Two years after the Panama Papers brought to fore alleged hidden offshore accounts of the world’s wealthy, the income-tax department has issued notices to many in India for not disclosing all their foreign assets as well as interest and income earned through such assets. Notices were issued following an investigation...
Many U.S. multinational corporations have packed up or are choosing to open subsidiaries in low-tax, rather than no-tax, countries that are seen as more legitimate than the formerly popular island destinations of the Cayman Islands and the Bahamas. They’re fleeing in response to regulations from the European Union that require...
Convention signed on Monday will facilitate investments, can reduce tax evasion Brazil and the United Arab Emirates signed an agreement to eliminate double taxation on income and prevent tax evasion and tax avoidance. The document was signed on Monday (12 November) by Brazilian Foreign Minister Aloysio Nunes Ferreira and UAE...
In general, investment and tax provisions relating to non-resident Indians (NRIs) returning to live in India are fairly generous. However, NRIs must carefully plan their return to India to ensure there are no surprises with respect to managing their overseas income and investments. In this article, we examine some of...
Japan’s National Tax Agency has obtained information on more than half a million accounts held by Japanese citizens and companies at overseas financial institutions. The move comes amid heightened public interest in how the wealthy use offshore havens to evade paying taxes at home. The Japanese agency will analyze the...
Many taxpayers in China have had questions about how the government would change the individual income tax (IIT) law since the amendment was passed earlier this year. Recently, however, the tax authorities released a draft of the amendment’s implementation rules and measures for comment. While the draft implementation rules and...
The probe follows an investigation by the Securities and Exchange Board of India (Sebi) on 14,720 entities in a case related to alleged trading irregularities in that segment. THE INCOME-TAX (I-T) Department is probing at least 21,900 entities that have traded through 193 brokers and allegedly evaded taxes of about...
China’s double tax avoidance agreements (DTAs) can be used to avail lower tax rates while making outbound payments. However, DTA benefits are not automatically applicable to everyone. Foreign invested enterprises and their overseas headquarters must satisfy certain qualifications and go through relevant procedures to obtain the benefits. Beneficial owner assessment...
THE BUREAU of Internal Revenue (BIR) may now notify taxpayers that their information was sent to a requesting foreign tax authority as investigation reaches the final stages. Revenue Regulation No. 22-2018 states that the Commissioner of Internal Revenue can opt to notify the taxpayer in writing that a foreign tax...
KARACHI: A global investment migration association on Wednesday termed Pakistanis among high-risk nationalities who could exploit loopholes in the OECD’s common reporting standard (CRS) developed to curb offshore tax evasion and avoidance. “Of those nearly one million citizenships granted by the EU each year that are not related to CBI...
The government is targeting Rp 1.51 quadrillion (US$99.29 billion) in tax revenues for 2019, or 16.67 percent higher than this year’s target. Meanwhile, it has set a 12.11 percent tax-to-gross domestic product (GDP) ratio. “We have implemented tax amnesty. It was an initial step. We also have access to banking...
Macau (MNA) – The Macau Legislative Assembly (AL) has approved a bill revoking the current offshore law, with several legislators warning the government over the future of the local workers in the sector. The bill approved on Thursday had been proposed by authorities in order to comply with standards of...
Tax avoidance is one of the most common tax “mistakes” made by medical professionals, according to IRAS. High-earning doctors, insurance agents, and lawyers who avoided paying their due taxes have been dealt a heavy blow by the Inland Revenue Authority of Singapore (IRAS). According to the Straits Times (ST), IRAS...
The Chinese government has decided to tight policies that target investors in the country and that hold their wealth overseas with the intention to avoid paying taxes. However, these investors that are now threatened by the government might move to cryptocurrencies and avoid being investigated by Chinese authorities. Most of...
The National Tax Agency of Japan has gathered details on 400,000 overseas bank accounts held by Japanese nationals in about 50 countries in a bid to fight fiscal evasion as only 9,000 citizens declared having an offshore account in 2016. The tax agency will compare the two sets of information...
After Switzerland, Liechtenstein has also signed an agreement with India for Automatic Exchange of Financial Account Information, official sources here said. The agreement was signed in Vaduz on October 11. India sees Liechtenstein as an important partner in fighting overseas black money and is hoping the agreement will help it...
The Federal Government is seeking assistance from the International Monetary Fund (IMF) on modalities for improving tax collection, especially from the International Oil Companies (IOCs), Finance Minister Zainab Ahmed, has said. She told reporters on the sidelines of the ongoing 2018 International Monetary Fund (IMF)/World Bank Group Meetings, in Bali,...
