On April 1, 2015, Cyprus and South Africa signed a Protocol amending their existing double taxation agreement (“DTA”), which was signed in 1997 and has been in force since December 8, 1998. At the time the original DTA was concluded, dividends arising in South Africa were not subjected to South… – Continue reading
The Cabinet, then discussed a number of domestic issues and, in this regard, expressed thanks to and appreciation of the competent security agencies and Saudi Customs for their following-up, monitoring and preventing drug smuggling attempts into the Kingdom and the arrest of those involved in the smuggling and their recipients,… – Continue reading
A continent so rich with natural resources, but yet there is still a wide economic inequality gap. Money is lost due to base erosion and profit shifting, thus minimizing the opportunity to advance development. CNBC Africa is joined by Ernie Lai King, head of tax and Asia practice, at Hogan… – Continue reading
Multinational companies are facing far more expansive and complex audits by tax authorities fighting over the same pot of profits as budget deficits continue to increase, reports BD Live. An inevitable outcome of efforts globally to prevent tax bases from erosion is double taxation and increased disputes over adjusted assessments… – Continue reading
This case was an appeal from the Gauteng Division of the High Court to the Supreme Court of Appeal (“SCA”) pertaining to the correctness of the granting of an ex parte preservation order application that was brought against Mr Krok by the Commissioner of the South African Revenue Service (“SARS”) in… – Continue reading
Government must make good on its vows, says Jamie Livingstone In less than two weeks, leaders from 193 states will meet at the United Nations in New York to formally adopt, in effect, a new plan to fight extreme poverty, tackle inequality and end hunger. The Sustainable Development Goals (SDGs)… – Continue reading
PRELIMINARY statistics on the 2015 African Capacity Report (ACR) released yesterday in Addis Ababa, Ethiopia showed that there were significant improvements in revenue collection over the last decade (2006-2015) in Nigeria and 44 other African countries. But despite the cheering news, the report said effective mobilisation of domestic resources in… – Continue reading
International pensions administrator STM Group is looking to offer QROPS tailored for UK expats in Australia after HMRC scrapped thousands of schemes from its approved list in July. During an interview with International Adviser, STM – which has trading offices in both Malta and Gibraltar – cited plans to expand… – Continue reading
Three-quarters of global business leaders would accept higher taxes in exchange for greater clarity on acceptable tax planning, the Grant Thornton International Business Report has found. The survey of 2,580 businesses in 35 countries noted a significant increase from the last time the question was asked – last year –… – Continue reading
For hedge funds in most jurisdictions, the first wave of registration and reporting deadlines surrounding the Foreign Account Tax Compliance Act (FATCA) is now in the rearview mirror, but a significant amount of work likely remains. Due to the staggered approach regarding the definition of a reportable investor in 2014… – Continue reading
Based on the overview of Jurisdictions Participating in the Convention on Mutual Administrative Assistance in Tax Matters as available on the website of the OECD, on August 31, 2015 Mauritius deposited its instrument of ratification, acceptance or approval for the Protocol of the OECD Multilateral Convention on Mutual Administrative Assistance… – Continue reading
Rejecting “treaty shopping” claims, India’s High Court of Punjab and Haryana has ruled that India should not tax capital gains from the sale by Mauritian entities of shares held in an Indian company if they are proven resident in Mauritius. The ruling was given in Serco BPO Private Limited v…. – Continue reading
The South African Revenue Service has issued an updated version of its Guide on Income Tax and the Individual to inform South African residents of their income tax obligations. SARS emphasizes that the Guide does not attempt to cover every tax matter, but does attempt to provide clarity on the… – Continue reading
It’s a decision that could spell relief for many Mauritius based investors. This week the Punjab & Haryana High Court has re-iterated that a Mauritian tax residency certificate is sufficient to avail treaty benefits. Senior advocate Porus Kaka tells CNBC TV18’s Menaka Doshi that this re-iteration is important given the… – Continue reading
On July 28, 2015 the Dutch Government published the English text of the Convention between the Kingdom of the Netherlands and the Republic of Zambia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereafter: the DTA) and a relating Protocol,… – Continue reading
On July 28, 2015 the Dutch Government published the English text of the Convention between the Kingdom of the Netherlands and the Republic of Kenya for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereafter: the DTA) and a relating Protocol,… – Continue reading
Three-member AP Shah Committee has recommended extending minimum alternate tax (MAT) relief to foreign companies which do not have permanent establishment or public business in India. In an earlier version, the committee had sought to restrict MAT to foreign institutional investors and foreign portfolio investors. The committee had also not… – Continue reading
