NEW DELHI: All Indian financial institutions with exposure to the US will have to register by tomorrow with the American tax authorities to avoid a hefty penalty tax of up to 30 per cent under the new Foreign Accounts Tax Compliance Act (FATCA). While it has extended the deadline for… – Continue reading
NEW DELHI: While India is yet to sign a final pact with the US for the Foreign Accounts Tax Compliance Act (FATCA), close to 1,000 Indian financial institutions and their overseas units are believed to have already registered with the US tax authorities under this new regime. The tricky situation… – Continue reading
Currently, there is a tendency among those who take an interest in international tax developments to look to the future and try to guess how the international tax landscape will look in, say, three of four years, once countries begin to implement the OECD’s base erosion and profit shifting (BEPS)… – Continue reading
Indonesia has only met its tax revenue collection target two times in the past 10 years, but President Joko “Jokowi” Widodo has vowed to transfer his past success in boosting tax revenue at the regional level in Jakarta and Surakarta to the nationwide level. Jokowi has laid out his plan… – Continue reading
Regulator concerned over lack of reciprocity from US in Fatca norms Signing of an inter-government agreement (IGA) between India and the US on the Foreign Account Tax Compliance Act (Fatca) might not be smooth, despite New Delhi getting a one-month extension for this, as the Securities and Exchange Board of… – Continue reading
NEW DELHI: India and some other countries have got one more month from the US to sign the Foreign Account Tax Compliance Act (FATCA), an agreement which seeks to facilitate flow of financial information. “US has given a month’s extension to India and some other counties to sign FATCA,” Revenue… – Continue reading
ISLAMABAD: The government has prepared draft bills to introduce amendments to four relevant laws to declare tax evasion as an offence related to money laundering, aimed at curbing misuse of foreign investment and remittance schemes. The step is being taken to meet a condition of the International Monetary Fund (IMF) that… – Continue reading
Majilis, a lower chamber of Kazakhstan’s Parliament has ratified the Agreement to Avoid Double Taxation between Kazakhstan and Qatar, Tengrinews reports citing Bnews.kz. Double taxation occurs when tax is levied by two or more jurisdictions on the same declared income in the case of income taxes, asset in the case… – Continue reading
NEW DELHI, DEC 25: India will look at removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given the island nation. India had blacklisted Cyprus last year for not sharing information about tax evaders. “They (Cyprus) have given some information. We are… – Continue reading
The courtroom victory of the only Swiss banker to beat the U.S. in a trial over offshore tax evasion may embolden other indicted financial workers to leave a legal limbo some have endured more than five years. Twenty-five offshore bankers, lawyers and advisers have yet to answer U.S. Justice Department… – Continue reading
A mixed success record has been notched up by the US Justice Department when it comes to prosecuting offshore bankers, advisers and lawyers accused of assisting American taxpayers cheat their taxes. The United States Government, from 2008, has charged 38 individuals, including Swiss bankers like the top three managers of… – Continue reading
Nilesh Ashar, partner and head of Tax for KPMG in the UAE, analyses the impact of investment regulations and tax laws on foreign businesses foraying into the Middle East. In the last decade, the Middle East region has witnessed significant economic growth, primarily driven by the surge in oil revenues…. – Continue reading
As part of the Indonesian Government’s drive to improve tax administration and compliance, the Ministry of Finance recently announced that, following a proposal from the Director General of Taxation (DGT), it has placed a temporary ban on overseas travel by senior personnel of 147 companies and 21 individuals. The action… – Continue reading
Japan has remained a cornerstone of Pakistan’s economy for the past many years. Japanese Companies have invested in all sectors across Pakistan. Be it auto, trading, manufacturing, infrastructure development, packaging, steel manufacturing, indenting, etc a large number of Japanese Companies have a strong presence in Pakistan. Pakistan’s Investment and Corporate… – Continue reading
Bank Leumi Le-Israel Ltd. (LUMI) agreed to pay $400 million and admit it helped American clients evade taxes for a decade, in a case showing that U.S. prosecutors and New York regulators are extending their probes of offshore tax evasion beyond Switzerland. The Justice Department filed a conspiracy charge today… – Continue reading
The Federal Board of Revenue (FBR) has constituted a transfer pricing unit to enhance the capacity of the tax officials to effectively deal with the transfer pricing related issues. According to a notification issued by the FBR here on Monday, a transfer pricing unit is set up at the FBR… – Continue reading
Jakarta. A leading business lobby with strong ties to the administration of President Joko Widodo has called for a tax amnesty, in which the authorities will waive off past taxes and penalties to conglomerates and individuals parking billions of dollars worth of funds overseas, in a bid to reinvest that… – Continue reading
