VietNamNet Bridge – A lot of private enterprises in Vietnam are shoring up offshore investment activity, particularly in regional markets, to make the most of material sources and tap into opportunities presented by these growing markets. An expert of Vinamilk tests the quality of powdered milk made by the company… – Continue reading
Chairman Federal Board of Revenue (FBR) Tariq Bajwa has said that Pakistan and China are re-negotiating agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. On the conclusion of Public Accounts Committee (PAC) at the Parliament House here on Thursday,… – Continue reading
KARACHI: The customs authorities have referred the case of importer Paramount Corporation to the Engineering Development Board (EDB) for seeking technical view point into the case. The sources informed Customs Today that the authorities concerned of Customs Adjudication-II have forwarded the case of Paramount Corporation to the EDB for seeking… – Continue reading
Port Louis, March 12 : Prime Minister Narendra Modi on Thursday assured that India would work with Mauritius to avoid the “abuse” of the double taxation avoidance agreement and added that the destinies of both nations are “linked by the currents of the Indian Ocean”. Addressing the National Parliament of… – Continue reading
Under a plan baked into the White House’s budget for 2016, U.S. corporations would theoretically be forced to pay hundreds of billions in new taxes on money kept abroad. Levying fees on the $2.1 trillion in funds largely held by shell companies through an accounting trick called deferral, the move,… – Continue reading
Port Louis: India offered US dollar 500 million concessional line of credit to Mauritius for key infrastructure projects even as the two countries agreed to continue negotiations on hammering out a revised double tax treaty to prevent its “abuse”. The two countries also signed five agreements, including one on developing… – Continue reading
Your Isa investments don’t have to be limited to the UK. It’s also possible to hold shares in foreign firms in one. However, the rules for this are a little more complicated, and you need to be aware of an extra cost that can outweigh the tax benefits if you’re… – Continue reading
ASTANA. KAZINFORM – Kazakh President Nursultan Nazarbayev has signed the law “On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Macedonia for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income”, Akorda… – Continue reading
The call for tax transparency is being echoed around the globe, with ‘midshore’ centres like Bahrain and the UAE emerging as reputable, regulated and tax efficient jurisdictions A 2012 book entitled Offshore Apocalypse – The Collapse of the Tax Haven Industry, written by a team of tax-law academics, auditors, compliance… – Continue reading
On 9 March 2015, the State Secretary of the Latvian Foreign Ministry, Andrejs Pildegovics, met with the members of the South Korean Parliament, Byun Jae Ill and Park Young-sun, who are visiting Latvia from 9 to 11 March in order to strengthen cooperation between the Latvian and South Korean Parliaments,… – Continue reading
Ever since the Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by the US Congress to target non-compliance by taxpayers using foreign accounts, the hallucination effect has come into force. Banks and financial intuitions are related with US treasury accounts in some way or the other just like… – Continue reading
The Australian Taxation Office should be given the power to ignore multinational transactions that fail to pass the “common sense test” and ensure that technology company profits are taxed where they are earned, the Australia Institute submission to the inquiry into corporate tax avoidance says. The submission takes a swipe… – Continue reading
NEW DELHI: To encourage offshore fund managers to relocate to India, the government today said it will modify Permanent Establishment norms to ensure that a mere presence in the country does not lead to “adverse tax consequences.” However, the present taxation structure has an in-built incentive for fund managers to… – Continue reading
The main legal weapon used by the tax office to hunt down multinationals trying to avoid paying tax often doesn’t work, a problem that could cost the federal government billions a year. A Tax Office internal document, Offshore hubs mitigation strategy overview, said that Australia’s general anti-avoidance rule, Part IVA,… – Continue reading
ISLAMABAD: Signing of a Trade and Investment Framework Agreement (TIFA) between Pakistan and the United States has been put on the back-burner since America has become the largest export market for Pakistan with a volume of $3.7 billion, said US Secretary of Commerce, Penny Pritzker on Tuesday. A key member… – Continue reading
The Finance Bill 2015 (the Bill) has quietly slipped in an amendment that could engender a fresh set of disputes with foreign companies away from the hitherto transfer pricing hair-splitting. Hitherto, all Indian companies were residents and all foreign companies were non-resident, period. Of course foreign companies would have become… – Continue reading
