Category: A-E

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...

Activists stage ‘die-ins’ at French Apple stores to protest impact of tax avoidance on social services

The Association for the Taxation of Financial Transactions and Citizen’s Action —or Attac for short —staged “die-in” protests at two French Apple stores on Saturday, once again charging the company with exploiting loopholes to avoid paying its fair share of taxes. Around 70 members participated in an action at the...

Professional Fee paid by Deloitte India to Its US and Singapore Entities Not Taxable in India, No TDS: ITAT [Read Order]

Granting tax relief to Deloitte India, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions relating to Tax deduction at Source (TDS) are not applicable to the professional fee paid by them to its Group Entities in US and Singapore. The division bench of the...

Digital firms with ‘big presence’ in India will have to pay taxes here

Finance Ministry’s move under BEPS treaty will impact Google, Facebook, Amazon MUMBAI, FEBRUARY 5 Digital players such as Google, Facebook and mobile application services providers must pay taxes in India on income generated from Indian consumers even if the companies’ infrastructure is physically located abroad. According to a new proposal...

Apple Could Get a $4 Billion Boost From Tax-Law Quirk

Microsoft, Cisco might also benefit from GOP bill ‘loophole’ Law gives some firms edge in paring offshore cash tax tab Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up — provided their fiscal years don’t follow the calendar year....

Facebook, Google Under Scrutiny for Tax in Israel

Israel is assessing Alphabet Inc. subsidiary Google and Facebook Inc. on their operations in the country, Tax Authority Director General Moshe Asher told the Knesset parliament Jan. 8. “The internet giants and other companies right now are undergoing a very significant assessment procedure which in the end will yield from...

Singapore Urged To Enhance Tax Offering

Ernst and Young Solutions LLP, Singapore, has released its wish list for the Singapore Budget 2018, calling for reforms to sharpen the territory’s competitiveness. The firm said that Singapore should maintain its 17 percent corporate income tax (CIT) rate, which is one of the lowest in the world, but recommended...

Senate’s Offshore Tax Ideas Could Be a ‘Goldmine’ for Some Companies

Plan proposes 12.5% tax rate on intellectual-property income Bills ‘upend decades of U.S. tax policy’ on tight deadline U.S. companies that make billions of dollars from patents and other intellectual property held offshore would be eligible for a special 12.5 percent tax rate on those earnings under the Senate tax...

Paradise Papers reveal unethical tax avoidance by tech companies

Under President Trump’s political and economic climate, stocks and the economy have been soaring. Trump constantly aims for three percent GDP growth as a result of cutting corporate income and individual income taxes, which aims to encourage spending across different family incomes. However, these corporations the tax cuts favor have...

Paradise Papers: ICIJ releases another database revealing offshore companies

The International Consortium of Investigative Journalists (ICIJ) has released a database of around 13.4 million documents revealing over 25,000 companies owned by the world’s rich and influential individuals. The ICIJ coordinated the Panama Papers investigation into offshore companies. The latest files have disclosed the financial details of politicians, corporations, and...

Australians ‘wising up’ to use of tax havens, says Andrew Leigh

Shadow assistant treasurer suggests companies consider the image their tax minimisation methods project Andrew Leigh, the shadow assistant federal treasurer, has said companies using offshore tax havens to “get around corporate tax” in Australia risk losing what they save in tax via damage to their reputation. Speaking to Guardian Australia...

Web of Australian Adani solar companies leads to offshore tax havens

Three companies are ultimately owned in the Cayman and British Virgin islands, raising questions about the tax implications of profits generated by solar assets Adani has spread its use of offshore tax havens to its Australian solar projects, providing another avenue that could allow the wealthy Indian family behind the...

ATO’s tax gap figures revealed: $2.5 billion missing from corporates, multinationals

An estimated $3.5 billion in revenue from large corporates and multinationals is at risk to the economy, but through audit activity this will reduce to $2.5 billion, according to the Australian Taxation Office. On Wednesday the agency is releasing the first tranche of its long-awaited highly anticipated “tax gap” figures,...

EU finance ministers discuss plans for new taxation of digital firms

European Union plans for a new taxation system for digital companies, such as Skype and Amazon, both of which have European headquarters in Luxembourg, were discussed on Tuesday by EU finance ministers. A report from the European Commission in September said the effective average tax rate for a traditional international...

Cisco, Apple may shudder at regulatory change

Cisco Korea may have to share its key financial information starting next year as the government aggressively pushes to tackle the lack of transparency and tax-dodging practices by foreign enterprises, according to industry sources, Tuesday. “Though there still is much to be seen about the application of the revision, it...

Business owners believe Irish tax code ‘is barrier’ to growth

Survey respondents cite high marginal rates and lack of staff reward schemes as negatives More than half of Irish business owners view the State’s tax code as a barrier to growth rather than a support, according to a survey by accounting and professional services firm Deloitte. Respondents cited Ireland’s high...

E.U., Citing Amazon and Apple, Tells Nations to Collect Tax

BRUSSELS — European competition regulators on Wednesday mounted a push against tax avoidance by Silicon Valley giants, announcing plans to take Ireland to court for failing to collect back taxes from Apple and ordering Luxembourg to claim unpaid taxes from Amazon. The effort, which comes as the European Union considers...

EU eyes corporate rules shake-up with law on seat transfer

The European Commission is preparing a new directive on the cross-border transfer of company headquarters, a move that could have far-reaching implications for other areas of corporate governance, including tax planning and cross-border mergers, EURACTIV has learned. With Brexit on the horizon, UK companies are busy weighing their options for...

Taxmen set their sights on digital economy

KUALA LUMPUR: The taxmen of the Inland Revenue Board (IRB) and Royal Malaysian Customs Department have set their sights on the digital economy. Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah pointed out last week that some foreign-owned digital economy players like Google, Uber and Facebook are currently not...