Look before you leap out of Israeli residence. Israel now has tax rates below the OECD average and no estate or inheritance tax. Israeli residents relocate abroad for a variety of reasons, sometimes business, sometimes personal. If the relocation is for a short period, they will typically claim various expense… – Continue reading
WASHINGTON (Reuters) – Multinational businesses that often fight with the U.S. Internal Revenue Service over their worldwide taxes may be dropped from an IRS program meant to smooth corporate audits, a senior IRS official said on Tuesday. Speaking at a conference, Michael Danilack, a deputy U.S. IRS commissioner, raised concerns… – Continue reading
The mainland’s efforts to fight tax evasion brought in 46.9 billion yuan (HK$59.2 billion) of additional taxes in 2013, 38 times more than 2008, according to the website of the State Administration of Taxation. Since 2011, China’s transfer pricing agreements with Hong Kong and Macau have saved 34.57 billion yuan… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. The British Virgin Islands, Liechtenstein and Jersey are among 44 countries that have set… – Continue reading
Romania is waiting for an answer from the United States on the beginning of negotiations of an intergovernmental agreement on the implementation of the Foreign Account Tax Compliance Act (FATCA) on the exchange of information for fighting tax avoidance.The Romanian Government has approved a memorandum to this effect on January 22,… – Continue reading
Austrian Finance Minister Michael Spindelegger said a deal on extending a European Union savings tax is in Luxembourg’s hands. Austria “can agree to this tomorrow — it’s not up to us if there isn’t agreement,” Spindelegger told reporters before a two-day meeting with his European Union counterparts in Brussels today…. – Continue reading
A visit to China by twelve Isle of Man delegates could soon produce “tangible results” for the Manx economy, according to the chief minister. On Wednesday Allan Bell signed a memorandum of understanding (MOU) in the northern Chinese port of Tianjin. The agreement concretes an alliance aiming to provide “mutually… – Continue reading
From “Tiger of the Indian Ocean” to “Cyber island”, Mauritius has turned now into a “Safe and Reliable Investment Hub” in terms of good governance as well as ethical, economic, political and social stability. Ranked 1st in Sub-Saharan Africa in the World Bank‘s Doing Business Report 2013, Mauritius offers a particularly favorable setting for doing business…. – Continue reading
SEJONG, March 13 (Yonhap) — South Korea is expected to gain access to financial information on its nationals from the U.S. as the two countries are close to an agreement on sharing related data, finance ministry officials said Thursday, a move expected to help Seoul’s crackdown on offshore tax evasion…. – Continue reading
12 March 2014: In its 2013 Annual Report, the Luxembourg Direct Tax Authorities reported that they have negotiated new tax treaties with Hungary, New Zealand, the UK and Uruguay. It is also reported that 659 exchanges of information upon request, spontaneous information exchanges and automatic exchanges of information have been… – Continue reading
OECD tax director Pascal Saint-Amans has played down concerns that the United States might resist plans to make multinational companies such as Apple and Starbucks pay more tax, arguing that governments must move quickly to close multibillion-dollar loopholes or risk ordinary citizens losing faith in their taxation systems. Mr Saint-Amans… – Continue reading
KUALA LUMPUR: Small and medium enterprises (SMEs) should tap Hong Kong’s access to the markets in China, Japan and South Korea to gain tax advantages under the double-taxation deduction pact signed between Malaysia and HK. Hong Kong Trade Development Council deputy executive director, Margaret Fong, said HK SMEs paid five… – Continue reading
MoUs on joint committee and cooperation in higher education Tirana: UAE Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan met in Albanian capital Tirana Ditmir Bushati, Albania’s Foreign Minister, and discussed with him avenues of joint cooperation between the two friendly countries. The two ministers signed an agreement on avoidance… – Continue reading
The largest US-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. The multinational companies have accumulated $1.95 trillion outside the US, up 11.8 per cent from a year earlier, according to securities filings… – Continue reading
Dubai: The US and UAE governments are in the process of signing the FATCA Intergovernmental Agreement (IGA). Under this agreement, banks and financial institutions in the UAE will be required to annually compile data for submission to the UAE regulatory authorities. The UAE Ministry of Finance would then send this… – Continue reading
United States taxpayers make large interest payments to the top four technology firmsfor the $163 billion in US government debt the companies own and shelter in tax-freeoffshore accounts. Apple, Cisco Systems, Google, and Microsoft legally hold $124 billion in US Treasury securities and $39 billion in US government agencydebt in accounts overseas, allowing them to avoid the 35… – Continue reading
There has been considerable publicity in recent months on the alleged tax avoidance perpetrated by multinationals that has resulted in the Organisation of Economic Cooperation and Development (OECD) publishing its action plan on base erosion and profit shifting (BEPS). The action plan, consisting of 15 proposals to counter the perceived… – Continue reading
