Category: Corporates

US Think Tank Says Earning Stripping Regs Should Be Retained

Contrary to calls from businesses from the regulation’s withdrawal, the Institute on Taxation and Economic Policy has called on the US Treasury to fully implement and strengthen its final Section 385 anti-earnings stripping debt-equity regulations, designed to reduce the benefits of corporate tax inversions. The final regulations, released in October...

Deloitte: Multinationals believe there is a radical global change in tax, tax control

Representatives of most multinational companies believe that there is a radical global change in both tax and tax control. Accordingly, the global tax model is undergoing a process of alignment with other principles, and the approach of the tax authorities during controls becomes stricter, a survey by Deloitte published in...

ATO’s finance ruling puts companies the ‘red zone’

The Australian Tax Office is preparing to take several companies to court over abuse of thin capitalisation rules and will start a wave of audits of large multinationals with complex cross-border loans, as it continues to take a hardline approach in the wake of its win against Chevron. The ATO...

Germany’s Schaeuble Defends Resistance to EU Public Tax Reporting

German Finance Minister Wolfgang Schaeuble defended his opposition to pending European Union legislation that would force large multinational companies to publicly disclose, on a country-by-country basis, their taxes paid and profits. Schauble, who testified before the EU Parliament’s Panama Papers investigative committee July 11, said public reporting of companies’ tax...

Exchange of information about multinational firms will be easier

Slovakia is the first V4 country to sign the agreement on country-by-country reporting. Slovakia’s Financial Administration has obtained easier access to the information of US multinational companies. The representatives of Slovakia and the US signed a bilateral agreement on country-by-country (CbC) reporting on June 21, the TASR newswire reported. The...

Moscovici: CCCTB Is A Tool Against Tax Avoidance

EU Tax Commissioner Pierre Moscovici has described the proposed common consolidated corporation tax base as a “decisive tool against corporate tax avoidance.” Moscovici made the comment during a speech on tax fairness. He said the CCCTB will provide companies with a single rulebook for calculating their taxable profit throughout the...

OECD Lists One Tax Haven, Tax Justice Network Says ‘Nonsense!’

The OECD’s body for assessing compliance with international tax transparency standards plans to tell an upcoming summit in Hamburg, Germany, that Trinidad and Tobago is the world’s only tax haven. Group of 20 country leaders meeting last year in China asked that body, the Global Forum on Transparency and Exchange...

Singapore signs two international agreements to facilitate sharing tax info across borders

SINGAPORE – Singapore has signed two international agreements which will make it easier for the country to automatically exchange tax information with other jurisdictions. The agreements are part of ongoing global efforts to combat tax evasion and money laundering as well as improve tax transparency. Called multilateral competent authority agreements...

Cairn moves international arbitration panel against dividend freeze

Cairn Energy has petitioned an international arbitration tribunal against billionaire Anil Agarwal-led Vedanta Ltd withholding its dividend for last three years New Delhi: UK’s Cairn Energy plc has petitioned an international arbitration tribunal against billionaire Anil Agarwal-led Vedanta Ltd withholding its dividend for last three years despite tax authorities saying...

Ending secret identities is the ‘new frontier’ in fighting tax evasion: OECD’s head of tax Pascal Saint-Amans

Revealing the secret identifies behind shell companies and opaque trusts is the “new frontier” in fighting tax evasion, says the OECD’s head of tax Pascal Saint-Amans. In an exclusive interview with Fairfax Media, Mr Saint-Amans also spoke about the Turnbull government’s tougher domestic laws aimed at cracking down on multinational...

Tax avoidance schemes on the rise – BURS

The Botswana Unified Revenue Service (BURS) says tax avoidance schemes such as transfer pricing, base erosion and profit shifting appear to be on the rise in the country. Transfer pricing is regarded as a tax avoidance scheme in which multinational corporations shift profits to low tax jurisdictions and avoid taxes...

Commission welcomes adoption of new rules to block #TaxAvoidance

The agreed rules will stop companies from escaping tax by exploiting the mismatches between Member States’ and non-EU countries’ tax systems (“hybrid mismatches”). Today’s (29 May) agreement completes the Anti Tax Avoidance Directive (ATAD) which ensures that binding and robust anti-abuse measures are applied throughout the Single Market. “Our campaign...

Westpac: We Will Have To Pass On Aus Bank Levy

Westpac has said that Australia’s new bank levy will cost it around AUD370m (USD275.7m) a year, and warned that “no company can simply ‘absorb’ a new tax.” In a letter to shareholders, Westpac chair Lindsay Maxsted described the tax as “bad public policy.” He said that the Government intends to...

The common reporting standard and charities: do you have filing requirements with HMRC?

The Common Reporting Standard (the CRS) is, like FACTA (the Foreign Account Tax Compliance Act), an information exchange regime aimed at realising international tax transparency. Exchange of information under CRS is achieved by requiring certain bodies including banks and other “Financial Institutions”, to collect data and report some of it...