OECD Announces a Public Consultation for Global Minimum Tax Rules
OECD announces a request for comments on its Global Anti-Base Erosion (GloBE) proposal. ... - Continue reading
Category: Business
Applying for China’s DTA Benefits in Profit Repatriation
China’s double tax avoidance agreements (DTAs) can be used to avail lower tax rates while making outbound payments. However, DTA benefits are not automatically applicable to everyone. ... - Continue reading
When A New York Exempt Resident Trust Meets The Sale Of A Business
Insights into the functioning of a trust ... - Continue reading
OECD invites public inputs on Global Anti-Base Erosion proposal
Bad news for multinational corporations and international businesses : OECD could implement a new law which would require them to pay at least a minimum corporate tax in countries concerned. ... - Continue reading
Will Samsung, Hyundai have to pay digital tax overseas?
Big changes ahead : Samsung Electronics, LG Electronics and other top-tier South Korean companies might have to pay corporate taxes even in countries where they have no physical presence. Here's how. ... - Continue reading
China’s firms report shrinking tax burdens: survey
China’s efforts to cut taxes have taken effect as firms reported lighter tax burdens, a new survey showed. The ratio of the total taxes paid by firms to their business revenue stood at 2.3 percent in 2018, down from 2.62 percent in 2017 and 3.41 percent in 2016, according to… – Continue reading
Australians owe record levels of tax: commissioner
Australians are avoiding their tax responsibilities in record numbers. The Australian Taxation Office (ATO) announced at a Senates Estimates hearing that the debt owed by Australians to the tax man has recently hit 45 billion Australian dollars (31 billion U.S. dollars), a record figure, according to the Australian Broadcasting Corporation… – Continue reading
Ireland: Irish Budget 2020 – A Roadmap For Irish And International Business
A guide to the Irish Budget 2020 ... - Continue reading
Airbnb probed by UK tax authorities
A note in newly filed accounts for Airbnb UK said it had been contacted by HMRC over "tax laws or regulations impacting the company's business". ... - Continue reading
European Union: UAE Removed From EU Tax Haven Blacklist Along With Switzerland
The United Arab Emirates and Switzerland removed from European Union's list of non-cooperative jurisdictions for tax purposes on October 10. ... - Continue reading
Ireland Issues Guide On Dual-Resident Companies
The Irish Revenue has published guidance on dual-resident companies that explains new rules introduced under the BEPS multilateral convention on tax treaties. ... - Continue reading
Singapore: Why setting up in Singapore makes sense for business in ASEAN.
Singapore has long been a preeminent destination for setting up a regional headquarters to pursue business opportunities across ASEAN and Asia. ... - Continue reading
What OECD’s tax plan for tech giants means for India
- OECD has proposed that profits of MNCs should be available for taxation in the country where their customers are, irrespective of any physical presence in that market
- A formula should be evolved for such taxation
Mexican 2020 Tax Reform: key international tax proposals
Key tax changes to the country’s tax law primarily inspired by the OECD’s base erosion and profit shifting (BEPS) project ... - Continue reading
EU Council revises its tax blacklist, addresses “two out of three” exception and foreign source income exemption regimes
As suggested by the EU Code of Conduct Group (Business Taxation), on 4 October, the EU Council today adopted a revised EU list of non-cooperative tax jurisdictions (annex I – blacklist) removing the United Arab Emirates (UAE) and the Marshall Islands. ... - Continue reading
OECD consulting on digital tax proposal
The OECD today published for stakeholders’ comments a proposal to advance international negotiations to ensure that multinational enterprises (MNEs), including digital companies, pay tax wherever they have significant consumer-facing activities and where they generate profits. The proposal – Secretariat Proposal for a Unified Approach – would re-allocate some profits and… – Continue reading
LCCI help sought on tax issues
LAHORE: Lahore traders having failed to convince the Federal Board of Revenue on taxation measures have sought the assistance of the Lahore Chamber of Commerce and Industry (LCCI) to plead their case, a statement said on Saturday. LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice… – Continue reading
UK: Ways For UK Businesses And Foreign Investors To Mitigate Uncertainty Around Brexit
The UK remains in the international spotlight in 2019 as the first member of the European Union to signal its intention to exit irrevocably from the Union. ... - Continue reading
Imminent Changes To US Immigration Program
