ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading
ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading
Kenya, India to ratify double taxation agreement NAIROBI, Feb. 10 (Xinhua) — Kenya and India will soon ratify an agreement on the avoidance of double taxation, officials said on Tuesday. India’s Deputy High Commissioner to Kenya Sushil Singhal told Xinhua in Nairobi that the ratification of the agreement signed in… – Continue reading
Istanbul: Minister of State for Finance Shri Jayant Sinha attended the G-20 Meeting of Finance Ministers and Central Bank Governors in Istanbul, Turkey on 9th and 10th February ,2015. It was the First Finance Ministers’ Meeting under the Turkish Presidency. During his interventions in different Sessions, Shri Jayant Sinha, MoS… – Continue reading
A Chinese property developer, which was seemingly in good financial shape until recently, appeared to default on an offshore bond payment Thursday, raising concerns among international investors with an interest in the country’s property market, according to reports. Kaisa Group Holdings Ltd., which is listed on the Hong Kong stock… – Continue reading
CAIRO, Jan 9 (KUNA) — The Arab League on Friday lambasted Israel for retaining the Palestinian tax revenues, terming the move as “theft and collective punishment” of the Palestinian people. In a press statement today, Assistant Secretary-General for Palestine and Occupied Arab Territories Affairs Mohammad Subeih stressed the necessity of… – Continue reading
CBDT to make provisions for MAT and reduce tax liability on Reits Jayshree P Upadhyay | New Delhi January 9, 2015 Last Updated at 00:50 IST Real estate investment trusts (Reits), notified last year, have so far found few takers due to taxation-related issues. To address this, the Central Board… – Continue reading
Taiwan’s Strait Exchange Foundation (SEF) chairman is scheduled to hold negotiations with his Chinese counterpart on the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income on Jan. 13, reports our Chinese-language sister newspaper Commercial Times. The agreement will possibly… – Continue reading
China has decided to join the likes of the US and tax its citizens living and working abroad, forming part of a crackdown on tax evasion by individuals and companies. China has had its own version of the Foreign Account Tax Compliance Act (Fatca) since 1993 when Chinese officials visited… – Continue reading
January 8 2015 As of 2003, Israeli tax residents are subject to tax in Israel on their worldwide income, including passive income (i.e., interest, dividends and capital gains) generated in their offshore bank accounts. Although more than a decade has passed, many Israeli residents have still not reported on income… – Continue reading
As Chinese individuals and companies head overseas in greater numbers, the country’s tax authorities are starting to follow. The Beijing billionaires who set up cryptically named companies in the British Virgin Islands to hold their fortunes are in the cross hairs. So are the Guangdong salesmen living and working in… – Continue reading
‘Deflation, Devaluation, and Default’ loom in China this year. The denouement for Shanghai’s bourse will not be pretty, says the US bank. China is at mounting risk of a financial crisis this year as growth sputters and deflationary pressures trigger a wave of defaults, Bank of America has warned. The… – Continue reading
A delegation from the US Internal Revenue Service (IRS) visited Israel last week to meet representatives of the Israel Tax Authority. Sources inform “Globes” that the purpose of the meeting was to implement the agreement for the exchange of information between Israel and the US concerning the accounts of US… – Continue reading
Other bodies announce similar probes; bank agreed to pay $400 million to US he Attorney General’s Office will open an investigation into the Bank Leumi Group, it revealed Thursday, weeks after the bank agreed to pay $400 million to United States and New York authorities for helping American taxpayers hide… – Continue reading
The Attorney General will examine the civil and criminal implications of the bank’s conduct in helping US citizens evade US taxes. Attorney General Yehuda Weinstein is to examine the Bank Leumi (TASE: LUMI) tax evasion affair, in which the Israeli bank helped American customers evade US taxes. Weinstein is consulting… – Continue reading
SINGAPORE (Reuters) – Singapore is updating guidelines on an accounting practice mired in controversy for helping multinational companies minimize their tax bills, as the city-state moves more in line with a crackdown by Western governments on aggressive tax avoidance. International taxation has come under scrutiny since a quirk of “transfer… – Continue reading
India enacted transfer pricing rules in 2001, which require companies to conclude international transactions with associated enterprises at an arm’s length. The legislation is primarily targeted at large business groups who engage in base erosion and profit shifting to avoid paying corporate income tax in India. This article is the… – Continue reading
Countries are competing to lower their tax rates to please the corporate giants, but the result is a massive collective loss of revenue. Only international coordination can wipe out the practice and defeat the negative influence of the Big Four accounting firms. Tax havens have long existed in the popular… – Continue reading
