ISLAMABAD: The government has geared up efforts to deal with the situation following the enforcement of Foreign Accounts Tax Compliance Act (FACTA) by the United States asking the Pakistanis having US nationality and multinational companies doing business in both the countries to submit taxes on their income to the US… – Continue reading
As they continue their efforts to clamp down on the menace of black money, India and other countries will have to wait at least till 2017 before the new global standard for automatic exchange of tax information comes into effect. India, Switzerland and 45 other nations had agreed upon automatic… – Continue reading
New Delhi: Foreign Direct Investment inflows from Mauritius have almost halved during April-February period of last fiscal to USD 4.48 billion, according to the data of the Department of Industrial Policy and Promotion (DIPP). India had received USD 8.97 billion during April-February 2012-13. According to an expert, investors are apprehensive… – Continue reading
Agreement will help ease reporting burden of financial firms of American customers The government said yesterday it would sign a tax agreement with the United States this year that will help reduce the reporting burden of financial firms under the US Foreign Account Tax Compliance Act (Fatca). The accord will… – Continue reading
Pakistan to engage in exchange of confidential information from Switzerland for recovery of $200b illegally deposited by Pakistanis in Swiss banks The Government of Pakistan is looking forward to make use of the new Swiss laws for exchange of confidential information about the ill-gotten funds from Pakistan banked in the… – Continue reading
ISLAMABAD: The government has geared up efforts to deal with the situation following the enforcement of Foreign Accounts Tax Compliance Act (FACTA) by the United States asking the Pakistanis having US nationality and multinational companies doing business in both the countries to submit taxes on their income to the US… – Continue reading
Forty seven countries, including Singapore and Switzerland have endorsed a declaration agreeing to automatically exchange tax information at the Organisation for Economic Cooperation and Development’s (OECD’s) annual Ministerial Council Meeting which took place on 6 May. The declaration commits the signatories to implement a new single global standard on automatic… – Continue reading
The agreement of Switzerland to disclose information on banking accounts in its territory, at the risk of its time-honored status as the world’s foremost tax haven, may prompt the wealthy worldwide, including Chinese nationals, to search for new shelters for their fortunes. Switzerland, the world’s largest offshore financial center, announced… – Continue reading
WASHINGTON (Reuters) – Hong Kong has reached an information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, the U.S. Treasury Department said on Friday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of 2010 (FATCA) will… – Continue reading
Telecom major Vodafone‘s international arbitration notice in its Rs 24,000-crore tax dispute with the government came after the income tax department decided to withdraw its conciliation offer in the matter without waiting for a tribunal’s decision in the transfer pricing case. Officials said the tax department had prepared a Cabinet note to withdraw conciliation on… – Continue reading
Press reports indicate that Cyprus and India will finalise the amendments to their double tax avoidance agreement in the coming weeks. A team from the Indian Ministry of Finance is expected to visit Cyprus shortly to carry forward negotiations to finalise the revised agreement and the matter is being followed… – Continue reading
Bloomberg BNA is reporting that Israel has signed a FATCA IGA. The agreement is a Model 1 agreement, meaning that Israeli financial institutions will will report information about U.S. customers’ accounts to the Israeli tax authorities, who will then send that information to the IRS. The news comes only a… – Continue reading
Global telecom carrier Vodafone Group plc of the U.K. on 17 April filed an international arbitration against the Indian government to solve the more than $2 billion tax case. Nokia, the Finnish networks vendor, is also facing tax cases in India. Vodafone took the new step after initiating several rounds… – Continue reading
Last week, Israel and the US signed an information-sharing agreement for financial assets (primarily bank accounts) belonging to Israeli and US citizens, in an attempt to improve tax enforcement in both countries. “US residents who do not disclose information about accounts they hold in Israel could risk fines of up to 50%… – Continue reading
NEW DELHI With India stepping up pressure for data on alleged illicit funds parked in Swiss banks, Switzerland has asserted that it cannot positively respond to requests which are beyond the ambit of bilateral tax treaty. Reiterating that it is committed to fighting tax evasion, Switzerland also said both nations… – Continue reading
Monday, May 5 saw the Finance Ministry of Israel confirm that the US and the Jewish-majority state had concluded the text of an intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA). Earlier, with Israel and the US reaching an agreement over sharing of tax… – Continue reading
