Senate hearings to question alleged links between firm behind Queensland’s Abbot Point coal port, a Cayman Islands company and a $1bn rorts investigation The Greens will use Senate hearings to question the Foreign Investment Review Board (Firb) about alleged links between Australia’s biggest proposed coal venture, a Cayman Islands company… – Continue reading
Timatex Vietnam Co. Ltd. has taken legal action against the HCMC Tax Department over the collection of US$2.8-million tax arrears but it is still open for negotiation to solve the problem. Speaking at a dialogue with the tax department yesterday, a representative of the company demanded an explanation of the… – Continue reading
Juan Ovelar made a quick decision when he heard the US government had accused his Andorran bank of money-laundering, and immediately withdrew most of his funds, reports Bloomberg. “I’m worried that everyone will do the same as I did and there will be a knock-on effect that could affect other… – Continue reading
The India-Mauritius Double Taxation Avoidance Agreement (DTAA) may see some headway with the island nation promising full cooperation with India to address outstanding issues relating to their bilateral tax treaty. The development comes days after Prime Minister Narendra Modi visited Mauritius. Its Finance Minister Seetanah Lutchmeenaraidoo in his Budget speech… – Continue reading
Attorney-at–Law and Compliance Specialist We are living in a time where the tax landscape facing the Bahamian financial services industry is changing and evolving rapidly. On November 3, 2014, the Government executed a Model 1 Intergovernmental Agreement (IGA) with the US government to implement the latter’s Foreign Account Tax Compliance… – Continue reading
China tax authority, the State Administration of Taxation (SAT) issued an announcement on March 18, in which it outlines a number of transfer pricing transactions which would no longer be eligible for tax deductions. The decision is effective immediately. The move follows an investigation into transfer pricing that first started… – Continue reading
The Revenue Department estimates it will miss its tax collection target by no more than 160 billion baht for fiscal 2015 after it was off target by 35 billion in the five months through February. The government’s largest revenue contributor has striven to collect new taxes such as those on… – Continue reading
ISLAMABAD: A three member high level delegation of Inland Revenue-Policy Wing of the Federal Board of Revenue (FBR) will attend a three day conference on regional taxation problems in the first week of April in Japanese capital Tokyo. The conference is funded by the International Monetary Fund (IMF) as well… – Continue reading
(Reuters) – Developer Sunac China (1918.HK) on Tuesday urged creditors of its takeover target, Kaisa Group Holdings (1638.HK), to accept a plan by the struggling property firm to restructure $2.5 billion in debt or risk the company running out of cash by end-April. Sunac’s comments come days after a group… – Continue reading
MUMBAI: Providing relief to scores of multinational companies locked in transfer pricing disputes with income tax authorities, a tribunal has clarified that a company can claim deduction of expenses paid to a subsidiary if it follows a global cost allocation policy. The Delhi bench of the Income Tax Appellate Tribunal,… – Continue reading
Jakarta (ANTARA News) – The Indonesian and Japanese governments agreed to review the Indonesia-Japan Economic Partnership Agreement (IJ-EPA) to derive mutual benefits, according to a press release from the Ministry of Foreign Affairs received by Antara here on Tuesday. The review of IJ-EPA was agreed during a bilateral meeting between… – Continue reading
Two important developments last week in the transfer pricing domain have the potential of completely transforming the way this critical and controversial tax area has been handled by the income-tax department. One is the Delhi High Court judgment on tackling the AMP (advertisement, marketing and sales promotion) expenses involving a… – Continue reading
Clearstream now offers five offshore RMB accounts in four leading financial centres and will give customers more options and flexibility in managing offshore RMB liquidity Clearstream, the international central securities depository of Deutsche Börse Group, is making further progress in its Asia strategy: the company will open three new offshore… – Continue reading
Many investors are unaware of high charges that can eat into their wealth, according to finance experts Expat investors using offshore bonds as a way to boost their wealth could be paying nearly £89,000 in fees on a £100,000 investment over 20 years, it has been claimed. This would leave… – Continue reading
According to news reports, Gibraltar’s government isn’t going to take being called a ‘tax haven’ lying down. The little British Overseas Territory at the tip of Spain is suing ABC—not the TV network, the Spanish newspaper—for defamation. Gibraltarians may live in what many call a tax haven, but their government… – Continue reading
The Organisation for Economic Co-operation and Development (OECD) has briefed leaders of the Group of Twenty (G-20) nations on recent advances towards the conclusion of its base erosion and profit shifting project, which it says may be completed ahead of schedule. The OECD presented a report to the G-20 Finance… – Continue reading
Tax authorities of the Azad Jammu & Kashmir (AJK) have approached the Federal Board of Revenue (FBR) for resolving taxation issues of taxpayers, registered with the AJK’s Board of Revenue, who have to pay double rates of taxes while clearance of their taxable transactions within the territory of Pakistan. Sources… – Continue reading
