SEN. Sherwin Gatchalian has called on the Senate to hold an inquiry on the uncollected taxes from registered and unregistered foreign workers, especially those in the Philippine Offshore Gaming Operators (POGOs) industry. n calling for an investigation, Gatchalian stressed that taxes properly collected are essential since revenues enable the government… – Continue reading
SEN. Pilar Juliana “Pia” Cayetano is batting for lower corporate income tax and rationalized fiscal incentives, saying these would lead to more jobs and sustained economic growth. “I do believe that the time is right to study the rationalization of our corporate holidays and various incentives so that we can… – Continue reading
The Republic of Vanuatu is a group of islands in the Pacific. The country exists by growing fruits, fishing, and tourism. In 2016, the government introduced the program of achieving local citizenship through investment to increase the flow of external finance. Foreign businessmen want to get a second passport in… – Continue reading
The news is replete with discussions on the refiling of the proposed bills for the other TRAIN Packages with the 18th Congress. However, there seems to be no discussion yet on any proposed amendment to the Bank Secrecy Act, Republic Act (RA) 1405, as amended, particularly the proposed amendments to… – Continue reading
By virtue of the powers vested under, Section 90 of the Income Tax Act, 1961("the Act"), India has entered into the Double Taxation Avoidance Agreement on 18th July, 1994 with China signed at New Delhi. ... - Continue reading
China’s IIT reform introduced a host of changes to the system of individual taxation in the country last year. China Briefing explains the revisions to the tax brackets, expansion of deductibles, and new residency rules for foreign workers. China began the latest reforms to its individual income tax (IIT) system… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) collected one billion rupees in withholding tax revenue on funds transferred abroad through credit and debit cards in a year, official statistics showed. The government opened the avenue for revenue collection a year ago considering the growing trend of payment through plastic cards…. – Continue reading
Armenia and Kyrgyzstan have signed a double tax treaty during the Eurasian Inter-governmental Council session in Cholpan-Ata, Issyk-Kul. ... - Continue reading
In early July, the Israeli Tax Authority (ITA) issued an update to Form 1385 - "Declaration of International Transaction.” ... - Continue reading
Other service providers of offshore gaming industry are expected to remit the monthly withholding taxes of foreign workers to the Bureau of Internal Revenue (BIR) on or before August 10. ... - Continue reading
BEIJING, Aug. 6 (Xinhua) — China’s State Council, or the cabinet, has issued an overall plan for the new Lingang area of the China (Shanghai) Pilot Free Trade Zone. The new area will be set up to the south of Dazhi River, east of Jinhui Port, and south of Xiaoyangshan… – Continue reading
Industry leaders Kiran Mazumdar-Shaw and Mohandas Pai have made allegations of harassment by income tax dept officials ... - Continue reading
On the sidelines of the Bureau of Internal Revenue’s anniversary celebration, Finance Secretary Carlos G. Dominguez III emphasized that the first 18 months of the current Congress is crucial for the Duterte administration’s comprehensive tax reform program (CTRP). According to Dominguez, lawmakers traditionally have the tendency to focus “on something… – Continue reading
The government of Singapore has announced that amendments made to the Singapore-Luxembourg tax treaty as a result of the two countries’ ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into effect on August 1. ... - Continue reading
While considering moving a business into a new market, one of the key consideration is that country's tax regime. What are the incentives that would attract foreign investment? Are there any double tax treaties in place? What is the rate for corporate tax? ... - Continue reading
The proposal intends to tax gift of money exceeding ₹50,000 made by residents to non-residents that were earlier claimed to be outside the ambit of India taxation ... - Continue reading
The CAG report also flagged the issue of abuse of tax exemption granted to charitable trusts and institutions ... - Continue reading
With the passing of Finance Bill 2019, NRIs will have to disclose such gifts received and pay tax on it as per the tax rules applicable ... - Continue reading
The UAE Ministry of Finance on 30 April issued new tax rules setting out country-by-country reporting compliance obligations for multinational corporation groups effective for financial years beginning on or after 1 January 2019. ... - Continue reading
The top 1% individual taxpayers contribute nearly one-third of India’s taxes, while the top 5% contribute nearly two-thirds of all the taxes collected ... - Continue reading
The Hong Kong Inland Revenue Department (IRD) on 19 July published Departmental Interpretation and Practice Notes (DIPNs) Nos. 58, 59, and 60, and an updated version of DIPN No. 28. ... - Continue reading
Article 7 – Prevention of Treaty Abuse – of the Multilateral Instrument (the MLI) contains three opt-in provisions. ... - Continue reading
