Category: Deloitte

Tax, investment changes concern foreign firms

Hanoi (VNS/VNA) – The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, Deputy General Director of the Audit and Advisory firm Deloitte Vietnam at a workshop on in Hanoi on July 10. Themed “Investment incentives, related… – Continue reading

Deloitte: Romania faces growing fiscal competition as 8 EU member states cut corporate tax rates since 2017

Romania will be able to count less on the low taxation advantage in order to attract investments due to growing competition, after eight EU member states have reduced their corporate tax rates since 2017, according to a study released by Deloitte Romania. “Even in the new context, the Romanian corporate… – Continue reading


Speakers corner: Delano asked Raymond Krawczykowski, partner and tax leader at Deloitte Luxembourg, “In your view, what have been the key changes in EU & Luxembourg tax rules in 2017, and what major shifts could be in store for 2018-19?” His response was clear: Beps and Atad. The Base Erosion… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

Tax predictability is key to driving investment

Deloitte survey highlights tax predictability as key to driving investment growth in Asia Pacific New Zealand well placed against backdrop of increased uncertainty in Asia Pacific’s tax landscape New Zealand’s tax policies are seen as relatively straight forward, consistent and predictable compared to other countries in the region, according to… – Continue reading

Trust Companies, Banks Should Be Main Haven Targets: EU Report

New measures targeting trust companies and banks in their role of helping to create offshore companies, such as the more than 200,000 exposed in the year-old Panama Papers, should be the priority for EU legislators in their efforts to crack down on the use of tax haven intermediaries, according to… – Continue reading

Deloitte Middle East Point of View: Ethical tax, construction market outlook, ISO 37001 on anti-bribery management, and GCC family businesses

Financial institutions are working together to combat tax evasion, bribery and corruption through ISO certifications and the Common Reporting Standard. These are among the topics discussed in the spring 2017 issue of Deloitte’s quarterly publication, the Middle East Point of View (ME PoV). The spring 2017 issue tackles several hot… – Continue reading

Switzerland to Exempt Withholding Taxes for Some Group Financing

The Swiss government plans to bolster group financing activities by amending its withholding tax ordinance to exempt interest payments for certain intra-group loans. The goal of the amendment is to encourage Swiss-based multinational companies to pursue targeted financing activities in Switzerland rather than abroad, according to a March 10 news… – Continue reading

Deloitte licensed to provide FATCA services in Kuwait

The Kuwait Ministry of Finance (MOF) has issued a ministerial resolution announcing that Deloitte & Touche, Al-Wazzan & Co in Kuwait has been certified with the ministry for the provision of Foreign Account Tax Compliance (FATCA) services. FATCA is a US legislation which aims to combat tax evasion by US… – Continue reading

Taxman targets Real and Barca over fraud, says report

Giants Real Madrid and Barcelona are among five La Liga clubs from whom the Spanish taxman is looking to recover €52 million (RM244 million), online newspaper El Confidencial claimed yesterday. Alongside Atletico Madrid, Sevilla and Valencia, the big two are accused of having avoided tax by paying player’s agents directly…. – Continue reading

U.K. Seeks to Incorporate Nonresident Companies Into Tax Regime

The U.K. government said it would investigate bringing nonresident companies’ income into the country’s corporation tax regime. The consultation on the move is expected to begin at Budget 2017 in March, the Treasury said in its Autumn Statement Nov. 23. “The government wants to deliver equal tax treatment to ensure… – Continue reading

Nearly 100 Countries Poised to Adopt Multilateral Treaty

Ninety-eight countries are poised to formally adopt the OECD’s innovative multilateral tax treaty, which will place recommendations from the BEPS project into more than 3,000 bilateral accords, when the ad-hoc group meets later this month. The “Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting”… – Continue reading

China’s tax authorities to begin financial data collection on foreign residents from January

Days of underpaying taxes to end soon as China takes part in worldwide scheme on swapping information on foreign residents’ financial assets The mainland tax agency wants to collect the financial information of non residents who live in China as it takes part in a multilateral scheme to crack down… – Continue reading

ATO warns accounting firms on tax avoidance

Back in July, ABC’s The Business and Michael West featured an extraordinary raft of allegations from a 32-year veteran industry insider turned whistleblower, George Rozvany, who claimed that multinational tax avoidance was “out of control” and cost the Budget up to $50 billion dollars a year in lost revenue. Rozvany… – Continue reading

Foreign portfolio investors approach government to iron out Singapore Treaty, GAAR issues

MUMBAI: Foreign portfolio investors (FPIs) are lobbying the government to resolve problems related to the India-Singapore tax treaty and general anti-avoidance rules (GAAR), worried about their investment in equities. FPIs fear after April 1, 2017, when both the renegotiated India-Singapore treaty and GAAR come into force, they will face challenges…. – Continue reading

