Category: Visa

Special tax regime for Non-Habitual Portuguese Resident individuals

Portuguese income tax law provides for a 20% reduced rate and, in respect to income obtained abroad, a full tax exemption, for certain types of income derived by individuals having the status of Non-Habitual Portuguese Residents (NHPR). Any individual that in a certain year becomes tax resident in Portugal will...

The favourable tax regime of new Italian residents

The 2017 Budget Law introduced (starting from fiscal year 2017) favourable provisions for people wishing to become tax residents in Italy. It is aimed at wealthy individuals who wish to bring in new capital resources. The regime is inspired by the non-domiciled resident regime which is in force in the...

Corporations paid no tax at Rio Olympics

Coca-Cola, McDonald’s, Visa and the rest of the corporate sponsors of the August 5–21 Olympic Games in Rio de Janeiro won’t be paying any taxes on the money they earn due to a tax exemption law that is set to cost Brazil hundreds of millions of dollars. The exemption, which...

EU considers blacklisting NZ over tax laws

Possible EU sanctions against New Zealand could make travel harder and have a massive effect on the economy. New Zealand is under investigation by the EU as it prepares a blacklist of global tax havens, Newshub revealed on Monday night. The grouping of 28 European nations has compiled a list...

Banks, MFs ask US NRIs to submit FATCA certificates

MUMBAI: Indian banks and mutual funds have in the past fortnight started warning NRIs who hold an American passport or are working in the US that their accounts could be frozen unless they get a tax-compliant certificate from US authorities, thanks to a treaty signed by New Delhi and Washington....

Kenya and South Africa tax deal takes effect in January

The Kenya-South Africa double taxation agreement comes into force from January 1. An announcement in the November 19, South African government gazette says the agreement applies for taxes withheld at source. “A resident of Kenya will not be taxed on any South African business profits, unless it carries on business...

Green card may no longer be a valuable asset for NRIs as Fatca sword hangs over their heads

MUMBAI: A US passport doesn’t look like such a priced possession anymore. Some Indians even want to surrender their hard-won green cards. India and the US are set to freely exchange financial information about their citizens, leaving no asset concealed. This could mean US tax officials imposing punitive levies on...

St Kitts & Nevis pursuing quiet diplomacy to recalibrate international relationships – PM Harris

The nine-month old Team Unity administration has been pursuing quiet diplomacy to recalibrate international relationships for the benefit of the people of St. Kitts and Nevis, reports SKN Vibes. So said St. Kitts and Nevis Prime Minister Dr. the Hon. Timothy Harris at last week’s press conference at government headquarters....

Fair’s Fair: Balancing The Interests of the State and of Wealthy Migrants

Clare Maurice, Arabella Murphy and Sophie Mazzier, Maurice Turnor Gardner LLP For better or worse, the concept of “fairness” is here to stay in relation to taxation, whether domestic or international. Politicians of all persuasions like to insist that their respective policies will ensure that everyone pays his or her...

Qatar regulatory changes present risks and opportunities for CFOs, says ICAEW

Recent legal changes in Qatar must be understood by chief financial officers (CFOs) and finance professionals if businesses are going to be able to address potential risks, the Institute Of Chartered Accountants In England and Wales (ICAEW) said, reports the Gulf Times. The accountancy body partnered with international law firm...

Regulatory changes in Qatar present risks and opportunities for CFOs

Recent legal changes in Qatar must be understood by CFOs and finance professionals if businesses are going to be able to address the potential risks, according to ICAEW. The accountancy body partnered with international law firm Pinsent Masons to host a seminar about Qatar’s recent regulatory changes for senior financial...

US rejects India’s claim in talks on Totalization Pact

The United States has rejected India’s claim that schemes such as Atal Pension Yojana, Rashtriya Swasthya Bima Yojana, Employees Provident Fund Organization and others should be taken into account while determining the size of population covered under social security schemes. In recently resumed talks on Totalization Pact, the US said...

