Swiss national Xavier Andre Justo will remain under Thai police custody for another 60 days, after investigators uncovered money laundering besides international corporate espionage-cum-extortion. Thai police have assured prosecutors Justo will be charged before his 85th day of detention, but sought further extension for his detention as more details are… – Continue reading
July 17: The Japanese Ministry of Finance on 16 July 2015 announced that the governments of Japan and Germany reached an “agreement in principle” for a new income tax treaty. The new treaty would replace the existing agreement signed in 1966, and subsequently amended in 1979 and in 1983. According… – Continue reading
Hong Kong (HKSAR) – The Government published in the Gazette today (July 17) the Inland Revenue (Amendment) (No.2) Ordinance 2015, which seeks to extend profits tax exemption for offshore funds to private equity funds. A government spokesman said, “With the implementation of the Amendment Ordinance today, transactions conducted by offshore… – Continue reading
July 17: A large manufacturing company has resolved its transfer pricing issues by means of a mutual agreement procedure (MAP) reached between India and Japan. The MAP was signed in less than a year of its application, following two meetings between the Competent Authorities of India and Japan. The MAP… – Continue reading
AN AGREEMENT to avoid double taxation and prevent tax evasion has been signed between Brunei and Luxembourg last Tuesday in Brussels, the Ministry of Finance (MoF) said yesterday. The MoF said this is in line with Brunei’s commitment to implement an internationally agreed tax information exchange standards. The ministry said… – Continue reading
At a global summit that addressed how illicit financial flows interfere with reducing poverty, wealthy nations rejected a plan to expand the UN’s power to fight global tax evasion. The plan, promoted by developing economies and transparency groups, was the subject of the meeting between delegations of UN members from… – Continue reading
India and Mauritius are set to limit the benefits of their double tax avoidance agreement (DTAA) to only genuine businesses bringing foreign direct investment to India by inserting a new clause in the treaty straight from New Delhi’s yet to be implemented General Anti-Avoidance Rules (GAAR). The revised treaty, however,… – Continue reading
1MDB scandal prompts regulator to outline S’pore’s anti-money laundering regime The financial regulator has outlined Singapore’s anti-money laundering regime after an unfolding scandal at 1Malaysia Development Bhd (1MDB) put the private banking industry here in the spotlight. The Monetary Authority of Singapore (MAS) said yesterday in a statement: “Singapore is… – Continue reading
Taipei, July 16 (CNA) Chinese yuan-denominated deposits held by banks operating in Taiwan as of the end of June hit a new high, but growth has shown signs of moderating, according to the central bank. Statistics released by the central bank on Wednesday indicate that the balance of yuan deposits… – Continue reading
DEVELOPED countries throughout the world are stepping up efforts to curb base erosion and profit shifting (BEPS), a scheme used by multinational companies to avoid paying taxes estimated as high as $200 billion globally, especially when doing business across different jurisdictions. At the 2015 Asia Pacific Tax Symposium hosted last… – Continue reading
Hollywood-resident James Robert Shipman Jr. is one of three men arrested in a $2.6 million money laundering sting, the U.S. Attorney’s Office for the Eastern District of New York announced last week. Shipman and one of his co-conspirators, Kenneth Ardell Landgaard, were arrested after flying to an airport in New… – Continue reading
Treasurer Joe Hockey has reaffirmed his commitment to addressing bracket creep in the upcoming tax review, but has refused to include changes to politically sensitive areas like superannuation concessions, negative gearing and GST, pushing back the onus on the states for GST reform. When it comes to the GST, Mr… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
The U.S., Japan and Europe are being accused of blocking developing countries from participating in efforts to combat international tax evasion. Policymakers have been gathered this week in Addis Ababa, Ethiopia for the 3rd Financing for Development Conference, where discussions have been underway about ways to combat corporate tax evasion…. – Continue reading
MUMBAI: The government may soon clarify tax rules making it easier for fund managers operating large India-dedicated funds to set up an office in the country, four months after finance minister Arun Jaitley announced in the budget about the government’s intentions to do so. The finance ministry and the central… – Continue reading
One of five estate agents identified in a TV documentary has denied any wrong-doing and has specifically denied any involvement in money laundering offences. The agents named in the Channel 4 programme, From Russia With Cash, were Winkworth, Marsh & Parsons, Domus Nova, Chard and Bective Leslie Marsh. The show… – Continue reading
Energy giants called to explain billions in tax havens To describe Gorgon as another super-sized resources project in Western Australia does not do justice to the scale and scope of the venture. When the taps are turned on later this year and liquefied natural gas begins to flow, Australia will… – Continue reading