KARACHI: The Federal Board of Revenue (FBR) re-opened audit cases related to non-filing of tax returns after legal changes were introduced under the latest mini-budget, officials said on Friday. The officials said the cases were automatically selected before the budget for the current fiscal year of 2018/19 as the taxpayers...
The Lion City will not hesitate to impose action against firms with cross-border tax evasion. Singapore’s Ministry of Finance refuted a news article by CNBC Indonesia which claims that its Double Taxation Agreement (DTA) with Indonesia ‘indulges Singapore’. “Provisions under the DTA are reciprocal, like any other DTA,” the ministry...
On September 18, China’s State Administration of Taxation (SAT) issued the Circular about Further Optimizing Tax Deregistration Procedures for Enterprises (Shui Zong Fa [2018] No. 149) to further improve its business environment. The notice introduces tax clearance certificate exemption, optimizes the tax deregistration service, and simplifies the documentation required and...
The New Delhi bench of Income Tax Appellate Tribunal (ITAT) in Global Academy of Emergency Medicine versus CIT(E), held that under the Income Tax Act appointing of NRIs as trustees of valid Indian trusts are permissible. The sole issue in the instant case was CIT (E) held that the owner...
ISLAMABAD: The Asia Pacific Group (APG) on Financial Action Task Force (FATF) has asked Pakistan for tracking down all financial transaction ranging from 3000 to 15,000 US dollars/Euro in cash through real estate agents, dealers in precious metals and stones, lawyers, notaries, other independent legal professional and accountants as well...
In the wake of blowing hot and cool on bitcoin, the government of India is thinking about drawing out its very own cryptocurrency. A board comprised by India’s finance ministry suggested that the nation launch a government-backed cryptocurrency. “We are assessing the government-backed cryptocurrency and crypto-token,” said a senior government...
Foreign companies establishing a presence in China will encounter a host of considerations that do not exist in their home country. Of these, interpreting and understanding China’s system of accounting standards can be an especially difficult challenge. China only embraced a market-driven economy recently, so its accounting and bookkeeping systems...
The General Department of Taxation has been reviewing press information about foreign firms continuously reporting loss to have inspection plan in the upcoming time. The general department has required tax agencies to focus on inspection over these companies. According to articles published on Sai Gon Giai Phong Newspaper in May...
Pakistan has been unable to get much cooperation from 11 countries known as tax havens around the world to share information on offshore wealth amid a global clampdown on tax evasion. Under the Organisation for Economic Cooperation and Development’s (OECD) new automatic exchange of information programme, effective since September 1,...
NEW DELHI: India and Russia are exploring the option of trading in their local currencies and looking at signing agreements on investment protection and avoidance of double taxation, Russia’s minister for economic development Maxim Oreshkin said on Friday. The commerce ministry is considering the feasibility of a renminbi-rupee trade with...
KARACHI: The Federal Board of Revenue (FBR) has launched investigation against 42 textile units for rendering an estimated seven billion rupees in tax revenue losses through misuse of zero-rating facility of sales tax, officials said on Friday. The officials said the FBR identified 42 textile companies which made sales of...
Switzerland has begun sharing financial record data with tax authorities in many countries as a method for battling tax evasion, however, Africa, which loses about $60 billion in unlawful flows every year, generally into European banks, is prominent by its nonappearance from the arrangement. Swiss bank accounts have for quite...
Luanda, ANGOLA, October 6 – Angola and China are due to sign a set of agreements including an accord to put an end to double taxation in commercial transactions, as part of a visit the Angolan president Joao Lourenco is due to start to the Asian country, Angop has learnt....
Chinese superstar Fan Bingbing has been ordered to pay more than US$129 million in overdue taxes and fines. Tax evasion cases involving celebrities are seldom heard of in Hong Kong, thanks to our simple tax regime and low tax rate. Hong Kong’s income tax rate is capped at 15 percent,...
A new sub-decree issued this week creates a slew of tax incentives for small and medium-sized enterprises in the Kingdom, and confirms that the sector is now one of the government’s main priorities. Sub-decree No 124 – signed by Prime Minister Hun Sen, and issued Tuesday – sets us tax...
KARACHI: Dubai’s famous construction company and developers, Emaar Properties, has issued lists, containing the names of 34,000 individuals, and 3,550 of them are Pakistanis. Most of them are living in Dubai or Pakistan currently, according to the addresses given in the list. FIA Director-General Bashir Memon told The News that...