FACTA: Expect the unexpected (and the worst) in tax treatment and disclosure of offshore assets, particularly for Indian assets

On July 9, 2015, India and the US signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA) that will facilitate exchange of information between the two countries starting on October 1, 2015. FATCA was signed by Revenue Secretary Shaktikanta Das and US Ambassador Richard Verma in New...

Worldwide: Governments Continue To Welcome Wealthy Foreigners

With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s...

Double taxation pact reflects growing importance of Oman: Swiss envoy

Muscat – H E Christian Winter, Switzerland’s Ambassador to Oman has said that the recently signed Double Taxation Agreement (DTA) between his country and the sultanate reflects the broader ties Switzerland seeks with GCC. “The conclusion of the agreement takes into account the growing economic and political importance of the...

IRS-State Information Sharing Agreements

The IRS published a list of Information Exchange agreements it has with state agencies, a copy of which is available here IRS State Information Exchange Table.pdf The disclosure of this list may help taxpayer’s and practitioner’s determine when and possibly whether to file late or amended state or municipal returns....

India flags US visa, trade issues at high-level meet

New Delhi has proposed the setting up of a bilateral high-level group to discuss with Washington its concerns on the long-pending issue of US “visa restrictions” affecting the easy movement of Indian skilled professionals, especially in the IT sector. New Delhi has proposed the setting up of a bilateral high-level...

Lisbon treaty: Technical briefing with NDR

Portugal is an increasingly desirable destination, thanks to its tax-friendly stance. Portugal may not be top of everyone’s list in terms of tax-friendliness, particularly given the recent backdrop of the recession and bail-out, but it does have a history of running successful tax-friendly programmes, for example the Madeira and Azores...

Portuguese minister to be charged in money-laundering “golden” visa scandal

Lisbon: Portuguese prosecutors said on Thursday they plan to charge former interior minister Miguel Macedo for his role in a money-laundering scandal linked to “golden” visas, which handed residency permits to wealthy foreigners. The announcement came shortly after Portugal’s National Assembly decided to lift the parliamentary immunity Macedo enjoyed as...

UAE tops in lighter tax burden

Dubai — The UAE ranked top in the world along with Malta and Monaco for lighter tax burdens placed on residents on both personal and corporate levels, according to a latest report. The annual report released by Henley & Partners revealed the outcomes of the Global Residence Program Index (GRPI)...

Wall of Chinese capital buying up Australian properties

The “wall of Chinese capital” hitting property markets in Sydney and Melbourne will not ease up until the government introduces its anti-money laundering legislation, says an expert in ‘flight capital’. James Tee, an ethnic Chinese property developer whose business specialises in “capital expatriation” – that is, getting money out of...

What Nigeria, Singapore stand to gain from investment promotion, protection pact –Ambassador Rajis-Opara

From today, negotiation on the Investment Promotion and Protection Agreement (IPPA) between Nigeria and Singapore will start in Abuja, aimed at enhancing business between the two countries. Revealing this in an interview with the African Independent Television (AIT), Nigerian High Commissioner to Singapore. Mrs. Nonye Rajis-Opara, said there would be...

UK banks named in football bribery scandal: Barclays and HSBC ‘handled millions in suspect transactions’

■ Barclays and HSBC have been named in legal papers filed in the US ■ Documents have also named London-based Standard Chartered Bank ■ Allegedly moved suspect transactions linked to Fifa through their accounts ■ Britain’s Serious Fraud Office is understood to be monitoring situation Two of Britain’s biggest High...

Chairman Royce, Rep. Pallone welcome US-Amenia Trade & Investment Framework Agreement

The advantages of off-shore investments Two of the top reasons that South African investors are given to encourage offshore investments are that going offshore diversifies your portfolio and that it gives you access to sectors you could never find on the resource-heavy JSE. “While those are not reasons to be...