Category: Uncategorized
Income tax implications for Indian investors investing in the US Stock Market
Indian investors are now proactively looking to diversify their portfolios overseas. We have seen the resilience and the outperformance of the US markets and we want in. ... - Continue reading
Amazon services arm pays £14m in UK taxes despite revenues of nearly £3bn
Amazon’s (AMZN) UK services arm paid just £14.5m ($16.1m) in UK corporate taxes in 2019 despite generating revenues of nearly £3bn in the country, according to the company’s latest accounts. ... - Continue reading
Guernsey: The Impact Of The Coronavirus (COVID-19) On Economic Substance And Tax Residency In Guernsey And Jersey
Adjustments in laws in Guernsey and Jersey following the COVID-19. ... - Continue reading
Cayman Islands: Update In Respect Of Automatic Exchange Of Information (“AEOI”)
Information on changes in laws concerning the Automatic Exchange of Information (AEOI). ... - Continue reading
United States: The OECD Unified Approach Marches (Stumbles?) Forward
The OECD Secretariat proposed the Unified Approach in October 2019 to address the tax challenges arising from the digitalization of the economy. ... - Continue reading
Bermuda: Chambers Private Wealth 2019: Bermuda (2019)
1. Tax1.1 Tax regimes In Bermuda there is no income or profits tax, withholding tax, capital gains tax, capital transfer tax or inheritance tax. There is no exit or similar such tax based on a resident's wealth when ceasing to be resident and there are no other consequences of leaving the jurisdiction. Customs duties and stamp duty are major government revenue earners, with stamp duties charged at different rates and in different manners on a variety of legal documents, excluding wills. ... - Continue reading
Gov’t urged to study Trabaho bill incentive scheme
The bill seeks to reduce the country’s corporate income tax rate, while rationalizing fiscal incentives. ... - Continue reading
India deposits MLI ratification instrument with OECD
India ratified the MLI on June 12, almost 2 years after signing it ... - Continue reading
South Korea, Iraq agree to sign double taxation exemption agreement
South Korea and Iraq are set to sign a double taxation avoidance pact, the Finance Ministry of South Korea said on Friday, a move believed to promote bilateral economic relations. ... - Continue reading
Takeaways from Italy’s new transfer pricing country profile
A new version of Italy’s transfer pricing country profile, prepared by Italian Central Revenue, was published on the OECD webpage a few days ago, reflecting the agency’s latest views on transfer pricing enforcement. It replaces the former version, dating back to February 2014. ... - Continue reading
BIR files tax evasion charges against 15 Metro Manila business taxpayers
The Bureau of Internal Revenue filed Thursday separate criminal cases against 15 business taxpayers in Metro Manila for alleged refusal to pay tax debts totaling to more than P493 million. This brought to 482 the number of tax evasion charges lodged by the bureau under its Run-After-Tax-Evaders (RATE) program under… – Continue reading
FBR to suggest SC to abolish WHT on consumers using Rs1,000 card
Islamabad : With suspension of all taxes on mobile phone cards for next 15 days on the orders of Supreme Court (SC) with effect from Wednesday midnight, the Federal Board of Revenue (FBR) is contemplating upon different options including suggesting the apex court to abolish withholding tax (WHT) of 12.5… – Continue reading
China toughens rules on overseas cash withdrawals
BEIJING, Dec. 30 (Xinhua) — China’s foreign exchange regulator on Saturday toughened the rules on overseas cash withdrawals from personal bank cards to curb money laundering, terrorist financing and tax evasion. The State Administration of Foreign Exchange (SAFE) said in a circular that the total amount of overseas cash withdrawals… – Continue reading
MAS issues stern money laundering warning; Jakarta starts StanChart probe
Private-bank assets held by StanChart in Channel island tax haven were moved to S’pore in 2015: report Singapore THE Monetary Authority of Singapore (MAS) on Monday declared its firm commitment to keeping the country’s financial centre clean and safeguarded from illicit activities. Singapore’s central bank and financial regulatory authority said… – Continue reading
ECOFIN approves Malta Presidency’s compromise solution on tax avoidance practices