PM’s sudden decision to shelve the controversial land and buildings tax reflects a communications failure about its long-term benefits The sudden turnaround by Prime Minister Prayut Chan-o-cha on the imposition of the land and buildings tax brought relief to middle-income taxpayers but prompted confusion among economists, policymakers and even the… – Continue reading
A leading Swiss banker told his Lebanese counterparts that the days of banking secrecy are over, urging the lenders to prepare their clients for this inevitable outcome. “The banks which attracted tax evaders can no longer continue in this pattern because the era of banking secrecy is over and an… – Continue reading
BRUSSELS: Fresh efforts at bolstering economic and trade relations between Belgium and Qatar kicked-off on a high note as Belgium’s Princess Astrid, representative of the King of Belgium, met Emir H H Sheikh Tamim bin Hamad Al Thani, Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin… – Continue reading
ZURICH, March 23 (Reuters) – Liechtenstein’s biggest bank LGT does not expect to suffer any fallout from assets it bought from HSBC’s private bank months before that business was embroiled in a scandal over allegedly helping clients to dodge taxes. Vaduz-based LGT, owned by the principality’s royal family, snapped up… – Continue reading
NEW DELHI: India has offered a “cash reward” to a former HSBC bank employee-turned-whistleblower in exchange for any fresh information about its citizens holding illegal accounts in various tax haven countries, including in Swiss banks, as it looks to combat black money and unearth funds stashed away abroad. Sources said… – Continue reading
Car dealers in Uganda who are unregistered importers are set to face the wrath of Uganda Revenue Authority as the tax body moves in to catch tax evaders. Last week, the tax body said more Ugandans were importing cars in the pretext of owning them, but when they reached the… – Continue reading
Last week, we discussed the revised set of standards for Transfer Pricing (TP) documentation and a template for country-by-country reporting (CBCR) of income, earnings, taxes paid and certain measures of economic activity as contained in Action Plan 13 of the Base Erosion and Profit Shifting (BEPS) Project. The CBCR provides… – Continue reading
New Delhi: The Income Tax department will carry out closer scrutiny of those tax statements wherein an assessee has disclosed that he or she holds bank accounts or any other assets abroad before the current financial year ends on March 31. Sources said the drive has been undertaken by the… – Continue reading
NEW DELHI: The Income Tax department will carry out closer scrutiny of those tax statements wherein an assessee has disclosed that he or she holds bank accounts or any other assets abroad before the current financial year ends on March 31. Sources said the drive has been undertaken by the… – Continue reading
Gurgaon: Advocating easing of entry barriers for global corporations, Finance Minister Arun Jaitley on Saturday said that India needs to become globally competitive from infrastructure to taxation. In his convocation address at the Management Development Institute (MDI) here he underlined the need for relaxing norms for entry of multinational corporations… – Continue reading
Indian Revenue Secretary Shakti Kantadas says there will be no delay in rolling out the provisions of the act or operationalizing or putting into effect the provisions of the Black Money Act. Indian Revenue Secretary Shakti Kantadas says people should come clean on undeclared bank accounts and assets during the… – Continue reading
Mainland authorities are targeting tax evasion by multinationals, implementing new regulations aimed at “unreasonable” payments such as for service and royalties to overseas related parties. “The tax administration’s nationwide audit has discovered instances of multinationals in China making unreasonable payments to related parties overseas, causing the erosion of our tax… – Continue reading
Blackmoney stashed abroad will entail a 10 year rigorous imprisonment and a whopping 90% tax under the proposed stringent law that provides for a limited window of opportunity to offenders to disclose illicit wealth and escape prosecution. Blackmoney stashed abroad will entail a 10 year rigorous imprisonment and a whopping… – Continue reading
The China State Administration of Taxation recently issued a notice extending the taxation of capital gains by non-Chinese tax residents arising from indirect transfers of Chinese assets. Where indirect transfers of equity in Chinese entities were already subject to capital gains tax based on Circular 698, Notice 7 now extends… – Continue reading
Tax havens have historically offered respite for individuals and companies looking to avoid high levels of taxation in their home countries. Some countries have effectively set out to create an environment in which international financial transactions come under little scrutiny so that foreign individuals and companies can safely park their… – Continue reading
Hong Kong’s Government has published in its Official Gazette the Inland Revenue (Amendment) Bill 2015, which would extend the profits tax exemption for offshore funds to private equity funds. The Bill will be tabled in the Legislative Council on March 25. To reinforce Hong Kong’s aim of becoming a venture… – Continue reading
