The American Institute of CPAs made recommendations to the U.S. Department of Treasury and the Internal Revenue Service on Monday about the proposed rules regarding the deduction for qualified business income under section 199A of the Internal Revenue Code. The proposed guidance, issued Aug. 16, 2018, provides rules addressing how… – Continue reading
Investors globally will now be able to start their business in Dubai without having to be in the UAE, following an agreement between Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED) in Dubai, and the US-based Alliance Business Centres Network (ABCN). The partnership… – Continue reading
The government is considering imposing taxes on companies’ digital revenue as a way of increasing public coffers by capitalising on the rapidly expanding digital commerce sector. Plans to establish a so-called ‘e-tax’ are in line with the government’s strategy to prepare for the fourth industrial revolution, said Aun Pornmonirath, Deputy… – Continue reading
BERLIN, Sept. 27 (Xinhua) — German companies are highly sceptical that the British government can deliver on a promise to attract more business to Britain by lowering taxes after Brexit, a study published on Thursday by the Foundation for Family Business in Germany and Europe found. According to the study,… – Continue reading
The Internal Revenue Service’s Bank Secrecy Act program, in which it is supposed to safeguard against money laundering, is having only a minimal impact on tax compliance, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that the Currency and Foreign Transactions Reporting… – Continue reading
In Ukraine in some areas taxes are too high, and entrepreneurs simply can’t pay, so toughen system of tracking defaulters only after tax cuts. Comments about this correspondent of ГолосUA said political analyst Nikolai Spiridonov. “In Ukraine, a number of taxes too high. Businesses simply can’t pay. And is double… – Continue reading
The Internal Revenue Service is considering relaxing the rules for companies to qualify for tax-free spinoffs — a shift that could benefit drugmakers and tech firms with promising early-stage products. The agency said Tuesday it’s looking into whether units should still be required to generate revenue before a spinoff from… – Continue reading
The new Tax Identification Number (NIF) of Angola for individuals and companies goes into effect on 1 October, said on Friday in Luanda, the head of the Registration and Collection Directorate of the General Tax Administration (AGT). The entry into operation of the new NIF, which will be the same… – Continue reading
A large-scale police operation into money laundering appears to have targeted the Airiston Helmi real estate firm, led by a Russian man with Maltese citizenship. An exceptionally large police operation took place in southwest Finland this weekend, in what the National Bureau of Investigation (NBI) said was an extensive search… – Continue reading
Issue of multiple registration for foreign operators to be reviewed by panel NEW DELHI, SEPTEMBER 20 The Finance Ministry on Thursday notified that e-commerce operators shall collect an amount at the rate of one per cent as tax collected at source (TCS) under the Goods and Services Tax (GST) on… – Continue reading
On September 13, South China’s Guangdong province announced a series of investment incentives and cost-cutting measures to offset the impact of the worsening trade war with the US. The measures, outlined in the Policy Measures for Expanding Opening-up and Using Foreign Investment, consist of a 10-point plan to attract foreign… – Continue reading
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… – Continue reading
(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… – Continue reading
The British High Commission has advised British citizens to report and pay their tax on foreign income and assets. In a media release, the Commission said as part of the British Government’s “Requirement to Correct” legislation UK taxpayers must make sure that all their foreign income and assets, where there… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
Walmart-Flipkart deal will help the government mop up over $1.3 Bn (10,000 Cr) in taxes The payment by Walmart ends the uncertainty regarding $16 Bn transaction tax dues NCLAT wants to know india business models from Walmart, Flipkart US retail giant Walmart has said it has completed all the tax… – Continue reading
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… – Continue reading
Australia’s new Prime Minister has said his Government is working on plans to help improve the tax competitiveness of small businesses. Former Treasurer and now Prime Minister Scott Morrison had been at the forefront of the Government’s two-year battle to pass a package of company tax cuts. He had sought… – Continue reading
On August 30, China’s State Council announced RMB 45 billion (US$6.59 billion) worth of tax cuts for businesses and investors. With the tax cuts, the Chinese government hopes to reduce the burden on small and micro-enterprises, encourage investors to continue lending, and ensure capital flow in the economy. The tax… – Continue reading
Tax expert Manoj Agarwal explains why businesses must be aware of their tax liability management in order to avoid falling foul of the law It has been nine months since the UAE, an erstwhile tax haven like several other GCC countries, implemented its new value added tax (VAT). And across… – Continue reading