Finance Minister Edward Scicluna presented amendments to rules against tax avoidance practices within the ECOFIN Council today, amounting to a compromise solution which was accepted. The solution provides rules regarding corporate hybrid mismatches and third countries. The Council agreed its position on rules aimed at closing down ‘hybrid mismatches’ with… – Continue reading
CSBS releases tool to assist financial institutions with Bank Secrecy Act/Anti-Money Laundering risk
The Conference of State Bank Supervisors (CSBS) and state regulators have developed a self-assessment tool to help banks and financial institutions identify, monitor and communicate Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk. The BSA/AML Self-Assessment Tool is a spreadsheet intended to reduce uncertainty surrounding BSA/AML compliance and support more transparency within… – Continue reading
EU may blacklist Jersey as tax haven post-Brexit
JERSEY could be left vulnerable to being blacklisted as a ‘tax haven’ by the EU as the UK’s influence in Brussels fades during the Brexit process, a top adviser to the States has warned. Speaking at an Institute of Law seminar on the implications of Brexit for Jersey, Colin Powell… – Continue reading
How Donald Trump’s tax plan might save Apple billions of dollars
Over the past few years, Apple’s cash hoard has swelled to near unthinkable levels. Per the company’s most recent earnings report, Apple now has more than $237 billion in cash and other securities, anchored of course by the company’s insanely lucrative iPhone. Though the iPhone only has a thin slice… – Continue reading
UN seeks to shut all tax havens
In order to put an end to illicit financial flows including tax havens like offshore accounts, a United Nations human rights expert urged António Guterres, the Secretary-General-designate, as well as the UN General Assembly, to consider liquidating tax havens and summoning a world conference on the matter. Alfred de Zayas,… – Continue reading
UK Updates Tax Scheme Disclosure Guidance
HM Revenue and Customs has updated its guidance on the tests to be applied to determine whether a tax avoidance scheme disclosure is required from someone who promotes or uses an arrangement designed to give a tax or national insurance advantage. Under the Disclosure of Tax Avoidance Schemes (DOTAS) regime,… – Continue reading
India tax evasion amnesty uncovers hidden billions
A tax evasion amnesty in India has prompted tens of thousands of people to declare more than $9.5bn (£7.3bn) in undeclared income and assets. Finance minister Arun Jaitley said the four-month window that ended on Friday brought in 64,275 declarations. All were offered immunity from prosecution in return for paying… – Continue reading
ATO warns accounting firms on tax avoidance
Back in July, ABC’s The Business and Michael West featured an extraordinary raft of allegations from a 32-year veteran industry insider turned whistleblower, George Rozvany, who claimed that multinational tax avoidance was “out of control” and cost the Budget up to $50 billion dollars a year in lost revenue. Rozvany… – Continue reading
Council approves property tax cut
Council is giving Wood Buffalo a small tax break. During their Tuesday meeting, councillors voted to drop the 2016 property tax rate by two per cent below 2015 levels. The vote came after council approved the 2016 – 2018 Fiscal Management Strategy Update, whose economic forecast is partially based on… – Continue reading
EU agrees anti-tax evasion deal
Brussels (AFP) – The European Union agreed a raft of anti-tax evasion measures Tuesday that would make it harder for multinationals to shift profits to countries with lower taxes, but critics said they were too watered down. The proposals were agreed on provisionally by the EU’s 28 finance ministers on… – Continue reading
UAE signs double taxation deal with Kosovo
The UAE government has signed key agreements on avoidance of double taxation and protection and promotion of investment with the Republic of Kosovo. The signing ceremony took place in the capital Pristina during an official visit of the UAE delegation headed by Younis Haji Al Khoori, the undersecretary of Ministry… – Continue reading
Equalisation levy not so equal
A practical implication of the levy could be higher taxation of Indian entities rather than of the non-resident service provider The Equalisation Levy (Chapter VIII of the Finance Act 2016) has many unique features. It is not part of the Income-tax Act, though it directly refers to it for definitions,… – Continue reading
