Category: High Networth Individuals

Income Tax Exemption to Interest Income on Specified Offshore Rupee Denominated Bonds

The Finance Ministry, last day informed that the Government is planning to introduce income tax exemption to the interest income on the specified Offshore Rupee Denominated Bonds. “Legislative amendments in this regard shall be proposed in due course”, the Ministry said. Interest payable by an Indian company or a business...

Can the PHL fully participate in ASEAN Taxation Cooperation?

(Second of two parts) Embracing the Automatic Exchange of Information (AEoI), whether in the form of FATCA and/or CRS, affects stakeholders ranging from the government and businesses down to the ordinary consumers of financial products and services. As such, the uncertainties arising from the supposed implementation are definitely not in...

Chasing tax evaders worldwide

Indonesia is set to join the global treaty on the Automatic Exchange of Information (AEOI) on tax matters this month, and will then have virtually all the “high-caliber weapons” it needs to hunt down tax evaders — not just within the country but anywhere in the world, including tax-haven countries....

India Resident Foreign Companies to Pay 40 Percent Tax: Latest POEM Guidelines

In June this year, the Central Board of Direct Taxes (CBDT) came out with final clarifications regarding the rules on Place of Effective Management (POEM). POEM is an internationally recognized test for determining the residence of a company incorporated in a foreign jurisdiction with a view to assessing its tax...

What offshore banking does

Offshore banking can play a crucial role, internationally and domestically The concept of offshore banking in Bangladesh is not new, and is getting very popular to among business-people in Bangladesh due to its overwhelming capacity to unlock the international financial settlement. Offshore banking, by its name and structure, can play...

PACAC Explains Why FG Turned Spotlight on Multinationals

The Presidential Advisory Committee against Corruption (PACAC) has explained why it is shifting the war against corruption in the country from politically exposed persons to multinationals. According to the Executive Secretary of PACAC, Prof. Bolaji Owasanoye, Africa and indeed Nigeria losses more from Illicit Financial Flows (IFF) perpetrated by multinational...

A Bird’s Eye View on General Data Protection Regulation (GDPR)

The General Data Protection Regulation (GDPR) is a regulation in European Law on data protection and privacy for all individuals within the European Union (EU). The EU General Data Protection Regulation (GDPR) superseded the UK Data Protection Act 1998 on May 25, 2018. Significant and wide-reaching in scope, the new...

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...

Panasonic to Move European Headquarters Out of UK as Brexit Concerns Grow

Several multi-national corporations have moved their European headquarters outside of the UK ahead of Brexit, and many others are expected to follow suit, especially as the likelihood of a no-deal Brexit rises further. Japanese tech giant Panasonic will be transferring its European HQ away from London to Amsterdam in October...

EU Fails To Fix ‘Outrageous’ Monaco Loophole Which Helps Super-Rich Avoid Tax

Around 2,000 millionaires – many of them billionaires – call Monte Carlo their home and avoid paying billions of euros in tax. Sputnik spoke to the UK Socialist Party’s Deputy General Secretary, Hannah Sell, about why France and the European Union have done nothing to combat this tax haven in...

Shanghai Business Registration: Online Platform for Foreign Invested Enterprises Launched

Shanghai recently launched a new online platform to facilitate the business registration of foreign-invested enterprises (FIEs) in the city. Launched on June 30, 2018, the platform makes it easier for foreign investors to report their business information to the Administration of Industry and Commerce (AIC) if their projects do not...

How to Apply for CIT Incentives in China

China offers a number of preferential corporate income tax (CIT) policies for businesses operating in the country. Businesses that qualify for these preferential policies can benefit from incentives like CIT rates lower than the standard 25 percent rate and other CIT exemptions and deductions. These preferential tax treatments, however, do...

IRS regs on Sec. 199A look ‘taxpayer-favorable’

Long-awaited and highly anticipated proposed regulations for Code Section 199A, the new 20 percent deduction on “qualified business income” of pass-through entities, were released August 8 by the Treasury Department and the Internal Revenue Service, and experts are saying they’re broadly taxpayer-friendly. “The government did a good job of responding...

Pakistanis’ hidden foreign assets worth around $350bn

ISLAMABAD: Authorities probing illegal foreign accounts and properties of thousands of Pakistanis made shocking revelations on Tuesday that the volume of these assets hidden in different tax havens abroad reached up to US$350 (Rs43 trillion). Interestingly, the authorities also revealed for the first time that only accounts and properties worth...

