The abolition of Personal Income Tax (PIT) and contrasting increase in the Revenue Recovery Charge (RRC) from 10 to 13 per cent, is set to see a shift in the burden on taxpayers in the coming months. Prime Minister Gaston Browne in delivering the 2016 Budget Speech, on Thursday, announced… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has issued a detailed clarification, which clearly defines that the federal government is authorised to levy sales tax on supply and manufacturing of goods, whereas the power to levy sales tax on services have been vested with provinces. The clarification was made in… – Continue reading
One of the biggest financial benefits of owning a home is qualifying for the tax breaks that homeowners are eligible to receive. Many of the tax deductions for home-related expenses are well-known, but others often slip under the radar. Below, we’ll run through the list of deductions for homeowners that… – Continue reading
In response to contentions expressed over double taxation by a KCCI delegation during its recent meeting with Chairman FBR, the Federal Board of Revenue (FBR) has issued a detailed clarification which clearly defines that the federal government is authorised to levy sales tax on supply and manufacturing of goods whereas… – Continue reading
A group of businesses in the Welsh town of Crickhowell have gone offshore as part of a campaign to try and get HMRC to change tax laws. The Welsh town of Crickhowell is spearheading a unique campaign to get HM Revenue & Customs (HMRC) to change the laws so companies… – Continue reading
London-based international law firm Edwin Coe has become a member of a global alliance of lawyers spread across 41 countries. The International Alliance of Law Firms, founded in 1990, already has 60 member firms in EMEA, the US, Latin America, Canada, and Asia-Pacific. Its website describes itself as “an international… – Continue reading
Ireland’s insistence that it is not a tax haven and that in fact other EU countries have tax regimes that facilitate tax dodging by multinationals will be borne out by a study to be released next week. But while this will be good news to Finance Minister Michael Noonan a… – Continue reading
India’s biggest source of FDI is India itself, money departing on a short holiday to a tax haven and then routed back as FDI. Will the government muster up the political will to clamp down on the tax-allergic business elite? This could be a bumper year for the ever-lucrative tax… – Continue reading
Basseterre, St. Kitts, January 21, 2016 (SKNIS): The Honourable Mark Brantley, Minister of Foreign Affairs and Aviation, said that the Foreign Account Tax Compliance Act (FATCA) is demonstrative of the Federal Government’s seriousness in playing its role in an ever-changing global environment. He made these comments during an appearance on… – Continue reading
Budget to implement some of OECD’s standards on profit-shifting NEW DELHI, JANUARY 21:Large multinational enterprises (MNEs) may be required post-Budget to furnish to Indian tax authorities information on their global incomes and taxes. This move — a fallout of India agreeing to OECD’s Action Plan on Base Erosion and Profit… – Continue reading
The Argentine has been fined €815,000 and handed a year’s sentence for two counts of fiscal crimes committed in 2011 and 2012 Javier Mascherano has been sentenced to a year in prison but is unlikely to ever serve time in jail, after a verdict was reached in his tax evasion… – Continue reading
As from 1 January 2016, new rules have become effective in the Netherlands that require multinational enterprises (“MNEs“) to comply with new transfer pricing documentation requirements, including the obligation to prepare a Country-by-Country Report (“CbC Report“), a Master File and a Local File. These rules essentially implement Action 13 of… – Continue reading
Recent media coverage has prompted impassioned calls for Congress to close the “loopholes” that supposedly explain why the 400 richest taxpayers paid an average federal individual income tax rate of 16.7 percent in 2012. Unfortunately, these calls are based on outdated numbers and an incomplete picture of the tax system…. – Continue reading
Best positioned firms will upgrade technology infrastructure Financial institutions across Asia-Pacific are behind the curve when it comes to being prepared for evolving global tax reporting regulations. That’s according to a recent survey by Wolters Kluwer Financial Services and the GRC Institute, which indicates that more than 90% of financial… – Continue reading
Budget to implement some of OECD’s standards on profit-shifting NEW DELHI, JANUARY 21: Large multinational enterprises (MNEs) may be required post-Budget to furnish to Indian tax authorities information on their global incomes and taxes. This move — a fallout of India agreeing to OECD’s Action Plan on Base Erosion and… – Continue reading
The Yomiuri Shimbun Four international organizations will join forces to devise unified global tax rules aimed at preventing tax evasion by multinational companies. The four entities involved are the Organization for Economic Cooperation and Development, the United Nations, the International Monetary Fund and the World Bank. The OECD — whose… – Continue reading