Cabinet approves signing of revised DTAA with Cyprus

The Union Cabinet on Wednesday gave its nod for signing of revised double taxation avoidance agreement (DTAA) with Cyprus, a popular tax haven. It is also learnt to have approved the removal of island nation as a non-cooperative jurisdiction for income-tax purpose. Cyprus was the only country to have been… – Continue reading

IRS Proposes New QI Agreement for Foreign Banks to Comply with FATCA

The Internal Revenue Service has released new guidance on how foreign financial institutions can enter into a Qualified Intermediary agreement with the U.S. under the Foreign Account Tax Compliance Act, or FATCA. Notice 2016-42, released earlier this month, outlines the proposed QI agreement, which revises and updates the current agreement… – Continue reading

‘Tax avoidance’ masters revealed: EXCLUSIVE

The “Big Four” global accounting firms – PwC, Deloitte, KPMG and Ernst & Young – are the masterminds of multinational tax avoidance and the architects of tax schemes which cost governments and their taxpayers an estimated $US1 trillion a year, according to an Australian taxation expert. The controversial new claims… – Continue reading

Brexit Risks Losing Corporate Tax Break Worth Billions in U.K.

British multinational companies face new withholding taxes that may cost hundreds of billions of euros a year if U.K. voters decide to leave the European Union, international tax specialists say. A so-called Brexit “would have a major impact” on British corporations that have subsidiaries in the EU, said Daniel Gutmann,… – Continue reading

US Foreign portfolio investors ask India to amend capital gains tax treaty

Foreign portfolio investors based out of the US have collectively approached the India with a request to amend the India-US tax treaty, exempting them from paying capital gains tax , people close to the development said. These investors — mainly pension funds —are those who had invested in Indian equities… – Continue reading

India gearing up to apply Mauritius tax treaty fix to double taxation avoidance accord with Cyprus

NEW DELHI: Now that loopholes in the tax treaty with Mauritius have been plugged, the Indian government is gearing up to apply the same fix to its accord with Cyprus. Talks to amend the double taxation avoidance treaty are at an advanced stage and the two sides will soon exchange… – Continue reading

EAC fail to reach consensus on common tax rates

East African Community member states have failed to reach a deal on a common tax rate as the bloc’s smaller economies worry about significant revenue losses. The failure to harmonise value added tax, income tax and excise tax rates has left the regional bloc deliberating on how to harmonise legislation… – Continue reading

Government looks to resolve 100 transfer pricing issues; seeks to sign more advanced agreements

In amove towards a more progressive taxation policy the revenue officials have set an aggressive target of resolving about 100 transfer pricing issues by signing advance pricing agreements (APAs) with multinationals this fiscal, people close to the development said. The government, through the Central Bureau of Direct Taxes (CBDT), had… – Continue reading

APA tax applications at four-year low in 2015-16

Firms waiting for govt to come out with revised safe-harbour rules Although the conclusion of ahead-of-time transfer pricing agreements gained momentum in FY16, applications foradvance pricing agreements (APAs) with the tax authorities fell to the lowest in four years at 130. This could be attributed to companies, especially those in… – Continue reading

Central Board of Direct Taxes eases tax framework to attract offshore fund houses

NEW DELHI: India has substantially liberalised the tax framework to extend exemption to fund houses owned by a single institutional entity, a move aimed at attracting offshore fund management activity into the country. The Central Board of Direct Taxes (CBDT), the apex direct taxes body, has announced rules to implement… – Continue reading

Income tax cuts will benefit 31 million workers

The amount people can earn before being hit by income tax will rise to £11,500 in April 2017, benefiting millions of workers. The move will cut taxes for 31 million people, according to the Treasury, and will mean 1.3 million low-wage workers are taken out of paying income tax altogether…. – Continue reading

Further clarity on GAAR for FIIs

The industry was hoping GAAR might be postponed again, especially in the light of slowing down of the world economy In a signal to foreign institutional investors, the Union Budget has made a commitment to implement General Anti Avoidance Rules (GAAR) on taxes only from April 1, 2017. “The investment… – Continue reading

Rationalise taxes on media, entertainment sector: Experts

Budget 2016 should rationalise entertainment tax, exempt newsprint from VAT and end double taxation on temporary transfer of movie rights to television channels, experts said. “Currently, entertainment industry players such as DTH and cable service operators are reeling under the heavy burden of multiple taxation and levies such as licence… – Continue reading


Its official name is the global standard for automatic exchange of financial account information – these nine words are a simple distillation of an ambitious project to tackle global tax evasion. Known more regularly as the Common Reporting Standard (CRS), it will see government-to-government sharing of account holder information and… – Continue reading

