Category: Iran

India-Iran DTAA – A Step Forward in India’s Economic Engagement with Central Asia

India and Iran signed a Double Taxation Avoidance Agreement (DTAA) in February, during Iranian President Hassan Rouhani’s official visit to India. The ‘Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income’ aims to encourage the movement of investments and services… – Continue reading

India, Iran ink pact to avoid double taxation, prevent fiscal evasion

India and Iran today signed an agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with regard to taxes on income. The agreement is on similar lines as entered into by India with other countries, the Central Board of Direct Taxes (CBDT) said in a statement. “The agreement… – Continue reading

Austria Seeks Tax Agreement with Iran

In a meeting with Iran’s foreign minister in Tehran on Sunday, Schelling said he has visited Iran with the purpose of boosting bilateral economic and financial relations. Voicing Austria’s eagerness to develop joint training programs with Iran in the banking industry, Schelling hoped he would nail down investment deals and… – Continue reading

Bahamas Will ‘Do All It Can’ To Avoid Eu Blacklisting

The Bahamian financial services industry “will do all we can” to ensure this nation does not appear on a threatened European Union (EU) ‘blacklist’, Tribune Business was told yesterday. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, said this nation’s implementation of the Common Reporting Standard (CRS) for… – Continue reading

Armenia eliminates double taxation of property and income with Serbia and Slovakia

The Armenian Parliament has ratified today two agreements to avoid double taxation and prevent tax evasion with respect to taxes on property and income with Serbia and Slovakia. According to Deputy Minister of Finance Armen Hayrapetyan, the document on the mutual avoidance of double taxation on property and income with… – Continue reading

Iran, Luxemburg agree on mutual investment, double taxation avoidance

The decision was made during a meeting between Iranian Finance and Economic Affairs Minister Ali Tayyenbia and the visiting Luxembourg Economy Minister Etienne Schneider in Tehran on Monday, IRNA reported. As reported, the Luxembourger minister also visited Central Bank of Iran Governor Valiollah Seif on Tuesday. Expressing satisfaction over the… – Continue reading

Iran To Launch Offshore Bank To Process International Payments

Iran is to launch an offshore bank on one of its Gulf islands “within a month”, according to a report by the official IRNA news agency, as it continues to seeks ways around restrictions on international payments. The bank will be set up on Kish Island, which has been developed… – Continue reading

Cyprus-India build on ties

Lobby groups and business associations from Cyprus and India are working to build trade relations between the two countries with an eye to a new double taxation agreement that is being negotiated. The two sides see mutual benefits to their cooperation. The Indian High Commissioner Ravi Bangar said in an… – Continue reading

Budget 2016: 9% tax rate regime for India’s first International Financial Centre

The pet project of Prime Minister Narendra Modi – the International Financial Services Centre (IFSC) – housed in the Gujarat International Finance Tec City – has received a boost in the Union Budget 2016/17. The long pending tax issue has been decided with 9 per cent minimum alternate tax (MAT),… – Continue reading

Kenya: Treasury Defends Controversial Mauritius Tax Agreement

Treasury is still fighting to keep a tax agreement out of parliament after a lobby group sued them over a pact it signed with Mauritius back in 2012. The double taxation avoidance agreement allows firms registered in the two countries to pay taxes in only one country. It also allows… – Continue reading

Two Little Known Tax Treaties Will Lead to Substantially More Identity Theft, Crime, Industrial Espionage, and Suppression of Political Dissidents

The Protocol amending the Multilateral Convention on Mutual Administrative Assistance in Tax Matters will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and the suppression of political opponents and religious or ethnic minorities by authoritarian and corrupt governments. It puts Americans’ private financial information at risk…. – Continue reading

Iran, Hungary ink 8 coop. documents

TEHRAN, Nov. 30 (MNA) – Islamic Republic of Iran and Hungary signed eight cooperation documents for widening and deepening of relations. During his visit to Tehran, Hungary’s Prime Minister Viktor Orban, heading a group of 120 economic activists, businessmen and officials from the European country’s banks, and Iranian side signed… – Continue reading