HMRC launches consultation on new tax evasion offence
The Revenue has published its consultation on proposing to make companies criminally liable for failing to prevent their staff facilitating tax evasion The offence was first proposed in the 2015 Budget and was expected to come into effect in 2020. The Panama papers leak and subsequent scandal has put significant… – Continue reading
No double taxation agreement with Panama; Maltese domicile subject to tax on worldwide income
Maltese individuals resident and domiciled for tax purposes, that is people whose permanent residence is in Malta, are required to pay tax in Malta on their worldwide income, according to the Income Tax Act. This essentially means that Minister Konrad Mizzi is required to pay tax on foreign earnings. However… – Continue reading
Striking The Right Balance – Responding To Global Regulatory Challenges
In the wake of the global financial crisis, an unprecedented wave of regulation has swept through the financial services industry, impacting market participants at every level. As the industry grapples with the challenges and costs of implementation, it is an opportune time to pause and reflect on initiatives undertaken in… – Continue reading
Checkposts at airports to stop tax evasion by foreigners
The revenue board is set to set up checkpoints at the immigration of country’s international airports to check tax evasion particularly by growing numbers of foreigners taking up jobs in Bangladesh. Officials said under the plan of the National Board of Revenue (NBR) the checkposts will be set up before… – Continue reading
Slovak EU Presidency to tackle issue of tax evasion
BRATISLAVA, Feb. 12 (Xinhua) — Preventing VAT evasions should be one of the priorities of the Slovak EU Presidency starting this July, confirmed Andrej Kralik, head of the European Commission’s Representation in Slovakia. Europe is annually losing as much as 168 billion euros (189.5 billion U.S. dollars) on tax evasions… – Continue reading
Chinamasa hails China mega deals
Ellah Mukwati Herald Correspondent The recent historic visit by the Chinese President Xi Jinping which saw 12 mega deals worth $4 billion being signed cemented the good bilateral relationship between Zimbabwe and China, the Minister of Finance and Economic Development has said. In a statement released yesterday Minister Patrick Chinamasa… – Continue reading
Black money: India seeks Swiss help in probe into Preneet Kaur, son bank a/c
Berne/New Delhi: As Indian tax authorities continue their probe into Swiss bank accounts of several citizens, Switzerland on Tuesday said India has sought assistance in the investigations into accounts allegedly held by former Congress minister Preneet Kaur and her son Raninder Singh. As per the Swiss norms for “assistance” in… – Continue reading
UK aid money going to known tax havens
Millions of pounds of British aid money could have been given to known tax havens to fund public services The UK paid out £45m to 13 countries on the European Commission’s tax haven “blacklist” in 2013, according to a report in The Independent. The blacklisted countries that received British aid… – Continue reading
INDIA: FATCA GUIDANCE NOTES
India’s Ministry of Finance, Department of Revenue (Foreign Tax and Tax Research Division) on 31 August 2015 released guidance notes with respect to implementation of the reporting requirements under rules 114F to 114H of the Income tax rules. Rules 114F to 114H implement the intergovernmental agreement (IGA) between India and… – Continue reading
£43billion threat to the taxman: HMRC may have to return billions to firms who paid too much tax
HMRC is in dispute with many firms who say they’ve paid too much tax In worst-case scenario they could be forced to pay out up to £43billion Comes as HMRC faces growing pressure to clamp down on tax avoidance The taxman could be forced to pay up to £43 billion… – Continue reading
Africa: Oxfam Reaction to David Cameron Calls for G7 to Clamp Down On Corruption
Responding to David Cameron’s call for a global crackdown on corruption by G7 leaders meeting in Germany for their annual summit this weekend, Jorn Kalinksi, Oxfam G7 spokesperson said: “David Cameron’s is right to put a spotlight on corruption which is a problem for all countries across the globe. Corruption… – Continue reading