There is a sense of déjà vu in tax and legal circles. Vodafone bought itself into Hutch’s Indian telecom operations by acquiring controlling interest in a Cayman Island company that called the shots in the Indian company hitherto controlled by Hutchison Hong Kong. The tax authorities slapped a notice on… – Continue reading
Businesses are looking to increase exports and absorb the higher cost of imported inputs to make the most of a “sweet spot” for the Aussie dollar, executives said. Seafolly’s chief executive Anthony Halas said he had “mixed feelings” about the drop in the Australian dollar on Wednesday, but believed expanding… – Continue reading
Following on from the Indian budget last month and various significant developments on the disputes scene, TPWeek thinks it is a good time to put together a Special Focus, bringing together its most recent reports. The Indian government is keen to promote a more investor-friendly environment in relation to corporate… – Continue reading
The regional operating headquarters (ROH) provisions that Thai tax authorities introduced in 2002 have never been popular, as they are difficult to understand and comply with. As a result, many businesses have bypassed Thailand and chosen Kuala Lumpur for their regional offices. Even a major revamp of ROH regulations in… – Continue reading
IRAS will “closely monitor” corporatisation behaviour to prevent instances of tax evasion, especially among high income earners, said the Senior Minister of State for Finance. SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) will be monitoring corporatisation behaviour more closely and stepping up its audit programmes, in light of impending… – Continue reading
Like many Indian IT consultancies in the early 2000’s, Icreon Tech relied heavily on selling highly skilled, English-speaking engineering talent to the West at a cheap rate. According to the Economist, in 2008, India claimed 65% of all offshored IT work. But as the gap in pay between developing and… – Continue reading
It is time to look at overseas options if you want stocks with good dividends. If you are particular about investing only in the banking sector, U.S. banks would give you at the most around 3% dividend yield. If this is not good enough for you, you can try investing… – Continue reading
Q4 net profit 478 mln shekels vs 633 mln * Bank provisioned 196 mln shekels in 2014 for U.S. tax evasion * Provisioned 360 mln shekels in Q4 for cost cuts * Shares down 1.3 pct (Adds quotes, details from news conference, analyst’s comments) By Tova Cohen TEL AVIV, March… – Continue reading
RIYADH — The Council of Ministers on Monday renewed its commitment to strengthen human rights and their protection, saying that it is part of the Kingdom’s firm approach that is derived from the Islamic Shariah. Custodian of the Two Holy Mosques King Salman chaired the Cabinet’s weekly session at Al-Yamamah… – Continue reading
Cyprus signed four bilateral agreements with Bahrain on Monday, during President Nicos Anastasiades’ state visit to the kingdom where he was be received by ruler Hamad bin Isa Al Khalifa, where the two leaders also discussed issues of cooperation in tourism and the economy, as well as concerns about regional… – Continue reading
On Tuesday, Indian Prime Minister Narendra Modi will embark on a tour of three of India’s island neighbors as part of a charm offensive intended at veering India’s neighbors away from China’s influence and to counter its ‘string of pearls’ strategy in the region. Modi will visit Seychelles, Mauritius and… – Continue reading
Public accounts committee to ask Stuart Gulliver, Chris Meares and the BBC’s Rona Fairhead key questions on tax arrangements at multinational bank Two senior HSBC executives and the chair of the BBC Trust will be questioned by MPs on Monday about their role at the bank, whose Swiss banking arm… – Continue reading
Public accounts committee to ask Stuart Gulliver, Chris Meares and the BBC’s Rona Fairhead key questions on tax arrangements at multinational bank Two senior HSBC executives and the chair of the BBC Trust will be questioned by MPs on Monday about their role at the bank, whose Swiss banking arm… – Continue reading
Singapore’s tax authority will step up monitoring “corporatisation” trends that suggest high-income earners are setting up companies to avoid higher income taxes, said Senior Minister of State for Transport and Finance Josephine Teo on Monday. She noted that the main risk for higher income taxes is that Singapore’s tax regime… – Continue reading
MANHATTAN (CN) – Israel’s largest bank helped procure sham loans for clients and advised them to dodge taxes in other ways, a shareholder class action says. Michael Porat, a citizen of Israel, filed the 57-page complaint against Bank Leumi and various international subsidiaries in New York County Supreme Court. Sixty-one… – Continue reading
FATCA could have a bearing on the provisions of the proposed Indian law A new bill to deal with black money parked abroad that the government is planning to bring in the current session of Parliament is likely to be influenced by the law in the United States to check… – Continue reading