Kenya and South Africa tax deal takes effect in January

The Kenya-South Africa double taxation agreement comes into force from January 1. An announcement in the November 19, South African government gazette says the agreement applies for taxes withheld at source. “A resident of Kenya will not be taxed on any South African business profits, unless it carries on business… – Continue reading

Barclays is fined £72m for secret deals with mega-rich: Bank shamed over no-questions-asked policy that left Britain vulnerable to financial crime

City watchdogs say Barclays adopted a no-questions-asked policy Bank did not check where ultra-wealthy clients’ money came from £72million fine has been imposed on the bank for turning a blind eye Barclays has been shamed over a murky £1.9billion deal with ultra-wealthy clients which left the country vulnerable to financial… – Continue reading

Deutsche Bank’s Swiss Unit to Pay $31 Million in Tax Case

Deutsche Bank AG’s Swiss unit agreed to pay $31 million to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes. The accord announced Tuesday by the Justice Department is the third-largest of 57 reached this year with Swiss banks. The firms, which… – Continue reading

Uncovering the Mysteries of Tax Optimization

Gabriele Galimberti and Paolo Woods make a complex and impenetrable subject palatable To do justice to the work undertaken by Paolo Woods and Gabriele Galimberti, requires thinking of them not as photographers, but as investigators. Their search for truth begins with a mystery, one embodied in Ian Fleming’s Dr. No…. – Continue reading

Clock Ticking for U.S. Holdouts as BNP Joins Swiss Tax Pact

The clock is ticking for American tax dodgers around the world after BNP Paribas SA’s Swiss unit and two other banks joined a U.S. program to avoid prosecution, revealing the exact methods of Swiss bankers’ legendary discretion. BNP agreed to pay $59.8 million in a program that has brought in… – Continue reading

Recent OFAC Designations Reflect Coordinated Money Laundering Focus

On November 12, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the designations of Altaf Khanani Money Laundering Organization (Khanani MLO) and Al Zarooni Exchange pursuant to Executive Order 13581, the transnational criminal organization designation authority. OFAC designated Khanani MLO as a transnational criminal organization[1]… – Continue reading

Gillibrand proposes reinsurance tax gimmick to fund 9/11 victims

In his seminal 1987 work Crisis and Leviathan, economic historian Robert Higgs traces the pattern of government growth as a response to catastrophic events. The federal government, in particular, grows over time through a “ratcheting up” effect, as politicians respond to disasters and catastrophes with calls to “do something,” often… – Continue reading

Oxfam urges G20 leaders to take action on climate change, refugees and tax reform

G20 countries spend over 15 times subsidizing the coal and oil industry than developed countries provide in adaptation finance to poor and vulnerable countries, said Oxfam today, ahead of the G20 Summit in Antalya, Turkey. Oxfam also urged the G20 leaders to tackle fundamental reforms to ensure the benefits of… – Continue reading

East West Bank falls short on preventing money laundering, Fed warns

Pasadena’s East West Bank must beef up its efforts to prevent money laundering after federal regulators said its practices were not sufficient. The bank, which has operations in the United States, Hong Kong, China and Taiwan, was ordered by the Federal Reserve on Thursday to correct problems with its anti-money-laundering… – Continue reading

The Ministry of Finance proposed to soften the terms of the Amnesty

Moscow. November 10. The Finance Ministry has prepared proposals aimed to strengthen Amnesty of capital, which is now actually fails, reports the newspaper “Kommersant”. The law on the voluntary Declaration by individuals of assets and accounts, is known as the law on the legalization or Amnesty of capital, earned from… – Continue reading

Marco Rubio’s Billionaire Backer Likes to Sue Poor Countries and Put Profits in Tax Havens

Paul Singer has a good track record as a money manager. In 1995, he bought $20 million worth of Peruvian debt at a discounted price of $11.4 million, then forced Peru’s government, through lawsuits, to eventually pay nearly five times his initial investment — some $58 million. In 2002 and… – Continue reading

