HONG KONG, May 24 (Xinhua) — The government of China’s Hong Kong Special Administrative Region (HKSAR) on Thursday signed a comprehensive avoidance of double taxation agreement (CDTA) with Finland, further expanding the HKSAR’s tax treaty network. The HKSAR government’s Secretary for Financial Services and the Treasury James Lau and Consul-General...
YEREVAN, May 23. /ARKA/. Armenia’s parliament has ratified today an agreement signed on July 25, 2017 with Israel on the exclusion of double taxation and prevention of tax evasion with respect to property and income taxes. According to Deputy Minister of Finance Armen Hayrapetyan, the agreement will create a favorable...
Ease of doing business and tax reforms are at the center of India’s growth agenda as the country pitches itself as the leading investment destination among global emerging markets. Yet, India’s tax competitiveness record remains mixed. At a time when the U.S., U.K., and Japan have slashed their corporate tax...
As Nigeria continues to innovate and source strategies to attract foreign investors, making the country an investor destination in sub Saharan Africa and indeed the whole of Africa, the United Arab Emirates’ example is perhaps the way to go. Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime...
Kurdish business owners in Syria pay taxes to both government and Kurdish administration. QAMILSHI – Many Kurds in Syria may dream of self-rule, but for business owners in the semi-autonomous region in the country’s north, it now comes with a painful pinch: double taxes. For several months, traders in the...
The searches which started at the locations pertaining to the Bhopal-based Asnani Group and its business associates have led to the disclosure of around Rs 100 crores undisclosed income. BHOPAL: Five day long searches at 30 premises related to a Madhya Pradesh-based real estate major and business associates in Bhopal,...
In DCIT vs. M/s. Dominos Pizza International Franchising Inc., the Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that Jubilant Food Works Limited, who holds the Master Franchise for Domino’s Pizza in India is not a Permanent Establishment of the Domino’s Pizza International Franchising Inc. In...
Clear policies, investment-friendly business environments and streamlined government approval procedures are more important, experts say. Vietnam’s special economic zones (SEZs) should focus more on developing clear policies, fostering investment-friendly environment and streamlining government approval process instead of relying only on tax incentives, a conference heard Friday. Hoang The Long, former...
The country introduced the tax on January 1 The UAE’s Federal Tax Authority (FTA) has set new requirements for Emiratis to receive a value added tax refund related to construction of a new home. The FTA said in a Saturday statement to news agency WAM that applicants must be UAE...
ISLAMABAD: Pakistan’s tax authorities have placed standardised software for receiving first batch of around 50,000 cases of Pakistanis owning assets and bank accounts abroad through automatic exchange portal from Organisation for Economic Cooperation and Development (OECD) with effect from October 1. Top officials in the Federal Board of Revenue (FBR)...
The Minority in Parliament has raised concerns over government’s intention to approve Double Taxation Agreements with the Czech Republic, Morocco, Mauritius and Singapore which they claim were not in the interest of the country. According to the Minority, Ghana would not benefit from the deal since the level of investments...
Singapore has gazetted a law to repeal the income tax concession for intellectual property income derived by companies benefiting from the Pioneer Service Companies Incentive (PC-S) or the Development and Expansion Incentive (DEI) schemes. The removal of this tax concession was first announced in Singapore’s 2017 Budget at the same...
KARACHI: The Federal Board of Revenue (FBR) has given a 15-day timeline to banks and brokerages to furnish financial data of foreign customers as the country signed in an international convention for information exchange to curb tax evasion, officials said on Wednesday. The officials said FBR directed financial institutions, including...
Islamabad: Pakistan customs officials are reportedly reluctant to file a criminal case against a Chinese company for evading taxes due to what they described as “national interests”. According to the Express Tribune, sensitivities related to the over USD 60 billion China-Pakistan Economic Corridor (CPEC) project, is preventing customs from filing...
Western Australia’s residential sector could be facing up to 12 months or more of limited interest from Chinese buyers in the wake of the state government’s decision to increase taxes on offshore purchasers. Earlier this week, as part of its annual state budget, the WA government announced that it would...
There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations...
President Muhammadu Buhari’s anti-corruption drive moved a notch higher yesterday. Nigeria and the United Arab Emirates (UAE)’s agreement on recovery of assets and cash stashed away in UAE by Nigerians takes off next month. Besides, the collaboration among heads of anti-corruption agencies in Commonwealth (Africa) countries will be stepped up...