India and US Foreign Account Tax Compliance Act (FATCA) would be signed a new information sharing agreement in New Delhi on tax evasions, reports Customs Today. The US has given India time till September 30 to put in place a framework to track down the assets that nationals of each… – Continue reading
(Reuters) – Chinese developer Kaisa Group Ltd, mired in crisis since late last year after the local government in its home base of Shenzhen blocked sales at some of its projects, is seeking to restructure its debts, according to an exchange filing in Hong Kong on Sunday. The restructuring plans,… – Continue reading
Subramaniam Swamy has been a strong advocate for abolishing income tax. There is a basic dichotomy in the taxation structure in India — many corporates pay taxes that are a fraction of what they should be paying while the salaried class get deductions that can’t really be called deductions due… – Continue reading
ABU DHABI // Almost nine in ten expatriates send money back to their home country but financial experts warn they are more savvy ways to keep money safe. The National’s survey questioning expatriates on remittance, among other financial habits, found 86 per cent of employed expats transfer money to their… – Continue reading
Ramakant Jha, the managing director and group chief executive of Gujarat International Finance Tec-City (Gift), talks about the central business district, which is still being developed. Why is Gujarat the right destination for such a project? When people us, “why Gujarat?”, we ask them, “why not Gujarat?” Gujarat has had… – Continue reading
MUMBAI: Next time, you will think twice before opening a bank account in Jersey or buying a property in London — even if the transaction is legitimate. Everyone having accounts with offshore banks, or owning properties or stocks abroad will be soon asked a string of questions by the tax… – Continue reading
Discuss issues related to applicability of minimum alternate tax and permanent establishment Foreign Investor on Saturday raised several tax-related issues with Finance Minister Arun Jaitley at a meeting organised by the National Stock Exchange (NSE). According to sources, issues regarding applicability of minimum alternate tax (MAT) and permanent establishment (PEs)… – Continue reading
ISLAMABAD: The criminal involvement of senior officials of Large Taxpayers’ Unit (LTU) Lahore in tax evasion case has entangled the Federal Board of Revenue (FBR) in a perplex situation to proceed forward the case against the tax evaders. In the ending of last month suspended three Inland Revenue service officers… – Continue reading
Taipei, March 7 (CNA) Banks incorporated in Taiwan saw profits in their offshore banking units (OBUs) falling year-on-year in January, while earnings in their domestic banking units (DBUs) were up for the same month, the Financial Supervisory Commission (FSC) said Saturday. The FSC, the top financial regulator in Taiwan, said… – Continue reading
KUWAIT CITY, March 7: Baker Tilly Kuwait for Audit, Tax and Consulting is pleased to announce a new consulting service for individuals with respect to the Foreign Account Tax Compliance Act (FATCA) aiming to assist US citizens and Green Card holders residing in the State of Kuwait to comply with… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
Just months after the Obama administration cracked down on mergers that helped US companies skirt domestic taxes, a wave of foreign takeovers is steering more tax revenue away from the US, reports the Wall Street Journal. In deals known as “tax inversions,” which spiked in 2014, US companies acquired foreign… – Continue reading
BRUSSELS, March 6 (KUNA) — The EU warned Friday that the continued withholding of Palestinian revenues by Israel could be highly detrimental to the stability and security of the region. “This decision runs counter to Israel’s obligations under the Paris Protocol of the Oslo Agreement. It should be recalled that… – Continue reading
On December 2, 2014, the State Administration of Taxation (SAT), China’s highest tax authority, issued the Administrative Measures for the General Anti-Avoidance Rules (Trial) (GAAR), which went into effect on February 1, 2015. Prior to this legislation, China had no specific GAAR, only a few general anti-avoidance principles in various… – Continue reading
NEW PACTS WITH AMSTERDAM AND TOKYO BOOST TRANSFER PRICING IN HONG KONG When combined with aggressive tax planning, Hong Kong’s onshore-offshore tax regime often results in a reduced tax burden for taxpayers that operate through Hong Kong companies by pricing intra-group transactions. The Advance Pricing Arrangement agreement with the Netherlands… – Continue reading
Mr R S Sodhi, the Managing Director of GCMMF which owns the famed brand Amul has given his take on the Union Budget on our request. We produce the same verbatim-Editor For Cooperative Sector, the budget will have a mixed effect. Budget is good for those cooperatives who are in… – Continue reading
Double Tax Avoidance Agreement to be Applied to China Funds Investors no longer have to be worried about double taxation on China-based funds. On Mar. 4, the Korea Financial Investment Association told asset management firms to hand in documents for double tax avoidance agreement applications. Four months ago, when the… – Continue reading
