Category: A-E

EU Should Challenge Google, Apple, Facebook, Amazon Payment Systems, ECB Says

A European Union board member gave a speech criticizing the weak presence of European fintech businesses in the continent’s own market. The leader’s comments come in response to several major clashes with American multinationals over their unscrupulous practices. Yves Mersch, European Central Bank (ECB) member of the Executive Board, addressed… – Continue reading

The best-known transfer pricing cases in Vietnam

VietNamNet Bridge – Nearly 38 percent of foreign invested enterprises (FIEs) reported losses in 2017, a significant decrease from the 50 percent seen in previous years. However, transfer pricing by FIEs remains a headache for management agencies. Do Thien Anh Tuan of Fulbright University said that enterprises that most regularly… – Continue reading

Facebook, Coke could face tax hit after ruling against Medtronic

Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. Companies including Facebook Inc. and… – Continue reading

Booksellers urge government to ‘act quickly’ on ‘Amazon tax’

News that the government may bring in an ‘Amazon tax’ to help “rebalance the playing field” between physical and online retailers has been welcomed by booksellers. After department store retailer House of Fraser became the latest high street chain to go into administration on Friday (10th August) Philip Hammond said… – Continue reading

Ensure foreign taxpayers have NBR certificates before allowing DTAA benefits

Bangladesh Bank on Monday asked all banks to ensure that foreigners have clearance certificates from the National Board of Revenue before allowing them tax benefits under double taxation avoidance agreement. Foreign Currency Policy Department of the central bank in a letter to the head offices of approved dealer banks suggested… – Continue reading

European Leaders Press for New Digital Tax at G20 Meeting

European finance officials just wrapped up a G20 summit in Argentina where they pressed for new global rules to better collect tax on digital giants like Google (NASDAQ:GOOGL 1258.15 0.04%), Facebook (NASDAQ:FB 214.67 0.02%), and Amazon (NASDAQ:AMZN 1829.24 0.02%), among others. The European Commision is the executive (read: tasked with… – Continue reading

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

Australian Government planning on digitally taxing Google and Facebook

The Australian federal government has proposed a tax on digital advertising that could raise up to $200 million each year but could have serious consequences for corporate Australia. Scott Morrison, Australia treasurer, mentioned in his budget speech that the $7 billion in sales from Australians to United States owned media… – 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

Apple Will Start Paying Back Taxes to Irish Government Next Month Amid Legal Battle With European Regulators

Apple will start paying 13 billion euros in back taxes to the Irish government from May, according to the Financial Times, nearly two years after the European Commission ruled that the company received illegal aid from the country that saw its tax bill significantly reduced over the past few decades…. – Continue reading

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… – Continue reading

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… – Continue reading

TAX TALK: BEPS & ATAD RESHAPING INT’L TAX LANDSCAPE

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

Brussels raises new 3% tax on technology sales

The assessment to companies like Google, Facebook or Apple would raise 5 billion a year Google, Facebook and Apple have specialized in locating in a fictitious way their operations in microaffiliates located in territories or countries where corporate tax is low or even practically nil. And they have thus turned… – Continue reading

Amazon Inc. Paid Zero in Federal Taxes in 2017, Gets $789 Million Windfall from New Tax Law

From a decades-long strategy of exploiting state sales tax loopholes to its ongoing “HQ2” sweepstakes, Amazon’s leaders have rarely turned down a chance to use the tax system as the source of their competitive advantage. The online retail giant has built its business model on tax avoidance, and its latest… – Continue reading

Singapore to help brick-and-mortar stores compete against Amazon

Singapore is considering introducing a levy on e-commerce to give traditional vendors a fighting chance in the face of increased online competition The Singaporean government is expected to introduce a new e-commerce tax in its budget next Monday, in an attempt to level the playing field between online and offline… – Continue reading

