Category: Banking

Banks given 15 days to share foreigners’ data with FBR under OECD obligations

KARACHI: The Federal Board of Revenue (FBR) has given a 15-day timeline to banks and brokerages to furnish financial data of foreign customers as the country signed in an international convention for information exchange to curb tax evasion, officials said on Wednesday. The officials said FBR directed financial institutions, including...

Thailand: Legal Framework For Cryptocurrencies Comes Into Force

A regulatory framework for cryptocurrencies has come into effect by royal decree in Thailand, the Bangkok Post reported Sunday, May 13. The 100-section law, published yesterday in the country’s Royal Gazette, defines cryptocurrencies as “digital assets and digital tokens,” and brings them under the regulatory jurisdiction of the Thai Security...

Remittance tax on agenda – Fee in exchange for providing services to Expats

IMF Section 2 – Article 8 “No member may impose restrictions without the approval of the International Monetary Fund on payments and remittances in respect of current international transactions” KUWAIT CITY, April 15: The thirty-first report of the National Assembly’s Finance and Economic Committee on bills on taxation of expatriate...

Singapore’s central bank imposes penalties on Standard Chartered Bank, Trust

SINGAPORE, March 19 (Xinhua) — The Monetary Authority of Singapore (MAS) announced on Monday it has imposed penalties of 5.2 million Singapore dollars (about 3.95 million U.S. dollars) on the Singapore branch of Standard Chartered Bank (SCBS), and 1.2 million Singapore dollars (about 0.91 million U.S. dollars) on Standard Chartered...

Cryptocurrencies vs. Banks: Advantage of Decentralized Financial Systems

Decentralized cryptocurrencies like Bitcoin and Ethereum have strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors can target. Transaction processing On Feb. 19, Jameson Lopp, the lead engineer at multi-signature Blockchain security firm...

Barbados Agrees To Phase Out Harmful Tax Regimes

Two Barbados preferential tax regimes have been labelled “potentially harmful” in additional guidance released by the OECD in connection with its base erosion and profit shifting (BEPS) project. The guidance singles out Barbados’s international financial services regime and its credit for foreign currency earnings/credit for overseas projects or services regime....

Nigeria, others share data on overseas accounts, property owned by Nigerians

The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress Report on Tax...

On the lookout for US taxpayers in Cambodia

The General Department of Taxation called last week on banks, insurance companies and microfinance institutions (MFIs) to accurately report the taxpayer identification numbers (US-TIN) of clients with US citizenship. The statement, issued on January 3 and signed by GDT’s general director Kong Vibol, said reporting accurate US-TIN numbers is necessary...

Serbia to Abolish Full Blown Withholding Tax on Non-Resident Service-Providers and Simplify Conditions for Tax Deductibility of NPL Write-Offs for Serbian Banks

The Serbian Ministry of Finance has published draft amendments to the Corporate Income Tax Act (CITA), which are expected to be formally approved by the Government within days. If approved by the Parliament, as expected, CITA amendments will take effect from 1 January 2018. The most important novelties concerns recognition...

Bid to globalize FATCA

KUWAIT CITY, Nov 20: Bankers around the world disclosed there is an international trend to globalize the Foreign Account Tax Compliance Act (FATCA) on foreign accounts of the Americans under the name Global Account Tax Compliance Act (GATCA), so most countries in the world, including Kuwait, can apply it on...

Hapoalim Canadian customers say bank aided tax evasion

114 taxpayers in Canada’s voluntary disclosure program say that the Israeli bank helped them evade taxes. As if the headache of the investigation by US authorities were not enough, Bank Hapoalim (TASE: POLI), managed by CEO Arik Pinto, discovered two days ago that Canada was also taking aim at it....

“FATCA on steroids”: T&T misses 2017 deadline to become tax compliant

T&T faces possible sanctions after the Global Forum recognised this country as the only jurisdiction not considered to have made sufficient progress towards satisfactory implementation of the agreed tax transparency standards. Speaking at a media conference on Friday afternoon, Attorney General Faris Al Rawi said this has negative implications for...

Ag: Bahamas ‘Riding Behind Competitors’ In Financial Services

THE Attorney General yesterday lamented that “riding behind our competitors” had caused “incalculable” damage to the financial services industry, accusing the former government of failing to act on tax information exchange changes. Carl Bethel QC, addressing the Senate, said the Christie administration had “done nothing’ for three years in relation...

Warning bells till Christmas for foreign account holders

MUMBAI: Since last month, Indians with overseas bank accounts are receiving letters from offshore financial institutions, asking them to disclose ‘tax residency status’ before Christmas. If they don’t, banks holding these accounts would share whatever information they have on such account holders with the Indian government. Many account holders are...

Austria Seeks Tax Agreement with Iran

In a meeting with Iran’s foreign minister in Tehran on Sunday, Schelling said he has visited Iran with the purpose of boosting bilateral economic and financial relations. Voicing Austria’s eagerness to develop joint training programs with Iran in the banking industry, Schelling hoped he would nail down investment deals and...

Regulatory Issues: Financial account information exchange for increased tax compliance

Malaysian individuals and entities that have bank accounts overseas will soon see their financial information being shared with other countries and tax authorities in an effort to boost global transparency and tax compliance. This requirement is part of the automatic exchange of financial account information set out by the Organisation...

Deal that sends Canadian bank records to IRS is ‘illegal,’ lawyer tells U.S. committee

Witnesses call for repeal of Foreign Account Tax Compliance Act An agreement that has resulted in hundreds of thousands of Canadian banking records being sent to the U.S. Internal Revenue Service could violate the U.S. constitution, a congressional subcommittee heard Wednesday. Testifying before a subcommittee of the House Committee on...