Abu Dhabi: The UAE’s Ministry of Finance (MoF) announced that the Foreign Account Tax Compliance Act (Fatca) Guidance Notes along with a Registration Form to access the Fatca reporting portal are now available on the Ministry’s website. The Guidance Notes provide a detailed explanation of the Fatca, and the terms… – Continue reading
To launch the Offshore Insurance Units (OIU) business in Taiwan, the FSC published a ruling on May 21, 2015, amending the Offshore Banking Act Enforcement Rules. Major amendments include: (1) providing the required qualifications of an OIU, including the required capital adequacy ratio, and the requirement that an applicant shall… – Continue reading
In a recent case involving Next Brand Ltd, the First-Tier Tribunal ruled in favor of HM Revenue & Customs (HMRC), finding that double tax relief was not available for dividends that in effect represented loan repayments. Background Prior to the introduction of the dividend exemption, when a UK parent company… – Continue reading
Guernsey chief minister Jonathan Le Tocq has defended the island’s position as an “international leader” in tax cooperation after it was placed on the European Commission’s tax haven blacklist last month. Speaking exclusively to International Adviser, Le Tocq described the list of the 30 most un-cooperative tax jurisdictions as “arbritary”… – Continue reading
The Ministry of Finance of the United Arab Emirates (UAE) announced that the Foreign Account Tax Compliance Act (FATCA) reporting deadline is set on 30 July 2015. In addition, on 6 July 2015, the Ministry of Finance issued the first set of guidance notes for implementing the FATCA Agreement. The… – Continue reading
The Supreme Court has overturned a lower court’s ruling that the government’s comprehensive real estate taxation system is being run correctly, saying real estate owners have been double-taxed on some of their holdings. In a lawsuit filed by 25 Korean companies, including KT and the Korea Electric Power Corporation, against… – Continue reading
New Zealand China Council chairman Sir Don McKinnon says we need to have a national debate on housing that avoids sending mixed messages to valued overseas partners. New Zealand is far from alone in having a red hot property market. Headlines in Australia, Britain and Canada paint a strikingly similar… – Continue reading
Mauritius’ former finance minister claims that his country has given up the right to tax capital gains. This has raised questions regarding the scope of the renegotiation of the India-Mauritius Double Tax Avoidance Treaty (DTAA) Former finance minister of Mauritius says renegotiated tax treaty with India will have devastating effect… – Continue reading
The long-awaited formation of the Asean Economic Community (AEC) is just over five months away. Drawn by the promise of a freer flow of goods, services, investment, capital and skilled labour, many businesses need to study how to prevent or reduce the effects of double taxation. Double taxation results from… – Continue reading
US authorities are investigating German banking giant Deutsche Bank over alleged money laundering in Russia, people familiar with the matter said Monday. The investigation centers on billions of dollars’ worth of transactions carried out by Deutsche Bank in Russia that New York state regulators believe may have been used to… – Continue reading
A draft amendment to the Income Tax Ordinance and the Prohibition on Money Laundering Law regarding Israel joining international tax information-sharing agreements. The Israel Tax Authority (ITA) has just circulated a draft amendment to the Income Tax Ordinance and the Prohibition on Money Laundering Law regarding Israel joining international tax… – Continue reading
ARLINGTON, Va., July 14, 2015 /PRNewswire/ — Bloomberg BNA today announced the latest event in its Global Transfer Pricing Conference series with Baker & McKenzie, in association with the Tax Management Educational Institute, to be held September 17-18, 2015 in Shanghai, China. The conference provides an opportunity to hear from… – Continue reading
Muscat: His Majesty Sultan Qaboos Bin Said today issued two Royal Decrees as follows: Royal Decree No. 30/2015 establishes Oman Governance and Sustainability Centre and promulgates its bylaw. Article (1) states that a centre to be named “Oman Governance and Sustainability Centre” shall be set up and affiliated to the… – Continue reading
On 07th July 2015, the United States and Vietnam signed an income tax treaty with Vietnam, the first ever between the two countries. The Double Taxation Agreement applies to personal income tax and enterprise income tax in the case of Vietnam. What is a permanent establishment? Under the Double Taxation… – Continue reading
Shanghai is China’s biggest international financial centre in terms of inflows of foreign direct investment, while Beijing tops the table for outflows, The Banker reports. Shanghai is the Chinese financial centre that has attracted the largest inflows of foreign direct investment (FDI) in the country. A total of 21 projects… – Continue reading