KOLKATA, MARCH 11: Aapo Polho, Ambassador of Finland to India, has said that taxation issues have diminished India’s attractiveness to global investors, including Finnish companies. Referring to mobile handset-maker Nokia’s conflict with the Indian Government over double taxation, he said, “The company (Nokia) played by the book”. “Over the past… – Continue reading
NEW DELHI: The finance ministry will soon write to British telecom major Vodafone to press the company to seek an early decision from the Income-tax Appellate Tribunal (ITAT) in the Rs 8,500-crore transfer pricing case. The Union Cabinet had, on February 28, directed the finance ministry to wait for the… – Continue reading
Apple, famous for its innovative products, is equally creative in its tax structure. From 2009 to 2012, it successfully sheltered US$44 billion from being taxed anywhere in the world, including sales generated in Australia. While there are probably some sound reasons for Apple’s CEO, Tim Cook, to claim in a US congressional… – Continue reading
The US Foreign Account Tax Compliance Act (FATCA) will be implemented on July 1 this year, and it would be better for Taiwan’s financial institutions not to speculate any more, a prominent accountant has said in an interview our sister paper Commercial Times. Chou Sih-ci said several financial operators still… – Continue reading
The Revenue (Reduction of Business Registration Fees) Order 2013, which reduces the prescribed business registration fee by a sum of $2,000 at present, will expire on 1 April 2014. Please refer to the website of the Inland Revenue Department and the business registration fee & levy table for details. With effect from 1 April… – Continue reading
The 92 forms newly specified by the Registrar of Companies for use after the commencement of the new Companies Ordinance (Chapter 622) on 3 March 2014 have been uploaded onto the dedicated thematic section New Companies Ordinance. A CD-ROM containing a full set of the new forms and hard copies of… – Continue reading
The new Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (“the new Ordinance”) and 12 pieces of subsidiary legislation commence operation today. To tie in with the commencement of the new Ordinance, this website has been updated to provide information on the requirements for registration of companies and… – Continue reading
Brunei Sultan Hassanal Bolkiah warned online critics of the country’s Sharia Law that they could face prosecution once the new penal code takes effect next month: They can no longer be given the liberty to continue with their mockery and if there is a basis for them to be brought to court,… – Continue reading
BEIJING – Wholly Foreign Owned Enterprises (WFOEs) are able to repatriate funds out of China in a variety of forms, for which tax implications vary according to the form of repatriation used and the Double Taxation Agreement (DTA) in place between China and the recipient country. The four most commonly… – Continue reading
KUALA LUMPUR: Malaysia and Liechtenstein have agreed to enhance bilateral ties and co-operation between both countries, particularly in the fields of trade, investment, finance and tourism. The matter was agreed at a meeting between Foreign Minister Datuk Seri Anifah Aman and Liechtenstein Foreign Affairs, Education and Culture Minister Dr Aurelia… – Continue reading
Brunei Sultan Hassanal Bolkiah warned online critics of the country’s Sharia Law that they could face prosecution once the new penal code takes effect next month: They can no longer be given the liberty to continue with their mockery and if there is a basis for them to be brought to court,… – Continue reading
New Delhi: With India stepping up its pursuit of alleged black money in Swiss banks, Switzerland says it is exchanging information with Indian authorities on all lawful requests, but cannot help on enquiries based on stolen banking data. The European country, which has often been accused of being the most… – Continue reading
Bankers at Credit Suisse helped their affluent American clients hide billions in assets from the IRS, according to a Senate investigative report released Tuesday. The Swiss banking giant is currently under investigation by the U.S. Justice Department for allegedly aiding tax evasion by its rich clients, is even accused of… – Continue reading
Bankers at Credit Suisse helped their affluent American clients hide billions in assets from the IRS, according to a Senate investigative report released Tuesday. The Swiss banking giant is currently under investigation by the U.S. Justice Department for allegedly aiding tax evasion by its rich clients, is even accused of… – Continue reading
Much brouhaha has been created by the recent reports about the Vodafone Tax case with respect to whether or not a capital gains tax is due from them on the purchase of assets in India. New lexicon has been created for the uninitiated – “tax avoidance” versus “tax evasion”; “look… – Continue reading
The aggressive approach of Indian tax authorities on transfer pricing and international tax matters underlines the government’s intention of taking strong action to defend its tax base. When it comes to taxation of cross-border transactions, India’s inclination to widen the source-based tax rules is clearly demonstrated by the retrospective amendments,… – Continue reading
MANILA – The Bangko Sentral ng Pilipinas (BSP) is mulling over sanctions on local banks that fail to comply with a US tax evasion law. “The BSP will study what sanctions, if any, we will impose if a local bank decides it wishes to handle US persons but exposes itself… – Continue reading