Iranian ambassador takes office in Uzbekistan

Uzbekistan’s Foreign Minister Abdulaziz Kamilov received the copies of credentials of Iran’s new Extraordinary and Plenipotentiary Ambassador Bahman Agharazi Dormani, Uzbek Foreign Ministry said. During the meeting, the sides discussed the status and priority areas of Uzbek-Iranian cooperation in political, trade, economic, cultural, humanitarian and other spheres. They reiterated mutual… – Continue reading

The inaugural “Sudanese U-Turn” Prize for Creative Financial Chicanery is awarded to Credit Agricole

The French bank Credit Agricole will pay US regulators $787 million for flagrant violations of international sanctions against Iran, Sudan, and other countries. While it almost isn’t news anymore that a global bank got caught violating the law and will pay a giant fine to make up for it, we… – Continue reading

Dhaka, Thimphu in talks to sign double taxation avoidance deal

Staff Correspondent The National Board of Revenue on Monday started negotiations with Bhutan to sign an agreement on avoidance of double taxation and prevention of tax evasion and capital flight from the country. A five-member delegation led by NBR chairman Md Nojibur Rahman has been carrying out the first round… – Continue reading

NBR to sign deal with Bhutan to avoid double taxation

Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take… – Continue reading

Cyprus: Double Tax Agreement Round-Up

The new Protocol to the Cyprus – Ukraine double taxation agreement The Cyprus Ministry of Finance has announced that agreement has been reached with Ukraine on a Protocol that will amend the existing DTA between the two countries. The existing DTA was signed in 2012 and entered into force on… – Continue reading

Uzbekistan, Iran discuss co-op in trade, economic sphere

Issues of the Uzbek-Iranian bilateral relations’ development were discussed during the meeting of Uzbek Foreign Minister Abdulaziz Kamilov with Iranian Ambassador Ali Mardoniy Fard, who is completing his diplomatic mission in the country, said the message released Sept.16 by the foreign ministry of Uzbekistan. During the meeting, the sides exchanged… – Continue reading

Iran, Iraq sign three major economic agreements

Tehran, Sept 6, IRNA – Economy Minister Ali Tayyebnia and visiting Iraqi Finance Minister Hoshyar Zebari, in a meeting on Sunday, signed three strategic economic agreements. The three agreements were about customs cooperation, avoiding double taxation and encouraging joint investments. Tayyebnia said that Iran-Iraq trade, including other cooperation such as… – Continue reading

Tax-dodger hunt neutralises Swiss bank secrecy, U.S. envoy says

Swiss banking secrecy is no longer viable as the U.S. Justice Department closes in on agreements with most of the institutions that may have helped Americans evade taxes, according to the top American diplomat in Switzerland. Negotiations with about one-third of Swiss lenders, known as Category 2 banks, to finalise… – Continue reading

Luxembourg performs poorly in anti-money laundering index

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

Worldwide: Governments Continue To Welcome Wealthy Foreigners

With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s… – Continue reading

Senate panel advances $95B tax break package

Senate tax writers cleared a hodgepodge of expired tax breaks on Tuesday, as lawmakers insisted they don’t want to wait until year’s end to restore a group of incentives that historically has had bipartisan support. The Finance Committee voted to extend the roughly $95 billion collection of tax breaks, known… – Continue reading

Cabinet approves co­op agreements with several countries

KUWAIT, July 13 (KUNA) ¬¬ The cabinet, under the chairmanship of His Highness the Prime Minister Sheikh Jaber Al¬Mubarak Al¬Hamad Al¬Sabah, approved Monday a number of agreements to boost cooperation with several friendly countries. The endorsed agreements included a memorandum of understanding for cooperation in social insurance with Bahraini government,… – Continue reading

Muscat: His Majesty Sultan Qaboos bin Said issued two Royal Decrees, as follows:

Royal Decree No. 26/2015 ratifies the Agreement on Delimitation of Maritime Boundaries (Borders) in Sea of Oman between the Sultanate of Oman and the Islamic Republic of Iran, signed in Muscat on May 26, 2015. Article (1) ratifies the above-mentioned Agreement. Article (2) states that this Decree shall be published… – Continue reading