NEW DELHI: India continued to develop its relationship in the Indian Ocean Region, offering an additional coast guard patrol boat to visiting Seychelles President James Alix Michel, who is in India within five months of Prime minister Narendra Modi’s state visit.The visit also provided an opportunity to sign an agreement… – Continue reading
Until recently, demonstrating empirically the value of International Finance Centres (IFCs) to global economies has proven relatively difficult. Despite IFCs being able to point to the high quality of their regulation and the endorsement they receive on a consistent basis from global authorities such as the OECD and IMF, this… – Continue reading
THE African continent has been under the surveillance for Illicit Financial Flows (IFF) for quite some time now. The report prepared by the former South African President, Mr Thabo Mbeki, who chaired the AU High Level Panel on IFF in early February 2015, clearly states that the multinational companies (MNCs)… – Continue reading
PRESS RELEASE Three Memoranda of Understanding (MOU)/Agreements on bilateral cooperation between Mauritius and Ghana in various fields were exchanged yesterday at New Treasury Building, in Port Louis. The documents concluded pertain to the following: mutual visa exemption; standardisation and conformity assessment; and, tertiary education. The exchange of MOUs was held… – Continue reading
In the overview of tax treaties as published on the website of the Irish Revenue, the Irish Revenue has published a statement announcing that the Convention between the Government of Ireland and the Government of Ukraine for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect… – Continue reading
The Uganda Revenue Authority has pledged more cooperation with the African Tax Administration Forum to address taxation avoidance practices by multinational corporations. The Uganda Revenue Authority has pledged more cooperation with the African Tax Administration Forum to address taxation avoidance practices by multinational corporations. The corporation will involve forming a… – Continue reading
PORT LOUIS (Reuters) – Tourism revenue in Mauritius fell by 3.5 percent in the first half of the year as earnings per tourist dropped, official data showed on Friday. Statistics Mauritius said that revenue in what is a key industry for the Indian Ocean island fell to 21.78 billion rupees… – Continue reading
CHINA: MANAGING IP TAX CHALLENGES IN BEPS ENVIRONMENTABU DHABI // The UAE Embassy in Nairobi has temporarily suspended its consular services, it was confirmed on Tuesday. An employee at the embassy said that Kenyans wishing to apply for a work visa or attestations for the UAE will not be able… – Continue reading
In an assessment of money laundering and terrorism financing risks, Luxembourg scored in the bottom half of a ranking of 152 countries carried out by the Basel Institute on Governance, reports the Luxemburger Wort. The institute says that its AML (Anti-Money Laundering) Index is the only such review carried out… – Continue reading
Aug 24 (Reuters) – Switzerland expects to adopt a new law by the end of the year that will speed restitution of illicit funds stashed in the Alpine country, where thousands of ‘politically exposed persons’ are believed to hold bank accounts, a top Swiss official said on Monday. Swiss authorities… – Continue reading
Uganda Revenue Authority (URA) has entered into partnership with the continent tax bodies in a move to wipe out illicit financial flows from Africa. A report on illicit financial flows (IFFs) estimates that Uganda loses at least Shs1.5 trillion every year to illegal activities perpetrated by the multinational companies. The… – Continue reading
To check black money generation, the government today approved signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes, reports the Economic Times. The agreement will stimulate the information exchange between India and Seychelles for tax purposes, which will help curb tax… – Continue reading
Section 99 of the Tax Administration Act, 28 of 2011 (“Tax Admin Act”) regulates prescription in relation to tax assessments and provides for a three year prescription period in respect of income tax assessments and a five year prescription period in the case of self-assessment taxes (e.g. value-added tax and… – Continue reading
What to think about when moving your money. SANDTON – Since 2000 there has been a dramatic change in how much money South African residents are legally allowed to transfer overseas. Fifteen years ago, individuals were only entitled to a lifetime allowance of R750 000, and that required a tax… – Continue reading
South African companies who do direct and indirect business with US organisations, whether in South Africa, Africa, Europe or further afield, must comply with the United States Foreign Account Tax and Compliance Act (FATCA,) or risk being excluded from lucrative markets the world over, reports the Cape Business News. This… – Continue reading
Many have, mistakenly, confused the prime minister (PM)’s recent remark that Rs 6,500 crore had been disclosed by holders of hitherto unaccounted money with disclosures under the compliance window in the recent law on the subject. However, this money has nothing to do with the latter’s three-month window. These came… – Continue reading
