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Tax Planning for NRIs Returning to India

In general, investment and tax provisions relating to non-resident Indians (NRIs) returning to live in India are fairly generous. However, NRIs must carefully plan their return to India to ensure there are no surprises with respect to managing their overseas income and investments. In this article, we examine some of...

Transfer pricing not always tax evasion

The misconceptions about transfer pricing being a tax avoidance or violation in Vietnam are creating challenges for multinational enterprises, said Adam Sitkoff, executive director of the American Chamber of Commerce in Vietnam (Amcham). In his opening speech at a workshop held to gain clarity on the changing world of transfer pricing,...

European Union digital tax levy could be delayed until 2020

Arriving at the meeting Tuesday in Brussels, the Danish minister of Finance, Kristian Jensen, said of his side: “Everything is possible in politics but I think that it is very hard to reach an agreement on the taxation of the digital economy”. Under the proposal, a 3pc levy would be...

Tax agency uncovers ‘aggressive’ new fraud scheme

Companies avoid paying income tax by creating suppliers that don’t exist The Federal Tax Administration (SAT) has uncovered a new and “aggressive” tax fraud scheme involving more than 13,000 partners and shareholders of 600,000 companies, many of which are bogus. Unidentified media organizations and professional soccer teams are among the...

Bahamas Developers Blast Oecd’s ‘Cynical’ Targeting

Bahamas-based developers have blasted the OECD’s “cynical” attempt to “”de-legitimise” this nation’s key investment product by suggesting it threatens the global fight against tax evasion. The newly-formed Bahamas Developers Association (BDA), in a recent statement, argued that the Organisation for Economic Co-Operation and Development (OECD) was wrong to list this...

Australia targets offshore banking units

Under pressure from international organisations, the Australian government has flagged that it is getting ready to reform the concessionally-taxed offshore banking unit (OBU) regime, a move that will hit big banks and hedge funds. The Organisation for Economic Co-operation and Development’s (OECD) forum on harmful tax practices has raised concerns...

China’s IIT Reform: Seven Key Points from the Draft Implementation Rules

Many taxpayers in China have had questions about how the government would change the individual income tax (IIT) law since the amendment was passed earlier this year. Recently, however, the tax authorities released a draft of the amendment’s implementation rules and measures for comment. While the draft implementation rules and...

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