Overseas property buyers have to pay significantly more tax than domestic buyers in Singapore and Hong Kong, making them the most costly places for foreigners to invest in residential real estate in Asia Pacific, says Knight Frank Singapore and Hong Kong are the most costly places for a foreigner to… – Continue reading
The Inland Revenue Authority of Singapore (IRAS) has published an updated consolidated e-Tax Guide on the country’s transfer pricing regime. The e-Tax Guide, which was released on January 6, 2015, is divided into three main parts. Part I of the Guide provides background on the treatment of related-party transactions and… – Continue reading
More than 100 countries including India, China and Russia have already entered into agreements with the US on the Foreign Account Tax Compliance Act (FATCA) and with new FATCA requirements coming into effect on 1st of January 2015 applying to U.S. and non-U.S insurers and insurance brokers, large portions of… – Continue reading
SINGAPORE – On December 9, 2014, Singapore became the first country in Southeast Asia to sign an Intergovernmental Agreement (IGA) on tax information sharing with the United States. The signing follows an in substance agreement reached between Singapore and the US in May 2014. Most countries around the world have… – Continue reading
Data as of a week before deadline The total number of Indian financial institutions who have signed up with the American tax authorities under the Foreign Account Tax Compliance Act (FATCA) was less than 500 as per data from less than a fortnight ago. There were a total of 442… – Continue reading
The Federal Board of Revenue (FBR) is planning to introduce amendments to the income tax law in next federal budget (2015-16) to effectively deal with the transfer pricing issues of non-resident companies. Sources told Business Recorder on Monday that the first meeting of the FBR’s transfer pricing unit would be… – Continue reading
The Federal Board of Revenue (FBR) is planning to introduce amendments to the income tax law in next federal budget (2015-16) to effectively deal with the transfer pricing issues of non-resident companies. Sources told Business Recorder on Monday that the first meeting of the FBR’s transfer pricing unit would be… – Continue reading
Due to its geographical proximity to the mainland, modern and (until now) friendly banking system and transparent legal regime, Hong Kong has long served as a popular gateway into China for foreign businesses. Americans in particular have favored the former British colony, which retains its widespread use of the English… – Continue reading
Many registered firms are subsidiaries of the same organisation, so actual number could be much lower than latest available figure of 442 Sachin P Mampatta | Mumbai January 6, 2015 Last Updated at 22:47 IST The picture regarding the number and proportion of Indian financial institutions which had registered with… – Continue reading
HSBC, Sovereign, FedEx, DHL & UPS all expecting summons from IRS American IRS officials are said to be carrying out investigative work concerning FATCA transgressions from the American Consulate in Hong Kong, according to a report issued in the South China Morning Post. The article quoted Travis Benjamin, a Partner… – Continue reading
Multinationals told to be more cautious about intra-group transactions as Beijing imposes stiff measures against avoidance and evasion Multinationals have been advised to take notice of Beijing’s New Year resolution to crack down on tax avoidance and evasion, especially after the announcement of the general anti-avoidance rule (GAAR) and new… – Continue reading
HSBC Holdings and the city of Hong Kong, which were last month linked to an international tax evasion network, are currently under scrutiny as part of efforts by U.S. authorities to hunt down American tax evaders, the South China Morning Post (SCMP) reported Monday, citing lawyers. Official with the U.S…. – Continue reading
U.S. Internal Revenue Service officials are stepping up an international tax evasion investigation into HSBC Holdings and the city of Hong Kong in an effort to crack down on American tax evaders, the South China Morning Post reported. IRS officials are now stationed in overseas Asian jurisdictions, including at the… – Continue reading
Chief Palestinian negotiator Saeb Erekat on Saturday described as “piracy” an Israeli decision to stop the transfer of Palestinian tax revenues collected on behalf of the Palestinian Authority. “We were unofficially told a few hours ago that the Israeli government had decided to hold back tax revenues it collects on… – Continue reading
New Delhi: As a probe continues into misuse of stock markets for routing black money and tax evasion, the regulatory and other agencies suspect that GDR route is being used for bringing back suspected illicit funds stashed abroad. The modus-operandi, in cases currently under scanner, involves an intricate web of… – Continue reading
Will a person working both in India and outside for a certain time be taxed in both the countries or is there any tax regulation present. Indians have become accustomed to taking up jobs outside India as an offshore assignment or project. That means spending some part of the year… – Continue reading
