Just hours after President Trump signed the… – Continue reading
The “fair and efficient” taxation of corporate profits and the fight against tax avoidance and evasion through enhanced administrative cooperation are among the priorities of the new Bulgarian presidency of the European Union, which commenced on January 1, 2018. The recently released program of the Bulgarian presidency states that it… – Continue reading
Ernst and Young Solutions LLP, Singapore, has released its wish list for the Singapore Budget 2018, calling for reforms to sharpen the territory’s competitiveness. The firm said that Singapore should maintain its 17 percent corporate income tax (CIT) rate, which is one of the lowest in the world, but recommended… – Continue reading
MANILA, Dec. 20 – President Duterte has instructed the Department of Finance (DOF) to ensure the effective implementation of the Tax Reform for Acceleration and Inclusion Act (TRAIN), and to immediately submit to Congress the Package Two of the Comprehensive Tax Reform Program (CTRP) in the early 2018, which aims… – Continue reading
A number of trends are converging, and U.S. tax reform will make navigating them more complex. Those handling international M&A tax planning are facing two sets of challenges that require more proactive tax planning across the board. The first is the tightening fiscal net around the structure and financing of… – Continue reading
European finance ministers are worried. They say the United States’ big tax reform bill contains measures that would unfairly disadvantage European business and contravene global fair-taxation rules. Are they right? Last week, the finance ministers of Europe’s five biggest economies — Germany, France, the UK, Spain and Italy — wrote… – Continue reading
CASTRIES, St Lucia, Thursday December 14, 2017 – The St Lucia government says it will introduce tax reform measures to bring the country in line with European Union (EU) standards, after the country was among four Caribbean nations on a list of 17 global tax havens released by the EU…. – Continue reading
Treasury Analysis Asserts Tax Cuts Will Pay for Themselves: Today, the Treasury Department’s Office of Tax Policy released its analysis of the Senate’s tax reform plan. The one-page report used the Administration’s Fiscal Year 2018 budget projections of a 2.9% real growth rate over 10 years. The analysis expects the… – Continue reading
The OECD has said that Switzerland’s efforts to meet its international commitments to reform its corporate tax regime are welcome, but noted that there is some uncertainty around the proposed reform package. The OECD has published its latest Economic Survey of Switzerland. In its report, the OECD stated that there… – Continue reading
(Washington, D.C., Wednesday, November 29, 2017) – Senator Rand Paul is prepared to offer his FATCA repeal legislation, S. 869, as an amendment to the Senate’s tax reform bill. The Center for Freedom and Prosperity applauds this news and urges full-fledged support from his colleagues. The Foreign Account Tax Compliance… – Continue reading
On November 21, 2017, the OECD Council approved the contents of the 2017 Update to the OECD Model Tax Convention. The 2017 Update primarily comprises changes to the OECD Model Tax Convention and related commentary that were developed through the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project including changes… – Continue reading
KUWAIT CITY, Nov 20: Bankers around the world disclosed there is an international trend to globalize the Foreign Account Tax Compliance Act (FATCA) on foreign accounts of the Americans under the name Global Account Tax Compliance Act (GATCA), so most countries in the world, including Kuwait, can apply it on… – Continue reading
Europe’s fierce enforcer of competition rules is threatening tech giants with tough new rules on tax if politicians fail to come to an agreement on changes to the current system. Efforts to amend rules that would apply tax more fairly to firms which largely operate online such as Google, Amazon,… – Continue reading
Multinationals have been getting away with not paying their fair share to the U.S. for too long, says this business founder With Washington pushing full-tilt on tax reform, it’s time to tackle the unfair tax advantage enjoyed by multinational enterprises. Addressing this longstanding problem could provide a unique opportunity to… – Continue reading
As of January 1, 2018, holders of an ‘F’ permit will no longer be subjected to a 10% special ‘compensatory’ tax on income designed to recuperate costs of their asylum procedures. However, the waiver of the 10% compensatory tax is valid only if the income earned is less than CHF15,000… – Continue reading
The Senate Finance Committee released its tax reform plan on November 9, presenting a draft bill with marked differences to that agreed by the House Ways and Means Committee on the same day. The proposal was drafted by Finance Committee Republicans under the leadership of Senate Finance Committee Chairman Orrin… – Continue reading