There has been a lot of recent media attention surrounding the EB-5 Investment Visa Program, and for good reason. South African residents are not able to emigrate for exchange control purposes (sometimes referred to as a financial emigration) unless they have a lawful right of abode in the country to… – Continue reading
Africa needs disruptive tax policy to tax digital businesses
Panelists of the 7th Pan African Conference on tax and Illicit financial flows, stress that Africa needs disruptive tax policies that respond to the positively disruptive digital businesses such as uber. ... - Continue reading
Uganda: Don’t Make Up Losses To Avoid Tax
Conflicting interests arise for many businesses where decisions have to be made to determine how they consistently achieve profitability, while on the other hand minimise payment of tax. The temptation to minimise profits or even make a loss then becomes a tax risk management strategy. ... - Continue reading
Jersey: Capital Markets: Listing Jersey Holding Companies
With £184 billion market capitalisation held by Jersey listed companies on global exchanges as of 30 June 2019, this briefing explores why Jersey vehicles remain such a popular choice for taking international businesses to market. ... - Continue reading
Dutch government asks banks to give American expats more time to deal with FATCA
The Dutch government is urging banks to be accommodating towards American nationals who risk having their bank accounts closed because of US fiscal regulations as it calls on EU member states to campaign together for changes to American tax laws which are affecting thousands who have American nationality but no… – Continue reading
Despite big corporate tax cut gains, ITC’s stock has not fired up enough
- News flow on the potential sale of an 8% govt stake in ITC held by SUUTI has weighed on sentiments, say analysts
- Sure, the tax cut gives ITC room to delay price hikes and that may prove helpful
Important tax changes for home owners from next April
QUESTION: I’m in the process of selling our family home and down sizing to a smaller property. I have just completed the purchase of our new home and we intend to move in soon. Our current home has been on the market for six months but we haven’t been able… – Continue reading
Indian court rules Hitachi Singapore’s liaison office is a permanent establishment
In a landmark ruling, the Delhi bench of the Income Tax Appellate Tribunal has concluded that a liaison office could be treated as a permanent establishment of a foreign entity in India. ... - Continue reading
CITIRA set to replace outdated tax scheme
Finally, the outdated and “dysfunctional” tax regime based on gross income earned is now about to end with the expected enactment into law of the new Corporate Income Tax and Incentives Rationalization Act (CITIRA), which the House recently passed with a vote of 170 versus eight against and six abstentions. … – Continue reading
Armenia, Malta sign double tax treaty
YEREVAN, SEPTEMBER 25, ARMENPRESS. Armenian Foreign Minister Zohrab Mnatsakanyan on September 24 met with Malta’s Minister for Foreign Affairs and Trade Promotion Carmelo Abela on the sidelines of the 74th session of the UN General Assembly in New York, the Armenian ministry told Armenpress. The officials praised the current dynamic… – Continue reading
Mexico 2020 tax reform: big changes proposed for foreign companies doing business in Mexico
On September 8, the executive branch of the Mexican government introduced Mexico 2020 tax reform, proposing far-reaching changes to the Mexican income tax, value-added tax, and Federal Tax Code. ... - Continue reading
Wealth managers not ready for rise in HNWI demand for offshore investments: GlobalData
Wealth managers will have to review their offshore service propositions in lieu of an expected rise in high net worth (HNW) demand, according to GlobalData, a data and analytics company. GlobalData’s 2019 Global Wealth Managers Survey noted that 50.2% of industry participants expect HNW demand for offshore investments to rise… – Continue reading
India fires bazooka to lift economy, slashing corporate tax rates and enacting other tax relief
In a development that surprised businesses and the stock market, India’s Finance Minister on Friday announced a significant reduction in the corporate tax rates. ... - Continue reading
CTA acquits gold trader in P110-million tax evasion case
A gold trader has been acquitted by the Court of Tax Appeals in the P110-million tax evasion case for the failure of the Bureau of Internal Revenue (BIR) to prove his guilt beyond reasonable doubt.n a 56-page decision, the CTA’s Second Decision said the BIR was not able to present… – Continue reading
Dominguez orders BIR to shut down tax-dodging POGOs
'Those who don't pay or respond to your assessments, clamp them down,' says Finance Secretary Carlos Dominguez III ... - Continue reading
Tax avoidance drives nearly 40% of global FDI: IMF