A regulatory framework for cryptocurrencies has come into effect by royal decree in Thailand, the Bangkok Post reported Sunday, May 13. The 100-section law, published yesterday in the country’s Royal Gazette, defines cryptocurrencies as “digital assets and digital tokens,” and brings them under the regulatory jurisdiction of the Thai Security...
In a major setback to Google India, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) held that the payments relating to Adwords made by the Company to its parent firm Google Ireland is subject to TDS provisions in India as the same constitute ‘royalty’ under the Income Tax...
It has emerged that Israel Tax Authority is hunting for crypto traders on social media. Local sources indicate that various local branches of the organization are sending out letters to those they suspect to be trading crypto without reporting it. In the letters, the authorities demand that the recipients should...
NEW DELHI, MAY 9 Mercedes-Benz India has said it can double its sales if the government gives rebates on tax on each car. “If you take out the cess — 22 per cent — my personal guess would be we can double our volume. This would mean we create many...
In China, withholding Corporate Income Tax (CIT) is applied to the following China-sourced incomes derived by non-resident enterprises without establishments in China, or to that derived by non-resident enterprises with establishments in China but whose income is not related to these establishments: Dividends, bonuses, and other equity investment proceeds; Interests,...
Buenos Aires (VNA) – Brazil and Singapore have signed a double taxation avoidance agreement and are considering the possibility of signing a free trade agreement (FTA) between Singapore and Mercosur, the South America trade bloc. According to a statement released by the Brazilian Ministry of Foreign Affairs on May 8,...
Some advantage could be there under Double-Tax Avoidance Agreement: experts MUMBAI, MAY 8 The $15-billion buyout of e-commerce player Flipkart by US retail giant Walmart is likely to attract capital gains tax under Indian laws, similar to the tax imposed on Vodafone, even though the entities are headquartered abroad. Some...
This guideline will, however, help the system move towards invoice matching, which can check tax evasion The new single-page return and the transition process approved by the GST Council in the May meeting is a step in the right direction as it tries to iron some of the difficulties faced...
President Muhammadu Buhari move to halt tax evasion signs an agreement with Singapore President Muhammadu Buhari, on Monday 26 March 2018, signed the instrument of ratification of agreement with Singapore against double taxation and fiscal evasion. The President’s assent is pursuant to the approval of the double taxation treaty (DTT)...
His story has changed somewhere along the line Keith Schembri’s latest explanation today of his network of offshore companies flies in the face of his original statement when the Panama scandal first broke out two years ago. Reacting to stories published today by German paper Süddeutsche Zeitung and the Times...
HARARE, May 7 (Xinhua) — Zimbabwe and Qatar on Monday agreed to expeditiously negotiate and conclude agreements that protect future investments and avoid double taxation, Finance and Economic Development Minister Patrick Chinamasa has said. Addressing journalists in Doha, Qatar, after the first meeting between Zimbabwean President Emmerson Mnangagwa and Amir...
NEW DELHI, MAY 7 The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. The protocol, which was signed on January 15, 2017, was notified on May 4 this year, an official release said. It had...
MUMBAI, MAY 7 The Delhi High Court has refused to stop the arbitration filed by Vodafone Plc in the UK against the ₹22,000-crore tax claim by the Indian tax department. The court said that the Centre can approach the UK arbitration tribunal under the India-United Kingdom Bilateral Investment Protection Agreement...
(UPDATED) Rappler Holdings Corporation and Rappler CEO Maria Ressa file a joint counter-affidavit at the DOJ in relation to the P133-million tax evasion complaint filed by the BIR MANILA, Philippines (UPDATED) – Rappler Holdings Corporation (RHC) and Rappler CEO Maria Ressa accused the Bureau of Internal Revenue (BIR) of “selective...
Islamabad : Pakistan’s tax authorities on Friday informed the Senate panel that Organisation for Economic Cooperation and Development (OECD) placed one dozen action plans for making part of tax laws in Pakistan so the FBR made all-out efforts to expand its jurisdiction outside the country in line with best international...
South Korea’s National Tax Service has released guidance in English for foreign taxpayers to comply with their South Korean tax affairs. Income tax returns must be filed by May 31, 2018. The guidebook explains foreign persons’ personal income tax obligations and the differences in tax treatment between resident and non-resident...
The Macau government is preparing to sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information which will allow automatic tax information exchange with other members of the Organisation for Economic Co-operation and Development Macau (MNA) – The Financial Services Bureau (DSF) has informed Macau News Agency...
