Johannesburg – More than 260 cases of tax evasion were successfully prosecuted by the National Prosecuting Authority during the last financial year. Sars spokeswoman Marika Muller said about 330 tax-related criminal cases were finalised during the 2013/14 financial year, of which 267 were successfully prosecuted. Muller said to deter non-compliance, Sars… – Continue reading
The Isle of Man has signed a Tax Information Exchange Agreement (TIEA) with the Kingdom of Swaziland.The TIEA was signed by Eddie Teare MHK, the Isle of Man’s Treasury Minister, in the Isle of Man, and by Senator Martin G. Dlamini, Swaziland’s Minister for Finance, in Swaziland, and exchanged by… – Continue reading
A Tax Information Exchange Agreement with Swaziland has been signed by the Manx government. The TIEA was signed in the island by Treasury Minister Eddie Teare MHK and by Senator Martin G. Dlamini, Swaziland’s Minister for Finance, in the African kingdom, and exchanged by post. Mr Teare said: ‘The signing… – Continue reading
PRESSURE is mounting both within and outside Parliament for the government to introduce dedicated legislation to ban transfer pricing when it is used as a tax-avoidance measure to shift profit offshore. South Africa is estimated to lose tens of billions of rand annually from the abuse of transfer pricing by… – Continue reading
(Seychelles News Agency) – The Seychelles has become an early adopter of an agreement launched by the G5 group of countries – the United Kingdom, France, Germany, Italy and Spain – to automatically disclose details of individuals who have taxable income kept in offshore accounts. According to a press statement by Her Majesty’s… – Continue reading
This article was first published in the 2nd quarter 2014 edition of Personal Finance magazine. Your tax liability in the country in which you live and/or work depends on the tax laws of that particular country. Countries can levy taxes on a residence basis, because you live in the country,… – Continue reading
COMPLICATED transfer pricing legislation remains a burden and has become an increased risk for multinational firms doing business in SA and the rest of the continent. Transfer pricing is the price charged for goods and services in cross-border transactions between two companies within the same multinational group. Companies can become… – Continue reading
The Seychelles is the latest country to commit to the automatic exchange of tax information as part of a scheme piloted by the Group of Five (G5) nations. The G5 pilot is aimed at deterring and cracking down on tax evasion. The five countries – the UK, France, Germany, Spain,… – Continue reading
Aug. 28 — The hardest part about forming an offshore company in the Republic of Seychelles may be coming up with a catchy name.Luckily for applicants, that can be a multiple choice question.Seychelles, a nation of islands off the east coast of Africa, is gaining popularity as a tax haven,… – Continue reading
In Beezadhur v The Independent Commission against Corruption and anor [2014] UKPC 27, the Privy Council dismissed an appeal by a retired nurse who was charged with and found guilty by the Intermediate Court of Mauritius of five offences under sections 5(1) and 8 of the Financial and Anti-Money Laundering Act 2002… – Continue reading
More to the point, extant global financial architecture facilitates transfer of illicit money through the Hawala route first to a Tax Haven, only to launder it in specialised locations like London. “There are 42,800 persons – let me repeat, only 42,800 persons – who admitted to a taxable income exceeding… – Continue reading
Cape Town – Tax evasion is not only a crime against the state, it is also a crime against the people of South Africa, says Deputy President Cyril Ramaphosa. Ramaphosa has now called on South Africans who are aware of tax evasion by individuals or companies to report them to… – Continue reading
This article was first published in the 2nd quarter 2014 edition of Personal Finance magazine. Most people accept that they have to pay taxes in their country of residence. But citizens of the United States and green card holders who live outside that country – even if they have never… – Continue reading
FRANCISTOWN: Government’s negotiations with other countries to sign Double Taxation Avoidance Agreements (DTAA) are underway to ensure investor benefits from tax holiday incentives continue, Boniface Mphetlhe of Ministry of Trade and Industry (MTI) has said. The Deputy Permanent Secretary in MTI, Mphetlhe, was speaking on the topic of Botswana Investment… – Continue reading
WEALTHY South Africans’ banking needs have changed in the past decade as exchange-control regulations have eased, and they have found themselves forging complex relationships with multiple global financial service providers. A wealthy South African might have a private bank and investment banking relationship domestically, as well as offshore banking and… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
THE National Tax Policy (NTP) has identified double taxation as one of the major hindrances to the growth of the Nigerian economy. Double taxation has become an issue paramount to investors and top executives of multinationals as income is generally taxable both in source and residence countries. In order to… – Continue reading