The term double taxation refers to an exposure to tax more than once on the same profit or income. There are two types of double taxation i.e. economic double taxation and juridical double taxation. Economic double taxation is broad and occurs in a situation where an amount of income is… – Continue reading
Largely as a result of interaction between the Estonian Tax and Customs Board and entrepreneurs on the subject of incorporation, 157 more people have started to pay payroll taxes and have paid altogether 210,000 euros in such taxes in three months, the tax authority said, cites LETA/BNS. “In connection with… – Continue reading
The taxation of ‘non-UK domiciled’ individuals has been a thorny political issue as successive governments have sought to crack down on those enjoying what some have seen as an excessively benign tax regime The taxation of ‘non-UK domiciled’ individuals has been a thorny political issue as successive governments have sought… – Continue reading
Ireland’s emergence from economic meltdown provides a model for other nations, the Taoiseach has told the World Economic Forum. Enda Kenny also defended his country’s tax arrangements with multinational companies, telling the audience past claims that it was a tax haven for big businesses were without foundation. Mr Kenny took… – Continue reading
WASHINGTON, D.C.—Recent media coverage has prompted impassioned calls for Congress to close the “loopholes” that supposedly explain why the 400 richest taxpayers paid an average federal individual income tax rate of 16.7 percent in 2012. A few weeks ago, the IRS released new data showing that the average federal individual… – Continue reading
The implementation of place of effective management (POEM) rules in the current scenario in India could not only hurt the nation’s outbound investments, but also discourage overseas multinational companies from setting up their regional hubs here, feel industry watchers. The draft guidelines for implementing POEM, which was released on December… – Continue reading
With the issue of tax evasion a political priority and firmly in the media spotlight, the Public Accounts Committee kick-started 2016 with an evidence session with top HMRC officials as part of its inquiry into: Tackling tax fraud: how HMRC responds to tax evasion, the hidden economy and criminal attacks…. – Continue reading
FROM April 2017, there will be a new main residence transferable inheritance tax threshold which will apply when a main home is passed on to a direct descendant. A direct descendent broadly means a child or grandchild and includes adopted children, foster children and stepchildren. The inheritance tax threshold, officially… – Continue reading
Hong Kong’s newly signed double tax deal with Russia is said to support the territory’s ongoing efforts to expand its tax treaty network with jurisdictions along “the Belt and Road.” The Belt and Road, or the Silk Road Economic Belt, is a Chinese Government economic development project, which is primarily… – Continue reading
MADRID (AP) – Lionel Messi’s tax fraud trial has been set for May 31-June 3, conflicting with the start of the centennial Copa America in the United States. The Copa America Centenario will kick off June 3, meaning the five-time world player of the year will not have the best… – Continue reading
Two weeks remain to influence draft legislation which reduces the ability for individuals to convert income distributions from a company into capital gains by way of winding-up that company, an expert has warned.19 Jan 2016. Proposals amending the Transactions in Securities (TIS) rules were published by HMRC on 9 December… – Continue reading
Danish Tax Minister Karsten Lauritzen has created a new government-industry task force that will support the Government to broaden and improve Denmark’s network of double tax agreements. According to a Tax Ministry statement, the task force will enable the Government to listen to the opinions of businesses when deciding on… – Continue reading
Cayman Islands has introduced limited liability company (LLC) legislation that combines the key features of a company and a partnership, intended to increase the structuring options for US investment funds. US clients have reportedly been requesting this legislative development for some time to provide a better match with the Delaware… – Continue reading
Each year, states enact tax law changes and create local government programs that provide personal property tax breaks for businesses. These concessions come in various forms—deductions, incentives, credits and exemptions (i.e., D.I.C.E.), and they have a significant impact on whether businesses remain viable. Many states commonly impose ad valorem tax… – Continue reading
HMRC is set to repay tax to around 2,000 banking and IT contractors who used an offshore scheme because of a flawed process around issuing payment notices. The tax office issued so-called accelerated payment notices to individuals who used Isle of Man-based schemes to limit their income tax during the… – Continue reading
In an effort to facilitate non-resident enterprises in applying for tax benefits, China’s tax bureau recently released the SAT Announcement [2015] No.60, which replaced the previous “Administrative Measures on Tax Treatment under Double Taxation Agreement to Non-resident Enterprises (Guoshuifa [2009] No.124)” and simplified the application procedures for a non-resident enterprise… – Continue reading