Swiss private bank Lombard Odier will seek to tap into the growing number of high-net-worth-individuals (HNWIs) in Southeast Asia via an agreement with Thailand’s Kasikornbank. A recent report by RBC Wealth Management and Capgemini showed that Asia is leading the way in terms of the regional rise in number of… – Continue reading
NEW DELHI: The finance ministry is planning to rush through a Cabinet note seeking permission to sign an accord with the US on exchanging investment information before a December 31 deadline, ahead of President Barack Obama’s visit to Delhi at the end of January. The government has got the goahead… – Continue reading
More countries are requiring an exchange of client information In 2014, we saw a marked increase in transparency regarding foreign assets. The United States took the lead, and other countries followed suit. It looks like we’ve reached the tipping point, that is, “the magic moment when an idea, trend, or… – Continue reading
KOTA KINABALU: For Malaysian property investors, especially in the London property market where some Malaysian developers, welcomed by Mayor Boris Johnson are active in projects, the United Kingdom Government will introduce new Capital Gains Tax (CGT) on the sale of UK residential property with effect from April 6, 2015. Following… – Continue reading
The Embassy of the State of Qatar in Banjul Friday joined the people of Qatar to commemorate the National Day of Qatar, which is on 18 December every year. Qatar National Day is an opportunity to recognise and celebrate the tremendous efforts made by Qataris’ ancestors, who endured severe hardships… – Continue reading
Mumbai: In its biggest ever crackdown for suspected tax evasion and laundering of black money through stock trading platforms, Sebi Friday barred 260 entities, including individuals and companies, from the securities markets. While Sebi would further probe these cases, it has also decided to refer the matter to the Income… – Continue reading
The CBDT has signed its first bilateral advance pricing agreement or APA with Japan. The APA regime was introduced in 2012 and it allows taxpayers and tax authorities to determine in advance, an appropriate transfer pricing methodology for a given set of transactions. Payaswini Upadhyay has the exclusive details. The… – Continue reading
Two case studies on how one can use the exemption method or the credit route Homi Mistry December 20, 2014 Last Updated at 22:06 IST Imagine this. You are an Indian working for one of the IT majors and have been recently transferred to the UK. Six months into the… – Continue reading
NEW YORK – There was a time when Indians would relocate to America for the so-called American Dream. Well all that is about to stop now, since, NRI’s are being cautioned to be aware of their decisions as the nightmare of tax is about to plague their lives. We all… – Continue reading
A father and son who ran a tax-preparation business were convicted in Los Angeles of conspiring to help clients cheat the Internal Revenue Service by setting up undeclared offshore bank accounts. David Kalai, the founder and former chief executive officer of United Revenue Service, and his son Nadav, who was… – Continue reading
TAIPEI, Taiwan — Taiwan and South Korea are now more prepared to sign economic agreements, such as investment insurance and double taxation prevention pacts, South Korea’s representative to Taiwan Cho Baek-sang said yesterday. Cho made the comment at the first Taiwan-South Korea humanities exchange conference, held by the de facto… – Continue reading
The Qatari ruling family has been ordered to pay £38million in stamp duty They used an aggressive tax avoidance scheme to avoid the huge bill Country bought 13-acre site from the MoD for almost £1billion in 2007 By LOUISE ECCLES, BUSINESS CORRESPONDENT FOR THE DAILY MAIL PUBLISHED: 01:57 GMT, 20… – Continue reading
TAIPEI, Taiwan — An agreement signed by Taiwan and Austria on avoiding double taxation and preventing tax evasion is expected to take effect next month, the Ministry of Foreign Affairs (MOFA) announced yesterday. The latest announcement came after the Austrian parliament approved the pact on Dec. 17, MOFA’s Department of… – Continue reading
BRUSSELS – It was supposed to be all about investments and Russia, but the issue of tax avoidance is likely to creep onto the EU summit agenda on Thursday (18 December). In the draft summit conclusions circulated among EU ambassadors on Wednesday, there is one paragraph mentioning the “urgent need… – Continue reading
Thomas Piketty’s “Capital in the 21st Century” was a 2014 must-read for anyone interested in economics. But while his claim that income and wealth inequality has risen over recent decades to highs last seen before the start of the First World War was widely accepted, his policy prescriptions were not…. – Continue reading
This is going to be the plum job for any international tax practitioner: Competent Authority for the Republic of Ireland. It seems pretty clear that the Base Erosion and Profit Shifting (BEPS) project will meet its announced deadline of the end of 2015 to produce final reports on all of… – Continue reading
The European Union has agreed rules to stamp out tax evasion and stop dirty money from criminal gangs or terrorism finance being channelled through anonymous companies. EU states and the European Parliament struck the agreement on Tuesday evening to update the bloc’s anti-money laundering rules, a statement from parliament’s economic… – Continue reading