MUMBAI – At least 1,000 individuals and companies have come under Securities and Exchange Board of India’s (Sebi) scanner for allegedly using stock markets to evade taxes and launder money through companies mostly existing on paper. Sebi is focussing on securities market related violations by these individuals and companies, who… – Continue reading
India is considering removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given the island nation, reports from New Delhi have suggested. India had blacklisted Cyprus in 2013 for not sharing information about tax evaders. “They (Cyprus) have given some information…. – Continue reading
NEW DELHI, JANUARY 2: The dispute resolution mechanism for matters relating to international tax and transfer pricing has been streamlined. The Finance Ministry has put in place a new framework that seeks to bring much-needed rigour and neutrality to dispute resolution on international tax issues. The move should encourage multinationals… – Continue reading
The new deoffshorisation legislation that passed with lightning speed through Russia’s Parliament and then hastingly signed by President Putin in the time span of a week and a half, comes into force on January 1, 2015. The new deoffshorisation legislation that passed with lightning speed through Russia’s Parliament and then… – Continue reading
The new year could bring important changes to the tax landscape. Here are several issues that will affect how much taxpayers owe for 2015 and beyond: Federal tax policy There is serious talk of overhauling the federal tax code. “There appears to be a consensus” on making changes, says Stephen… – Continue reading
A number of financial institutions rushed to meet a registration deadline after a late-night regulatory circular on Tuesday urged them to sign up with American tax authorities. The circular had advised registration by Thursday. The institutions have to do so under America’s Foreign Account Tax Compliance Act (Fatca). It requires… – Continue reading
A number of financial institutions rushed to meet a registration deadline after a late-night regulatory circular on Tuesday urged them to sign-up with American tax authorities. The circular came out on 30th December, and asked institutions to register by 1st January. The institutions have to sign up under the Foreign… – Continue reading
A double taxation avoidance agreement between Taiwan and Austria, which is expected to boost bilateral trade an investment, will take effect on Jan. 1, 2015, Taiwan’s Ministry of Foreign Affairs said Wednesday. The agreement was signed in July, and with the two countries now having completed the necessary domestic legal… – Continue reading
NEW DELHI: The government needs to assure against any “witch-hunt” to make the compliance window under the new black money law a success and it’s a “pity” that the people do not believe its credibility, HSBC’s India head Naina Lal Kidwai has said. Stating that the persons taking advantage of… – Continue reading
The conditions for becoming tax-resident and tax non-resident vary from country to country and depend on such things as length of stay, type of accommodation, location of family, and nationality. In most tax systems, presence of an individual in a country for 183 days or more in any 12-month period… – Continue reading
Swiss banks are training their crosshairs on Israeli customers. Legal sources said that in the past two weeks, the large banks in Switzerland have begun sending many queries to their Israeli customers demanding confirmation either that the assets deposited with the banks were reported to the Israeli tax authorities, or… – Continue reading
[HONG KONG] Asia could set another record for international bond issues in 2015 if Chinese companies continue to borrow offshore at the same voracious pace they did this year, while bankers expect a heavy redemption schedule and larger pipelines from India and Indonesia to lift activity. Barclays is forecasting volumes… – Continue reading
The Indian Constitution has empowered only the Central Government to levy and collect taxes. Every person whose total income exceeds the maximum exemption limit shall be chargeable to the income tax at the rate or rates prescribed in Income Tax Act. Such income tax shall be paid on the total… – Continue reading
TOKYO (Kyodo) — Japan’s ruling parties on Tuesday adopted fiscal 2015 tax reform policies entailing corporate tax cuts and an expansion of tax breaks for the wealthy, with an eye on propping up sluggish household spending and boosting business investment to aid the economic recovery. By bolstering the… – Continue reading
A withholding tax is a tax that is kept back from an employee’s salary and subsequently paid directly to the government. Withholding taxes are commonly employed by countries throughout the world to help combat tax evasion. Countries in Asia typically divide withholding tax into dividends, interest and royalties payments, with… – Continue reading
The transfer pricing department is yet to make adjustments on share issuances by Vodafone India services to Vodafone Teleservices Mauritius for assessment year 2011 and 2012. The transfer pricing department has sought clarity from the government on legal recourse in the Vodafone transfer pricing case. Sources have indicated that the… – Continue reading