NEW DELHI: G-20, a group of developed and developing nations, is likely to press for adoption of “rapid timelines” by different countries for automatic sharing of information with a view to curb tax evasion. The issue of automatic sharing of tax information would figure prominently during the meeting of G-20… – Continue reading
MONTREAL • Eugene Melnyk, the billionaire owner of the Ottawa Senators and founder of drug maker Biovail Corp., is waging war against the company that now controls his one-time business. Mr. Melnyk alleges that Valeant Pharmaceuticals International Inc. is masquerading as a Canadian company to make use of this country’s… – Continue reading
The Delhi High Court upholds the non-taxability of gains from sale of shares of overseas entities by the Copal Group to the Moody’s Group. Interpretation of the indirect transfer tax provisions in a restrictive manner. 50% threshold for substantiality based on guidance by OECD/ UN material and Shome Committee Report… – Continue reading
Reasons given by the bank for refusing to publish findings of an investigation into alleged tax evasion remain unconvincing When commodities giant Glencore publishes its half-yearly report on Wednesday, it is unlikely to mention what may be a significant victory for the firm. This relates to an investigation into allegations… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by the US to target non-compliance by US taxpayers using foreign accounts. FATCA essentially requires foreign financial institutions to report information about financial accounts held by US taxpayers, or by foreign entities in which such taxpayers hold a substantial… – Continue reading
The Cayman Islands, an important international business competitor for Bermuda, is expressing “consternation” that they have been included on a new list of high risk jurisdictions for financial crime. There are a total of 95 countries listed including Brazil, Afghanistan, Cuba, Russia, China, Iraq, the Republic of Congo and Jamaica…. – Continue reading
Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading
To some, US companies switching their tax residency to gain a tax advantage are economic “traitors.” To others, they are victims of a United States tax code that effectively punishes them for investing at home and encourages them to look for opportunities overseas. In this Tax-News Topical Focus, we try… – Continue reading
With new laws in place, recovery from Swiss banks can be little easier provided the government shows sincerity in taking action against tax dodgers Finance Minister Senator Ishaq Dar in recent days has expressed the government’s firm conviction to bring back untaxed money of “US$ 200 billion” stashed in… – Continue reading
Two registries of significant interest to shipowners are the registries of the Republics of the Marshall Islands and Liberia. Significantly, insofar as it does not conflict with the statutory laws, each country has adopted the non-statutory general maritime laws of the United States. This gives added certainty to shipowners, particularly… – Continue reading
WASHINGTON (Thomson Reuters Foundation) – The world’s richest nations must toughen their laws against money laundering, tax havens and tax evasion if a global drive against corruption and illicit finance is to deliver results, senior African diplomats said on Thursday. “There are two sides to this coin. If there were… – Continue reading
PORT-LOUIS, Mauritius, August 6, 2014 /PRNewswire/ — Living on a paradise island has always been your dream? Don’t look any further. Mauritius is the right destination. Located in the pristine turquoise waters of the Indian Ocean, Mauritius is a small tropical island, only 12 hours of flight from Paris. Since… – Continue reading
MULTINATIONAL companies shifting their profits from Africa to low-tax jurisdictions are only partly responsible for the erosion of the continent’s tax revenue bases. The African Tax Administration Forum (Ataf) believes some countries have signed away their tax revenue because of weak domestic policies, and ill-conceived tax incentives and mining contracts…. – Continue reading
The Internal Revenue Service is offering tax relief to U.S. citizens and resident aliens living or working in war-torn South Sudan. The IRS issued Announcement 2014-28 last week, which provides guidance to U.S. citizens or resident aliens living and working abroad whose tax home is in a foreign country and… – Continue reading
The findings of a two-year investigation into possible tax avoidance by a Zambian copper operation of Swiss commodities giant Glencore (LON:GLEN) will not be made public by The European Investment Bank. In 2005, the EIB – which is owned by EU member states and in 2013 provided some $75 billion… – Continue reading
ECONET Wireless has dismissed allegations that the company has evaded paying duty taxes since 1998 saying the accusations by a whistleblower were false and defamatory. Econet is facing allegations of tax evasion by paying less duty on base stations than they were supposed to since 1998. In a statement yesterday,… – Continue reading
Seychelles News Agency) – The Seychelles islands and Singapore have concluded a double taxation avoidance agreement, which will allow businesses operating in the two countries to pay tax in one of the jurisdictions and avoid taxation in the other, which is expected to encourage trade and investment between the two… – Continue reading
