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Government spots 645 firms to probe tax issues of non-residents

KARACHI: Authorities have spotted more than 600 local firms to investigate the tax status and gather other financial information of non-residents, as new rules on data sharing, under an international treaty, kicked in to fight tax evasion, officials said on Friday. The officials said the Federal Board of Revenue (FBR)...

Corporate Taxation Dumped In Eu Bill

The Government has stripped corporate taxation from its anti-blacklisting response, as a top attorney yesterday warned: “Time is not our friend.” Michael Paton, who co-heads the financial sector working group dealing with the European Union (EU) concerns, told Tribune Business it will be “a long summer” as the Bahamas seeks...

Saeima committee amends bill banning offshore companies from bidding for public contracts

RIGA – The Saeima national economic, rural, environment and regional policy committee today supported amendments to Public Procurement Law, deleting the ban for the companies registered in low-tax or tax-free countries, or the so-called offshore countries, from taking part in public tenders in Latvia. As reported, the Latvian parliament on...

People await budget to declare assets under amnesty scheme: KTBA

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...

Switzerland and Cameroon to find a solution to the double taxation of companies operating in both countries

(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...

UK Revisits Proposed BEPS Changes To Its Double Tax Treaties

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...

Opportunity Zone Program turns blight sites into tax havens for asset-rich investors

The rich are getting richer in America but that prosperity is not trickling down the economic food chain, with investment capital pooling up in thriving portions of big cities. One reason for this, experts believe, is the amount of wealth tied up in assets—real estate holdings and stock portfolios, primarily—that...

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