Nearly 40% of worldwide foreign direct investment (FDI), amounting to $15trn, “passes through empty corporate shells” with “no real business activities”, a study by the IMF and the University of Copenhagen reveals. According to the report, ten economies including Luxembourg, the Netherlands, Hong Kong, BVI, Switzerland, Singapore, Ireland, the Cayman… – Continue reading
Italy: New Tax Incentives For Attracting Human Capital: Italy As The New Eldorado For The Taxation Of Sport Stars
Tax treatment is a key factor for private individuals such as workers, executives, entrepreneurs and professional athletes who relocate to new jurisdictions. ... - Continue reading
ECC approves new tax regime for non-resident firms
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved a new tax regime for non-resident companies to attract investment into the local debt market, while it also directed officials to check wheat price hike in Karachi and other parts of the country. The ECC approved the tax… – Continue reading
FBR issues 253,000 notices to non-filer industrialists
KARACHI: The Federal Board of Revenue (FBR) has issued around 253,000 notices to industrialists and businessmen, asking them to file returns, as the revenue body is expanding its broadening of tax base drive, officials said on Tuesday. An official said the FBR has so far issued 253,700 notices to consumers… – Continue reading
Report assesses 116 nations’ implementation of country-by-country reporting
The OECD today released a peer review report judging whether 116 countries and their tax administrations have met standards on the collection and exchange of country-by-country (CbC) reports on large multinational businesses. ... - Continue reading
Georgia: a low-tax European country with much to offer investors
Georgia, an Eastern European Country, was ranked 6th in the World Bank Group’s 2019 “Doing Business” survey. ... - Continue reading
Mexico proposes new rules to tax highly digitalized businesses
A bill was introduced to the Mexican Congress on August 21 to tax digital platforms. ... - Continue reading
Feature: Labuan IBFC – the gateway to Asia-Pacific
Labuan International Business and Financial Centre (Labuan IBFC) is seeing its comprehensive midshore solution reap results as new businesses soared 12.5% last year. Pedro Gonçalves explains the background to this success. With 1059 new companies mostly from Japan, China and South Korea, Labuan IBFC is also making the most of… – Continue reading
ICAB happy with Barbados’ removal from the EU’s blacklist
Barbados’ removal from the European Union’s (EU) blacklist has been welcomed by the Institute of Chartered Accountants of Barbados (ICAB). During her welcome remarks at the 15th Annual ICAB International Business Workshop, at the Barbados Hilton Resort, ICAB’s Executive Director, Kathy-Ann Hewitt, stated: “We are indeed happy that this change… – Continue reading
Govt launches crackdown on benami assets
ISLAMABAD: The government has kicked off a far-reaching crackdown against benami assets directing the departments concerned at the federal level and the provincial governments to track benami properties, harvesting the Benami Act, 2019 in the national and global contexts. Prime Minister Imran Khan chaired a meeting on August 20 on… – Continue reading
United States: Captive Insurance Strategies Can Pay Off For Real Estate Operators
Federal tax law has permitted U.S. businesses to form so-called "captive" insurance companies for many years, and numerous large companies have done so. ... - Continue reading
Canadians for Tax Fairness concerned about inaction on Panama Papers
It is estimated that the use of tax havens is costing federal and provincial governments at least $7.8 billion in lost tax revenue. Low and middle income Canadians are the ones paying for that missing $7.8 billion in tax revenue. Ottawa (11 Aug. 2016) — The leak of the Panama… – Continue reading
Gaming Companies Call for Reaching USA-Croatia Double Taxation Avoidance Deal
ZAGREB, August 21, 2019 – Computer gaming is the most propulsive segment of the IT industry worldwide, and this trend is present in Croatia, too, where local gaming companies export all their products, however the biggest challenge in doing business is the absence of a Croatia-USA double taxation avoidance agreement,… – Continue reading
German economics minister sees SMEs as “secret weapon”: report
German Minister for Economic Affairs and Energy Peter Altmaier had developed a strategy for the “Mittelstand” or small and medium-sized enterprises (SMEs), the newspaper Handelsblatt reported on Wednesday. “In the eyes of foreigners, SMEs are Germany’s secret weapon and, unlike the Dax 30 companies, SMEs are proving to be extremely… – Continue reading
Tax collected from HMRC investigations hits £13bn
HMRC has yielded more than £13bn worth of tax collections from tax investigations in 2018/19, a 27% increase on the previous period, official figures reveal. The figures were partly driven by payments HMRC has received ahead of the loan charge being introduced in April 2019, and the results of HMRC’s… – Continue reading