French President Emmanuel Macron said he wanted “precise answers” before deciding whether to introduce pay-as-you-earn income tax withholding as planned next January. Speaking at a press conference in Helsinki, Macron said he wanted to be “demanding about the proper implementation” of what would be a major change for employers and… – Continue reading
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… – Continue reading
The Internal Revenue Service said Wednesday it will provide a new format for transcripts of individual tax returns that will safeguard taxpayer data by redacting personally identifiable information from Form 1040 series returns. The new transcript format will replace the old format and will be the default format available through… – Continue reading
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… – Continue reading
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… – Continue reading
Baker McKenzie (Thailand) discuss how the proposed trust law aims to bring more wealth back to the country as both Thai and overseas assets (including real estate properties) can be used to set up a trust and promote Thai private banking business. Preserving a faily business for the next generation… – Continue reading
BEIJING, Aug. 8 (Xinhua) — China has decided to impose additional tariffs on imported products from the United States worth about 16 billion U.S. dollars, according to an official statement released Wednesday. Approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional… – Continue reading
Manufacturers have accused the Kenya Revenue Authority of bulldozing the planned roll out of the e-tax stamp duty system despite numerous concerns. Their main concern is that the Excise Goods Management System will push up the cost of doing business. The Kenya Association of Manufacturers yesterday made a passionate appeal… – Continue reading
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… – Continue reading
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… – Continue reading
The current tax incentives arrangement for foreign investors looking to invest in key sectors of the economy ends up financing multinationals to the detriment of local businesses who continue to wobble under severe taxation, Marwan Ansah, Western Regional Chairman, Senior Staff Union of the Electricity Company of Ghana (ECG), has… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) will begin probe into the money trails of 500 high net-worth Pakistani individuals and companies having properties in the UK from August 1 (today) to discover their ‘probable’ tax evasion as an amnesty scheme for concealed local and foreign assets expired on Tuesday,… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
The introduction of an exit capital tax, envisaged by the draft law on amendments to the Tax Code of Ukraine regarding the tax on exit capital (No. 8557), will draw the attention of tax authorities to companies carrying out foreign economic operations, expert for transfer pricing at Evris law firm… – Continue reading
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… – Continue reading
(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… – Continue reading
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… – Continue reading
The National Board of Revenue has formed two committees to review and finalise the draft of new income tax law within the shortest possible time. Income tax wing of the NBR recently formed the committees — one for Bangla draft and another for English draft — to prepare the law… – Continue reading
The Central Board of Direct Taxes ( CBDT ) has revised the Form No. 3CD, an audit report under section 44AB of the Income Tax Act, 1961 in a case where the accounts of the business or profession of a person have been audited under any other law. Earlier there… – Continue reading
COMMERCIAL banks and financial institutions across the country are required to implement a new international financial reporting standard from the beginning of 2020, according to the National Accountancy Body (NAB). Nuntawan Sakuntanaga, Commerce permanent-secretary and chairman of the NAB, said that the body agreed at a recent meeting on the… – Continue reading
MOSCOW, July 16 (Xinhua) — The French authorities decided to close down the office of Business France, the agency responsible for supporting French business in Russia and operating as part of its embassy in Moscow, the French embassy said Monday. “This decision, which takes effect on July 16, 2018, was… – Continue reading
Hong Kong (HKSAR) – The Inland Revenue (Amendment) (No. 6) Ordinance 2018, which primarily implements the minimum standards of the Base Erosion and Profit Shifting (BEPS) package promulgated by the Organisation for Economic Co-operation and Development (OECD) and codifies the transfer pricing principles into the Inland Revenue Ordinance (Cap. 112)… – Continue reading
KARACHI: Hong Kong-based companies including a retail chain store planned to enter Pakistan following a bilateral treaty signed between the two countries last year to avoid double taxation that may boost annual foreign direct investment inflows from approximately $35 million, officials said on Tuesday. Officials at Trade Development Authority of… – Continue reading
