At least this is the goal – member states safeguarding their social models by preventing trans-border operating multinational companies from avoiding “their fair share” of the tax burden. According to the European Commission, small and medium-sized enterprises in the EU pay 30% higher tax burden than large multinational companies. With… – Continue reading
The present French Tax Update will focus on an overview of several noteworthy publications, including decisions issued during the past few months by the French Administrative Supreme Court (Conseil d’Etat) and French Constitutional Court (Conseil Constitutionnel), as well as the European Commission decision in respect of the Belgian Excess Profit… – 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
The British Virgin Islands (BVI) Court tightens up on creditors raising spurious disputes and relying on arbitration clauses to avoid insolvency. There has been a recent trend in the BVI whereby debtor companies have sought to identify what appear to be spurious disputes and then rely upon arbitration clauses in… – Continue reading
Finance minister will commission an impact assessment on on how a proposed package by the European Commission to clamp down on aggressive tax planning will impact Malta’s economy Malta will resist any attempt by the European Commission to reduce sovereignty over its own fiscal affairs, finance minister Edward Scicluna pledged…. – Continue reading
On December 8, 2015, law No. 13,202 was published, as a result of the conversion of Provisional Measure No. 685/2015 into law. In addition to providing for the Program for Reduction of Tax Litigation (PRORELIT, for its acronym in Portuguese), said law addressed issues such as the scope of double… – Continue reading
BEIJING: China is planning a pilot programme to allow selected commercial banks to set up equity investment arms to take direct stakes in technology firms, people familiar with the matter said, a move aimed at giving lenders a chance to buy into a high-growth industry while stoking competition with private… – Continue reading
Those who have been hiding their income or wealth overseas had better think again, as Korea will soon be exchanging financial information with multiple countries, including tax havens. They are advised to voluntarily report it to the government before the end of March to be given a grace period, said… – Continue reading
On January 15, 2016, Canada and Taiwan entered into an “Arrangement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income” (the “Arrangement“). The Arrangement will apply to amounts paid or taxation years beginning after January 1 of the year following the… – Continue reading
The People’s Bank of China supports the country’s currency and fends off short sellers in the world’s largest overseas yuan market (Beijing) – The offshore yuan market in Hong Kong has been shaken to the core by weeks of volatility that analysts blame on strong intervention by China’s central bank…. – Continue reading
Facebook founder Mark Zuckerberg has been defending his decision to build a new data centre in Ireland against claims the move is a tax dodge. The social media mogul announced the start of construction of the €200m facility at Clonee on the Meath-Dublin border on his own Facebook page, quickly… – Continue reading
Once the thrill of deciding to retire overseas has subsided, you normally start to think of all the things you need to do before you go. Picking the right removal firm, a lawyer to help you buy a new home are a couple, but the tax & financial implications of… – 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
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
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
In an effort to facilitate non-resident enterprises in applying for tax benefits, China’s tax bureau recently released the SAT Announcement [2015] No.60, which replaced the previous “Administrative Measures on Tax Treatment under Double Taxation Agreement to Non-resident Enterprises (Guoshuifa [2009] No.124)” and simplified the application procedures for a non-resident enterprise… – Continue reading
Plans to restrict the generous tax treatment of interest costs — a key aspect of Britain’s business-friendly taxation regime — are unnecessary and potentially damaging, companies have told the Treasury. Professional bodies and business groups are voicing fears about the restrictions that are set to be introduced as part of… – Continue reading
NEW DELHI: Indian businesses are anticipating a “more aggressive” stance by tax authorities as their tax arrangements come under greater scrutiny, says a survey. The findings are part of leading consultancy Deloitte India’s BEPS (Base Erosion and Profit Shifting) survey titled ‘Anticipating BEPS India impact’. Indian businesses are anticipating a… – Continue reading
UK property companies are seeking changes to the proposed implementation of a global agreement to fight tax avoidance that is set to add £660m to their annual tax bill. Private equity and infrastructure companies are also among those groups facing additional payments under OECD rules on base erosion and profit… – Continue reading