THE Nigerian Television Authority, Channel 9, Calabar, has been sealed off for alleged tax evasion. The Cross River Internal Revenue Service (IRS) yesterday sealed off the premises over alleged evasion of Pay As You Earn (PAYE) tax payment from 2006 to 2012. Following the seal off with red… – Continue reading
The taxman has doubled collections from property developers and landlords in the fiscal year ended June 30, as efforts targeting the sector’s tax avoidance yield result. The Kenya Revenue Authority yesterday said it has collected Sh2.1 billion from the sector from Sh1 billion in the previous year. KRA had accused… – Continue reading
KENYA Revenue Authority is currently recovering Sh25 billion outstanding tax from international companies that a recent audit showed were involved in transfer pricing, it announced on Friday. Commissioner general John Njiraini said the authority has recently conducted transfer pricing audits involving over 50 cases which have so far yielded tax… – Continue reading
The bank accounts of retired Egyptian football player Mohamed Abu Trika were frozen due to failure to pay dues to the Egyptian Tax Authority (ETA), an official at the Ministry of Finance’s fight against tax evasion department confirmed to the Daily News Egypt. The official said that the “this is… – Continue reading
Umuahia — Governor Thoedore Orji of Abia State has disclosed that the new tax regime being put in place by the State government is targeted at removing all forms of fraudulent practices that had bedeviled tax payment and collection in the past.. The Governor who stated this at the maiden… – Continue reading
Minister of Finance Hany Kadry Dimian has announced plans for Egypt to take on a policy of tax sharing internationally in an effort to protect the Egyptian taxpayer from double taxation. This is within the framework of government procedures to increase revenue and reform an exhausted economy. In a statement… – Continue reading
A rights group is suing Nigeria’s president and attorney general for dropping corruption charges against the son of the former military dictator accused of helping to launder millions in stolen funds. The government last month withdrew charges against Mohammad Abacha in a deal that saw $227 million looted by Gen…. – Continue reading
The Stock Exchange of Mauritius plans to boost the value of its markets to match the size of the Indian Ocean island’s economy by attracting foreign companies to sell shares on the bourse. The Port Louis-based exchange owns and manages two markets with a combined capitalization of 276 billion rupees… – Continue reading
Besides DTAC, both nations have BIPPA; India has been largest exporter of goods and services to Mauritius since 2007 Seeking to dispel concerns about Mauritius being used for round-tripping of Indian money, the island nation’s financial sector watchdog has sought a quick resolution of tax related issues between the two… – Continue reading
Minister of Finance Hany Dimian said introducing amendments to some provisions of the tax law on individual’s annual income allow inserting articles to combat tax evasion. The Minister added that this comes within the reform package adopted by his ministry to address the new budget deficit. These amendments, President Abdel… – Continue reading
Sentenced in absentia, Nassef Sawiris is also fined LE50 million for refraining from paying due checks to Egypt’s tax authority Egypt’s wealthiest man, Nassef Sawiris, has been sentenced in absentia to three years in prison and fines worth LE50 million on charges of refraining from paying due checks to Egypt’s… – Continue reading
Zambia was withholding $600 million (R6.3 billion) in VAT refunds owed to copper mining companies and would repay it only when they produced import certificates from destination countries, Mining Minister Christopher Yaluma said yesterday. The government started last year to enforce the 2008 requirement intended to curb tax avoidance. However,… – Continue reading
The organisations making the payments are required to withhold tax from such payments and pay over the withheld amounts to their respective relevant Tax Authorities within 30days of receipt of payment or credit by the person or entity suffering the Tax. The relevant tax authorities to receive the WHT tax… – Continue reading
Botswana and Ireland have signed an agreement on double taxation avoidance to enable free tax income flowing between the two countries.Speaking at the signing agreement in Gaborone on Wednesday, finance and development planning minister, Kenneth Matambo said the agreement was a commendable move because it was only when there was… – Continue reading
Ireland’s new double trade taxation agreement with Botswana is expected to boost two-way trade and investment between the two countries, which last year was worth almost €3.5m. The agreement was signed yesterday by Minister for Trade and Development Joe Costello and Botswana’s Minister of Finance and Development Planning Kenneth Matambo…. – Continue reading
ZIMBABWE lost about $770 million in potential revenue between 2008 and 2012 through undervaluation and transfer pricing of its gems from the Marange diamond fields. VENERANDA LANGA SENIOR PARLIAMENTARY REPORTER A report by Partnership Africa Canada on illicit financial flows in the diamonds industry said the gems were being exported… – Continue reading