Wherever you and your clients stand on the ethics of tax avoidance – and on offers of 70% commission – moral considerations are now being superseded by more practical concerns of the personal damage attempting to avoid tax can cause, writes Laura Miller… There are many reasons to avoid tax… – Continue reading
China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy… – Continue reading
According to the World Bank’s ‘Doing Business 2016 Report’, Hong Kong continues to be one of the world’s easiest places to do business, and tops the ranks in Asia Pacific for starting one. To sustain its economic growth and competitiveness, the Hong Kong government underwent three key changes in 2015:… – Continue reading
LONDON: India and the UK today agreed to strengthen their economic cooperation in infrastructure and financial services as they vowed to address cross-border tax evasion and avoidance. Finance Minister Arun Jaitley, who held talks with his UK counterpart George Osborne as part of the 8th India-UK Economic and Financial Dialogue… – Continue reading
Banking and IT contractors forced to stump up tens of thousands of pounds to settle contested tax debts last year are now in line to be repaid, after the UK tax authority accepted it should not have issued payment demands. HM Revenue & Customs has withdrawn so-called accelerated payment notices… – Continue reading
What is the fate of taxpayers on double taxation provisions? The National Tax Policy (NTP) acknowledges this challenge when it states, “elimination of multiple taxation must be of major concern to government at all levels. This is because increased demand to grow internally generated revenue has led to the exercise… – Continue reading
Residents of Brazil with undeclared offshore assets can now voluntarily declare and regularise their tax affairs without facing criminal prosecution and only face a one-off charge and penalty. All individuals and legal entities who were resident or domiciled in Brazil on 31 December 2014, can voluntarily declare previously undisclosed goods… – Continue reading
Banking and IT contractors forced to stump up tens of thousands of pounds to settle contested tax debts last year are now in line to be repaid, after the UK tax authority accepted it should not have issued payment demands. HM Revenue & Customs has withdrawn so-called accelerated payment notices… – Continue reading
Wherever you and your clients stand on the ethics of tax avoidance – and on offers of 70% commission – moral considerations are now being superseded by more practical concerns of the personal damage attempting to avoid tax can cause, writes Laura Miller… There are many reasons to avoid tax… – Continue reading
On 1st January 2016, an amendment to the Mutual Legal Assistance (Tax Matters) Act, 2003 came into force which implements the Organisation for Economic Co-Operating and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS) in the British Virgin Islands (BVI). Globally this means that participating jurisdictions… – Continue reading
The US’s Financial Crimes Enforcement Network has announced it will be investigating the individuals behind secretive all-cash purchases of high-end luxury real estate in a six-month trial programme intended to enhance the treasury’s anti-money laundering efforts. The initiative will focus on all-cash property purchases of over $3 million in New… – Continue reading
Russia and the Hong Kong Special Administrative Region of the People’s Republic of China signed an agreement on avoidance of double taxation and prevention of fiscal evasion regarding profits taxes on Monday. The document was signed by Russia’s State Secretary, Deputy Finance Minister Yuriy Zubarev and the Secretary for Financial… – Continue reading
There will be no end to the inequality crisis until world leaders end the era of tax havens, once and for all, according to a report from charity Oxfam. In its report, “An Economy for the 1%”, published ahead of the World Economic Forum in Davos, Oxfam has challenged world… – Continue reading
The government is ready to restrict British expatriates’ tax benefits in a bid to get agreement with the European Union over renegotiating the UK’s terms of membership, according to press reports. The Guardian has reported that expats could be banned from claiming tax credits for up to four years as… – Continue reading
China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy… – Continue reading
Barclays (BARC.L) has sold its offshore trust business to an independent investor group but will keep a 20 percent stake in the new company, renamed as ZEDRA, for at least three years. The sale marks another step in the British bank’s efforts to simplify its wealth and investment management activities…. – Continue reading
Main principles of Indirect Taxation In our fifth article in a series of articles on the tax challenges of the digital economy, we shall be providing you hereunder with a brief overview of the principles of indirect taxation, with a focus primarily on the VAT and the destination principle applicable… – Continue reading
The European Parliament has voted in favour of a “Fair Tax Payer” label across the EU to tackle tax avoidance. The proposal was passed on 16 December by 500 votes to 122, and drew cross-party support from members of the green, socialist, liberal, labour and conservative blocks. The plan came… – Continue reading