The Australian press is incandescent with rage after it discovered that the fruit themed cargo cult Apple has worked out a way of avoiding giving billions to its taxman. Apple is already in hot water for overcharging Australians for its shiny toys and now it seems that it is refusing to pay tax…. – Continue reading
New Delhi: The Income Tax department has rebutted Vodafone’s notice under BIPA saying that the pact between India and Netherlands does not cover taxation issues. “Tax department has sent its response to Vodafone saying BIPA does not cover tax issues,” an official source said. The response to the Bilateral Investment… – Continue reading
Switzerland may no longer be a honeymoon spot for tax evaders. A new international standard of tax data sharing is set to make things harder for tax haven networks around the world that have in the past included Switzerland and tiny island nations and enclaves. But India would have to… – Continue reading
BANGALORE: In response to the letter written by finance minister P. Chidambaram, the Swiss finance minister Eveline Widmer-Schlumpf has informed that the Swiss authorities can’t share the details of the bank accounts held by Indians in Swiss bank without the consent of the account holders, reports Economic Times. An Indian… – Continue reading
Cambodia has agreed to help the United States in its global effort to crack down on tax evasion by working with local banks to hand over financial data on US residents and business interests abroad, according to tax experts and officials. Speaking yesterday at the 17th Government-Private Sector Forum held… – Continue reading
NEW DELHI: India and the United States have decided to enhance cooperation for automatic exchange of information on tax evasion and detection of financial crimes, shoring up efforts to crackdown on blackmoney cases involving economic channels of the two countries. A team of the US Treasury officials recently met Indian Income… – Continue reading
NEW DELHI: As part of its strategy to curb offshore tax evasion and promote foreign investment, India has recently operationalised seven new Income Tax Overseas Units (ITOUs) in countries like Germany, USA and France. A similar Income Tax office in Cyprus has, however, not been activated as India, last year in November, classified the island nation… – Continue reading
World is getting smaller; Hidden cash far away will soon be more transparent and seemingly nearer. On February 13 the OECD unveiled a Common Reporting and Due Diligence Standards for the automatic exchange of tax information between tax authorities worldwide, which was endorsed by the G20 in its communique… – Continue reading
(Reuters) – China’s foreign currency regulator eased restrictions for companies registered in Shanghai’s recently established free trade zone (FTZ), increasing the amount of foreign currency companies registered in the zone can lend in offshore markets, according to an announcement posted on the FTZ’s website. The new regulations issued by the… – Continue reading
NEW DELHI: The Swiss authorities have told the Indian government they will not be able to share information on bank accounts without the consent of the account-holders. In a letter last month, Switzerland’s finance minister also told her Indian counterpart that the 2011 Double Taxation Avoidance Agreement, under which India… – Continue reading
Feb 26 (Reuters) – Luxembourg is talking to China about allowing mutual recognition of investment funds based in the two countries, a senior Luxembourg official said on Wednesday. Such an agreement would boost the European financial centre’s bid to be a major hub for the offshore renminbi, or yuan, currency,… – Continue reading
Kevin E. Packman is a Partner in our Miami office While Israel welcomes immigrants, and even provides them with tax incentives, it is serious about ending any perceived notion that it is somehow complicit with taxes evaded by its foreign residents in their home country. As such, it plans to… – Continue reading
The Russian Finance Ministry will offer companies based offshore but with operations in Russia a choice: either disclose their ultimate beneficiaries and maintain their zero tax rate, or pay taxes at the higher Russian rate. Under Russia’s current corporate tax structure, offshore beneficiaries of Russian companies are treated as de-facto… – Continue reading
Batam, Riau Islands (ANTARA News) – Indonesias finance ministry is preparing four strategies to withdraw funds worth Rp1,500 trillion kept in Singaporean banks, an official stated here on Wednesday. “We are preparing four strategies,” remarked Deputy Minister of Finance Bambang Brodjonegoro. The four strategies are tax incentives, eradication of double… – Continue reading
Ordinarily resident’s global income is taxable in India I worked in Sweden for about two months this year. What will be the tax implication of my earnings there? —Shruti The tax implications in India of income earned in Sweden would depend upon your tax residential status in India during the… – Continue reading
The Vodafone tax issue has affected investor sentiments towards India: ABAX Corporate CEO NEW DELHI, FEBRUARY 26: The Vodafone tax dispute and General Anti-Avoidance Rules have impacted investor sentiment badly. Coupled with the delay in revising the Double Taxation Avoidance Agreement (DTAA) with Mauritius, fund flow from the island-nation has… – Continue reading