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… – Continue reading

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…. – Continue reading

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… – Continue reading

Amazon Agrees To A $118 Million Tax Settlement With Italy

Amazon reached a major tax settlement with Italy by agreeing to pay €100 million ($118 million) to the European country in order to put an end to an investigation of potential back taxes it owes that spanned the majority of this year. According to initial reports on the matter, Italian… – Continue reading

Luxembourg challenges EU order to recover tax from Amazon

Luxembourg is challenging a European Union order to recover about €250m in back taxes from Amazon, saying it disagreed with EU state aid regulators’ decision that the US online retailer had received special treatment. The appeal to the Luxembourg-based General Court, Europe’s second-highest, comes two months after the European Commission… – Continue reading

Facebook Korea to pay tax here on ad income

Facebook has decided to start paying tax to Korea on advertising revenue earned here, bowing to mounting complaints over multinational online giants’ tax avoidance. The U.S. social media company’s decision will place other global information players such as Apple, Google and Cisco under more pressure to follow suit. They have… – Continue reading

Apple Begrudgingly Agrees to Pay Ireland Nearly $15 Billion in Back Taxes

Apple, whose CEO Tim Cook likes to talk a big game about how the tech industry should be more socially responsible while overseeing an international tax-avoidance regime that puts Scrooge McDuck’s gold-filled vault/swimming pool to shame, has agreed to repay Ireland $14.6 billion (around €13 billion) in unpaid taxes, the… – Continue reading

EU competition chief Margrethe Vestager threatens Tech giants with tax reform

Europe’s fierce enforcer of competition rules is threatening tech giants with tough new rules on tax if politicians fail to come to an agreement on changes to the current system. Efforts to amend rules that would apply tax more fairly to firms which largely operate online such as Google, Amazon,… – Continue reading

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… – Continue reading

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… – Continue reading

Dutch-built super yachts are being re-sold to tax haven buyers

Luxury yachts built in Dutch shipyards are being sold to suspect buyers around the world through tax havens, Trouw and the Financieele Dagblad reported on Friday. The dubious yacht transactions were revealed through an investigation being carried out into the Paradise Papers by the two Dutch newspapers . The documents… – Continue reading

Apple defends moving offshore profits to the tax haven of Jersey

The company known for the ‘double Irish’ scheme is moving its subsidiaries’ tax residency. A set of leaked documents from offshore law firm Appleby has revealed that Apple stashed $250 billion in Jersey, a tiny island off the coast of France known for being a tax haven. The tech titan… – Continue reading

Appleby Says Only Demonstrable Crime Is Of Data Theft

Appleby, the offshore law firm, has spoken out against recent media coverage, which implies but does not allege that there is wrongdoing in the papers recently exposed that include information on its clients’ tax affairs – the so-called Paradise Papers. In its latest statement, the firm said: “Recent media coverage,… – Continue reading

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… – Continue reading

Experts’ views on how to improve tax collection in Africa

Thirty-eight African tax authorities recently converged in Abuja for the International Conference on Tax in Africa. The group discussed ways to boost revenues in Africa, in particular and how to improve collection of corporate income tax, reports Nduka Chiejina (Assistant Editor) Tax collection has never been a piece of cake… – Continue reading

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… – Continue reading

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… – Continue reading

Report: Huge Mass. companies keep billions of dollars offshore

General Electric, Boston Scientific and other major Massachusetts-based companies are accused of keeping billions of dollars in offshore accounts to avoid taxation in 2016, according to a new report. In fact, the practice extends to 366 of the companies on the Fortune 500 list, according to the Massachusetts Public Interest… – Continue reading

Danish bank accused of Russia money laundering

Denmark’s top lender, Danske Bank, played an “organised” role in a Russian money-laundering scam, French prosecutors have said. The Tribunal de Grande Instance de Paris said the bank’s branch in Estonia helped to move €15 million of “money from organised fraud and tax evasion” in Russia into France and other… – Continue reading

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,… – Continue reading