Intra-group Service Fee Treatment in China

Most multinational corporations (MNCs) charge their subsidiaries for services like human resources (HR) or information technology support. The subsidiary’s payment for these services is classed as intra-group service fees when they are made within same enterprise group. Because some businesses use this method to avoid tax and shift profits, tax...

Over Rs35 bn laundering: CJP hints at Panama-like JIT for Zardari, Faryal

ISLAMABAD: The Chief Justice of Pakistan (CJP), Mian Saqib Nisar, on Monday suggested formation of a Panama-style joint investigation team (JIT) to investigate the allegations against former president Asif Zardari and his sister Faryal Talpur of laundering over Rs35 billion through fake bank accounts. A three-member bench of the apex...

Malaysia To Phase Out ‘Harmful’ Tax Regime

Malaysia has suspended its MSC Malaysia tax regime, pending changes to bring it into line with recommendations from the OECD’s Base Erosion and Profit Shifting initiative. Under the regime, domestic and foreign information and communication technology-related businesses can apply for “MSC Malaysia Status,” which allows them to benefit from tax...

Putin Signs ‘Tax Havens Bill’ to Shield Russian Companies From Foreign Sanctions

Russian President Vladimir Putin signed a package of laws allowing Russia-controlled foreign offshore companies to be re-registered in offshore financial centers (OFCs) established in Russia’s Kaliningrad Region and Primorsky Territory in order to minimize the possible consequences of sanctions and political risks from foreign countries. The legislation establishes the procedure...

Lyford Cay Blasts 500% Hike In Tax

The Government is moving to reinstate the $50,000 property tax “cap” after The Bahamas’ wealthiest community slammed “punitive taxation” that threatens “500 percent or greater” tax hikes. KP Turnquest, deputy prime minister, yesterday told Tribune Business that the Government was “actively reviewing” recent Real Property Tax Act reforms that could...

French request for UBS banking data stopped by Swiss court: report

GENEVA, Aug. 2 (Xinhua) — Switzerland’s Federal Administrative Court has ordered the country’s tax administration not to provide France with details about 40,000 UBS bank clients with French addresses, Swiss media reported Thursday. In May 2016, the French tax authorities requested administrative assistance from the Federal Tax Administration (FTA), Swiss...

Macau | City to comply with OECD tax information exchange from September 1

Macau financial authorities announced today that starting from September 1 the city will start complying with automatic financial exchange regulations devised by the Organisation for Economic Co-operation and Development Macau (MNA) – The Office of the Secretary for Economy and Finance, Lionel Leong Vai Tac, has announced this Tuesday that...

Nigeria’s Tax Law obsolete, overdue for review —Oruaze Dickson

A legal practitioner cum entrepreneur, Moses Oruaze Dickson, has called for the review of the legislative framework for tax and taxation in the country, describing the existing law as obsolete for a progressive society like Nigeria. According to Dickson, who is also Managing Solicitor, Triax Solicitors, the law is long...

Tax Hike ‘Shockwaves’ Hit High-End Properties

Foreign investors were yesterday said to have halted construction projects, with some threatening to sell their high-end properties, as the “shockwaves” from Budget tax changes hit home. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that much of the Bahamas’ second home market “is dead” unless...

PM asks authorities to probe tax evasion by FDI firms

Media reports have suggested the Government to build a more effective mechanism to tackle the problem that prolonged loss-making FDI enterprises have still enlarged investment and production. — Photo cafebiz.vn Viet Nam News HA NOI – Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Finance (MOF) and General...

Rivers seeks support from US senators

(CNS): Financial Services Minister Tara Rivers was in Washington, DC, last week, trying to persuade US Senators and others that Cayman’s financial services industry is well regulated and adhering to tax transparency standards. Picking up from an earlier visit, the minister spoke with American lawmakers about the industry here and...

Which Countries is The Cryptocurrency Taxed In?

The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try...

Parliament approves Bitcoin BCH payments for Antigua and Barbuda citizenship

Securing citizenship in the Eastern Caribbean jewel of Antigua and Barbuda is now easier for Bitcoin Cash (BCH) investors. Early this week, the parliament of Antigua and Barbuda unanimously approved the resolution to amend the Citizenship by Investment Program (CIP) Act, allowing for payments to be made in Bitcoin BCH...