In cooperation with the Tax Administration, government of Kosovo has continued its action for the formalization of businesses and fight against tax evasion. The citizens will continue to earn money by collecting tax receipts even in 2016. For purchases from 250 to 500 euros, they are refunded 10 euros from… – Continue reading
Tough new measures targeting those who have not played by the tax rules have been criticised by a leading professional body concerned with taxation Anyone owing UK tax on their overseas income is set to face punitive penalties of at least 30pc of tax due, and potentially criminal prosecution, under… – Continue reading
McDonald’s faces another European regulatory headache after it was the subject of a competition complaint in Brussels. Three Italian consumer groups backed by a coalition of trade unions from across the continent, including the UK’s Bakers Food and Allied Workers Union, allege that the fast-food giant abuses its dominant market… – Continue reading
Democratic presidential hopeful Hillary Clinton wants to end what she calls “the Bermuda reinsurance loophole” as part of her tax program outlined Tuesday. In a factsheet entitled “Investing in America by Restoring Basic Fairness to Our Tax Code” posted on her campaign website, Ms. Clinton says that “high-income money managers… – Continue reading
Some €35mln in taxes have been imposed on undeclared deposits in 85 Swiss bank accounts included in the so-called Lagarde List, Finance Minister Harris Georgiades said on Tuesday, reports the Cyprus Mail. Speaking before the House Watchdog and Ethics Committees, the minister said the tax concerns 88 cases linked to… – Continue reading
Dominican Republic, in January 2016. The Dominican Republic could soon be part of an initiative of the OECD would force financial institutions of the country to exchange information on the accounts of their customers in other countries that are part of this project. The Organization for Economic Cooperation and Development… – Continue reading
Oil is the lifeblood of Labuan and the drastic drop in the commodity’s price has affected the international offshore financial centre and tax haven. KOTA KINABALU: Business is down by 40 per cent in Labuan in the wake of the crude oil price heading south to USD32 per barrel, 50… – Continue reading
Pakistan can double its tax revenues by concerted efforts to broaden tax bases, strengthening tax compliance, eliminating distortionary tax expenditures, and rationalizing the tax system in an efficient and equitable manner, says a latest study of the International Monetary Fund (IMF). The study, Unlocking Pakistan’s Tax Revenue Potential notes, Pakistan’s… – Continue reading
The Limited Liability Companies Bill, 2015 was published on 18th December 2015. It is likely to be enacted as the Limited Liability Companies Law in January 2016 and brought into force before the end of June 2016. Once that is completed, the Cayman Islands will then be able to offer… – Continue reading
The Lagos Chamber of Commerce and Industry (LCCI) yesterday said there was a need to boost the nation’s internally generated revenue through higher consumption tax. The Director-General of LCCI, Mr Muda Yusuf, told newsmen in Lagos that emphasis on tax revenue generation should shift to consumption tax. He suggested that… – Continue reading
Last year Jersey cemented its position as a leading centre for companies looking to list – as reflected in the rise in volume and value of Jersey companies listed on exchanges around the world. Here are some challenges that lie ahead in this jurisdiction over the next 12 months. In… – Continue reading
Reforms to corporate tax rules and fiscal transparency will be pursued by EU policy makers in 2016, the EU’s tax commissioner Pierre Moscovici has said. “We have a serious problem with tax avoidance and lack of transparency. Too many people have looked the other way,” Moscovici said. Moscovici told a… – Continue reading
According to Tanzania Revenue Authority (TRA), officials here, despite the introduction of the East African single custom territory that is harmonized through one stop border post some domestic traders have not actively taken the advantage. They have continued with their old tax evasion tricks at the main Sirari border post… – Continue reading
Information from Reuters has brought to light the fact that five of the biggest banks operating in the UK (and worldwide) paid not a penny in corporation tax in 2014. Efforts to crack down on this kind of corporation tax avoidance have brought together Westminster’s political right and left. Deutsche… – Continue reading
‘We’re not a tax haven, we have never been involved in any kind of tax malpractice’ – Michael Noonan, Irish Minister for Finance 5th October 2015 ‘Nobody is using Ireland as a tax haven’ – Minister for Agriculture, Simon Conveney, The UN’s Philip Aston says, ‘When lists of tax havens… – Continue reading
The Ministry of Finance on 21 December 2015 released for public comment a proposal to revise the transfer pricing documentation rules and introduce country-by-country (CbC) reporting. The proposal—released as a draft bill—includes CbC reporting, master file and local file requirements, and penalty provisions, and generally follows the recommendations of the… – Continue reading