• Partnership creates end-to-end solution for enabling and ensuring FATCA compliance, including: data consolidation, indicia identification, additional KYC data/document capture, alerts/notifications and dashboards to monitor compliance, withholding calculations and remittance, and tax reporting. Banking analytics, risk and compliance pioneer, iCreate, today announced a strategic partnership with tax information reporting leader,… – Continue reading
Because of a delay in the negotiation of an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA), the State Bank of Pakistan (SBP) advised Pakistani financial institutions, as a precaution, to complete registration with the United States Internal Revenue Service (IRS) by May 5, 2014, at… – Continue reading
To avoid costs of compliance, financial institutions in India may decide to filter the US client that they want to be on board. However, the actual impact be realised once RBI, SEBI and other regulators come out with guidelines to ensure compliance with FATCA in their respective domains The Foreign… – Continue reading
Ministry Asks Cabinet To Issue Decree KUWAIT CITY, May 4, (KUNA): The Ministry of Finance has announced that the State of Kuwait joined the list of countries which agreed initially in substance on the FATCA (Intergovernmental Agreement). The Ministry disclosed that they have agreed on substance regarding the FATCA… – Continue reading
WASHINGTON/SINGAPORE (Reuters) – Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokeswoman said on Monday. The deal, which was expected for more than a year, will make it much easier for… – Continue reading
NEW DELHI: After resisting for more than three years, the Centre on Tuesday revealed names of 18 people in the Supreme Court who allegedly stashed black money with LST bank in Liechtenstein and against whom prosecution have been launched by the income tax department. Centre also placed in a sealed… – Continue reading
Hong Kong has signed its first ever tax information exchange agreement (TIEA), paving the way for its implementation of the US foreign account tax compliance act. Signed last month, the TIEA was enacted following an order made by the head of the Government of Hong Kong, Leung Chun-ying. It comes… – Continue reading
(Reuters) – Israel has become the latest country to reach a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokesperson said on Thursday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of… – Continue reading
India has strongly objected to Switzerland’s denial of information about account details of certain Indians at HSBC’s Swiss bank branches, in whose cases “incriminating evidence of tax evasion” has been found. In a strongly worded letter to his Swiss counterpart, Finance Minister P Chidambaram has also warned that an effective… – Continue reading
NEW DELHI, MAY 2: Irked by non-corporation, India has warned Switzerland that reluctance on not sharing tax-related information may impact the economic co-operation between the two countries. The Government is pressing hard to get information about the account details of certain Indians at HSBC’s Swiss bank branches, in whose cases… – Continue reading
Hong Kong has signed its first ever tax information exchange agreement (TIEA), paving the way for its implementation of the US foreign account tax compliance act. Signed last month, the TIEA was enacted following an order made by the head of the Government of Hong Kong, Leung Chun-ying. It comes… – Continue reading
SINGAPORE–Financial institutions based in Singapore will need to regularly report information on U.S.-owned financial accounts, after the Asian financial center agrees a deal that would help the U.S. curb offshore tax evasion. The move is part of Singapore’s push to toughen mechanisms for tackling cross-border tax offenses, as it emerges… – Continue reading
The U.S. Treasury announced that on April 11, 2014, India agreed “in substance” to sign a Model 1 FATCA IGA with the US. The IGA would therefore require Indian financial institutions to report information on U.S. account holders to India’s Central Board of Direct Taxes, which would then share the information… – Continue reading
MoUs cover defence, tourism, archives and double taxation — MUSCAT — Oman and the Kingdom of Spain signed a memorandum of understanding (MoU) in the field of archive and documentation at Al Alam Palace within the framework of the Spanish monarch’s visit to the Sultanate, yesterday. The Government of Oman… – Continue reading
The Tax Information Exchange Agreement (TIEA) signed by Macau and Japan comes into force on May 22, the Ministry of Finance of Japan said in a press release published yesterday. Starting from May 22, both contracting parties can request information for criminal tax matters without regard to the taxable year… – Continue reading
New Delhi – The government Tuesday disclosed to the Supreme Court the names of 26 people who had accounts in banks in Liechtenstein, revealed to India by German authorities. A bench of Justice H.L.Dattu, Justice Ranjana Prakash Desai and Justice Madan B. Lokur were given these names by Solicitor General… – Continue reading
Heavy compliance cost may render equity purchases in mother country not worth their while Indians residing in America might, from July, find it tough to invest in products offered by the Indian mutual fund (MF) sector. The Foreign Account Tax Compliance Act (Fatca), that country’s new anti-tax evasion law, which takes effect… – Continue reading
