India’s hedge funds threatened by higher taxes
So much of India’s private wealth is trapped in gold that any more will be a colossal social waste ... - Continue reading
Category: Asia
Malaysia Explains New Cap On Interest Expense Deductions
The Inland Revenue Board of Malaysia has released new guidance on restrictions to the deductibility of interest expenses. ... - Continue reading
US Senate To Vote On Tax Treaty Protocols
The United States Senate could soon approve ratification of four long-pending double tax avoidance treaty protocols. ... - Continue reading
Singapore Bankers ‘Flooded’ With Inquiries from Hong Kong – Reports
Following Hong Kong’s extradition bill protests, wealth managers and private banks have seen increased queries from clients looking to set up channels to move assets to Singapore. MAS (Monetary Authority of Singapore) officials have reportedly been asking wealth managers not to aggressively target Hong Kong clients in their market campaigns,… – Continue reading
Personal Income Tax in Vietnam: Exemptions and Reductions
For foreigners working in Vietnam, determining the applicability of personal income tax (PIT) involves decoding a number of rules. Following this, foreign workers need to calculate their precise liability and any applicable deductions. ... - Continue reading
Kenya, Turkey to sign tax treaty by end of 2019
NAIROBI, July 14 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement by the end of 2019, a Turkish diplomat said on Sunday. Ahmet Cemil Miroglu, Turkish ambassador to Kenya told journalists in Nairobi that both countries are keen to improve the environment for investment… – Continue reading
Federal Board Of Revenue (FBR) Revenues To Surge To Rs 10.5 Trillion By 2023-24: IMF
The International Monetary Fund predicts revenue of FBR by 2023-24 ... - Continue reading
Pagcor: Government not inclined to impose higher taxes on POGOs
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
Can a Thai Citizen Own Property in the US?
I am interested in purchasing real estate in the US as an investment. Can a Thai citizen own property in the US? There are several things Thai investors need to be aware of when considering purchasing a house or condominium in the United States. The buying process is relatively straightforward… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
China: Application Of Article 16 (Mutual Agreement Procedure) Under The MLI To The Covered Tax Agreements (Part II)
The following is Part 2 of the Application of the MAP Article in the MLI to the Covered Tax Agreements that specifically deals with How contracting jurisdictions apply Article 16 to their CTA's. ... - Continue reading
Bank of Singapore’s Hong Kong CEO on Developing a Greater China Proposition
As Bank of Singapore’s Global Market Head for Greater China and North Asia, and since March 2018 also Hong Kong CEO, Derrick Tan has plenty of challenges in front of him. But he can draw on from his multi-faceted background – he spent five years as an investigating officer with… – Continue reading
Buyback tax: A loophole fixed or an anomaly made worse?