Viet Nam News HÀ NỘI —Vietnam will institute new policies designed to attract foreign direct investment (FDI) by boosting the development of local companies and setting up value chains driven by advanced technologies. FDI has been a major factor in Vietnam’s rapid socio-economic development; however, some key metrics remain below...
ISLAMABAD: The federal government has again banned non-filers of tax returns from purchasing property and vehicles, Geo reported. Addressing the National Assembly, Finance Minister Asad Umar announced that the ban has been re-imposed on non-filers. “Non-filers still have time, they can pay their returns and become eligible to purchase property...
1.Introduction Due to the influence of International Monetary Fund, the income tax law of Sri Lanka witnessed a near paradigm shift with the introduction of Inland Revenue Act No.24 of 2017 (new IRA) by repealing Inland Revenue Act No.10 of 2006 with effect from 1 April 2018. Unlike the Inland...
National Board of Revenue has decided to set up a separate unit to handle income tax files of foreign companies operating in Bangladesh. The decision was taken responding to a proposal of the European Union for establishing a separate NBR unit for providing hassle-free services to foreign taxpayers. EU came...
How tax residency in China gets determined is among key changes introduced in the recently passed individual income tax (IIT) law. The new law is set to reform IIT in the country, including the tax treatment of foreigners. Beginning January 1, 2019, an individual who resides in China for 183-days...
Magistrates’ Court ruled that Ilya Yurov persecution was politically motivated because of his connections with Khodorkovsky. Westminster Magistrates’ Court refused to extradite Ilya Yurov, the former part owner of Trust Bank, who is on the international wanted list, RBC reported. The court believes that the extradition would violate human rights....
Our previous article about the taxable basis for the taxation of companies in the Macau territory made reference to the fact that the courts in Macau, notably the Court of Second Instance (TSI) and the Tax Administration, do not seem to share the same view regarding income considered as the...
Indian high commission in Dhaka has requested different Bangladesh government agencies including National Board of Revenue to solve a number of tax-related ‘problems’ Indian chief executive officers-managed multinational companies are facing in the country. In a letter to NBR sent on September 10, the high commission said that Indian CEOs...
ISLAMABAD: The federal government has decided to issue notices to 300 Pakistani nationals who own properties in the United Arab Emirates, sources informed Geo News Saturday. The sources said that notices will be sent to individuals who own six or more properties in UAE. They will be inquired about their...
KARACHI: The Federal Board of Revenue (FBR) is all set to launch a major crackdown against individuals with concealed and untaxed offshore assets from next week as the revenue body bets on financial information shared under an international treaty, officials said on Friday. The officials said the FBR finalised the...
Investors globally will now be able to start their business in Dubai without having to be in the UAE, following an agreement between Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED) in Dubai, and the US-based Alliance Business Centres Network (ABCN). The partnership...
The government is considering imposing taxes on companies’ digital revenue as a way of increasing public coffers by capitalising on the rapidly expanding digital commerce sector. Plans to establish a so-called ‘e-tax’ are in line with the government’s strategy to prepare for the fourth industrial revolution, said Aun Pornmonirath, Deputy...
BEIJING, Sept. 26 (Xinhua) — The Chinese government will roll out more measures to facilitate the delivery of major foreign-invested projects, lower tariffs on some imported goods and streamline customs clearance procedures at a faster pace, as was decided at the State Council executive meeting presided over by Premier Li...
Hukou (户口) is a system of household registration in China. Each citizen is issued a household register under supervision of the Ministry of Public Security, China’s police. Hukou serves as an identity proof for citizens, recording their basic information and permanent residence. The hukou registration also determines access to housing,...
A large-scale police operation into money laundering appears to have targeted the Airiston Helmi real estate firm, led by a Russian man with Maltese citizenship. An exceptionally large police operation took place in southwest Finland this weekend, in what the National Bureau of Investigation (NBI) said was an extensive search...
The tax regime in Sri Lanka historically imposes WHT on both domestic as well as cross border payments. WHT on domestic payments eases revenue collection (e.g.: PAYE) while WHT on cross border payments are adopted by most countries to ensure that the fair share of tax is retained in the...
MUMBAI, SEPTEMBER 20 ICICI Bank plans to raise funds through overseas instruments this fiscal, for which its board will meet on September 24. “It will consider offshore fund raising in single or multiple tranches in any currency through public or private placement by way of issuances of debt instruments, certificate...