Information will feed into relaunch of the revised common consolidated corporate tax base The European Commission has received more than 170 submissions on its proposal for a revised common consolidated corporate tax base (CCCTB) ahead of its re-launch later this year. The closing date for the commission’s three-month public consultation… – Continue reading
NEW DELHI:The Narendra Modi government, which has pledged a predictable and non-adversarial tax regime, is likely to begin a sweeping revamp of direct taxes in the Budget that Finance Minister Arun Jaitley will present next month. Simplification and rationalisation will be the two themes driving the overhaul, which is aimed… – Continue reading
FATCA letters are going out from banks around the world to millions of US expats in readiness for reporting their financial information to the Internal Revenue Service (IRS). If you are one of the 8 million US expats subject to the Foreign Account Tax Compliance Act (FATCA), what do you… – Continue reading
NEW DELHI:The Narendra Modi government, which has pledged a predictable and non-adversarial tax regime, is likely to begin a sweeping revamp of direct taxes in the Budget that Finance Minister Arun Jaitley will present next month. Simplification and rationalisation will be the two themes driving the overhaul, which is aimed… – Continue reading
Tax evasion by online retailers is emerging as a serious and growing risk, Lin Homer, the outgoing chief executive of HM Revenue & Customs, warned on Wednesday. The illegal sales of tax-free goods over the internet was “a very big issue”, Ms Homer told members of the Commons public accounts… – Continue reading
Americans living abroad feel that the Foreign Account Tax Compliance Act negatively impacts their professional lives and that compliance with the related tax reporting requirements is overly burdensome, a survey by Americans Abroad Global Foundation and the University of Nevada has found. But most survey respondents believe the U.S. government… – Continue reading
KUWAIT: Kuwaiti citizens who possess US passports need to straighten out their US tax status to avoid the penalty of having their US passports scrapped, said Abdulaziz Al-Anjeri, head of the American Tax Bureau in Kuwait. Technically Kuwaitis are barred from holding a second citizenship but many are suspected of… – Continue reading
Rep. Devin Nunes (R-Calif.) on Wednesday formally introduced a business tax reform plan that would lower the maximum tax on all businesses to 25 percent. The bill, called the American Business Competitiveness Act, has 26 co-sponsors, according to a news release, and the endorsement of Americans for Tax Reform President… – Continue reading
Majlis (Parliament) of Turkmenistan has ratified an agreement with the government of Finland for the avoidance of double taxation with respect to taxes on income during the regular meeting, the Turkmen government said Jan.13. Turkmenistan believes that namely innovations ensured Finland’s competitiveness at international level. The message of the State… – Continue reading
In June of 2015, Connecticut passed legislation that implements combined reporting for tax years beginning on or after January 1, 2016. Part of the new regime, which is codified by Conn. Gen. Stat. P.A. 15-5, § 144 (2015), requires water’s-edge combined groups to include entities incorporated in tax havens in… – Continue reading
The IRS has announced important changes to its offshore account programs. They come as FATCA is taking hold worldwide. Many foreign banks are rooting out Americans with increasing vigilance. One key target of the changes? Americans living abroad and certain others who can now come within the IRS Streamlined Program…. – Continue reading
The Inland Revenue (Amendment) (No.2) Ordinance 2015 (the “Amendment Ordinance”) came into effect on July 17, 2015, extending Hong Kong profits tax exemption to offshore private equity (“PE”) funds. Profits Tax Exemption prior to the Amendment Ordinance This is a welcome development for the private equity industry since, in the… – Continue reading
On January 11, 2016 the Luxembourg tax authorities issued a newsletter announcing that on January 13, 2016 the Agreement between the Grand Duchy of Luxembourg and the Republic of Croatia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on… – Continue reading
Filippo Noseda has examined the impact of the OCED’s Common Reporting Standard (CRS) on trusts at a time when they are under threat in a number of continental European jurisdictions in an article which was first published in Trust Quarterly Review, Volume 13, Issue 3 2015. Filippo concludes that these… – Continue reading
Taxpayers in parts of Switzerland this year face an unusual request from fiscal authorities: please delay settling your bill until as late as possible, reports the Financial Times. Zug, the small but affluent canton outside Zürich, has announced it is ending discounts for early payment of tax bills. The reason?… – Continue reading
Ogier partner Marcus Leese has welcomed news from Italy that Guernsey and Jersey are no longer on any Italian ‘black lists’ and will be included on Italy’s ‘white lists’ from early 2016, reports Isle News. Among other benefits, it is anticipated that this will enable Italian resident investors to invest… – Continue reading
The Organisation for Economic Co-operation and Development’s base erosion and profit shifting process will not have significant implications on Luxembourg-based companies, Fitch Ratings has said. The agency on January 8 re-affirmed Luxembourg’s AAA rating, with a stable outlook. According to Luxembourg for Finance, the territory’s financial services promotional agency, the… – Continue reading