In June, Vietnam’s National Assembly approved a new Law on Tax Administration 38/2019/QH14. Under the new law, tax authorities have been granted additional enforcement powers. At the same time, the new law has made it a little bit easier for both individuals and entities to file taxes. ... - Continue reading
India's traditional policy of non-alignment and the Swiss policy of neutrality, coupled with shared values of democracy and rule of law have forged close ties between the two countries. ... - Continue reading
India experiences a generation of exceptional wealth on one hand and fiscal deficit and tax revenue targets on the other. As a result of this, it is expected that the government may consider exploring the possibilities of Inheritance tax to increase the tax kitty. ... - Continue reading
Top executives of banks on Sunday informed Bangladesh Bank that bringing down the interest rates to single digit would not be possible now considering the liquidity situation in the country’s banking sector. Some of the banks were even paying 9.5 per cent interest against deposits of state-owned entities and more… – Continue reading
The Japanese government on July 1 published the synthesized text of the Japan-United Arab Emirates 2013 tax treaty, taking into account changes made by the bilateral tax treaty on account of both countries’ later ratification of the the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). ... - Continue reading
An amending protocol to the China-India tax treaty entered into force from June 5, the Indian government announced on July 17. ... - Continue reading
Many companies looking at the Chinese market choose to establish a holding company or special purpose vehicle (SPV) to hold their Chinese investments. This typically provides flexibility and an added layer of protection to their corporate structure. Foreign investors have commonly chosen Hong Kong to set up a holding company… – Continue reading
Turkey comes up with another effort to fight profit shifting ... - Continue reading
The new budget proposal to tax buybacks and dividends at the same rate of effectively 20% may curtail the flow of distribution—that companies undertake from time to time to give investors a share in their profits—to the shareholders. ... - Continue reading
So much of India’s private wealth is trapped in gold that any more will be a colossal social waste ... - Continue reading
The Inland Revenue Board of Malaysia has released new guidance on restrictions to the deductibility of interest expenses. ... - Continue reading
The United States Senate could soon approve ratification of four long-pending double tax avoidance treaty protocols. ... - Continue reading
Following Hong Kong’s extradition bill protests, wealth managers and private banks have seen increased queries from clients looking to set up channels to move assets to Singapore. MAS (Monetary Authority of Singapore) officials have reportedly been asking wealth managers not to aggressively target Hong Kong clients in their market campaigns,… – Continue reading
For foreigners working in Vietnam, determining the applicability of personal income tax (PIT) involves decoding a number of rules. Following this, foreign workers need to calculate their precise liability and any applicable deductions. ... - Continue reading
NAIROBI, July 14 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement by the end of 2019, a Turkish diplomat said on Sunday. Ahmet Cemil Miroglu, Turkish ambassador to Kenya told journalists in Nairobi that both countries are keen to improve the environment for investment… – Continue reading
The International Monetary Fund predicts revenue of FBR by 2023-24 ... - Continue reading
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
I am interested in purchasing real estate in the US as an investment. Can a Thai citizen own property in the US? There are several things Thai investors need to be aware of when considering purchasing a house or condominium in the United States. The buying process is relatively straightforward… – Continue reading
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
The following is Part 2 of the Application of the MAP Article in the MLI to the Covered Tax Agreements that specifically deals with How contracting jurisdictions apply Article 16 to their CTA's. ... - Continue reading
As Bank of Singapore’s Global Market Head for Greater China and North Asia, and since March 2018 also Hong Kong CEO, Derrick Tan has plenty of challenges in front of him. But he can draw on from his multi-faceted background – he spent five years as an investigating officer with… – Continue reading
In the past three fiscals, Indian firms bought back shares at an average rate of ₹47,800 crore ... - Continue reading
Pointing to volume, Swiss office says several dispatches may be needed. According to the two Swiss agencies, India is among 73 countries with whom information on bank accounts will be shared this year — AEOIs were implemented with 36 countries last year. The stage is set for the first exchange… – Continue reading
UAE has published Cabinet Resolution 32, the introduction of new country by country reporting ("CbC reporting") obligations that multinationals will be required to comply with starting 2020. ... - Continue reading
Malaysia aims to track offshore tax revenue ... - Continue reading
The Senate is backing a government plan to run after tens of thousands of Chinese workers in the country who have not been paying income tax ... - Continue reading