The Government has introduced the Advance Pricing Agreement (APA) Scheme through Finance Act, 2012 and Income Tax (Tenth Amendment) Rules, 2012 notified vide S.O. 2005(E) with effect from 30th August, 2012. The APA Scheme endeavours to provide certainty to taxpayers in the field of transfer pricing through an agreement in… – Continue reading
The Federal Board of Revenue (FBR) has received a budget proposal of the Overseas Investors Chamber of Commerce & Industry (OICCI) regarding reduction in activation tax on mobile phones from Rs 250 to Rs 150 and withdraw sales tax on SIM card issuance and IMEI tax to avoid double taxation… – Continue reading
The Central Board of Direct Taxes (CBDT) will issue detailed guidelines to ensure that non-resident companies holding a board meeting or two in India do not get any tax demands on their global income on account of New Delhi’s new wider definition of a resident company. Sources said the new… – Continue reading
The Haryana Lokayukta, Justice Pritam Pal (retd), on Wednesday recommended, to the state government, that a criminal case should be lodged against the government officials, property developers, builders and others who are allegedly responsible for the Rs 10,000 crore tax evasion scam in the state. A Special Investigation Team (SIT),… – Continue reading
UK bank HSBC is the first non-Chinese bank to take advantage of new Shanghai Free Trade Zone (FTZ) rules designed to ease foreign currency borrowing and bring down funding costs. Shanghai FTZ allows corporates to use its free trade account to conduct foreign currency borrowing from offshore markets. People’s Bank… – Continue reading
GENEVA: Facing a global crackdown including from India on their ‘safe haven’ tag, Swiss banks today asserted that “bank-client confidentiality” will not disappear and ‘automatic information exchange’ is not the only solution to the black money menace. The assertion comes at a time when Switzerland is in the process of… – Continue reading
Bern and Brussels have clinched a deal to exchange bank account data in an effort to tackle tax fraud. The agreement comes after a recent report exposed the global economic damage caused by offshore accounts. Switzerland and the European Union are teaming up to crack down on tax cheats, officials… – Continue reading
BENGALURU, MARCH 19: IT major Wipro has won a legal victory with the Karnataka High Court allowing it to save a significant amount in taxes from its overseas operations. The judgment is likely to have an impact on Indian companies that have overseas operations. US taxes In a ruling on… – Continue reading
The Israel Tax Authority and Her Majesty’s Revenue and Customs are using powerful technologies to close in on tax dodgers. In Britain, the mix of politics, the upcoming elections, the budget deficit and public pressure has provoked a whirlwind of controversy around the issue of tax avoidance and tax… – Continue reading
(Bloomberg) — A steering committee representing Kaisa Group Holdings Ltd.’s offshore bondholders won’t agree to the company’s proposed debt restructuring by Friday’s early bird deadline. “We are working with the company to agree an acceptable and realistic timeline and process so that we can obtain for you a sensible revised… – Continue reading
The International Monetary Fund has called on the Government of Pakistan to step up its efforts to expand its tax base. The comments came from IMF’s Middle East and Central Asia Department Director, Masood Ahmed, during a recent visit to Islamabad and Lahore where he met with lawmakers, academics, and… – Continue reading
The OECD’s base erosion and profit-shifting project has dominated the international tax scene for over a year. Ever since the G-20 tasked the organization with finding solutions to the perceived problem of multinationals paying low effective tax rates, the international tax community has talked about little else. The OECD hoped… – Continue reading
New Delhi : The Delhi High Court has held that money spent by Indian subsidiaries of foreign companies on advertising, marketing and promotion (AMP) of their global brand here are international transactions and fall under the purview of transfer pricing rules, reports PTI. A bench of justices Sanjiv Khanna and… – Continue reading
Following a public consultation, the Inland Revenue Authority (IRAS) of Singapore has issued final regulations and an e-Tax Guide regarding the US Foreign Account Tax Compliance Act (FATCA) requirements for financial institutions (FIs) in Singapore. FATCA requires all FIs outside of the United States to submit regular information on financial… – Continue reading
BANGKOK: — The cabinet has approved the Finance Ministry’s draft bill to amend the Revenue Code to give more teeth to taxmen in dealing with tax evasion by business operators. Government deputy spokesman Maj-Gen Sansern Kaewkamnerd said today that the bill seek to impose penalties against legal entities such as… – Continue reading
‘Choking financial crisis’ grips Palestinian government, which is paying partial salaries and slashing operating expenses. Gripped by financial crisis, the Palestinian government said on Tuesday it was putting an emergency budget in place for 2015 due to the absence of pledged international aid and Israel withholding its tax revenues.
Seoul and Washington will exchange data on taxpayers’ bank accounts every September to bolster their tax revenue, the National Tax Service (NTS) said Wednesday. “If we regularly exchange data on taxpayers’ bank accounts with the U.S., it will help the tax authorities crack down on attempts at offshore tax evasion,”… – Continue reading