The BVI has passed legislation to implement the Organisation for Economic Co-Operating and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS). The amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003, which implement CRS in the BVI, will come into force on 1 January 2016…. – Continue reading
The BVI and Cayman are often referred to as “tax neutral” and you might have been told that, for this reason, it would be advantageous to establish your fund in either jurisdiction. What does this actually mean and what does it mean for your fund? Primarily, it means that BVI… – Continue reading
You may be aware that buying a second home or investing in a “buy to let property” is about to become more expensive. The Chancellor of the Exchequer announced in November 2015 the introduction of new higher SDLT rates of 3% above the current residential rates. The higher rates will… – Continue reading
Jan. 11 — The European Union is resuming efforts to create a common system for calculating the tax base of businesses operating in the EU, and aims to adopt the OECD BEPS package by the end of the Dutch EU presidency in June, a top official said. “This is the… – Continue reading
The KPMG member firm in India has prepared reports concerning the following developments (read more at the hyperlinks provided below). Income attributable to taxpayer’s foreign branches not taxable in India: The Bombay High Court held that income attributable to a taxpayer’s foreign branches, permanent establishments (PEs) outside India, is not… – Continue reading
The Democratic presidential candidate’s plan, which would increase tax rate to 4% for only 0.02% of Americans, was criticized by Sanders’s campaign Hillary Clinton would add a 4% tax “surcharge” on Americans who earn more than $5m a year and close “egregious” tax loopholes if she became president, expanding on… – Continue reading
A Highland hideaway – situated on a private island in the River Beauly in Inverness-shire – has been snapped up for £7million by the Qatari royal family, it has been claimed. The 545-acre Eilean Aigas Estate comes with it a massive luxury mansion, is described as one of the best… – Continue reading
Irish drug giant’s long-standing plan to acquire US rival – and lower its tax bill – is finally sealed thanks to beefed-up cash offer The drugs maker Shire yesterday clinched a $32bn (£22bn) takeover of US rival Baxalta after sweetening the deal with a bumper cash component despite fears such… – Continue reading
The battle between the People’s Bank of China and currency speculators has led borrowing costs for offshore yuan in Hong Kong to shoot up to 200 per cent Tuesday, with analysts saying the central bank is keen to defend the currency and fend off speculative attacks. The PBOC through several… – Continue reading
Tax inversions and corporate tax rate cuts would be huge for these stocks Certain politicians are decrying a tax move known as an “inversions,” which allow a U.S. company to merge with a foreign one with a more favorable tax rate. Yet, it’s the politicians who created the necessity for… – Continue reading
Canada and the United Kingdom have signed an agreement that clearly outlines procedures for the application of the arbitration provisions of the Canada-United Kingdom income tax treaty. The agreement provides for a clearly outlined process for the arbitration of tax disputes between the two nations. The agreement establishes rules and… – Continue reading
Savills estate agent in Bristol is urging those considering selling in 2016 to put their property on the market sooner rather than later, to ensure a sale is completed before 1st April 2016. After this date, purchasers are likely to be liable for an increased level of stamp duty on… – Continue reading
The government aims to turn the screws on tax delinquents this year as well as those who have escaped the taxman’s radar, finance minister Harris Georgiades told MPs on Tuesday. The Tax Department is preparing to launch a drive to track down and tax the owners of luxury assets, such… – Continue reading
HONG KONG: In the space of about five years, the offshore market in Chinese yuan has gone from the poster child of Beijing’s financial market liberalisation to a battleground to regain control of the currency, spooking investors and raising questions about the future of the market. While investor appetite for… – Continue reading
Federal Supreme Court of Switzerland denies treaty benefits in case of dividend paid on shares acquired for hedging derivative contracts. Court stated that due to the fully hedged nature of ownership, there was economic nexus and interdependency between two independent transactions and therefore, the “intermediary” bank did not have beneficial… – Continue reading
U.S. Democratic presidential candidate Hillary Clinton on Tuesday expanded her plan to tax the wealthiest Americans by saying she would close tax-avoidance “loopholes” that allow investments to be routed through low-tax countries and put in tax-deferred retirement accounts. “My plan is kind of simple: we go after the wealthy to… – Continue reading
Washington — JUST about every American chief executive has the same dream: to get out from under the corporate income tax. For many, that means lobbying Congress to change the tax code. But for a growing number, it also involves increasingly creative — and successful — tricks to avoid their… – Continue reading