Regional Adoption on Pace with Europe as Singapore Signs Agreement Experts at Wolters Kluwer Financial Services today issued guidance on the Foreign Account Tax Compliance Act in an effort to help support banks’ regulatory compliance efforts within the region. The commentary comes in reaction to the news last week that… – Continue reading
India will start charging income tax on digital economy firms, such as Facebook, Twitter and Uber, soon after the OECD finalises a framework by April 2015 to tackle the widespread corporate practice of shifting of profits to low-tax countries, government officials said on Wednesday. Tax may be levied on overseas… – Continue reading
The move will be a major reprieve for Indian financial institutions dealing with US taxpayers New Delhi: India should be able to sign the Foreign Account Tax Compliance Act (Fatca) with the US by 31 December, said a senior government official. The move will be a major reprieve for Indian… – Continue reading
The move will be a major reprieve for Indian financial institutions dealing with US taxpayers New Delhi: India should be able to sign the Foreign Account Tax Compliance Act (Fatca) with the US by 31 December, said a senior government official. The move will be a major reprieve for Indian… – Continue reading
Jakarta. Indonesia has banned from foreign travel senior representatives of 147 firms and 21 individuals with outstanding tax bills amounting to $42.8 million as part of a crackdown on tax evasion, the finance ministry said on Wednesday. The tax office, which is under finance ministry, is also processing bans on… – Continue reading
Taipei, Dec. 18 (CNA) Trade and investment between Taiwan and Austria is expected to get a boost when their double taxation avoidance agreement signed earlier this year takes effect next year, the Ministry of Foreign Affairs said Thursday. The agreement signed in July was passed by the Austrian parliament on… – Continue reading
NEW DELHI: India is proposing to set up a dedicated dispute-resolution unit for expeditious disposal of transfer pricing cases that have in the past few years evoked strong reaction from domestic and international investors, with some dubbing this ‘tax terrorism’. Through this measure, the new government hopes to send out… – Continue reading
DBS Bank is scheduled to launch a U.S. dollar fixed deposit program for Taiwanese investors intrigued by the recent drop in the United States’ financial deficits, said Seraph Sun (孫可基), head of Consumer Banking at DBS Bank (Taiwan). According to Sun, DBS Bank deems 2015 a hopeful year for the… – Continue reading
With an agenda to boost the manufacturing sector, the Prime Minister has appealed to companies around the world to “come and make in India.” Various reforms are being looked at by the government in order to make this vision come true—reforms in labour laws, special economic zone policy, trade policy,… – Continue reading
MUMBAI: Indian corporate bonds are finding a ready market overseas with demand fuelled by expectations that the Narendra Modi government has a strong enough mandate to push ahead with economic reforms that will lead to a revival in growth. Companies had to sweeten offerings with high interest rates to woo… – Continue reading
Saudi Arabia will soon sign air transport agreements with 11 countries including Tanzania, Cote d’Ivoire, Zimbabwe, Uruguay and Mauritius as the Council of Ministers on Monday given the go-ahead to the General Authority of Civil Aviation (GACA). The Cabinet, chaired by Crown Prince Salman, deputy premier and minister of defense,… – Continue reading
An agreement to help crack down on cross-border tax evasion is being worked on by Singapore and Indonesia. The two nations are working on implementing the framework for the automatic exchange of information (AEOI) on tax matters, as they look to keep improving trade and investment ties. The move was… – Continue reading
If we make America the world’s most favored tax haven, money will flow to the USA. Talk of overhauling the tax code is stirring in Washington, but the overwhelming complexity of the task makes it difficult to accomplish, at least in the near term. Here’s a good, clean, quick way… – Continue reading
TOKYO, Dec 17 (KUNA) — Japan and Qatar have reached a substantive agreement on a bilateral tax treaty that will help businesses and investors avoid double taxation involving the two countries, the Foreign Ministry announced Wednesday. The agreement aims to clarify the taxation on cross-border investment and economic activities between… – Continue reading
To check illicit financial flows across borders, the government is renegotiating bilateral treaties with many countries to limit tax benefits to genuine investments and curb the routing of Indian money to safe havens, a senior Finance Ministry official said on Wednesday. While noting that the quantum of domestic black money… – Continue reading
Singapore’s Ministry of Finance say both parties enjoy “excellent cooperation” regarding tax matters, and have agreed to update the existing Avoidance of Double Taxation Agreement as the next step. SINGAPORE: The Republic and Indonesia will be looking to increase cooperation on the sharing of tax information in the coming days,… – Continue reading