It is reported in the Indian financial press that Cyprus and India will finalise the amendments to their double taxation avoidance agreement in the next few weeks. The Indian High Commissioner to Cyprus has said that a team from the Indian ministry of finance is expected to visit Cyprus in… – Continue reading
Macau is preparing to sign a Tax Information Exchange Agreement (TIEA) with the United Kingdom of Great Britain and Northern Ireland. According to the Official Gazette published yesterday, Chief Executive Fernado Chui Sai On granted authority to Secretary for Economy and Finance Francis Tam Pak Yuen to sign a TIEA… – Continue reading
The double taxation agreement (DTA) between Singapore and Barbados came into force on April 25, 2014, after the completion of ratification procedures by both sides. The DTA is intended to boost cross-border trade and investment between Singapore and Barbados by providing greater clarity on both parties’ taxing rights to ensure… – Continue reading
On April 25, an order was gazetted in Hong Kong to implement the tax information exchange agreement (TIEA) with the United States that was signed on March 25 this year, as part of preparations for the US Foreign Account Tax Compliance Act in Hong Kong. “This is the first TIEA… – Continue reading
India and Switzerland are discussing ways to share information on specific accounts relating to black money stashed in the European nation, Finance Minister P Chidambaram said here today. The Minister further said that he received a reply on his letter from his Swiss counterpart and will send India’s response in… – Continue reading
Russia is in a race against time to adapt its laws to the U.S. Foreign Account Tax Compliance Act, or FATCA, and save its banks from financial sanctions. Legislation allowing Russian financial institutions to share information about their U.S. clients with the U.S. tax service, the IRS, was submitted to the State Duma on Wednesday, but has no hope of being… – Continue reading
Hong Kong (HKSAR) – Some 120 participants from the business sector joined a seminar in Kuala Lumpur, Malaysia, today (April 25) to learn more about the benefits and business opportunities under the “Comprehensive Double Taxation Agreement” (CDTA) signed between Hong Kong and Malaysia. Organised by the Hong Kong Economic and… – Continue reading
Russia’s hard line over sanctions following the annexation of The Crimea from Ukraine seems to be softening over the Foreign Account Tax Compliance Act (FATCA). In on-off negotiations that have inched forward over several months, Russia had pledged to sign up to a FATCA inter-government agreement to make the country’s… – Continue reading
KUALA LUMPUR, April 25 (Bernama) — The comprehensive double taxation agreement (CDTA) signed between Malaysia and Hong Kong is expected to further boost bilateral trade and investments between the two countries. Speaking to reporters on the sidelines of the Malaysia and Hong Kong CDTA seminar here Friday, Director of Hong… – Continue reading
India, Cyprus will in the next few weeks finalize changes to their double taxation avoidance agreement New Delhi: India and Cyprus moved a step closer to settling a tax dispute that led to the Mediterranean island nation being blacklisted by New Delhi. The two countries will, in the next few weeks,… – Continue reading
India has concluded an ‘in substance’ agreement with the US to combat possible tax evasion by Americans through Indian financial entities. The ‘in substance’ agreement with India under Foreign Account Tax Compliance Act (FATCA) was concluded on April 11, the US Treasury said. Market regulator Sebi plans to issue guidelines… – Continue reading
A Swiss delegation is likely to visit Pakistan by August-end to discuss the possibility of re-negotiating and upgrading treaty on Avoidance of Double Taxation between Pakistan and Switzerland. It is reliably learnt on Tuesday that Pakistan is set to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland… – Continue reading
Move will let MNCs claim tax relief in their home country for adjustments made by Indian authorities, eliminate double taxation New Delhi: To minimize transfer pricing disputes, the Indian tax department is likely to sign advance pricing agreements with Japan and the UK in the next few weeks. This would give… – Continue reading
Vietnam and Japan signed and exchanged a diplomatic note on the enactment of their agreement on double tax avoidance and tax evasion prevention, at a ceremony in Hanoi on April 15. Deputy Foreign Minister Ho Xuan Son and Japanese ambassador to Vietnam Fukuda Hiroshi represented the two governments to sign… – Continue reading
Kuwait International Bank has completed all the requirements to register with the US Internal Revenue Service (IRS) regarding the enforcement of FATCA, said the bank’s Board Chairman Sheikh Muhammad Al-Jarrah Al-Sabah, in a press statement. Kuwait state news agency KUNA reported him as saying that to ensure total compliance with the IRS,… – Continue reading
After several rounds of negotiations, on 28 March 2014, a new Double Taxation Treaty (“new DTT”) was signed between the governments of the PRC and Germany to replace the old DTT which was signed by both governments on 10 June 1985. The new DTT incorporates new elements of a typical… – Continue reading
Deloitte experts have commented on the changes that will occur as a result of the Expo 2020 Dubai win, as well as the challenges facing senior management in the GCC countries and wider MENA region as the countdown to FATCA becomes more imminent. Deloitte experts believe that Expo 2020 will… – Continue reading