The benefits of switching to Bangkok Qualifying Recognised Overseas Pension Schemes (QROPS) are often overlooked by expats who believe the low cost of living in Thailand is already making their money stretch further. Bangkok offers a great life for expats with even modest financial resources with a tropical climate and… – Continue reading
TWO NEW SWISS BANKS REACH JUSTICE AGREEMENT On June 19th, 2015, the Department of Justice (DOJ) came to an agreement under the Swiss Bank Program with two new Swiss banks, Bank Linth LLB AG and Bank Sparhafen Zurich AG. BANK LINTH 126 U.S.-related accounts are attributed to Bank Linth Bank… – Continue reading
The Union Government on 12 July 2015 appointed international lawyer Rodrigo Oreamuno to arbitrate with the UK telecom major Vodafone in the 20000 crore rupees tax case on its behalf. Oreamuno replaces former Chief Justice of India RC Lahoti, who recused himself in May 2015. Vodafone already named Yves Fortier… – Continue reading
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
OECD guidance needs to be clear otherwise the process could favour the bigger nations In Paris last week, as Angela Merkel and Francois Hollande discussed events in Greece, the international tax system was being discussed in an underground meeting room at OECD headquarters. For almost two days tax authority delegates… – Continue reading
In the midst of turmoil in the Chinese stock markets, one serious problem that may appear is increased currency outflows created by current and potential investors who would rather move their assets to foreign countries viewed as safer havens. Money laundering should be under close surveillance. Chinese involvement in money… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
The Supreme Court ruled on Sunday that the country’s tax authority may have imposed double taxation on real estate holders, a decision that could make the National Tax Service (NTS) responsible for handing back massive refunds to domestic businesses. On Sunday, the Supreme Court sent back to the Seoul High… – Continue reading
HONG KONG, July 13 (IFR) – Chinese property developers are wary about relying too heavily on onshore funding, even after regaining access to the cheaper domestic bond market. Evergrande Real Estate and Longfor Properties last week became the latest Chinese developers to cut their interest costs through the issuance of… – Continue reading
Uzbekistan’s President Islam Karimov has signed a protocol to make amendments to Uzbek-Belgian convention on avoidance of double taxation and prevention of tax evasion on income and capital. Uzbek president’s decree “On approving the international agreement” published in the local media July 13, approves the amendments to the convention of… – Continue reading
BENGALURU: AGacquisitions Group, one of India’s first few hedge funds, has launched an offshore fund in the Bahamas with an exposure of $40 million raised from family offices and high-net-worth individuals (HNIs) in India and overseas. Kanishk Agarwal, 32, and his brother Harsh Agarwal, 26, founders of AGacquisitions, have now… – Continue reading
Australian authorities urged to undertake prosecution of those linked to property purchases KUALA LUMPUR: Three activist groups have lodged reports with Australian authorities to investigate overpriced property purchases in Melbourne by a Mara subsidiary for possible prosecution on grounds of tax evasion and money laundering. The three groups are National… – Continue reading
As many of our readers know, the Canadian Income Tax Act (the “Act”) provides for an unlimited exemption from the imposition of Canadian income tax on the gains resulting from a disposition of a “principal residence”. Access to the principal residence exemption can be valuable, especially in cities (e.g. Vancouver,… – Continue reading
Jakarta, GIVnews.com – The Indonesian government is mulling over a tax amnesty plan that is projected to add billions of dollars to the state’s tax revenue. This huge amount of money, if realized, could help boost development and government spending in a country which have recently undergone its slowest economic… – Continue reading
Finance Ministry has informed that the negotiations on the double taxation avoidance agreement (DTAA) between India and Mauritius are in advanced stage and the pact would be revised soon. Revenue Secretary Shaktikanta Das has said that “DTAA treaty (with Mauritius) is in very advanced stage of negotiation. It is progressing… – Continue reading
Prices for smartphone applications sold in South Korea through Google and Apple platforms rose 10 percent starting this month, industry sources said Friday, as the government started imposing taxes on overseas-based open markets. According to the sources, U.S. tech giants Google Inc. and Apple Inc. rolled out new price policies… – Continue reading
The Indo-US deal on the Act will help both fight coountries tax evasion. Here’s a primer on how you could be affected The United States and India struck a bilateral deal on Thursday that would enable them to track the assets of nationals from both countries. As per the terms… – Continue reading
HSBC Global Asset Management head of internationals Mark Newsam explains why he identifies Asia as potentially the strongest future growth opportunity for the group’s offshore business. How big is HSBC Global Asset Management within the inter-national space? HSBC Global Asset Management is the investment management business of the HSBC Group,… – Continue reading