In the past three fiscals, Indian firms bought back shares at an average rate of ₹47,800 crore ... - Continue reading
Swiss banks accounts: Indian details to be transferred
Pointing to volume, Swiss office says several dispatches may be needed. According to the two Swiss agencies, India is among 73 countries with whom information on bank accounts will be shared this year — AEOIs were implemented with 36 countries last year. The stage is set for the first exchange… – Continue reading
United Arab Emirates: The UAE Introduces Mandatory Country By Country Reporting
UAE has published Cabinet Resolution 32, the introduction of new country by country reporting ("CbC reporting") obligations that multinationals will be required to comply with starting 2020. ... - Continue reading
IRB can track undeclared offshore accounts for taxation
Malaysia aims to track offshore tax revenue ... - Continue reading
Recto backs DOF plan to tax Chinese POGO workers
The Senate is backing a government plan to run after tens of thousands of Chinese workers in the country who have not been paying income tax ... - Continue reading
POGOs promise to pay tax starting this month
Operators of offshore gaming companies vowed to comply with Finance Secretary Carlos G. Dominguez III’s directive to settle their income tax, seen to reach at least P24 billion in additional annual collections, beginning this month. This developed after the Philippine Offshore Gaming Operators (POGO) met with Dominguez where they agreed… – Continue reading
India Budget 2019: key international tax and transfer pricing developments
New tax legislation for India's 2019 Budget ... - Continue reading
Why inheritance tax needs to be analysed
A large part of the wealth in India of the major population would comprise of real estate, liquidating the same to make payment of IHT and realising the worth would be a challenge
... - Continue readingVietnamese lawyer probed for abetting tax evasion
A Hanoi lawyer famous for taking on high-profile cases could find himself in the dock for abetting tax evasion. Police in the central province of Khanh Hoa on Tuesday launched an investigation and searched the residence and offices of Tran Vu Hai, 57, head of Tran Vu Hai Attorney Office,… – Continue reading
Greater Bay Area Releases Detailed Plan on IIT Incentives for Overseas Talents
The Greater Bay Area officially announced detailed rules for the implementation of preferential individual income tax (IIT) policy for overseas talents. Eligible overseas talents working in nine cities in the region can enjoy a preferential tax rate of 15 percent – in line with the Hong Kong IIT rate. China… – Continue reading
M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money
The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading
Singapore’s tax treaties with Netherlands and Georgia amended
The Inland Revenue Authority of Singapore has announced that amendments made to Singapore’s bilateral tax treaties with the Netherlands and Georgia took effect today. ... - Continue reading
Japan, Argentina sign tax treaty
Japan and Argentina join hands for tax reform ... - Continue reading
OECD supporting G20 policy priorities at Osaka Summit
At their Summit in Osaka this weekend, G20 leaders agreed on a range of priorities for which analysis and support from the OECD and other international organisations are playing a crucial role. Despite heightened tensions – in particular on trade and climate change – the leaders agreed to move forward… – Continue reading
Pakistan money in Swiss banks dwindling for last three years
LONDON: Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33 per cent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, Swiss National Bank’s (SNB) annual statistics report showed on… – Continue reading
US calls on government to inspect SSEZ over tax avoidance
The US Embassy on Friday called on the Cambodian government to look closely at governance and compliance issues at the majority Chinese-owned Sihanoukville Special Economic Zone (SSEZ) over claims that some Chinese companies are using the zone to avoid tariffs on transshipped goods to the US. Spokeswoman Emily Zeeberg wrote… – Continue reading
BIR files tax evasion charges against 15 Metro Manila business taxpayers
The Bureau of Internal Revenue filed Thursday separate criminal cases against 15 business taxpayers in Metro Manila for alleged refusal to pay tax debts totaling to more than P493 million. This brought to 482 the number of tax evasion charges lodged by the bureau under its Run-After-Tax-Evaders (RATE) program under… – Continue reading
Israel seeks Swiss help in identifying undeclared accounts
Swiss authorities are considering a request from the Israeli finance ministry for assistance in identifying Israelis with undeclared assets at two Swiss private banks. ... - Continue reading
Banks bear the biggest cost of CRS
Last year, Malaysian financial institutions commenced their CRS obligations to the Inland Revenue Board (IRB). ... - Continue reading
Proposed tax on retained earnings may go: PM’s adviser
We are working at it,” said Salman F Rahman, prime minister’s adviser on private sector development, while replying to a question on Monday at the dissemination of ‘World Investment Report 2019’ in Dhaka. Finance Minister AHM Mustafa Kamal has proposed to impose an additional 15 percent tax on the retained… – Continue reading