19/08/2015 – Increasing tax revenues and ensuring sustainable domestic resource mobilisation will be critical as emerging Asian economies seek to boost the provision of public goods and services and improve economic growth and living standards. Revenue Statistics in Asian Countries: Trends in Indonesia, Malaysia and the Philippines shows that the… – Continue reading
On 1 April 2015 Cyprus and South Africa signed a Protocol amending their existing double taxation agreement (“DTA”), which was signed in 1997 and has been in force since 8 December 1998. The Protocol amends the 1997 DTA in three areas, namely the definition of residence, withholding taxes on dividends… – Continue reading
South Africans with undisclosed offshore accounts may feel exposed after their offshore Swiss bank account information found its way into the public domain this year. The theft of information relating to some 30 000 HSBC accounts – the biggest banking leak in history – actually took place five years ago… – Continue reading
Questions over tax — hotly denied — feature in a row centring on one of the capital’s biggest art collectors One of London’s wealthiest but most secretive families is locked in a bitter feud over the ownership of its empire, which spans high-end London properties to African tobacco-trading businesses. A… – Continue reading
A narrative which is now familiar to those working in Africa or who are involved in projects relating to Africa tends to enter into all discussions related to poverty and income disparity on that continent. That narrative, that the poverty and deprivation which exist on the continent are directly attributable… – Continue reading
Taxes are the enforced proportional contributions from persons and property, levied by the state by virtue of its sovereignty for the support of government and for all public need. From the above definition it is seen that taxes are contributions to a common pool by the people for the use… – Continue reading
The tax regime for foreigners who render services in South Africa for a relatively short period of time is a key area which expatriates and their employers are grappling with. These individuals (also more commonly known as ‘short-term business travellers’) are generally physically present in SA for periods ranging from… – Continue reading
Gaborone — Botswana and Mauritius on Saturday August 15 signed a Double Taxation Avoidance Agreement, renewing a convention the two countries have had since 1995. Minister of Finance and Development Planning, Mr Kenneth Matambo represented Botswana while Mauritius’ Minister of Foreign Affairs, Regional Integration and International Trade, Mr Marie Joseph… – Continue reading
Luxembourg currently has 76 income tax treaties in force, and there are 29 treaties under negotiation. Tax treaties can provide a legal framework not only for the avoidance of double taxation and fiscal evasion, but also for international administrative cooperation between Luxembourg and its treaty partners in terms of mutual… – Continue reading
MUMBAI: Large foreign portfolio investors (FPIs) have voiced concerns before Indian capital market regulator Sebi about the fate of the Mauritius treaty which the government is renegotiating with the tax haven. Officials of more than 20 offshore asset managers, belonging to top banking groups and fund houses, met Sebi chairman… – Continue reading
A report by PriceWaterHouse Coppers (PwC) that chart the top risks in the global insurance sector and the growth concerns of insurance CEOs shows that cyber risk, interest rates and growing tax burden are now among the top risks for insurers, reports Business Day. This is indicative of how high… – Continue reading
The Polish Ministry of Finance has published the text of the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income as concluded on July 13, 2015 between The Republic of Poland and the Federal Democratic Republic of Ethiopia (Hereafter: the… – Continue reading
On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the economic and social well-being of people around the world.” The OECD describes its annual report as follows: Tax… – Continue reading
The first reporting cycle for the United States Foreign Account Tax Compliance Act (FATCA) kicked off with the 31 March deadline set by the US Internal Revenue Service’s (IRS) for countries and territories such as Hong Kong that have a Model 2 Intergovernmental Agreement (IGA). Although the IRS has granted… – Continue reading
(Seychelles News Agency) – Onshore banking activities, including the possibility of introducing Sharia-compliant banking are being considered for the Seychelles-registered Bank of Muscat International Offshore (BMIO). The Al Salam Bank of Bahrain, which now owns 50 percent shares in the Seychelles-registered Bank is engaging with the Seychelles authorities on the… – Continue reading
The rise of Islamic finance and sukuk issuances have brought with it a growing phenomenon: Shariah banking is increasingly taking advantage of offshore banking jurisdictions, and this for a number of reasons, reports the Gulf Times. Many offshore centres around the world meanwhile offer a wide range of features allowing… – Continue reading
The Danish government is hopeful ratification of the convention for avoidance of Double Taxation agreements (DTA) with Ghana — and the Prevention of Fiscal Evasion with respect to taxes on income and capital gains between the two countries — will help to double Denmark’s investment in the country. This brings… – Continue reading