Islamabad: ANP ex-Senator Ilyas Ahmed Bilour has said that there should be minimum 20 per cent tax rate for non-filers and tax evaders as 5 per cent tax return is very low and should not be passed. Mr Bilour was speaking at a special seminar on ‘Post Budget (2018-19) overview...
KARACHI: Government asked banks to impose up to three percent tax on foreign funds transfer made through plastic card in a new finance bill. The finance bill for the next fiscal year of 2018/19 proposed a new advance tax levy on individuals remitting amounts abroad through credit, debit or prepaid...
Islamabad : The government has proposed the scope of gift scheme in order to avoid misuse for purpose of tax evasion. According to the Finance Bill 2018 issued here on Friday, it has been decided by the government to restrict the scope of gifts amongst the relatives of the taxpayer....
KARACHI: Chief Minister Syed Murad Ali Shah has accused the Federal Board of Revenue of double taxation after the tax authorities raised a demand of Rs4.32 billion income tax and withholding tax on goods against various departments of the Sindh government. This, he said, while presiding over a meeting today...
Hong Kong’s Government has published a draft law preserving the profits tax exemption for offshore venture capital funds who participate in the island’s new Innovation and Technology Venture Fund (ITVF). The ITVF was set up by Hong Kong’s Government in 2017 with the aim of encouraging more private investment in...
In Mahaveer Kumar Jain vs. Commissioner of Income Tax, the Supreme Court held that the income earned by the assessee from lottery prize cannot be subjected to tax under Income Tax Act, 1961 when the same tax was already paid under Sikkim State Income Tax Rules, 1948. The appellant had...
Doing away with the outdated and increasingly minority offshore tax system can create problems with what the Basic Law says ‘The Macau Special Administrative Region shall, on its own, make policies on tourism and recreation in the light of its overall interests,’ states the Basic Law in Article 118. Today,...
DOHA: The Qatar Financial Centre (QFC) recently held an event to update its firms on the new rules being introduced globally to automatically exchange financial accounts information between countries. During the event, firms were presented with the context and key features of Common Reporting Standard (CRS), and offered an in-depth...
(Web Desk) – Pakistan Stock Brokers Association (PBSA) has proposed end of double taxation whereby abolishing tax on dividends, bonus and capital value tax as it has been discouraging foreign as well as domestic investment in the Pakistan stock exchange . Pakistan Stock Brokers Association sent budget proposals from the...
ISLAMABAD: The State Bank of Pakistan (SBP) has asked the government to slash the advance tax from 0.3 percent to 0.1 percent for filers on cash withdrawals from banks exceeding Rs 50,000, and abolish the Super Tax in the upcoming budget 2018-19. The SBP has referred to sections 231 A...
KARACHI: Authorities have spotted more than 600 local firms to investigate the tax status and gather other financial information of non-residents, as new rules on data sharing, under an international treaty, kicked in to fight tax evasion, officials said on Friday. The officials said the Federal Board of Revenue (FBR)...
KARACHI: People are awaiting budget announcement for the next fiscal year of 2018/19 to declare their local and foreign assets and benefit from the new amnesty scheme, a senior tax practitioner said on Wednesday. Khalid Mahmood, president of the Karachi Tax Bar Association (KTBA) said bar members are receiving a...
KUALA LUMPUR: The Inland Revenue Board of Malaysia (IRBM) yesterday said it will continue with the drive to counter the threat of aggressive tax planning, base erosion and profit shifting, and tax evasion practices that cause tax leakages. IRBM chief executive officer Datuk Seri Sabin Samitah said the effort to...
Capital gains taxes will always remain a controversial topic. This is especially true in Thailand, by the look of things, as the cryptocurrency community wants the nation’s Finance Ministry to rethink its guidelines in this regard. For most people, this is also an effort to create a more lenient ecosystem...
IMF Section 2 – Article 8 “No member may impose restrictions without the approval of the International Monetary Fund on payments and remittances in respect of current international transactions” KUWAIT CITY, April 15: The thirty-first report of the National Assembly’s Finance and Economic Committee on bills on taxation of expatriate...
MACAO, April 16 (Xinhua) — An agreement was signed between China’s Macao Special Administrative Region (SAR) and Vietnam to avoid double taxation as well as prevent tax evasion, according to a press release by the Macao SAR’s financial service department on Monday. The agreement, signed by Macao SAR Secretary for...