Uzbekistan: Karimova says she returned $1.2Bln to state coffers
The fate of funds in foreign accounts remain in the balance, however.The imprisoned daughter of Uzbekistan’s late president has reportedly published a statement tentatively admitting responsibility for years of larceny and said that she has paid $1.2 billion into the state coffers. Gulnara Karimova’s statement was posted on an Instagram… – Continue reading
No tax avoidance in SSEZ: Commerce Ministry
In the midst of controversy regarding allegations of tax avoidance at the Sihanoukville Special Economic Zone, the Commerce Ministry recently issued a press release stating that it has found no Chinese companies that are using the SSEZ to avoid tariffs on transshipped goods to the US.According to Reuters on Wednesday… – Continue reading
Offshore gaming operators warned
State-run Philippine Amusement and Gaming Corp. sternly warned errant offshore gaming operators to strictly comply with regulations and pay proper taxes to the government, saying concerned tax agencies are closely monitoring how they conduct business in the country. “Let this serve as a final warning for everyone to strictly comply… – Continue reading
Mauritius rule changes may hit offshore funds
Funds may lose tax benefit after rule amendment. Mumbai: The Mauritius government’s proposal to amend tax residency rules for companies is giving jitters to foreign funds operating from the tax haven. Mauritius has recently announced that it is amending rules for determining tax residency for companies so that a company… – Continue reading
Foreign Exchange Management Accounts: FBR for replicating Indian model
ISLAMABAD: Terming Indian model as good to replicate Foreign Exchange Management Accounts (FEMA) in case of Pakistan, Chairman FBR Shabbar Zaidi said that $40 billion was remitted out from Pakistan, so there was need to bring changes in existing Pakistani laws related to management of foreign exchange. He pointed out… – Continue reading
Commission should have a wider scope
Tracing funny money is not easy Our prime minister intends to constitute an enquiry commission to look into ballooning of debt burden over the past 10 years. Let it cover related benami, money-laundering or other pseudo-financial transactions also. While debt burden pauperized citizens, the offenders became richer. Tracking debt balloon… – Continue reading
India: Government Of India Ratifies MLI – Bringing India On The Cusp Of A New International Tax Regime
The Government of India (Union Cabinet) has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and India's final position to the same. ... - Continue reading
Switzerland is in process of sharing details of 50 Indians having bank accounts
BERNE/NEW DELHI: SWISS authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth. These individuals largely include businessmen associated with companies, including… – Continue reading
Tax on reserve to hit cos’ business expansion: ICAB
The imposition of 15 per cent tax on reserve and retained earnings of listed companies will reduce capital and expansion scope of the companies, said the Institute of Chartered Accountants of Bangladesh on Saturday. The ICAB made the statement in its post-budget review. Finance minister AHM Mustafa Kamal placed the… – Continue reading
Have your say on the China-NZ double taxation agreement
Double tax agreement set to be modernised. ... - Continue reading
Govt tightens noose around offshore tax evaders
The federal government has decided to go after offshore tax evaders, laying out a number of propositions that would effectively criminalise the process and introduce heavy punishments for tax evasion. The proposed tightening of income tax laws would mean that anyone found guilty of evading taxation through foreign banks accounts… – Continue reading
India ratifies multilateral convention to curb abuse of tax treaties
The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion… – Continue reading
Automatic Exchange of Information is Working, Says OECD
New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading
RGN Reviews the State of Play for CRS and AEOI Rollout
Ivan Pelle, one of the Founders and Executive Director, expert in International Taxation at Recontam Global Network (RGN) is on a mission to make its clients and partners aware of the rollout of CRS and AEOI across Asia-Pacific and how this might affect tax planning and investment strategies. He addressed… – Continue reading
Oman to introduce Common Reporting Standards
Muscat: Oman, in line with its commitment to align itself with international best practices in tackling cross-border tax evasion and meeting the standards set by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD), is currently in the process of issuing regulations for automatic exchange of… – Continue reading
Pampanga trader wins tax evasion charges
The Court of Tax Appeals (CTA) has dismissed the more than P30 million tax evasion charges filed against a businesswoman for the failure of Bureau of Internal Revenue (BIR) to prove that the offense was willful. Acquitted of two counts of tax evasion was Analiza San Miguel David, operator of… – Continue reading