Treasurers reassess internal structures under BEPS

The OECD’s base erosion and profit shifting (BEPS) project – which is aimed at closing gaps and mismatches in tax laws that conspire to reduce corporate tax liability – is a game-changer for treasury planning. The final reports of the BEPS Action Plan, announced by the Organization for Economic Cooperation… – Continue reading

Gulf oil dilemma drives tax reforms to shore up deficits

The oil price slide is driving tax reforms across the region as Arabian Gulf economies seek to shore up a potential US$700 billion deficit. All six Arabian Gulf states are planning to introduce Value Added Tax (VAT) collectively. Various other tax reforms are also underway. The IMF warned in October… – Continue reading

BEPS project: most Indian MNCs see double taxation going up in short term

NEW DELHI, JANUARY 26:A majority of Indian multinationals see the implementation of base erosion and profit shifting (BEPS) project of the Organisation for Economic Cooperation and Development leading to increase in double taxation and compliance burden for them, an India-specific BEPS survey by Deloitte India has revealed. This is interesting… – Continue reading

Belgian MNCs Gearing Up For BEPS

A vast majority of tax directors working for multinational corporations located in Belgium fear that the base erosion and profit shifting (BEPS) project will lead to higher administrative charges, a survey of over 800 tax directors across Europe has revealed. According to Deloitte’s European Tax Survey, 85 percent of the… – Continue reading

Budget 2016: Budget may ease rules for offshore fund managers moving to India

In a move to woo offshore fund managers to locate in India, the Union Budget for 2016-17 is likely to relax conditions for them to avail of tax exemptions. Budget 2015 had announced some exemptions by amending the permanent establishment (PE) norms. The rules were changed to the extent that… – Continue reading

Implementation of POEM rules may hit investments

The implementation of place of effective management (POEM) rules in the current scenario in India could not only hurt the nation’s outbound investments, but also discourage overseas multinational companies from setting up their regional hubs here, feel industry watchers. The draft guidelines for implementing POEM, which was released on December… – Continue reading

Companies anticipate tax authorities to turn aggressive: Survey

NEW DELHI: Indian businesses are anticipating a “more aggressive” stance by tax authorities as their tax arrangements come under greater scrutiny, says a survey. The findings are part of leading consultancy Deloitte India’s BEPS (Base Erosion and Profit Shifting) survey titled ‘Anticipating BEPS India impact’. Indian businesses are anticipating a… – Continue reading

Financial institutions must comply with OECD rules

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

Ireland – the tax haven

‘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

Gear up for modifications in tax legal guidelines, treaties

The international community led by the had initiated the (BEPS) project a few years ago with the aim of ensuring that profits are taxed where economic activities are performed and where value is created. Governments, and social groups have been voicing their concern over the past decade that multinational enterprises… – Continue reading

Bermuda On “Best Tax Havens In World” List

Bermuda has “long been a popular tax haven” according to a story by, which ranked the island as one of the “top 10 best tax havens in the world.” The story said “Bermuda has long been a popular tax haven, said Ravi Ramnarain, an independent certified public accountant. “Wealthy… – Continue reading

Common Reporting Standard – Lining up for take-off

On Tuesday 15 December, Deloitte Luxembourg gathered around 150 business professionals from various sectors at Utopolis to this year’s last episode of the conference cycle covering the full spectrum of the Common Reporting Standards (CRS). While cinema technicians were preparing the premiere of the new Star Wars movie next door,… – Continue reading

Grant Thornton manpower may touch 10,000 by 2020: Vishesh Chandiok

MUMBAI: When Grant Thornton recently appointed India leader Vishesh Chandiok on its global governance board, it reflected the country’s growing importance as a market for the London-headquartered professional services firm. At 41, Chandiok may be the youngest member of the board ever but points out that he doesn’t lack for… – Continue reading

‘The best has yet to come in financial services sector’

Outgoing Deloitte Malta chairman and senior partner Andrew Manduca speaks to Anthony Manduca about the future of the financial services sector in Malta, his 36 years in the profession and the need for more accountants. Andrew Manduca is very confident about the future of Malta as a leading international financial… – Continue reading

Is SA heading for a tax revolt?

Taxpayers fume about wastage and corruption, but large-scale evasion seems unlikely. JOHANNESBURG – There seems to be increasing concern that South Africa could be heading for a tax revolt. This comes amid an outcry against corruption, wastage of taxpayer money and the fact that the country’s deteriorating fiscal situation will… – Continue reading

Multinationals’ tax leeway set to shrink

Multinationals in India will soon have to forgo to a great extent the flexibility in managing their tax outgo in the country and have to report their global operations in elaborate detail to the tax authorities here. This is because New Delhi is set to adopt a new regime to… – Continue reading